CTO Realty Growth completes the sale of the remaining land in Daytona Beach within its land joint venture
DAYTONA BEACH, Fla., December 10, 2021 (GLOBE NEWSWIRE) – CTO Realty Growth, Inc. (NYSE: CTO) (the âCompanyâ or âCTOâ) today announced the joint venture entity that owns the remainder of Daytona Beach a property portfolio of approximately 1,600 acres (the “Land Venture”) has completed the sale of all of its remaining land for $ 66.3 million (the “Land Venture Sale”) to Timberline Acquisition Partners, a subsidiary of Timberline Real Estate Partners. The CTO’s proceeds after distributions to the other member of the real estate company and before taxes are estimated to be approximately $ 24.4 million.
Following the completion of the sale of the land business, the company ends its iconic 111-year role as a significant Florida landowner, which at one point included ownership of approximately two million acres. . Over the past 10 years, the company has strategically sold its remaining 11,000 acres for proceeds of $ 287 million, which has been reinvested in nearly $ 600 million of high-quality income-producing assets that have enabled the company to increase its annual cash dividend by 9,900%, from $ 0.04 per share in 2011 to $ 4.00 per share in 2021.
“We are delighted to close this final sale of land, which provides us with significant non-income producing equity to redeploy into our core investment strategy of acquiring high quality retail and mixed-use properties,” multi-tenant, âsaid John P. Albright, President and CEO of CTO Realty Growth. âAs we look to 2022, redeploying the proceeds from this final sale will improve our corporate credit metrics, improve our dividend coverage, and lead to an increase in organic FFOs and AFFOs per share. “
The Company intends to use the proceeds from the sale of the land business to repay outstanding amounts under its unsecured revolving credit facility and for general business and working capital purposes, which may include the financing of acquisitions of income-producing properties.
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 high growth markets in the United States. The CTO also owns an approximate 16% interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net leasehold REIT.
We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com.
Certain statements in this press release (other than statements of historical fact) 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”, “could” , “Should”, “,” potential “,” predict “,” foresee “,” project “and similar expressions, as well as variations or negatives of these words.
Although forward-looking statements are made on the basis of management’s current expectations and reasonable beliefs regarding future developments and their potential effect on the Company, a number of factors could cause the actual results of the Company to differ materially. those set forth in forward-looking statements. These factors may include, but are not limited to: the Company’s ability 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; the geographic spread, severity and ultimate duration of pandemics such as the recent outbreak of the novel coronavirus, measures that can be taken by government authorities to contain or address the impact of these pandemics, and the potential negative impacts of these pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or their obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline of PINE’s business or assets; the completion of 1,031 exchange transactions; the availability of investment properties that meet the Company’s investment objectives and criteria; uncertainties associated with obtaining required government permits and meeting 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 year ended December 31, 2020 and other risks and uncertainties discussed from time to time in documents filed by the Company with the United States Securities and Exchange Commission.
There can be no assurance that future developments will be in line with management’s expectations or that the effects of future developments on the Company will be those 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 makes no commitment to update the information contained in this press release to reflect subsequent events or circumstances.