CTO Realty Growth, Inc. provided a business update for the third quarter and year-to-date ended September 30, 2024, highlighting substantial investment and financing activities. The company closed $273.8 million in investments year-to-date at a weighted average yield of 9.1%, surpassing its initial 2024 investment guidance.
During the third quarter, CTO originated a $43.8 million first mortgage loan with an initial fixed interest rate of 11% and a 1.25% origination fee. This loan is secured by over 100 acres entitled for a 2 million square foot mixed-use development located in Herndon, Virginia, near Dulles International Airport.
In financing activities, the company issued approximately 6.9 million common shares under its ATM common equity program, generating net proceeds of $125.7 million in the third quarter. Additionally, CTO closed a new five-year $100 million unsecured term loan on September 30, 2024, with an initial effective fixed interest rate of 4.7% after applying existing SOFR swap agreements.
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