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CTO Realty Growth completed five property acquisitions n 2022
The Fly

CTO Realty Growth completed five property acquisitions n 2022

CTO Realty Growth (CTO) announced its record 2022 acquisition and disposition activities and provided a corporate update. 2022 Investment Highlights: During the year ended December 31, 2022, the Company completed five mixed-use or retail property acquisitions for total value of $314M, representing a weighted-average going-in cash cap rate of 7.5%. During the year ended December 31, 2022, the Company originated structured investments totaling $59.2M at a weighted-average initial yield of 8.2%. The Company’s $19M loan secured by WaterStar Orlando was repaid in full during the fourth quarter of 2022. The 2022 investments are concentrated in well-located submarkets of Atlanta, Richmond, Dallas, and Houston. Notable new tenants in the Company’s portfolio include grocers Publix and Whole Foods, as well as Academy Sports, Southern University, and REI. During the year ended December 31, 2022, the Company purchased 155,665 shares of common stock of Alpine Income Property Trust, Inc. (PINE) at a weighted average gross price of $17.57 per share. As of December 31, 2022, the Company owned 2,203,397 shares of PINE common stock and operating partnership units. 2022 Disposition Highlights: During the year ended December 31, 2022, the Company sold six income properties for total disposition volume of $81.1 million, at a weighted average exit cap rate of 6.2%. The sale of the properties generated aggregate gains of $4.7M. During the same period, the Company sold approximately 15,000 acres of subsurface oil, gas and mineral rights for $1.7M. During the fourth quarter of 2022, the Company sold 100% of its ownership interest in the entity that owns all of the mitigation credit rights for gross proceeds of $8.1M. As part of the transaction, the Company retained the right to 35 mitigation credits and/or mitigation credit rights for future sale. Notable Capital Markets Highlights: On December 5, 2022, the Company announced it closed its underwritten public offering of 3,450,000 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, at a price to the public of $19.00 per share. Total gross proceeds to the Company from the offering, before deducting underwriting discounts and commissions and other offering expenses, were approximately $65.6M. The Company issued 604,765 common shares under its ATM offering program during the fourth quarter of 2022 at a weighted average gross price of $20.29 per share, for total net proceeds of $12.1M. During the year ended December 31, 2022, the Company issued 1,566,026 common shares under its ATM offering program at a weighted average gross price of $21.33 per share, for total net proceeds of $32.9M. As of December 31, 2022, there were 22,854,775 shares of common stock outstanding.

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