Welcome to our dedicated page for Cto Realty Growth news (Ticker: CTO), a resource for investors and traders seeking the latest updates and insights on Cto Realty Growth stock.
CTO Realty Growth, Inc. (NYSE: CTO) is a real estate company that owns and operates high-quality, open-air retail centers and other income-producing properties, primarily in higher-growth markets in the Southeast and Southwest regions of the United States. This news page aggregates company press releases and third-party coverage related to CTO’s properties, leasing activity, capital allocation, and corporate actions.
Readers can follow updates on acquisitions and dispositions of shopping centers and lifestyle properties, such as the company’s purchase of Pompano Citi Centre in the Pompano Beach submarket of Fort Lauderdale, Florida, and the sale of the Shops at Legacy North in Dallas, Texas. News items also highlight leasing milestones, including new anchor tenants, national retailers opening at centers like Marketplace at Seminole Towne Center and Beaver Creek Crossings, and occupancy levels at premier destinations such as The Collection at Forsyth.
CTO Realty Growth’s announcements frequently cover leasing spreads, occupancy achievements, and tenant mix developments across its portfolio, as well as updates on non-core assets like its fully leased office building in Albuquerque, New Mexico. Corporate and financial news, including dividend declarations, share repurchase programs, credit agreement amendments, and earnings releases, are also reflected in the company’s communications and related SEC filings.
By reviewing this page, investors and observers can see how CTO Realty Growth manages its open-air retail centers, works with national and regional tenants, and deploys capital through acquisitions, dispositions, and structured investments. The news feed provides a centralized view of the company’s recent property-level and corporate developments.
CTO Realty Growth (NYSE: CTO) announced that Mark E. Patten, the Chief Financial Officer, will leave the company to join another publicly traded REIT. He will assist with the transition until the completion of the second-quarter reporting for 2020. CEO John P. Albright praised Patten's contributions over the last eight years, particularly his role in a $97 million land joint venture and the launch of Alpine Income Property Trust. The company has started searching for a new CFO while relying on their strong accounting team led by Lisa Vorakoun.
CTO Realty Growth (NYSE: CTO) has successfully closed the sale of two properties yielding a combined estimated gain of $3.8 million, equating to $0.62 per share after tax. The properties sold include a $2.4 million 7-Eleven in Dallas, Texas, with a cap rate of 6.08%, and a $9.0 million Bank of America ground lease in Monterey, California, with a cap rate of 3.28%. Proceeds will contribute to over $27 million in 1031 restricted cash accounts, with the potential for reinvestment at accretive returns. Year-to-date, the company has generated approximately $39 million from five property sales.
CTO Realty Growth (NYSE: CTO) announced the sale of its Chase Bank ground lease in Jacksonville, Florida, for approximately $6.7 million, yielding an exit cap rate of around 4.15%. The estimated gain from this transaction is $1.9 million or $0.31 per share after tax. This sale is part of a future Section 1031 like-kind exchange, increasing the company's restricted cash to over $16 million. So far this year, CTO has completed sales of three properties, generating nearly $28 million in proceeds.
CTO Realty Growth (CTO) announced the sale of four commercial loan investments for approximately $20 million, incurring a loss of about $344,000 or $0.06 per share after tax. Additionally, the company repurchased $5 million of its 2025 convertible notes, achieving a discount of $950,000 and a gain on extinguishment of $362,000 or $0.06 per share after tax. Currently, CTO holds around $44 million in unrestricted cash and $10 million in restricted cash, strengthening its liquidity amidst the economic instability caused by COVID-19.
Consolidated-Tomoka Land Co. has officially changed its name to CTO Realty Growth, Inc. as approved by shareholders on April 29, 2020. This change is effective immediately as of May 11, 2020, and includes all relevant filings with the SEC and NYSE. CEO John P. Albright expressed gratitude for the name change, believing it aligns with the company's future while honoring its 110-year history. CTO Realty Growth, Inc. operates in the real estate sector, owning around 2.3 million square feet of income properties and holding a 22% interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
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