CTO Realty Growth Provides 2024 Business Update

Core Insights - CTO Realty Growth, Inc. has closed $274 million in investments year-to-date, with a weighted average yield of 9.1% [1][2][7] - The company raised $126 million under its ATM program in the third quarter, issuing approximately 6.9 million common shares at a weighted average price of $18.63 per share [1][4] - A new five-year $100 million unsecured term loan was closed, with an initial effective fixed interest rate of 4.7% [1][5] Investment Activity - The company's investment activity for the third quarter amounted to $191.3 million, bringing the year-to-date total to $273.8 million [2] - The company has exceeded its 2024 guidance for investment activity and plans to provide updated guidance during the full third quarter results announcement on October 24, 2024 [2] Financing Activity - The company originated a $43.8 million first mortgage loan with an initial fixed interest rate of 11% and an origination fee of 1.25%, secured by land for a mixed-use development in Herdon, Virginia [3] - As of September 30, 2024, the company had approximately $200 million of borrowing capacity available under its revolving credit facility [6] Company Overview - CTO Realty Growth, Inc. specializes in owning and operating high-quality, open-air shopping centers in the Southeast and Southwest markets of the United States [8] - The company also manages and holds a significant interest in Alpine Income Property Trust, Inc. [8]