CTO Realty Growth Inc.
09/30/2026 | Press release | Distributed by Public on 09/30/2026 14:15
CTO Realty Growth Closes $1.0 Billion Unsecured Credit Agreement (Form 8-K)
|
CTO Realty Growth Closes $1.0 Billion Unsecured Credit Agreement - Extends Debt Maturities with Nearest Maturity September 2029 - - Enhances Financial Flexibility with $250 Million of Incremental Commitments - |
WINTER PARK, FL - September 30, 2026 - CTO Realty Growth, Inc. (NYSE: CTO) (the "Company" or "CTO"), an owner and operator of high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of the United States, today announced that it closed a $1.0 billion amended and restated unsecured credit facility (the "Credit Facility"). Highlights are as follows:
| ● | $1.0 billion Credit Facility comprised of: |
| o | A $400 million revolving credit facility due September 2030, with two six-month extension options, |
| o | A $150 million term loan due September 2029, upsized from $125 million (the "2029 Term Loan"), |
| o | A $150 million term loan due September 2030, upsized from $125 million (the "2030 Term Loan"), |
| o | A new $150 million term loan due September 2031 (the "2031 Term Loan"), and |
| o | A new $150 million term loan due March 2032 (the "2032 Term Loan") |
| ● | Increases weighted average maturity of outstanding debt at closing to 4.3 years from 1.6 years, excluding extension options |
| ● | Borrowings bear interest at SOFR plus a spread determined by a pricing grid based on the Company's leverage ratio |
| ● | Proceeds were used to repay outstanding borrowings under the Company's previous $300 million revolving credit facility, its $100 million term loan due January 2027, and its $100 million term loan due January 2028 |
"The new Credit Facility extends our debt maturity profile and increases total commitments by $250 million, providing additional capacity to fund the growth of our high-quality, open-air shopping center portfolio. We appreciate the continued support of our existing banking partners and are pleased to welcome our new lenders to the expanded Credit Facility," said Philip R. Mays, Senior Vice President, Chief Financial Officer and Treasurer of CTO Realty Growth.
At closing, the Company applied certain SOFR swaps to the term loans, resulting in initial fixed interest rates, based on the Company's current leverage ratio, of 5.3% for the 2029 Term Loan, 4.9% for the 2030 Term Loan, 4.8% for the 2031 Term Loan, and 3.4% for the 2032 Term Loan. The fixed rate on the 2032 Term Loan will adjust to approximately 5.3% in February 2027. The Company has also executed forward-starting swaps that will replace certain existing swaps as they expire, resulting in periodic interest rate adjustments during the terms of the loans.
The Credit Facility was provided by a syndicate of banks led by KeyBank National Association, as administrative agent. Co-syndication agents included Bank of America, N.A., The Huntington National Bank, PNC Bank, National Association, Regions Bank, Truist Bank, and Wells Fargo Bank, N.A. Additional participating banks included Associated Bank, National Association, Pinnacle Bank, Raymond James Bank, and Santander.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of 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.
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
CTO Realty Growth Inc. published this content on September 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on September 30, 2026 at 20:16 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]