Cto Realty Growth Inc Stock Price, News & Analysis

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).

CTO Realty Growth (NYSE: CTO) has announced significant investment and leasing updates for Q3 2024. The company has entered into a $137.5 million agreement to acquire a three-property portfolio of open-air shopping centers in Charlotte, Orlando, and Tampa. These properties are 94.2% leased with a weighted average remaining lease term of 6.2 years. Additionally, CTO completed a $10 million preferred equity investment with a 14% annual dividend rate.

The company is also selling its Jordan Landing property in Utah for $18 million, focusing its portfolio on Southeast and Southwest markets. Leasing activity has been strong, with new leases and renewals totaling 69,000 square feet, increasing leased occupancy to 96.0%. The signed not open pipeline represents $5.7 million, or 7.2%, of annual in-place cash base rent.

CTO Realty Growth (NYSE: CTO) reported Q2 2024 results on July 25, 2024. The company recorded a net loss per diluted share of $(0.03) and Core FFO per diluted share of $0.45. AFFO per diluted share was $0.48. Key financial activities included net proceeds of $33.1 million from a preferred stock offering and $4.3 million from common shares issued under the ATM program. The company also received $15.2 million from an early loan repayment and has $155 million in total liquidity.

Q2 same-property NOI increased by 2.0% year-over-year, while full-year guidance for Core FFO and AFFO rose by 11.9% and 11.0%, respectively. Signed leases totaled 78,593 sq. ft., reflecting an 8.8% increase in comparable lease spread. Investments included $1.5 million in land for development and $72.5 million in retail properties. Dispositions amounted to $20 million, generating a $4.6 million gain.

Leased occupancy stood at 94.6%, with a weighted average remaining lease term of 4.9 years. The company issued 248,960 common shares and completed a preferred stock offering, enhancing total liquidity to $154.8 million. The CEO expressed optimism about the increased investment activity outlook for the rest of 2024.

CTO Realty Growth (NYSE: CTO) announced it will release its second quarter 2024 financial and operating results after market close on July 25, 2024. A conference call will be hosted to discuss these results at 9:00 AM ET on July 26, 2024. The call will be available via a live webcast on the company's Investor Relations page. Participants are encouraged to register and dial in at least fifteen minutes before the start time. A replay of the call will be available online through the company's website.

CTO Realty Growth is a publicly traded real estate investment trust (REIT) owning and operating retail-based properties in high-growth U.S. markets. The company also manages and holds an interest in Alpine Income Property Trust (NYSE: PINE).