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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (65586)	3/11/2021 12:52:14 PM
From: E_K_S	Read Replies (2) \| Respond to of 78783

Your earlier call on CTO continues to do well. +35% from when you mentioned it 12/2020. Looks like they can still find new properties that meet their Capitalization rate requirements. I made 2 Buys in 12/2020 but should have larger based on (1) selling below stated BV and (2) low Debt/Equity below 1x 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). 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.