Strong Investment Activity
CTO Realty Growth acquired Ashley Park for $79.8 million at a high cap rate, with significant lease-up potential and below-market rents.
Positive Leasing Activity
Signed over 112,000 square feet of new leases, renewals, and extensions at an average rent 25% higher than the existing portfolio.
Anchor Space Re-leasing Progress
Executed leases for two anchor spaces and expecting positive cash leasing spread of 40% to 60% on the remaining spaces.
Financial Stability
Core FFO increased by $3.7 million compared to the previous year, and net debt to EBITDA improved to 6.6x, with liquidity of almost $140 million.
Interest Rate Management
Executed SOFR swaps reducing interest rate by nearly 100 basis points to 4.8%.