CTO Realty signs $137.5M PSA to buy 3-property portfolio (NC, FL)

CTO Realty Growth, Inc.

Purchase and Sale Agreement for three properties in Charlotte, Orlando, and Tampa; total price $137.5M subject to prorations.
Portfolio is 0.9M sq ft, 94.2% leased, with weighted average remaining lease term of 6.2 years.
Acquisition expected to close in Q3 2024 but closing conditions not yet satisfied; no guarantee.
Funding sources include cash, credit facility, securities offerings, or reverse 1031 exchange.
Historical summary: 2023 lease revenue $15.4M, direct costs $4.5M; H1 2024 lease revenue $7.4M, direct costs $2.3M.

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