CTO Realty Growth announces preferred stock offering

CTO Realty Growth announced the commencement of a public offering of additional shares of the company’s 6.375% Series A cumulative redeemable preferred stock with a $25.00 per share liquidation preference. The additional shares of Series A preferred stock constitute an additional issuance of shares of Series A preferred stock, with 2.98M shares of Series A preferred stock currently issued and outstanding. CTO intends to use the net proceeds from the offering for general corporate and working capital purposes, which may include property acquisitions, commercial loan and investment opportunities and repayment of debt, including amounts outstanding under its credit agreement. Raymond James & Associates is acting as book-running manager for the offering.