Today techs CTO Realty Progress Proclaims $565 Million Credit score Facility

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WINTER PARK, Fla., Sept. 21, 2022 (GLOBE NEWSWIRE) — CTO Realty Progress, Inc. (NYSE: CTO) (the “Firm” or “CTO”) in the present day introduced that it has efficiently amended its senior unsecured revolving Credit score Facility. The amended Credit score Facility was elevated to $565 million and is comprised of a $300 million unsecured revolving credit score facility (the “Revolver”), a brand new $100 million unsecured time period mortgage (the “2028 Time period Mortgage”), and the Firm’s current $165 million of unsecured time period loans (altogether, the “Credit score Facility”). The Credit score Facility contains accordion choices that permit the Firm to request extra Revolver lender commitments as much as a complete of $750 million and extra time period mortgage lender commitments as much as a complete of $500 million.

“We’re very happy with the improved phrases and expanded borrowing capability of our Credit score Facility, and we recognize the sturdy assist proven by today techs our expanded financial institution group,” stated Matthew Partridge, Chief Monetary Officer of CTO Realty Progress. “With the closing of the Credit score Facility, we have now no debt maturing till 2025 and we have now ample liquidity to execute our funding technique as we proceed to develop our high-quality, retail-focused portfolio.”

The amended Credit score Facility features a sustainability-linked pricing part that reduces the relevant rate of interest margin if the Firm meets sure sustainability efficiency targets. The Credit score Facility additionally transitions the corporate from LIBOR to SOFR borrowings and made structural modifications to sure monetary covenants.

The amended and restated Revolver was upsized from the Firm’s current $210 million senior unsecured revolving credit score facility, which was set to mature in Might of 2023. The Revolver will mature in January 2027, with extension choices obtainable to increase the maturity for an extra 12 months to January of 2028. Primarily based on the Firm’s present leverage ratio, the preliminary rate of interest for the Revolver might be SOFR plus 135 foundation factors and a 10-basis level SOFR index adjustment.

The 2028 Time period Mortgage was absolutely drawn at shut, and proceeds had been used to repay excellent balances on the Firm’s Revolver. The 2028 Time period Mortgage has an preliminary rate of interest of SOFR plus 130 foundation factors and a 10-basis level SOFR index adjustment. Topic to market situations, the Firm intends to repair it’s 2028 Time period Mortgage SOFR publicity using rate of interest swaps.

Financial institution of Montreal, KeyBanc Capital Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC acted as Joint Bookrunners and Joint Lead Arrangers for the Revolver. Financial institution of Montreal will act as Administrative Agent and KeyBank, Nationwide Affiliation, Truist Financial institution and Wells Fargo Financial institution, Nationwide Affiliation will act as Co-Syndication Brokers for the Revolver. today techs The Huntington Nationwide Financial institution, PNC Financial institution, Nationwide Affiliation, Raymond James Financial institution, Areas Financial institution and Synovus Financial institution additionally participated within the Revolver.

Financial institution of Montreal, Truist Securities, Inc. and PNC Capital Markets LLC acted as Joint Bookrunners and Joint Lead Arrangers for the 2028 Time period Mortgage. Financial institution of Montreal will act as Administrative Agent and Truist Financial institution and PNC Financial institution, Nationwide Affiliation will act as Co-Syndication Brokers for the 2028 Time period Mortgage. The today techs Huntington Nationwide Financial institution, KeyBank, Nationwide Affiliation and Raymond James Financial institution additionally participated within the 2028 Time period Mortgage.

BMO Capital Markets Corp. will act as advisor and sole Sustainability Structuring Agent.

About CTO Realty Progress, Inc.

CTO Realty Progress, Inc. is a publicly traded actual property funding belief that owns and operates a portfolio of high-quality, retail-based properties situated primarily in greater progress markets in america. CTO additionally externally manages and owns a significant curiosity in Alpine Revenue Property Belief, Inc. (NYSE: PINE), a publicly traded web lease REIT.

We encourage you to overview our most up-to-date investor presentation and supplemental monetary info, which is obtainable on our web site at www.ctoreit.com.

Protected Harbor

Sure statements contained on this press launch (apart from statements of historic truth) are forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Change Act of 1934, as amended. Ahead-looking statements can usually be recognized by phrases corresponding to “imagine,” “estimate,” “count on,” “intend,” “anticipate,” “will,” “might,” “might,” “ought to,” “plan,” “potential,” “predict,” “forecast,” “mission,” and comparable expressions, in addition to variations or negatives of those phrases.

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Though forward-looking statements are made primarily based upon administration’s current expectations and affordable beliefs regarding future developments and their potential impact upon the Firm, plenty of elements might trigger the Firm’s precise outcomes to vary materially from these set forth within the forward-looking statements. Such elements might embrace, however are usually not restricted to: the Firm’s potential to stay certified as a REIT; the Firm’s publicity to U.S. federal and state earnings tax regulation modifications, together with modifications to the REIT necessities; basic opposed financial and actual property situations; macroeconomic and geopolitical elements, together with however not restricted to inflationary pressures, rate of interest volatility, international provide chain disruptions, and ongoing geopolitical struggle; the last word geographic unfold, severity and length of pandemics such because the COVID-19 Pandemic and its variants, actions that could be taken by governmental authorities to comprise or tackle the affect of such pandemics, and the potential destructive impacts of such pandemics on the worldwide economic system and the Firm’s monetary situation and outcomes of operations; the lack of main tenants to proceed paying their lease or obligations because of chapter, insolvency or a basic downturn of their enterprise; the loss or failure, or decline within the enterprise or property of PINE; the completion of 1031 alternate transactions; the supply of funding properties that meet the Firm’s funding targets and standards; the uncertainties related to acquiring required governmental permits and satisfying different closing situations for deliberate acquisitions and gross sales; and the uncertainties and danger elements mentioned within the Firm’s Annual Report on Kind 10-Okay for the fiscal 12 months ended December 31, 2021 and different dangers and uncertainties mentioned sometimes within the Firm’s filings with the U.S. Securities and Change Fee.

There could be no assurance that future developments might be in accordance with administration’s expectations or that the impact of future developments on the Firm might be these anticipated by administration. Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Firm undertakes no obligation to replace the data contained on this press launch to replicate subsequently occurring occasions or circumstances.

today techs width:15%; min-width:15%;”>Contact: Matthew M. Partridge
Senior Vice President, Chief Monetary Officer and Treasurer
(407) 904-3324
mpartridge@ctoreit.com

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