Deal Details
CTO Completes $65.6 Million Follow-On Offering
Summary
CTO Realty Growth, Inc. (“CTO” or the “Company”) (NYSE: CTO) recently completed an upsized follow-on offering of 3,450,000 shares of common stock at a price of $19.00 per share, generating gross proceeds of approximately $65.6 million. The Company expects to use the proceeds to fund a portion of the $96.0 million purchase price of the Atlanta Center acquisition opportunity currently under contract, as well as for general corporate and working capital purposes including the repayment of debt.
Baird served as a senior co-manager on this offering.
About
The Company is a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what it believes to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. The Company has pursued its investment strategy by investing primarily through fee simple ownership of its properties, commercial loans and preferred equity. As of October 26, 2022, CTO’s business also includes a 16.2% ownership of the outstanding equity of PINE and the resulting dividend income; a fee-based management business that is engaged in managing PINE. CTO Realty Growth, Inc. is headquartered in Winter Park, Florida.CONTACT US TO LEARN MORE
- Date
- December 2022
- Company
- CTO Realty Growth, Inc.
- Transaction
- Equity Capital Markets
- Sectors
- Real Estate
- Verticals
-
Real Estate
- Target Geography
- North America
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