CTO Realty Growth Announces New At-the-Market Offering Programs

CTO Realty Growth, Inc. disclosed on November 12, 2024, the initiation of new at-the-market offering programs in a recent 8-K filing with the Securities and Exchange Commission. The company finalized a Common At-the-Market Offering Program among various sales agents, including Janney Montgomery Scott LLC, A.G.P./Alliance Global Partners, BMO Capital Markets Corp., and others. This initiative enables CTO Realty Growth to offer and sell shares of its common stock, with an aggregate gross sales price of up to $250,000,000.

The Common Equity Distribution Agreements encompass provisions for sales through a variety of methods, including transactions deemed as “at the market” offerings. Additionally, the company may engage in forward sale agreements under master contracts with parties like AGP, BMO, B. Riley, and others acting as forward purchasers and sellers.

Each sales agent involved in the Common At-the-Market Offering Program will receive commissions set not to exceed 2.0% of the gross sales price of the Common Shares sold through their efforts. CTO Realty Growth intends to offer the Common Shares under a prospectus supplement and base prospectus dated November 12, 2024.

In relation to its prior program, the company terminated the 2022 At-the-Market Offering Program along with Compass Point Research & Trading, LLC’s agreement. Approximately $3.6 million worth of unsold shares remained under the 2022 program at the time of cessation.

Simultaneously, CTO Realty Growth introduced a Preferred At-the-Market Offering Program, collaborating with sales agents like AGP, Janney, and others, to offer its 6.375% Series A Cumulative Redeemable Preferred Stock. This program allows for the sale of preferred shares with an aggregate gross sales price of up to $25,000,000.

Furthermore, the preferred shares will also be offered under a prospectus supplement and base prospectus dated November 12, 2024. Similar to the Common Equity Distribution Agreements, each sales agent for the Preferred Shares will earn a commission not exceeding 2.0% of the gross sales price.

The company’s efforts align with its strategic initiatives for growth and potential acquisitions within the energy sector. CTO Realty Growth plans to utilize the net proceeds from the offerings for general corporate purposes and exploring strategic opportunities in various segments of the energy industry as delineated in the filing with the SEC.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CTO Realty Growth’s 8K filing here.

CTO Realty Growth Company Profile

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.