DAYTONA BEACH, Fla., June 30, 2020 (GLOBE NEWSWIRE) — CTO Realty Progress (NYSE American: CTO) (the “Company”) right now introduced the closing of the sale of its two-tenant, non-gas 7-Eleven property positioned in Dallas, Texas, for a gross sales price of roughly $2.four million, reflecting an exit cap price of roughly 6.08%. The Firm additionally introduced the closing of the sale of its Bank of America floor lease positioned in Monterey, California, for a gross sales price of roughly $9.Zero million, reflecting an exit cap price of roughly 3.28%. The property is at the moment beneath a 10-year floor lease to Bank of America. The Firm’s estimated whole acquire on the sale for each tendencies is roughly $3.eight million, or $0.62 per share, after tax. The proceeds from each gross sales are anticipated to be a part of a future Part 1031 like-kind exchange. With the closing of those transactions, the Firm has greater than $27 million of proceeds held in 1031 restricted cash accounts. Mr. John P. Albright, President and Chief Govt Officer of the Firm, acknowledged, “We continue to complete dispositions at favorable exit cap rates and anticipate reinvesting at accretive returns. Year to date, we have completed the sale of five single-tenant net lease properties, generating sales proceeds of approximately $39 million.” About CTO Realty Progress, Inc.CTO Realty Progress, Inc. is a Florida-based publicly traded actual property firm, which owns revenue properties comprised of roughly 2.2 million sq. toes in diversified markets in america and an roughly 23% curiosity in Alpine Earnings Property Belief, Inc., a publicly traded internet lease actual property funding belief (NYSE: PINE). Go to our web site at www.ctlc.com. We encourage you to evaluate CTO’s most up-to-date investor shows which can be found on its web site at www.ctlc.com. SAFE HARBOR Sure statements contained on this press launch (aside from statements of historic truth) are forward-looking statements. Phrases similar to “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and comparable expressions and variations thereof are meant to establish sure of such forward-looking statements, which converse solely as of the dates on which they have been made, though not all forward-looking statements comprise such phrases. Though forward-looking statements are made based mostly upon administration’s expectations and beliefs regarding future developments and their potential impact upon the Firm, a lot of elements may trigger the Firm’s precise outcomes to vary materially from these set forth within the forward-looking statements. Such elements may embrace the completion of 1031 exchange transactions, the provision of funding properties that meet the Firm’s funding objectives and standards, the modification of phrases of sure agreements pertaining to the acquisition of revenue producing property, uncertainties related to acquiring required governmental permits and satisfying different closing situations for deliberate acquisitions and gross sales, and the impression of the COVID-19 pandemic on the Firm’s enterprise and the enterprise of its tenants, in addition to the uncertainties and threat elements mentioned in our Annual Report on Kind 10-Okay for the fiscal 12 months ended December 31, 2019 and our Quarterly Report on Kind 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Change Fee. There may be no assurance that future developments will likely be in accordance with administration’s expectations or that the impact of future developments on the Firm will likely be these anticipated by administration. Readers are cautioned to not place undue reliance on these forward-looking statements, which converse solely as of the date of this launch. Contact:Mark E. Patten, Sr. Vice President & Chief Monetary Officer [email protected] Cellphone:(386) 944-5643Facsimile:(386) 274-1223
