CTO Realty Growth's Noteworthy Investment Activities in 2024
CTO Realty Growth's Business Update for 2024
CTO Realty Growth, Inc. (NYSE: CTO) continues to make remarkable strides in its investment activities and financing strategies throughout the year. Having successfully closed $274 million in investments year-to-date, this achievement signifies a robust performance from the Company.
Investment Activity Overview
The Company reported an impressive $191.3 million in investment activities during the most recent quarter. This brings the total accumulated investments to approximately $273.8 million for the year, reflecting a weighted average yield of 9.1%. With exceeding their forecast for investment activities already, CTO Realty Growth is gearing up to present updated guidance as part of their full third quarter financial results.
Recent Mortgage Loan Origination
In an exciting development, CTO Realty Growth also secured a first mortgage loan amounting to $43.8 million. The loan is structured with a two-year initial term, with an option for a one-year extension, and features an attractive fixed interest rate of 11%. This strategic loan is backed by more than 100 acres marked for a mixed-use development near a major transportation hub.
Financing Progress
Looking at the financing side of operations, the Company has shown agility by issuing around 6.9 million common shares under its equity program. At an average price of $18.63 per share, this move has resulted in net proceeds of $125.7 million. Such financial maneuvers have further positioned CTO Realty Growth to enhance its capital structure.
Securing an Unsecured Term Loan
Recently, the Company finalized a new five-year unsecured term loan worth $100 million, which bears interest based on the SOFR rate. Thanks to its effective financial planning and hedging strategies, CTO Realty Growth has managed to secure a fixed interest rate of 4.7% on this new facility, thus optimizing its borrowing costs.
Strengthening Financial Position
By the end of the quarter, CTO Realty Growth reported outstanding common stock totaling approximately 29,971,538 shares and maintained a substantial borrowing capacity of about $200 million under their revolving credit facility. These figures highlight the Company's strong market presence and financial stability.
CEO Insights on Growth
John P. Albright, the President and CEO, emphasized the strong performance in their investment activities, noting the effectiveness in sourcing long-term transactions. His positive outlook reflects the Company's enhanced balance sheet and liquidity, reaffirming CTO Realty Growth's strong market capitalization.
About CTO Realty Growth, Inc.
This illustrious company specializes in the management and operation of high-quality open-air shopping centers located primarily in the dynamic Southeast and Southwest markets of the United States. CTO Realty Growth also has a significant stake in Alpine Income Property Trust, Inc. (NYSE: PINE), further solidifying its investment portfolio.
Frequently Asked Questions
What were CTO Realty Growth's investment totals for 2024?
CTO Realty Growth successfully closed $274 million in investments year-to-date, with $191.3 million attributed to the most recent quarter.
How does CTO Realty Growth manage its financing?
The Company issued approximately 6.9 million common shares under its ATM common equity program, generating significant net proceeds to fortify its financial position.
What is the rate of the new unsecured term loan?
The newly closed unsecured term loan has an effective fixed interest rate of 4.7%, benefiting from existing SOFR swap agreements.
Who is leading CTO Realty Growth?
John P. Albright serves as the President and Chief Executive Officer, playing a key role in guiding the Company's strategic direction and investment activities.
What markets does CTO Realty Growth focus on?
CTO Realty Growth primarily invests in high-quality open-air shopping centers in the Southeast and Southwest regions of the United States, identifying key growth opportunities.
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
- DexCom, Inc. Securities Class Action: Know Your Rights Today
- Understanding Saba Capital's Monthly Distribution Sources
- Saba Capital Income & Opportunities Fund II Shares Distribution Insights
- Key Steps for DXC Technology Investors Facing Legal Action
- Elevate Your Career with Tattoo Removal Training at NLLC
- UBiqube Appoints Cloud and Security Experts to Board
- NEXE Innovations Reports Mixed Financial Results and Outlook
- Exploring Community Bonds Among LGBTQ+ Youth Through Media
- Significant Drop in UK Shop Prices Signals Easing Inflation
- Understanding Middle-Class Income Trends: What You Need to Know
Recent Articles
- First Advantage Unveils 2023 Sustainability Report Insights
- Realty Income Launches 2023 Sustainability Report Insights
- Exciting Advances in Trump Media's Streaming Services
- Sunstone Hotel Investors Plans Q3 2024 Earnings Conference Call
- Arqit Quantum Inc. Engages in Major $13.6 Million Offering
- Exploring the Impressive Growth of Monster Beverage Investment
- Teva's Upcoming Call on Q3 Financials: Key Insights Ahead
- Exploring McDonald's Stock Growth Over Two Decades
- John Hancock Premium Dividend Fund Shares Update for Investors
- Insights into Ulta Beauty's Short Interest Trends and Impact
- Upcoming Brookfield Business Partners Conference Call Details
- MDU Resources Group Welcomes Anthony D. Foti as CLO
- Insights into APA's Rising Short Interest and Market Trends
- Team, Inc. Enhances Financial Flexibility with Credit Facility Revision
- Ambassador Peter D. Haas Joins Excelerate Energy Team
- Important Distribution Update for John Hancock Hedged Fund
- Understanding Market Sentiment for Global Payments (GPN)
- Ingersoll Rand Announces Earnings Release and Call Details
- Understanding the Latest Distribution from John Hancock Fund
- UGI Corporation Welcomes New Directors to Leadership Team
- Eloro Resources Reveals Key Results from Shareholder Meeting
- The Impressive Growth of $100 Invested in Guidewire Software
- KB Home CFO Jeff Kaminski to Retire in 2025 After 14 Years
- Impact Gala Raises Significant Funds for Abortion Access
- Exploring United Airlines Holdings Stock Growth Over 15 Years
- Exciting New Store Opening for Floor & Decor in Baltimore
- CTEK Showcases Innovative Charging Solutions at SEMA 2024
- Understanding CVS Health Corp's Stock Performance Dynamics
- ChitogenX Unveils Financial Results for Q2 2025 Performance
- Sarepta Therapeutics: New Equity Grants for Talent Acquisition
- Truist Financial Corporation Reveals Q3 2024 Earnings Call
- Insights into BlackRock's Latest Distribution Updates for Funds
- ZK International Group Reports Record Half-Year Revenue Growth
- Humana Inc. Set for Exciting Third Quarter Earnings Call
- Transforming Aviation: Trax Enhances WestJet with Digital Solutions
- Investigation Launched into Cumberland Heights Data Breach Issue
- Neuberger Berman Real Estate Fund Announces Distribution Plan
- Webco Industries Financial Performance: Q4 and Year-End Insights
- How to Build a Strong Foundation in Business Finance
- Neuberger Berman Connectivity Fund Declares Monthly Dividend
- Precision Optics Corporation's Financial Insights for 2024
- Cboe Global Markets to Release Third-Quarter Earnings Soon
- Principal Real Estate Income Fund Shares Distribution Insights
- John Rotonti Joins Islamorada Investment Management as Expert
- Neuberger Berman Fund Declares New Monthly Distribution Amount
- Neuberger Berman Energy Fund Declares Monthly Distribution
- Simmons First National Corporation Sets Q3 2024 Earnings Call
- First Student Drivers Unite Under Teamsters Union for Protections
- Understanding the Stigma Around Substance Use Disorders
- Zscaler's New Chief Product Officer Aims for Innovation