CTO Realty Growth Strengthens Balance Sheet With $150 Million Term Loan Financing
Summary
This transaction enhances our liquidity to approximately $165 million as of today, extends our debt maturity profile, and provides flexibility to pursue investments in high-quality shopping center assets, consistent with our long-term strategy, said John P. Albright, President and Chief Executive Officer of CTO Realty Growth.Both term loans bear interest at SOFR plus a spread determined by the Companys leverage ratio. In March 2026, when certain applied SOFR swap agreements mature and are replaced by existing forward SOFR swap agreements, the interest rate for both loans would adjust to approximately 4.7%, based on the Companys current leverage ratio.The 2030 Term Loan was provided by a syndicate of banks led by KeyBank National Association as Administrative Agent. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE).We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such factors may include, but are not limited to: the Companys ability to remain qualified as a REIT; the Companys exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the impact of epidemics or pandemics on the Companys business and the businesses of its tenants or borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their businesses; the loss or failure or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Companys investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Companys filings with the U.S. Securities and Exchange Commission.There can be no assurance that future developments will be in accordance with managements expectations or that the effect of future developments on the Company will be those anticipated by management. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.