Cto Realty Growth Inc Stock Price, News & Analysis

CTO Realty Growth (NYSE: CTO) has announced its schedule for reporting fourth quarter and full year 2024 financial results. The company will release its earnings report after market close on Thursday, February 20, 2025, followed by a conference call on Friday, February 21, 2025 at 9:00 AM ET.

The conference call will be accessible via webcast on the company's Investor Relations website and through a dial-in option available upon registration. Participants are advised to join the call fifteen minutes before the scheduled start time. CTO Realty Growth specializes in operating high-quality, open-air shopping centers in the Southeast and Southwest United States, and manages Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth (NYSE: CTO) has acquired Granada Plaza in Dunedin, Florida for $16.8 million. The 74,000 square-foot shopping center is anchored by Publix and is currently 95% occupied. This marks CTO's second grocery-anchored property in the Tampa market.

The acquisition strengthens CTO's portfolio, with grocery-anchored shopping centers now representing approximately 22% of annual base rent. Florida becomes the company's second-largest state by revenue, contributing about 20% of annual base rent. Publix becomes CTO's sixth-largest tenant.

Year-to-date, CTO has completed $330.7 million of investments at a weighted average yield of 9.3%, comprising $226.7 million in retail properties and $104.0 million in structured investments.

CTO Realty Growth has declared quarterly dividends for Q4 2024. The company announced a $0.38 per share cash dividend for common stock, representing an annualized yield of 7.8% based on the November 18, 2024 closing price. Additionally, a $0.39844 per share dividend was declared for its 6.375% Series A Cumulative Redeemable Preferred Stock. Both dividends will be paid on December 31, 2024, to stockholders of record as of December 12, 2024. CTO operates high-quality, open-air shopping centers in the Southeast and Southwest US markets.

CTO Realty Growth has originated a $40.2 million first mortgage loan for the development of an 80,000 sq ft retail center in Forsyth County, Georgia, anchored by a 35,500 sq ft Whole Foods Market. The loan has an initial term of thirty months with a fixed interest rate of 12.15%. CTO funded $3.2 million at closing, with potential borrowings up to $40.2 million, though anticipated loan needs may reduce to $25 million. The new development is adjacent to CTO's 561,000 sq ft shopping center, The Collection at Forsyth. CTO holds a right of first refusal to purchase the new retail center. CEO John P. Albright highlighted the strategic benefits of the investment for The Collection at Forsyth.

CTO Realty Growth reported strong Q3 2024 results with Net Income per diluted share of $0.17, Core FFO of $0.50 per share (up 6.4% YoY), and AFFO of $0.51 per share (up 6.3% YoY). The company raised $125.7M through ATM offering and secured a new $100M term loan at 4.7% interest. Notable investments included $191.3M in acquisitions and structured investments at 9.5% weighted average yield. Same-Property NOI increased 6.3% to $16.8M. The company increased full-year guidance, projecting Core FFO of $1.83-$1.87 and AFFO of $1.96-$2.00 per diluted share.

CTO Realty Growth (NYSE: CTO) provided a business update for Q3 and YTD 2024. Key highlights include:

1. Investment activity of $191.3 million in Q3, totaling $273.8 million YTD at a 9.1% weighted average yield.

2. Originated a $43.8 million first mortgage loan with an 11% initial fixed interest rate.

3. Issued 6.9 million common shares under ATM program, raising $125.7 million.

4. Closed a new $100 million unsecured term loan with an initial 4.7% fixed interest rate.

5. Ended Q3 with 29,971,538 common shares outstanding and $200 million available under revolving credit facility.

The company will provide updated investment guidance when reporting full Q3 results on October 24, 2024.

CTO Realty Growth (NYSE: CTO) has announced the release date for its third quarter 2024 financial and operating results. The company will report after market close on Thursday, October 24, 2024, followed by a conference call on Friday, October 25, 2024, at 9:00 AM ET.

Investors can access the live webcast through the company's website or the provided link. A phone dial-in option is also available via registration. CTO Realty Growth encourages participants to join the call at least 15 minutes before the scheduled start time.

CTO Realty Growth is a publicly traded real estate investment trust focusing on high-quality, retail-based properties in high-growth U.S. markets. The company also manages and holds a significant stake in Alpine Income Property Trust, Inc. (NYSE: PINE), a net lease REIT.

CTO Realty Growth (NYSE: CTO) has completed a significant portfolio expansion, acquiring three open-air shopping centers for $137.5 million. The new properties include Carolina Pavilion in Charlotte, Millenia Crossing in Orlando, and Lake Brandon Village in Tampa. This acquisition increases CTO's property portfolio by approximately 19% in square footage and 14% in annual base rent compared to June 30, 2024.

Additionally, CTO sold Jordan Landing in West Jordan, Utah for $18 million. Year-to-date, the company has closed $230 million in acquisitions and $38 million in dispositions. This strategic move aligns with CTO's focus on Southeast and Southwest U.S. markets, expanding its geographic footprint and strengthening its presence in key retail areas.

CTO Realty Growth (NYSE: CTO) has declared dividends for Q3 2024. The company announced a quarterly cash dividend of $0.38 per share of common stock, representing an annualized yield of approximately 7.9% based on the closing price on August 19, 2024. This dividend is payable on September 30, 2024, to stockholders of record as of September 12, 2024.

Additionally, CTO declared a quarterly cash dividend of $0.39844 per share for its 6.375% Series A Cumulative Redeemable Preferred Stock, also payable on September 30, 2024. CTO Realty Growth is a publicly traded REIT focusing on high-quality, retail-based properties in high-growth U.S. markets. The company also manages and has a significant interest in Alpine Income Property Trust (NYSE: PINE).