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CTO Realty (CTO) Sees Healthy Leasing Activity Year to Date
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CTO Realty Growth, Inc. (CTO - Free Report) recently disclosed its leasing accomplishments for the year-to-date period, signifying healthy growth and promising prospects in the retail real estate sector.
In a recent announcement, CTO unveiled its year-to-date leasing achievements, which include the signing of 16 leases totaling an impressive 112,480 square feet at an average cash base rent of $27.49 per square foot. Particularly noteworthy is the company's substantial comparable growth, evidenced by the signing of 12 leases totaling 103,065 square feet at an average cash base rent of $26.58 per square foot. This represents a staggering 89% increase compared to the previous average cash base rent, highlighting CTO's adeptness in enhancing value across its portfolio.
Of notable significance is the execution of a sizable 45,000-square-foot lease with a regional fitness tenant, marking a strategic move to replace Regal Cinemas at Beaver Creek Crossing in Apex, NC. Additionally, CTO has secured significant leases, renewals or extensions with prominent brands such as Altar’d State, Bath & Body Works, Occidental Petroleum, Total Wine & More and Sunglass Hut, underscoring the strength of its tenant roster and the attractiveness of its properties.
Moreover, the company's expansion endeavors have been evident through its recent openings, including Politan Row and Culinary Dropout at Ashford Lane in Atlanta, GA, Ainsworth at Shops of Legacy in Plano, TX, and Fogo de Chão at West Broad Village in Richmond, VA. These strategic moves align with CTO's commitment to curating vibrant retail destinations in high-growth markets across the United States.
CTO Realty Growth is engaged in the ownership and operation of a portfolio of high-quality, retail-based properties primarily situated in burgeoning markets. Furthermore, as an external manager and significant stakeholder in Alpine Income Property Trust, Inc. (PINE - Free Report) , a publicly traded net lease REIT, CTO leverages diversified investments to maximize shareholder value.
CTO Realty Growth's impressive leasing performance extends beyond the current year, as evidenced by its accomplishments in the fourth quarter and full-year 2023. In the fourth quarter of 2023, CTO Realty Growth secured 22 leases, amounting to 96,729 square feet.
When considering comparable figures that exclude pre-existing vacancies at acquisition, CTO executed 16 leases, totaling 74,246 square feet, at an average cash base rent of $29.95 per square foot. This reflects a notable 17.9% comparable increase compared to the previous average cash base rent of $25.41 per square foot. Moreover, for the fourth quarter of 2023, CTO reported an increase in same-property net operating income of 4.7% as compared to the prior-year period.
During 2023, CTO signed 92 leases totaling 496,643 square feet of space. On a comparable basis, excluding any vacancies existing at the time of acquisition, CTO secured 61 leases totaling 341,547 square feet, with an average cash base rent of $26.97 per square foot. This marked 7.5% comparable growth compared to the previous average cash base rent of $25.09 per square foot. This marks substantial growth and demonstrates its consistent momentum in optimizing asset performance.
Shares of this Zacks Rank #3 (Hold) company have rallied 5.6% in the past month, the same as that of the real estate market’s growth.
The Zacks Consensus Estimate for IRM’s 2024 funds from operations (FFO) per share is pegged at $4.38, which suggests year-over-year growth of 6.3%.
The Zacks Consensus Estimate for SLG’s 2024 FFO per share stands at $5.88, which indicates an increase of 19.03% from the year-ago period’s actual.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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CTO Realty (CTO) Sees Healthy Leasing Activity Year to Date
CTO Realty Growth, Inc. (CTO - Free Report) recently disclosed its leasing accomplishments for the year-to-date period, signifying healthy growth and promising prospects in the retail real estate sector.
In a recent announcement, CTO unveiled its year-to-date leasing achievements, which include the signing of 16 leases totaling an impressive 112,480 square feet at an average cash base rent of $27.49 per square foot. Particularly noteworthy is the company's substantial comparable growth, evidenced by the signing of 12 leases totaling 103,065 square feet at an average cash base rent of $26.58 per square foot. This represents a staggering 89% increase compared to the previous average cash base rent, highlighting CTO's adeptness in enhancing value across its portfolio.
Of notable significance is the execution of a sizable 45,000-square-foot lease with a regional fitness tenant, marking a strategic move to replace Regal Cinemas at Beaver Creek Crossing in Apex, NC. Additionally, CTO has secured significant leases, renewals or extensions with prominent brands such as Altar’d State, Bath & Body Works, Occidental Petroleum, Total Wine & More and Sunglass Hut, underscoring the strength of its tenant roster and the attractiveness of its properties.
Moreover, the company's expansion endeavors have been evident through its recent openings, including Politan Row and Culinary Dropout at Ashford Lane in Atlanta, GA, Ainsworth at Shops of Legacy in Plano, TX, and Fogo de Chão at West Broad Village in Richmond, VA. These strategic moves align with CTO's commitment to curating vibrant retail destinations in high-growth markets across the United States.
CTO Realty Growth is engaged in the ownership and operation of a portfolio of high-quality, retail-based properties primarily situated in burgeoning markets. Furthermore, as an external manager and significant stakeholder in Alpine Income Property Trust, Inc. (PINE - Free Report) , a publicly traded net lease REIT, CTO leverages diversified investments to maximize shareholder value.
CTO Realty Growth's impressive leasing performance extends beyond the current year, as evidenced by its accomplishments in the fourth quarter and full-year 2023. In the fourth quarter of 2023, CTO Realty Growth secured 22 leases, amounting to 96,729 square feet.
When considering comparable figures that exclude pre-existing vacancies at acquisition, CTO executed 16 leases, totaling 74,246 square feet, at an average cash base rent of $29.95 per square foot. This reflects a notable 17.9% comparable increase compared to the previous average cash base rent of $25.41 per square foot. Moreover, for the fourth quarter of 2023, CTO reported an increase in same-property net operating income of 4.7% as compared to the prior-year period.
During 2023, CTO signed 92 leases totaling 496,643 square feet of space. On a comparable basis, excluding any vacancies existing at the time of acquisition, CTO secured 61 leases totaling 341,547 square feet, with an average cash base rent of $26.97 per square foot. This marked 7.5% comparable growth compared to the previous average cash base rent of $25.09 per square foot. This marks substantial growth and demonstrates its consistent momentum in optimizing asset performance.
Shares of this Zacks Rank #3 (Hold) company have rallied 5.6% in the past month, the same as that of the real estate market’s growth.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Iron Mountain (IRM - Free Report) and SL Green Realty Corp. (SLG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for IRM’s 2024 funds from operations (FFO) per share is pegged at $4.38, which suggests year-over-year growth of 6.3%.
The Zacks Consensus Estimate for SLG’s 2024 FFO per share stands at $5.88, which indicates an increase of 19.03% from the year-ago period’s actual.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.