Deal Details
CTO Completes $30 Million Preferred Offering
Summary
CTO Realty Growth, Inc. (“CTO” or the “Company”) (NYSE: CTO) recently completed a public offering of 1,500,000 shares of the Company’s 6.375% Series A Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share, at a public offering price of $20.00 per share. The Company received gross proceeds of $30 million from the sale of the Series A Preferred Stock before deducting the underwriting discount and other estimated offering expenses. The Company also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of the Series A Preferred Stock to cover over-allotments, if any. CTO intends to use the net proceeds from the offering for general corporate and working capital purposes, which may include property acquisitions, commercial loan and investment opportunities and repayment of debt.
Baird served as a co-manager on this offering.
About
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT. CTO is headquartered in Winter Park, Florida.CONTACT US TO LEARN MORE
- Date
- April 2024
- Company
- CTO Realty Growth, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Verticals
-
Real Estate
- Target Geography
- North America
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