CTO Realty Growth extends management agreement

In a recent filing with the Securities and Exchange Commission, CTO Realty Growth, Inc., a real estate investment trust (REIT) based in Winter Park, Florida, announced the extension of a key management agreement. The agreement, originally set to expire on November 26, 2024, has been extended to January 31, 2025.

The amendment pertains to the Management Agreement involving Alpine Income Property Manager, LLC, a wholly owned subsidiary of CTO Realty Growth, and its partners Alpine Income Property Trust, Inc., and Alpine Income Property OP, LP. This partnership, established on November 26, 2019, has been managing properties under the terms set forth in the original agreement.

According to the filing, all other material terms of the Management Agreement remain in effect and unchanged. The extension provides a brief continuation of the existing arrangement between the involved entities.

CTO Realty Growth, Inc. is a Maryland-incorporated company, trading on the New York Stock Exchange under the ticker symbol NYSE:CTO, with additional preferred stock listed as NYSE:CTO-PA. The company's principal executive offices are located in Winter Park, Florida, and it operates within the real estate sector, specifically within the REIT industry.

In other recent news, CTO Realty Growth has been active both in terms of personnel changes and financial performance. The company recently appointed Philip R. Mays as the Senior Vice President, Chief Financial Officer, and Treasurer. Mays, who brings extensive financial leadership experience from his tenures at Shadowbox Studios and Cedar Realty (NYSE:CDR) Trust, is expected to strengthen CTO's growth strategy.

Jones Trading has adjusted its outlook on CTO Realty Group, reducing the price target to $19.00 from the previous $21.00, while maintaining a Buy rating on the company's stock. This adjustment was made following CTO's recent financial performance report, which showed funds from operations (FFO) surpassing expectations, with an FFO of $0.48 per share.

In a recent earnings call, CTO Realty Growth reported strong leasing activity and strategic property acquisitions. The company signed over 100,000 square feet in new leases and renewals, and acquired the Marketplace at Seminal Town Center in Orlando, Florida. These are just a few of the recent developments within CTO Realty Growth, demonstrating the company's active engagement in enhancing its financial prospects.

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