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CTO Realty Growth, Inc. (CTO)

NYSE - NYSE Delayed Price. Currency in USD
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52.85+0.05 (+0.09%)
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Neutralpattern detected
Previous Close52.80
Open52.74
Bid0.00 x 1000
Ask0.00 x 1100
Day's Range52.21 - 53.10
52 Week Range27.21 - 56.90
Volume34,879
Avg. Volume55,866
Market Cap314.911M
Beta (5Y Monthly)0.57
PE Ratio (TTM)3.17
EPS (TTM)16.69
Earnings DateFeb 19, 2021
Forward Dividend & Yield2.65 (5.01%)
Ex-Dividend DateMar 19, 2021
1y Target Est60.33
  • Alpine Income Property Trust Enters Into Agreements to Acquire Seven Properties From CTO Realty Growth for $56.0 Million
    GlobeNewswire

    Alpine Income Property Trust Enters Into Agreements to Acquire Seven Properties From CTO Realty Growth for $56.0 Million

    DAYTONA BEACH, Fla., April 06, 2021 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced today it has entered two separate agreements to acquire seven retail net lease properties for a combined purchase price of $56.0 million (the “Acquisitions”) from CTO Realty Growth, Inc. (NYSE: CTO). “Since Alpine’s IPO in 2019, we’ve highlighted the remaining single tenants net lease properties within CTO’s portfolio as a potential source of future acquisitions for Alpine,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “We are excited to announce these first two agreements with CTO, which we believe represent great opportunities for Alpine to efficiently acquire a number of properties that provide an attractive yield and excellent tenant, sector and geographic diversity to our already high-quality net lease portfolio.” The Acquisitions consist of a purchase and sale agreement to acquire a six-property portfolio (the “Six-Property Acquisition”) and a separate purchase and sale agreement to acquire one property (the “Single-Property Acquisition”). The Six-Property Acquisition consists of properties net leased to leading national retailers such as Lowe’s, Walgreens, Harris Teeter and Big Lots, with more than 60% of annualized base rent coming from properties leased to, or with leases guaranteed by, investment grade-rated entities. All six of the properties in the Six-Property Acquisition are within metropolitan statistical areas (“MSA”) that have populations over one million people, including locations in close proximity to Charlotte, NC; Seattle, WA; Washington, DC; Houston, TX; Phoenix, AZ; and Orlando, FL. As part of the Six-Property Acquisition, the Company will be assuming an existing $30.0 million secured mortgage, which bears a fixed interest rate of 4.33% (the “Loan”). The Loan matures in October 2034 but is prepayable without penalty beginning in October 2024. The Single-Property Acquisition is a property located in the Dallas-Fort Worth-Arlington, TX MSA, net leased to Burlington, and is expected to close in the second quarter of 2021. The Acquisitions are subject to customary closing requirements and conditions, including but not limited to the various approvals related to the Six-Property Acquisition Loan assumption. As a result, the Company can give no assurance that the Acquisitions will be completed within a specific time period, or at all. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.8 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT (NYSE: PINE). We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com. About Alpine Income Property Trust, Inc. Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality net leased commercial income properties. We encourage you to review our most recent investor presentation which is available on our website at www.alpinereit.com. Safe Harbor This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters, the impact of the COVID-19 Pandemic on the Company’s business and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Contact: Matthew M. PartridgeSenior Vice President, Chief Financial Officer & Treasurer(386) 944-5643mpartridge@alpinereit.com

  • CTO Realty Growth Announces First Quarter 2021 Earnings Release and Conference Call Information
    GlobeNewswire

    CTO Realty Growth Announces First Quarter 2021 Earnings Release and Conference Call Information

    DAYTONA BEACH, Fla., March 29, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE: CTO) (the “Company”) announced today that it will report its financial and operating results for the first quarter 2021 after the market closes on Thursday, April 29, 2021. A conference call to discuss its financial and operating results is scheduled for Friday, April 30, 2021 at 9:00 AM ET (the “Earnings Call”). Shareholders and interested parties may access the Earnings Call via teleconference or webcast: Teleconference: USA (Toll Free)1-888-317-6003 International1-412-317-6061 Canada (Toll Free)1-866-284-3684 To access the conference call, enter 9801231 when prompted. Webcast:https://services.choruscall.com/links/cto210430.html To participate via teleconference, please dial-in approximately 10 minutes prior to the scheduled time of the Earnings Call. To access the webcast, log on to the web address noted above or go to www.ctoreit.com and log in at the investor relations section. A replay of the Earnings Call will be archived and available online through the Investor Relations section of www.ctoreit.com. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.8 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT (NYSE: PINE). We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com. Contact: Matthew M. Partridge Senior Vice President and Chief Financial Officer (386) 944-5643 mpartridge@ctoreit.com

  • CTO Realty Growth Announces Acquisition of 147,000 Square Foot Retail Property in Las Vegas, Nevada for $18.5 Million
    GlobeNewswire

    CTO Realty Growth Announces Acquisition of 147,000 Square Foot Retail Property in Las Vegas, Nevada for $18.5 Million

    DAYTONA BEACH, Fla., March 11, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced the acquisition of Eastern Commons, an approximately 147,000 square foot multi-tenant retail property in the Henderson submarket of Las Vegas, Nevada (the “Property”) for a purchase price of approximately $18.5 million, or $126 per square foot. The purchase price represents a going-in cap rate within the range of the Company’s guidance for initial cash yields. “This property represents CTO’s entry into the high-growth, business friendly Las Vegas MSA and we are pleased to be adding this high-quality asset to our growing diversified portfolio,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We’re optimistic that the strength of the underlying demographic trends of the Henderson submarket will support the potential opportunity to drive additional property-level cash flow through future leasing efforts, and following our recent acquisitions in Salt Lake City and now Las Vegas, we’ve completed our accretive redeployment of the proceeds received from our recent asset sales.” The Property, which is 88% occupied and has a weighted-average lease term of approximately 7.1 years, is anchored by At Home and Seafood City, includes a Jollibee on an outparcel, and is shadow-anchored by Trader Joe’s. The Property benefits from a three-mile population of approximately 140,000, average household incomes of nearly $110,000, and sits just off the St. Rose Parkway main arterial highway along the Eastern Avenue retail corridor between intersections that experience an average of more than 50,000 vehicles per day. The transaction was purchased through a 1031 like-kind exchange using the remaining $13.3 million of the Company’s restricted cash generated from previously announced property dispositions, with the balance of the acquisition funded by available cash and the Company’s unsecured revolving credit facility. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.8 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT (NYSE: PINE). We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com. Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Contact:Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (386) 944-5643 mpartridge@ctoreit.com