WINTER PARK, Fla., Sept. 12, 2022 (GLOBE NEWSWIRE) — CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today provided an update on business activities and recent transactions:
- Successfully completed the relocation of the company’s corporate headquarters from Daytona Beach, Florida to downtown Winter Park, Florida. The company will continue to maintain a significant presence at its offices in Daytona Beach. The company’s new headquarters are now located at 369 N. New York Ave., Suite 201, Winter Park, FL 32789.
- Under a three-property sale agreement comprising two single-tenant retail properties and 245 Riverside in Jacksonville, Florida, the Company’s only remaining multi-tenant office property.
- Under contract to acquire a mixed-use Class A asset, anchored in a grocery store, for $93.9 million, which is expected to close in the fourth quarter of 2022.
- Sale of $3.0 million of mitigation credits and underground oil, gas and mining rights to date during the third quarter of 2022.
“We are very pleased with the move of our headquarters to Winter Park, Florida, and the progress we are making to further transform our already high-quality portfolio,” said John P. Albright, President and CEO of CTO Realty Growth. “The ability to recycle capital from single-tenant commercial and office properties and invest in well-located, multi-tenant commercial and mixed-use properties in high-growth markets has been our primary focus and we look forward to to enter into these transactions. ”
Certain closing conditions must be satisfied prior to or at closing to complete the announced indenture provisions and the indenture acquisition. These conditions are not currently met. Accordingly, as of the date of this press release and until the closing of these transactions, there can be no assurance that the Company will complete the referenced transactions.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high quality commercial properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a significant stake in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net leasehold REIT.
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
Certain statements contained in this press release (other than statements of historical facts) 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 generally be identified by words such as “believe”, “estimate”, “expect”, “intend”, “anticipate”, “will”, “could”, “may”. , “should”, “plan”. ,” “potential”, “predict”, “plan”, “project” and similar expressions, as well as variations or negations of these words.
Although forward-looking statements are made based on management’s current expectations and reasonable beliefs regarding future developments and their potential effect on the Company, a number of factors could cause the Company’s actual results to differ materially. of those set forth in the forward-looking statements. These factors may include, but are not limited to: the ability of the Company to continue to qualify as a REIT; the Company’s exposure to changes in US federal and state income tax laws, including changes in REIT requirements; generally unfavorable economic and real estate conditions; macroeconomic and geopolitical factors, including, but not limited to, inflationary pressures, interest rate volatility, global supply chain disruptions and ongoing geopolitical warfare; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 pandemic and its variants, measures that may be taken by government authorities to contain or deal with the impact of such pandemics, and the impacts potential adverse effects of these pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue to pay rent or obligations due to bankruptcy, insolvency or a general downturn in business; the loss, failure or decline of PINE’s business or assets; carrying out 1,031 foreign exchange transactions; the availability of investment properties that meet the Company’s investment objectives and criteria; uncertainties associated with obtaining required government permits and satisfaction of 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, 2021 and other risks and uncertainties discussed from time to time in the Company’s filings with the United States Securities and Exchange Commission.
There can be no assurance that future developments will be consistent with management’s expectations or that the effect of future developments on the Company will be as 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 subsequent events or circumstances.
|Contact:||Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer