CTO Realty reports $314M acquisitions, $81.1M dispositions in 2022
Jan. 04, 2023 8:58 AM ETCTO Realty Growth, Inc. (CTO)PINEBy: Jessica Kuruthukulangara, SA News Editor8 Comments
Allkindza
- CTO Realty Growth (NYSE:CTO) said Wednesday it acquired five mixed-use or retail properties for $314M during 2022, representing a weighted-average going-in cash cap rate of 7.5%.
- The REIT sold six income properties for total disposition volume of $81.1M in 2022, at a weighted average exit cap rate of 6.2%, generating total gains of $4.7M.
- During Q4, CTO Realty (CTO) sold 100% of its stake in the entity that owns mitigation credit rights for $8.1M and retained the right to 35 mitigation credits and/or mitigation credit rights for future sale.
- CTO Realty (CTO) also purchased ~155.7K 665 shares of Alpine Income Property Trust (PINE) during the year at a weighted average gross price of $17.57/share.
- As of December 31, the REIT owned 2.2M shares of Alpine Income (PINE) stock and operating partnership units.
- SA author Leo Imasuen is neutral on CTO Realty (CTO) as its overdependence on acquisitions for growth is a risk.