Cto Realty Growth Inc Stock Price, News & Analysis

CTO Realty Growth, Inc. (NYSE: CTO) has successfully closed the sale of The Carpenter Hotel ground lease in Austin, Texas, for $17.1 million, reflecting an exit cap rate of 5.66%. This sale is a part of a broader $24.0 million in property dispositions year-to-date, with an average exit cap rate of 6.0%. The proceeds are intended for a Section 1031 like-kind exchange, which allows for tax deferral on reinvested gains. CTO Realty Growth focuses on high-quality retail properties in growth markets across the U.S.

CTO Realty Growth, Inc. (NYSE: CTO) announced the acquisition of Price Plaza Shopping Center in Houston, Texas, for $39.1 million, equating to $190 per square foot. The center is 95% occupied, featuring tenants like Best Buy and Ross Stores, positioned near the Energy Corridor. This acquisition enhances CTO's retail portfolio and is expected to generate stable cash flow and value appreciation. The deal included assuming a $17.8 million mortgage at a 4.06% fixed interest rate. The transaction was financed through a 1031 exchange, utilizing previously generated restricted cash.

CTO Realty Growth reported Q4 and annual results for 2021, with Q4 net income per diluted share at $0.13 and annual net income at $4.69. Core FFO per diluted share was $1.07 for Q4 and $3.93 for the year, while AFFO was $1.23 and $4.36, respectively. The company acquired five income properties in Q4 for $138.1 million with a cap rate of 6.1%, and sold one for $21.5 million. It declared a Q1 2022 dividend of $1.08 per share, an 8% increase. Net income decreased due to a prior year's tax benefit. The firm aims for core FFO growth of 15% in 2022.

CTO Realty Growth, Inc. (NYSE: CTO) announced an 8.0% increase in its quarterly cash dividend to $1.08 per share for Q1 2022, up from $1.00. This dividend is payable on March 31, 2022, to stockholders of record as of March 10, 2022. The annualized yield based on the stock's closing price on February 22, 2022, is approximately 7.4%. Additionally, a quarterly cash dividend of $0.39844 per share for the 6.375% Series A Cumulative Redeemable Preferred Stock will also be paid on March 31, 2022.

CTO Realty Growth has appointed Christopher J. Drew to its Board of Directors, effective January 18, 2022. Drew, a Senior Managing Director at JLL Capital Markets with over a decade in commercial real estate, will also serve on the Audit and Governance committees. His experience in overseeing JLL's Miami operations and involvement in financing real estate assets aligns with CTO's strategic goals. The Board currently expands to seven members, with plans to reduce to six post-2022 Annual Meeting.

This appointment aims to strengthen the leadership team as the company executes its strategic business plan.

CTO Realty Growth (NYSE: CTO) will announce its fourth-quarter and full-year 2021 financial results on February 24, 2022. Following this, a conference call is scheduled for February 25, 2022 at 9:00 AM ET to discuss these results. Investors can join via teleconference or webcast. CTO Realty Growth is a real estate investment trust focusing on high-quality retail properties in growth markets across the U.S., and it holds a 16% interest in Alpine Income Property Trust (NYSE: PINE).

CTO Realty Growth (NYSE: CTO) reported significant 2021 real estate activities, with $249.1 million in acquisitions across eight properties, achieving a 7.2% cash cap rate. Key acquisitions include retail spaces in major growth markets like Las Vegas and Dallas. The company also sold 15 properties for $162.3 million at a 6.1% exit cap rate, generating gains of $28.2 million. CEO John P. Albright emphasized the progress made in building a high-quality retail portfolio, projecting solid earnings growth for 2022.

CTO Realty Growth, Inc. (NYSE: CTO) has acquired Phase I of The Exchange at Gwinnett, a grocery-anchored retail property in Atlanta, Georgia, for $34.0 million. The acquisition aligns with the company's strategy of expanding its portfolio, now totaling $245 million in assets acquired during 2021. This property is highly occupied (98%) and features tenants like Sprouts Farmers Market, Starbucks, and Chipotle. The company also sold a vacant land parcel in Daytona Beach for $6.3 million, enhancing liquidity for future investments.

CTO Realty Growth announced the acquisition of a 137,000 square foot mixed-use property in downtown Santa Fe, New Mexico, for $16.3 million, equating to $118 per square foot. The property, currently 66% occupied, presents repositioning opportunities for residential and restaurant ventures. The company's strategic move is poised to capitalize on Santa Fe's growing market. Additionally, CTO sold a Falls Church, Virginia property for $21.5 million. The acquisition was funded using available cash and credit facilities, enhancing its portfolio in high-growth markets.