2024-01-28 07:27:28 ET
Summary
- CTO Realty Growth's common shares are down 12% in the past year, trading at 8.8x its adjusted FFO.
- The REIT owns mainly retail properties and earns a fee as the external manager of Alpine Income Property.
- CTO's balance sheet is conservatively structured with staggered debt maturities, but occupancy at 89.6% needs to be improved.
I've been buying CTO Realty Growth ( CTO ) in response to common shares that are down by 12% over the last 1 year to trade at 8.8x its annualized adjusted FFO for its most recent quarter. CTO's third quarter AFFO was $0.48 per share, around $1.92 per share annualized. The internally managed REIT owns 23 mainly retail properties spread across 9 states and 4.1 million square feet of gross leasable space as of the end of its fiscal 2023 third quarter. The REIT also earns a fee as the external manager of the $250 million REIT Alpine Income Property ( PINE ). This management relationship drove $1.09 million of revenue during the third quarter, around 3.8% of total revenue of $28.47 million generated during the quarter. CTO also owns 15.1% of PINE, currently valued at $38 million, which also earns a dividend yield....
Read the full article on Seeking Alpha
For further details see:
CTO Realty Growth: Why I'm Buying This 9% Dividend Yield