CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its record 2021 acquisition and disposition activities.
2021 Acquisition Highlights
- During the year ended December 31, 2021, the Company acquired eight mixed use or retail income properties for total acquisition volume of $249.1 million, representing a weighted-average going-in cash cap rate of 7.2%.
- The 2021 acquisitions are in well-located submarkets of the high-growth markets of Las Vegas, Nevada; Salt Lake City, Utah; Dallas, Texas; Raleigh, North Carolina; Santa Fe, New Mexico; Orlando, Florida; and Atlanta, Georgia.
- Notable new tenants in the Company’s portfolio include Sprouts, Burlington, At Home, TJ Maxx, HomeGoods, Synovus, Ross Dress for Less, Season’s 52, WeWork, Dick’s Sporting Goods and The Capital Grille.
2021 Disposition Highlights
- During the year ended December 31, 2021, the Company sold 15 income properties for total disposition volume of $162.3 million, at a weighted average exit cap rate of 6.1%. The sale of the properties generated aggregate gains of $28.2 million.
- The 2021 sold properties were comprised of fourteen single tenant properties and one two-tenant property, with nearly 40% of the 2021 disposition volume related to office properties.
- During the same period, the Company sold a vacant six-acre development land parcel in downtown Daytona Beach, Florida for $6.3 million and 84,900 acres of subsurface oil, gas and mineral rights for $4.6 million.
- During 2021, the joint venture entity that held the remaining Daytona Beach land portfolio of approximately 1,600 acres sold all of its remaining land for $67.0 million, resulting in distributions to the Company before taxes of approximately $24.4 million.
“This was another terrific year of execution for our team as we managed nearly half a billion of real estate transactions that allowed us to generate healthy gains from the disposition of existing stabilized assets, deploy capital into a number of high-quality, strong cash flowing properties that have excellent long-term fundamentals, and fully exit our legacy land holdings business,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “As we wrap up 2021 and our first full year as a REIT, we’re excited about the progress we’ve made towards building a best-in-class retail-based portfolio that we believe can drive increased cash flow and strong 2022 earnings growth, further supporting our very attractive dividend.”