CTO Realty Growth Reports Strong Financial Performance in 2024
CTO Realty Growth's Impressive 2024 Business Update
CTO Realty Growth, Inc. (NYSE: CTO) has recently shared an optimistic business update, highlighting its successful financial maneuvers and strategic growth initiatives for the ongoing year. With a focus on high-quality open-air shopping centers in prime markets of the Southeast and Southwest United States, the Company has emerged as a key player in the real estate sector.
Overview of Recent Investments
In an exciting quarter, CTO Realty Growth achieved a remarkable $191.3 million in investment activities. This brings the total investments to an impressive $273.8 million year-to-date, showcasing a weighted average yield of 9.1%. As the Company surpassed its initial investment activity guidance for 2024, stakeholders eagerly await an update during the forthcoming full third quarter report.
Mortgage Loan Initiatives
Further enriching its portfolio, CTO Realty Growth recently initiated a substantial $43.8 million first mortgage loan, featuring a two-year term and an option for a one-year extension. This loan carries a fixed interest rate of 11%, secured by a vast tract of land primed for a groundbreaking mixed-use development near Dulles International Airport. This strategic acquisition is poised to capitalize on the vibrant growth potential of the area.
Financing Activities in Focus
In addition to its investment success, CTO has made significant strides in financing. The Company successfully issued approximately 6.9 million common shares under its ATM common equity program, yielding net proceeds of about $125.7 million. This strategic move not only showcases the market's confidence in CTO Realty Growth but also reflects the Company’s commitment to maintaining a strong capital base.
New Term Loan Acquisition
On September 30, 2024, CTO Realty Growth closed a five-year $100 million unsecured term loan, with an interest rate set at SOFR plus an adjustment based on the Company's leverage. By utilizing existing swap agreements, the Company secured an initial effective fixed interest rate of 4.7% on the new loan, providing a sound financial structure to support future growth ventures.
Strengthening the Balance Sheet
At the end of the quarter, the total shares of common stock outstanding reached 29,971,538, with a robust borrowing capacity of approximately $200 million under its revolving credit facility. This strong financial footing, combined with nearly $275 million in investment activity, positions CTO Realty Growth favorably for sustained growth and opportunity in the real estate market.
John P. Albright, the President and CEO, emphasized the ongoing success: "With nearly $275 million of investment activity year-to-date, we continue to demonstrate our ability to source long-term accretive transactions. Our access to capital markets aids in efficiently raising funds to strengthen our balance sheet, market capitalization, and liquidity, all of which are crucial for our future growth plans.”
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is dedicated to owning and managing premier open-air shopping centers, strategically situated in high-growth markets across Southeast and Southwest United States. In addition to its core business, CTO maintains a significant stake in Alpine Income Property Trust, Inc. (NYSE: PINE), extending its influence in the retail real estate industry.
Frequently Asked Questions
What is CTO Realty Growth's recent investment activity?
In the recent quarter, CTO Realty Growth reported $191.3 million in investment activity, totaling approximately $273.8 million year-to-date.
How much capital has CTO Realty Growth raised under its ATM program?
The Company raised around $125.7 million by issuing approximately 6.9 million common shares through its ATM program.
What kind of loan did CTO Realty Growth recently secure?
CTO Realty Growth secured a $100 million unsecured term loan with an initial effective fixed interest rate of 4.7%.
What is the Company's strategy for growth?
CTO Realty Growth aims to leverage its substantial investment activity and strong financial position to identify and capitalize on long-term accretive real estate transactions.
What are CTO Realty Growth's core operations?
