News Release

CTO Realty Growth Announces Purchase of 120,000 Square Foot Office Property Leased to Ford Motor Credit Company in Tampa, Florida and August Contractual Base Rent Collections Update

August 24, 2020

DAYTONA BEACH, Fla., Aug. 24, 2020 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE American: CTO) (the “Company”) today announced the acquisition of an approximately 120,000 square foot single-tenant office property in Tampa, Florida (the “Property”) for approximately $26.9 million, or approximately $223 per square foot. The Property is situated on approximately 12 acres and is 100% leased to Ford Motor Credit Company LLC (“Ford”), the only tenant to have occupied the building since it was built by Highwoods in 1998. The property is four stories and has a parking ratio of over 7 per 1,000 square feet of space. The lease with Ford was recently extended through March 2026. The initial investment yield is approximately 8.4%, which is above the high end of the Company’s 2020 guidance. The transaction was purchased through a 1031 like-kind exchange using approximately $27 million of the approximately $37 million of the Company’s restricted cash generated from previously announced property dispositions that were sold at an average cap rate of approximately 4.5%.  

The Company also announced that it has collected approximately 90% of the contractual base rents expected in the month of August 2020. Contractual base rents are those owed to the Company per the current lease agreements. Further, the Company agreed to defer approximately 3% of the contractual base rents, with the approximately 7% remaining unsresolved. The majority of the unresolved contractual base rent is related to the Company’s property in Falls Church, Virginia leased to 24 Hour Fitness. The Company is in discussion with 24 Hour Fitness and is hopeful to reach an agreement on current and past due rents in the coming weeks.

John P. Albright, President and Chief Executive Officer of the Company commented, “This acquisition represents an attractive cash flow accretive transaction in a high growth MSA. We have now completed over $164 million of income property acquisitions in 2020 at a weighted average cap rate of approximately 7.9% which continues to produce strong Company cash flow growth evident in the recent dividend growth and continued REIT conversion analysis.” Mr. Albright also commented, “We are pleased that we have received strong August collections reaching 90% and the majority of our tenants continuing to remain open and operating.”

About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.3 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). Visit our website at

We encourage you to review CTO’s most recent investor presentations which are available on its website at


Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions and variations thereof are intended to identify certain of such forward-looking statements, which speak only as of the dates on which they were made, although not all forward-looking statements contain such words. Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include general adverse economic and real estate conditions, the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business, the loss or failure, or decline in the business or assets of PINE or the Land JV, the completion of 1031 exchange transactions, the availability of investment properties that meet the Company’s investment goals and criteria, the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales, as well as the uncertainties and risk factors discussed in our (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2019,  and (ii) Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, as filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release.

Contact: Lisa M. Vorakoun, Vice President – Chief Accounting Officer
Phone: (386) 944-5641
Facsimile: (386) 274-1223

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Source: CTO Realty Growth, Inc.