School loan

CTO Realty Growth Announces New $ 100 Million Term Loan

DAYTONA BEACH, Fla., November 08, 2021 (GLOBE NEWSWIRE) – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) announced today that it has successfully amended its unsecured credit to contract a new unsecured term loan of $ 100.0 million (the “Term Loan”). The proceeds of the term loan were used to repay the outstanding balances of the Company’s unsecured revolving credit facility.

The term loan will mature in January 2027 and is priced against LIBOR, determined by the Company’s leverage ratio. Based on its current leverage ratio, the Company expects that the initial interest rate for the term loan will be set at a rate of 2.0825% using an existing interest rate swap that fixed the LIBOR until March 2024. The amended unsecured credit agreement includes accordion options that allow the Company to request additional loan commitments up to a total of $ 700 million.

“We are delighted with the strong interest and support shown by our new and existing banking partners with this new $ 100 million term loan,” said Matthew M. Partridge, Senior Vice President, Chief Financial Officer and Treasurer of CTO Realty. Growth, Inc. ”This term loan allows us to repay our unsecured revolving credit facility, further stagger our future debt maturities, provide us with sufficient liquidity to fund new acquisitions and provide the opportunity to establish new ones. loan relationships with KeyBank, Raymond James and Synovus.

The term loan is jointly led by BMO Capital Markets Corp., KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC. Bank of Montreal will act as administrative agent and KeyBanc Capital Markets Inc. and Wells Fargo Securities, LLC will act as co-syndication agents. Huntington National Bank, Raymond James Bank, Synovus Bank and Truist Bank also participated in the term loan.

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 commercial properties located primarily in higher growth markets in the United States. CTO also owns an approximate 16% interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com.

Safe harbor

Certain statements 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, as amended and Section 21E of the Securities Exchange Act of 1934. , as amended. Forward-looking statements can generally be identified by words such as “believe”, “estimate”, “expect”, “intend”, “anticipate”, “will”, “could”, “could”, “Should”, “,” potential “,” predict “,” foresee “,” project “and similar expressions, as well as variations or negatives of these words.

Although forward-looking statements are based on current expectations and reasonable beliefs of management regarding future developments and their potential effect on the Company, a number of factors could cause the Company’s actual results to differ materially from those. set out in forward-looking statements. These factors may include, but are not limited to: the Company’s ability to continue to qualify as a REIT; the Company’s exposure to changes in US federal and state income tax laws, including changes in REIT requirements; generally unfavorable economic and real estate conditions; the geographic spread, ultimate severity and duration of pandemics such as the recent outbreak of the novel coronavirus, measures that can be taken by government authorities to contain or address the impact of these pandemics, and the potential negative impacts of these pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or their obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline of the business or assets of PINE or the business formed when the Company sold its controlling interest in the entity that held the remaining land portfolio of the Company, of which the Company retained an interest; the completion of 1,031 exchange transactions; the availability of investment properties that meet the Company’s investment objectives and criteria; uncertainties associated with obtaining required government permits and meeting other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2020 and other risks and uncertainties discussed from time to time in documents filed by the Company with the United States Securities and Exchange Commission.

There can be no assurance that future developments will be in line with management’s expectations or that the effects 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 press release. The Company makes no commitment to update the information contained in this press release to reflect subsequent events or circumstances.

Contact: Matthew M. Partridge
Senior Vice-President, Chief Financial Officer and Treasurer
(386) 944-5643
[email protected]