The Company focuses on owning and operating open-air shopping centers in key growth markets within the United States, enhancing its portfolio through strategic investments.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- Impacts of Hurricane Helene on Baxter International's Operations
- The Automotive CVJ Market Forecast: Growth and Trends Ahead
- Innovations in Medical Cyclotron Market Set for Significant Growth
- NexPoint Residential Trust Reports Minimal Impact from Hurricane
- Coconut Water Market Poised for Dramatic Growth Through 2028
- Transforming Imaging with Radin Health's Innovative SaaS Suite
- Monthly Financial Review: United States Gasoline Fund Updates
- Community Financial System Enhances Leadership with New Appointments
- HomesToLife Launches $5 Million IPO with $4 per Share Pricing
- Hurricane Impacts Poultry and Cotton Production in the South
Recent Articles
- Investigation Launched Into Medpace Holdings Inc. Shares
- AmpliTech Group Addresses Nasdaq Non-Compliance Notice
- Investigation Launched into 2seventy bio, Inc. by Bronstein Firm
- 89bio Highlights Participation at H.C. Wainwright Investor Conference
- Insights into Eaton Vance Funds' Upcoming Distribution Sources
- Cricut Strengthens Leadership with Independent Board Member
- Gritstone Bio Reports Positive Phase 2 Results for GRANITE Therapy
- Investigation Announced for Fortrea Holdings Investors: Take Action
- Robinhood Markets: Preparing for Third Quarter 2024 Earnings Release
- American Overseas Group Limited Sees Positive Growth in Q2 2024
- Bumble Inc. Investors: Class Action Lawsuit Opportunity Unveiled
- Viomi Technology Celebrates Milestone With New Employee Program
- Kemper Foundation Boosts Bilingual Education with New Grants
- ResMed's Vision for 2030: Transforming Healthcare with Innovation
- Kemper Foundation’s Grants Enhance Bilingual Education Efforts
- Pathfinder Bancorp, Inc. Announces Exciting Dividend News
- Genius Sports Welcomes Mark Kropf as New CTO for Innovation
- TFI International's Upcoming Financial Results: What to Expect
- Unveiling QIAcuityDx: Revolutionizing Clinical Testing for Cancer
- CPI Card Group Inc. Moves Forward with Secondary Stock Offering
- Engaging Webinars on Pioneer Closed-End Funds by Amundi US
- Aeries Technology Celebrates Significant Growth in FY 2024
- NCR Voyix Finalizes Major Digital Banking Business Sale
- Wintrust Financial's Upcoming Earnings Call Prepares Investors
- Metropolitan Commercial Bank Joins Exclusive Sm-All Stars Class of 2024
- N2OFF Inc. Partners with Solterra for Solar Project Growth
- Empowering Bilingual Education: Kemper Foundation's Grants
- Scatec Completes Initial Phase of Solar Power Plant Sale
- Incannex Healthcare Sees Growth with Positive Fiscal Results
- Terran Orbital Corporation Securities Lawsuit: Investors Alert
- Vaxart Launches New Phase 2b Trial to Test Oral Vaccine
- NCR Voyix Reduces Debt by $1.84 Billion; What It Means
- Zscaler Welcomes Adam Geller as New Chief Product Officer
- Zefiro Methane Corp. Sees Record Revenue and Strategic Growth
- Acadia Realty Trust Unveils Plans for New Share Offering
- TFI International Announces Upcoming Financial Results Release
- Nuveen Closed-End Funds Share Updated Distribution Notices
- NETSOL Technologies Achieves Remarkable Revenue Growth in Q4
- SolarBank Corporation Reports Significant Revenue Growth
- RLI Corp. Announces Upcoming Third Quarter Earnings Event
- Class Action Opportunity for New Fortress Energy Investors
- First Trust Enhanced Equity Income Fund Distribution Update
- American Overseas Group Reports Strong Earnings in Q2 2024
- SCSP Engages Advisors to Discuss Future of Technology and Relations
- First Trust Advisors L.P. Unveils New Monthly ETF Distributions
- WISeKey's H1 2024 Financial Performance and Future Outlook
- Metagenomi Investors Can Join Class Action Against Misleading Claims
- Investigation Launched into Progyny, Inc. by Legal Firm
- BGC Group Projects Stronger Financial Results for Q3 2024
- Overcoming the Pokémon Go Location Error: Safe Solutions