Cto Realty Growth Inc Stock Price, News & Analysis

CTO Realty Growth has successfully completed its public offering of 3,450,000 shares at $19.00 each, generating approximately $65.6 million in gross proceeds. The funds will primarily support a $96 million mixed-use acquisition under contract. If this deal falls through, proceeds will be allocated to other acquisitions or general corporate purposes, including debt repayment. The offering was managed by Wells Fargo Securities and Raymond James, with additional book-running managers involved.

CTO Realty Growth, Inc. (NYSE: CTO) announced a priced upsized underwritten public offering of 3,000,000 shares at $19.00 per share, with expected gross proceeds of approximately $57 million. An additional 450,000 shares option for underwriters may increase proceeds to $66 million. Proceeds will fund part of a $96 million mixed-use acquisition or other opportunities if the acquisition doesn't close. The offering is set to close on December 5, 2022.

CTO Realty Growth has launched a public offering of 2,500,000 shares of its common stock, with an option for underwriters to purchase an additional 375,000 shares. The proceeds will primarily fund a $96 million mixed-use acquisition under contract. If this acquisition does not close, funds may be used for other acquisitions, general corporate purposes, and debt repayment. Wells Fargo Securities and Raymond James are managing the offering, with shares available under an existing shelf registration.

CTO Realty Growth has declared a quarterly cash dividend of $0.38 per share for Q4 2022, representing a 14.0% increase from Q4 2021. The annualized yield is approximately 7.5% based on the stock's price on November 21, 2022. This dividend is payable on December 30, 2022 to shareholders of record by December 12, 2022, with an ex-dividend date of December 9, 2022. Additionally, a quarterly dividend of $0.39844 per share for Series A Cumulative Redeemable Preferred Stock has also been declared for the same date.

CTO Realty Growth (NYSE: CTO) reported its Q3 2022 operating results, highlighting a net income per diluted share of $0.19, down 85.3% year-over-year. Core FFO increased by 38.2% to $0.47 per share, and AFFO rose 36.1% to $0.49. The company acquired Madison Yards in Atlanta for $80.2 million and sold properties for a total of $57 million, yielding gains of $5 million. Same-Property NOI grew 12%. The revolving credit facility was expanded to $300 million with an extension to January 2027. A cash dividend of $0.38 per share was declared, reflecting a 14% increase.

CTO Realty Growth announced the acquisition of West Broad Village, a 392,000-square-foot grocery-anchored property in Richmond, Virginia, for $93.9 million. This purchase represents a cap rate above the company's current guidance for initial cash yields. The property, 83% occupied, features a mix of retail and office spaces, and is strategically located in a high-income area with strong demographics. The acquisition was financed using a 1031 exchange, leveraging restricted cash from previous property sales and draws from a credit facility.

CTO Realty Growth, Inc. (CTO) has successfully closed the sale of three properties in Jacksonville, Florida for $34.9 million, achieving a weighted average exit cap rate of 6.1% and an estimated gain of $3.9 million. The assets sold include two single-tenant retail properties leased to Firebirds and Chuy’s, along with their last multi-tenant office property. The proceeds will support higher-yielding retail acquisitions and will be held in 1031 restricted cash accounts. The company aims to enhance long-term cash flow and strengthen its retail-focused portfolio.

CTO Realty Growth (NYSE: CTO) will report its Q3 2022 financial and operational results on October 27, 2022, after market close. A conference call to discuss these results is set for October 28, 2022, at 9:00 AM ET. Interested parties can access the call via a live webcast on the Company's website. CTO Realty Growth focuses on high-quality retail properties in growth markets across the U.S. and manages Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth, Inc. (NYSE: CTO) has successfully amended its senior unsecured revolving Credit Facility, increasing it to $565 million. This includes a $300 million revolving credit facility and a new $100 million term loan. Notably, the Company has no maturing debt until 2025, enhancing its liquidity and financial flexibility. The amended facility incorporates sustainability-linked pricing and transitions from LIBOR to SOFR borrowings. The new terms also extend the maturity of the Revolver to January 2027, with options to push it to 2028.