CTO Realty Growth Announces Contract to Sell the Remaining

DAYTONA BEACH, Fla., June 24, 2021 (GLOBE NEWSWIRE) – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced a joint venture that will include the remaining land in Daytona Beach holds 1,600 acres (the “Land Venture”) has entered into a binding contract with Timberline Acquisition Partners, a subsidiary of Timberline Real Estate Partners (“Timberline”) for the sale of substantially all of the remaining land, including all land previously under Contract for $ 67.0 million stood (the “Land Venture Sale”). Income to CTO after dividends to the other member of the Land Venture and before taxes is estimated to be approximately $ 25.6 million. Closing is expected to take place before the end of the year and is subject to completion of customary due diligence and closing conditions.

The company intends to use its proceeds from the land venture sale to repay outstanding amounts under its unsecured revolving credit facility and for general corporate and working capital purposes, which may include financing real estate purchases.

“I am pleased to announce the agreement to sell all of the remaining land in our joint venture, which is the culmination of a multi-year conversion and monetization of the company’s interests in its various holdings,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “By exiting the land transaction and entitlement business, we are now able to fully align the company’s resources with our core strategy, grow our portfolio of investment properties and maximize the cash flow of our own assets. This transaction also unlocks significant non-income equity and allows us to reallocate capital into additional income generating properties that will greatly increase earnings per share, improve our dividend payout ratios, and keep the company as a high-growth, world-class diversified real estate investment trust. “

Stan Nix, Chief Executive Officer of Timberline, commented on the transaction: “This transaction underscores our belief in the continued growth of Central Florida and offers a number of strategic development opportunities including a 4.5 million square foot institutional grade logistics park, numerous apartment buildings and a multitude of retail and other commercial uses. We look forward to continuing the excellent work John and the CTO team have done over the past few years in creating a commercially vibrant destination in West Daytona. “

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high quality, primarily retail-based real estate in high-growth markets in the United States. CTO also owns approximately 16% of Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net leasing REIT.

We encourage you to read our latest investor presentation, which is available on our website at www.ctoreit.com.

Safe haven

Certain statements in this press release (other than historical facts) 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. Forward-looking statements are usually identified by words such as “believe”, “estimate”, “expect”, “intend”, “foresee”, “will”, “could”, “can”, “should”, “plan” ” , “Potential”, “forecast”, “forecast”, “project” and similar expressions, as well as variations or negations of these words.

Although forward-looking statements are made on the basis of management’s current expectations and reasonable assumptions about future developments and their potential effects on the company, a number of factors could cause the company’s actual results to differ materially from those in the forward-looking statements the results presented differ. These factors can include, but are not limited to: the company’s ability to remain eligible as a REIT; the company’s risk to changes in US federal and state income tax laws, including changes in REIT requirements; general unfavorable economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent novel coronavirus outbreak, measures that government agencies may take to contain or address the impact of such pandemics, and the potential negative impact of such pandemics on the global economy and financial condition, and the company’s operating results; the inability of large tenants to continue paying their rent or obligations due to bankruptcy, bankruptcy, or a general decline in business; the loss or failure or decline in the business or assets of PINE or the company formed when the company sold its controlling interest in the company that owned the remaining real estate portfolio of the company in which the company holds a retained interest; the completion of 1031 stock market transactions; the availability of investment properties that meet the Company’s investment objectives and criteria; the uncertainties associated with obtaining required regulatory approvals and meeting other closing conditions for proposed acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 or Form 10-Q for the quarter ended March 31, 2021 as filed with the SEC.

No assurance can be given that future developments will meet management’s expectations or that the effects of future developments on society will correspond to those expected by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company assumes no obligation to update the information contained in this press release to reflect later events or circumstances.