WINTER PARK, Fla., July 29, 2022 (GLOBE NEWSWIRE) — CTO Realty Progress (NYSE: CTO) (the “Firm”) introduced right this moment the closing of the sale of Westland Gateway Plaza, it’s grasp leased property situated in Hialeah, Florida. The grasp lease tenant exercised its present buy choice to accumulate the property for $22.2 million, representing an exit cap price of 6.6%.
“We’re very happy with the ten.5% unleveraged IRR this funding generated and we’re wanting ahead to the chance to redeploy the gross sales proceeds into higher-yielding properties via our opportunistic, retail-focused funding technique,” famous John P. Albright, President and Chief Govt Officer of CTO Realty Progress.
The Firm expects to make the most of the gross sales proceeds as a part of a Part 1031 like-kind alternate. With the closing of this transaction, the Firm has roughly $22.4 million of proceeds held in 1031 restricted money accounts.
About CTO Realty Progress, Inc.
CTO Realty Progress, Inc. is a publicly traded actual property funding belief that owns and operates a portfolio of high-quality, retail-based properties situated primarily in greater development markets in the USA. CTO additionally externally manages and owns a significant curiosity in Alpine Revenue Property Belief, Inc. (NYSE: PINE), a publicly traded internet lease REIT.
We encourage you to evaluate our most up-to-date investor presentation and supplemental monetary info, which is on the market on our web site at www.ctoreit.com.
Secure Harbor
Sure statements contained on this press launch (aside from statements of historic truth) are forward-looking statements inside the which means of Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Change Act of 1934, as amended. Ahead-looking statements can sometimes be recognized by phrases corresponding to “consider,” “estimate,” “count on,” “intend,” “anticipate,” “will,” “might,” “could,” “ought to,” “plan,” “potential,” “predict,” “forecast,” “venture,” and related expressions, in addition to variations or negatives of those phrases.
Though forward-looking statements are made based mostly upon administration’s current expectations and cheap beliefs regarding future developments and their potential impact upon the Firm, quite a lot of components might trigger the Firm’s precise outcomes to vary materially from these set forth within the forward-looking statements. Such components could embody, however should not restricted to: the Firm’s means to stay certified as a REIT; the Firm’s publicity to U.S. federal and state earnings tax legislation modifications, together with modifications to the REIT necessities; common hostile financial and actual property circumstances; macroeconomic and geopolitical components, together with however not restricted to inflationary pressures, rate of interest volatility, world provide chain disruptions, and ongoing geopolitical battle; the final word geographic unfold, severity and length of pandemics such because the COVID-19 Pandemic and its variants, actions which may be taken by governmental authorities to include or deal with the impression of such pandemics, and the potential unfavourable impacts of such pandemics on the worldwide financial system and the Firm’s monetary situation and outcomes of operations; the shortcoming of main tenants to proceed paying their lease or obligations as a result of chapter, insolvency or a common downturn of their enterprise; the loss or failure, or decline within the enterprise or belongings of PINE; the completion of 1031 alternate transactions; the supply of funding properties that meet the Firm’s funding objectives and standards; the uncertainties related to acquiring required governmental permits and satisfying different closing circumstances for deliberate acquisitions and gross sales; and the uncertainties and threat components mentioned within the Firm’s Annual Report on Kind 10-Ok for the fiscal yr ended December 31, 2021 and different dangers and uncertainties mentioned infrequently within the Firm’s filings with the U.S. Securities and Change Fee.
There could be no assurance that future developments might be in accordance with administration’s expectations or that the impact of future developments on the Firm might be these anticipated by administration. Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this press launch. The Firm undertakes no obligation to replace the knowledge contained on this press launch to mirror subsequently occurring occasions or circumstances.
| Contact: | Matthew M. Partridge | |
| Senior Vice President, Chief Monetary Officer and Treasurer | ||
| (407) 904-3324 | ||
| [email protected] |
