CTO Realty Growth Announces 5-Year, $50 Million Term Loan

CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced that it has successfully amended its unsecured credit agreement to originate a new $50 million unsecured term loan (the “Term Loan”) and increase the total committed capacity of its unsecured revolving credit facility (the “Revolving Facility”) from $200 million to $210 million (together, the “Credit Facility”).

The Term Loan is subject to a pricing grid over LIBOR, determined by the Company's leverage ratio. Based on its current leverage, the Company anticipates the interest rate on the Term Loan will be fixed at a rate of 1.72% utilizing an existing swap that fixes LIBOR through March 2024. The Credit Facility also includes accordion options that allow the Company to request additional Term Loan lender commitments up to a total of $150 million and to request additional Revolving Facility lender commitments up to a total of $300 million.

“We appreciate the strong interest and continued support shown by our bank group with this new $50 million term loan,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Partnering with The Huntington National Bank as a new lender relationship for CTO and the upsizing of our facility provides us with improved flexibility, and the new term loan gives us ample liquidity to refinance the maturing mortgage secured by our Wells Fargo occupied property in Raleigh, NC, resulting in a lower interest rate relative to the expiring mortgage and further ladders our debt maturities.”

The Term Loan matures in March 2026 and is jointly led by BMO Capital Markets Corp. and Truist Securities, Inc. The Huntington National Bank is also a participant in the Term Loan.

The Revolving Facility matures in March 2023, with an option to extend the maturity date to March 2024, and is jointly led by BMO Capital Markets Corp. and Truist Securities, Inc. Wells Fargo Bank, N.A. and The Huntington National Bank are also participants in the Revolving Facility.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.7 million square feet in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease REIT (NYSE: PINE).

We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com.

Contact:

Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer
(386) 944-5643
mpartridge@ctoreit.com