CTO Realty Growth Announces 2023 Transaction And Leasing Activity And Provides Share Repurchase Update

Author: Benzinga Newsdesk | January 04, 2024 05:23pm

CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO") today announced its 2023 investment, disposition and leasing activities and provided a capital markets update.

2023 Investment Activity

• During the year ended December 31, 2023, the Company completed four retail property acquisitions and acquired one land parcel for total acquisition volume of $80.0 million, representing a weighted-average going-in cash cap rate of 7.5%.
• During the year ended December 31, 2023, the Company originated one first mortgage structured investment totaling $15.0 million at an initial yield of 8.8%.
• The Company's total investment activity for the year ended December 31, 2023, which includes its acquisition and structured investment activities, was concentrated in well-located submarkets of Atlanta and Dallas and totaled $95.0 million at a weighted average initial investment yield of 7.7%.
• During the year ended December 31, 2023, the Company purchased 129,271 shares of common stock of Alpine Income Property Trust, Inc. ("PINE") at a weighted average gross price of $16.21 per share (all purchases of PINE common stock were completed during Q1 2023). As of December 31, 2023, the Company owned 2,332,668 shares of PINE common stock and operating partnership units.

2023 Disposition Activity

• During the year ended December 31, 2023, the Company sold nine non-core income properties for total disposition volume of $87.1 million, at a weighted average exit cap rate of 7.5%. The sales of the properties generated aggregate gains of $6.6 million and included two of the Company's three remaining single tenant office properties.
• During the same period, the Company sold 3,480 acres of subsurface oil, gas and mineral rights for $1.0 million and 20 mitigation credits for $2.3 million.
• During the fourth quarter of 2023, the Company sold six non-core income properties for a total disposition volume of $64.2 million, representing an exit cap rate of 7.8%.
  
  
  
   

2023 Leasing Update

• During the year ended December 31, 2023, the Company signed 92 leases totaling 496,643 square feet. On a comparable basis, which excludes vacancy existing at the time of acquisition, the Company generated comparable rent per square foot growth of 7.5%.
• During the fourth quarter of 2023, the Company signed 22 leases totaling 96,729 square feet. On a comparable basis, which excludes vacancy existing at the time of acquisition, the Company generated comparable rent per square foot growth of 17.9%.

2023 Capital Markets Highlights

• During the year ended December 31, 2023, the Company repurchased 369,300 common shares at a weighted average gross price of $16.35 per share, for a total cost of $6.0 million.
• During the fourth quarter of 2023, the Company repurchased 62,015 common shares at a weighted average gross price of $15.72 per share, for a total cost of $1.0 million.
• During the year ended December 31, 2023, the Company repurchased 21,192 shares of its Series A Preferred Stock at a weighted average gross price of $18.45 per share, for a total cost of $0.4 million. The price per share represents a yield on cost of 8.6%.
• During the fourth quarter of 2023, the Company repurchased 14,398 shares of its Series A Preferred Stock at a weighted average gross price of $18.40 per share, for a total cost of $0.3 million. The price per share represents a yield on cost of 8.7%.
  • As of December 31, 2023, there were 22,643,034 shares of common stock outstanding.

Posted In: CTO