CTO Realty Growth Announces Pricing of Upsized Public Offering of Common Stock
December 01 2022 - 7:30AM
CTO Realty Growth, Inc. (NYSE: CTO) (the “Company”) today announced
that it has priced an upsized underwritten public offering of
3,000,000 shares of its common stock at a price to the public of
$19.00 per share. The Company has granted the underwriters a 30-day
option to purchase up to an additional 450,000 shares of its common
stock. The offering is expected to close on December 5, 2022,
subject to customary closing conditions. Total estimated gross
proceeds of the offering are approximately $57 million or
approximately $66 million if the underwriters exercise their option
to purchase additional shares in full.
The Company intends to use the net proceeds from
this offering to fund a portion of the $96 million purchase price
of its recently announced lifestyle, mixed-use acquisition
opportunity it currently has under contract. If the pending
acquisition is not completed for any reason, the Company intends to
use the net proceeds to fund other potential acquisition
opportunities and for general corporate and working capital
purposes, including the repayment of debt. Wells Fargo Securities,
Raymond James, BMO Capital Markets, Truist Securities and KeyBanc
Capital Markets are acting as joint book-running managers for the
offering. Baird, PNC Capital Markets LLC, Regions Securities LLC,
Synovus Securities Inc., Compass Point, Janney Montgomery Scott,
JonesTrading, B. Riley Securities and EF Hutton, division of
Benchmark Investments, LLC, are acting as co-managers for the
offering.
All shares of common stock will be offered under
the Company’s existing shelf registration statement filed with the
Securities and Exchange Commission. The offering of these shares
will be made only by means of a prospectus and a related prospectus
supplement, copies of which may be obtained by contacting: Wells
Fargo Securities, LLC, 500 West 33rd Street, New York, New York
10001, Attention: Equity Syndicate Department, telephone: (800)
326-5897, email: cmclientsupport@wellsfargo.com; or Raymond James
& Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL
33716, telephone (800) 248-8863, email:
prospectus@raymondjames.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
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, 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.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements. No assurance can be given that the offering discussed
above will be consummated, or that the net proceeds of the offering
will be used as indicated. Consummation of the offering and the
application of the net proceeds of the offering are subject to
numerous possible events, factors and conditions, many of which are
beyond the control of the Company and not all of which are known to
it, including, without limitation, market conditions and the
factors set forth under “Risk Factors” in the prospectus supplement
relating to the offering and in the Company’s Annual Report on Form
10-K for the year ended December 31, 2021, which can be accessed at
the Securities and Exchange Commission’s website at www.sec.gov.
All forward-looking statements speak only as of the date on which
they are made. You are cautioned not to place undue reliance on
these forward-looking statements, which reflect the Company’s views
only as of the date of this press release. Except as required by
law, neither the Company nor any other person assumes
responsibility for the accuracy and completeness of the
forward-looking statements appearing in this press release. The
Company does not undertake any obligation to update any
forward-looking statements contained in this press release as a
result of new information, future developments or otherwise.
Contact: |
Matthew M.
Partridge |
|
Senior Vice President, Chief Financial Officer and
Treasurer |
|
(407) 904-3324 |
|
mpartridge@ctoreit.com |
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