CTO Realty Growth Announces 2023 Transaction And Leasing Activity And Provides Share Repurchase Update
Portfolio Pulse from Benzinga Newsdesk
CTO Realty Growth, Inc. (NYSE:CTO) reported its 2023 activities, including the acquisition of four retail properties and one land parcel for $80 million, and a first mortgage structured investment of $15 million. The company also purchased shares of Alpine Income Property Trust, Inc. (PINE) and sold nine non-core income properties and other assets. CTO signed 92 leases, showing rent growth, and repurchased common and Series A Preferred shares. As of year-end, CTO had 22,643,034 common shares outstanding.
January 04, 2024 | 9:23 pm
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NEUTRAL IMPACT
CTO Realty Growth purchased 129,271 shares of Alpine Income Property Trust, Inc. (PINE) and now owns a significant stake, which could influence PINE's stock performance.
CTO's purchase of PINE shares indicates a vested interest in PINE's performance. However, without specific news on PINE's operations or financials, the direct short-term impact on PINE's stock is uncertain, though it could be seen as a vote of confidence from a significant investor.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
POSITIVE IMPACT
CTO Realty Growth reported robust investment and leasing activities, property and asset sales, and share repurchases, indicating active management and potential growth.
CTO's reported activities suggest a strategic approach to portfolio management and capital allocation, which could be viewed positively by investors. The repurchase of shares and the growth in comparable rent per square foot may indicate confidence in the company's value and operations, potentially leading to a positive short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100