Cto Realty Growth Inc Stock Price, News & Analysis

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.

CTO Realty Growth, Inc. (NYSE: CTO) announced several significant updates on September 12, 2022. The company has successfully relocated its headquarters to Winter Park, Florida while retaining an office in Daytona Beach. CTO is under contract to sell three properties and aims to acquire a grocery-anchored mixed-use asset for $93.9 million, expected to close in Q4 2022. Additionally, the company has sold $3 million in mitigation credits and subsurface rights. However, certain closing conditions for these transactions remain unmet, leading to uncertainties regarding completion.

CTO Realty Growth has declared a quarterly cash dividend of $0.38 per share for Q3 2022, marking a 1.8% increase from the previous quarter. This cash dividend reflects a 14.0% year-over-year growth and an annual yield of approximately 6.9%. The dividend is payable on September 30, 2022, to stockholders of record as of September 12, 2022. The Board also authorized a dividend of $0.39844 for the Company’s 6.375% Series A Preferred Stock to be paid on the same date.

CTO Realty Growth has successfully closed the sale of Westland Gateway Plaza in Hialeah, Florida for $22.2 million, achieving an exit cap rate of 6.6%. The master lease tenant exercised its purchase option, yielding a 10.5% unleveraged internal rate of return (IRR) for CTO. The proceeds will be used for higher-yielding investments via a Section 1031 exchange, with approximately $22.4 million now held in restricted cash accounts.

CTO Realty Growth reported Q2 2022 earnings, showing significant growth. Net income per diluted share was $0.00, up 100% year-over-year. Core FFO increased by 60.2% to $1.41, while AFFO rose by 38.3% to $1.48 per share. The company announced a preferred equity agreement for $30 million and a loan for $19 million for property acquisitions. Same-Property NOI saw a 23.8% rise. A stock dividend was paid, resulting in a three-for-one stock split. CTO also acquired Madison Yards for $80.2 million. The outlook for 2022 was revised positively, targeting acquisitions of up to $275 million.

CTO Realty Growth has acquired Madison Yards, a 162,500 sq. ft. property in Atlanta, for $80.2 million, reflecting a going-in cap rate below the company's initial cash yield guidance. This acquisition strengthens CTO's presence in Atlanta, its largest market, and adds to its grocery-anchored properties. Madison Yards, constructed in 2019, is 98% occupied and is anchored by Publix and AMC Theatres, featuring a diverse mix of tenants. The purchase was financed through a 1031 exchange and company funds, positioning CTO for future growth in the area.

CTO Realty Growth (NYSE: CTO) will release its Q2 2022 financial results on July 28, 2022, after market close, followed by a conference call on July 29, 2022, at 9:00 AM ET. Participants are encouraged to join the call at least 15 minutes early. A live webcast will be available on the company's Investor Relations page. CTO Realty Growth is a REIT focused on high-quality retail properties in the U.S. and also manages Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth, Inc. (NYSE: CTO) has declared a quarterly cash dividend of $1.12 per share for Q2 2022, marking a 3.7% increase from the previous dividend of $1.08. This rise reflects robust year-to-date cash flow growth and is necessary for maintaining REIT tax status. The dividend signifies a 12.0% year-over-year increase and offers an annualized yield of approximately 7.1% based on the stock's closing price as of May 23, 2022. Payment is scheduled for June 30, 2022, to shareholders of record by June 9, 2022. Additionally, a preferred stock dividend of $0.39844 will also be paid.

CTO Realty Growth, Inc. (NYSE: CTO) reported its Q1 2022 results, showing a net loss per diluted share of $0.17, down 112.9% year-over-year. Core FFO per diluted share rose 69.5% to $1.39, while AFFO per diluted share increased by 52.6% to $1.48. The company acquired a multi-tenant income property for $39.1 million and entered a loan agreement for $8.7 million for retail development. Same-Property NOI grew 17.7%. A three-for-one stock split was announced to enhance shareholder liquidity. The outlook for 2022 has been increased, with acquisition targets set between $200 million and $250 million.