CTO Realty Expands With Granada Plaza Acquisition in Tampa Metro Area

CTO Realty Growth, Inc. CTO recently announced the acquisition of Granada Plaza in Dunedin, FL, for $16.8 million. The purchase of this 74,000-square-foot shopping center aligns with the company's strategy to enhance its presence in the Tampa metro area.Strategically located on seven acres, this shopping center is poised to benefit from its location in a densely populated and growing retail market in the Tampa metro area. The property enjoys a 95% occupancy rate and is anchored by a high-performing Publix. This ensures a stable rental income stream.Per John P. Albright, the president and chief executive officer of CTO Realty Growth, Inc., "With this acquisition, approximately 22% of our annual base rent is provided by grocery anchored shopping centers and Florida, at approximately 20% of annual base rent, is our second largest state. Further, Publix now becomes our sixth largest tenant.”CTO Realty Growth, which manages and owns premium open-air shopping centers situated in the rapidly growing Southeast and Southwest regions of the United States, has completed $330.7 million of investments at a weighted average yield of 9.3% so far in the year. This comprised $226.7 million of retail properties and $104.0 million of structured investments.CTO Realty Growth is experiencing healthy leasing activity and signed 54 leases totaling 384,513 square feet during the first three quarters of 2024. On a comparable basis, CTO executed 42 leases covering a total of 300,225 square feet, with an average cash base rent of $23.48 per square foot, up from the previous average of $18.63 per square foot, reflecting a 26% increase in comparable growth.Shares of CTO Realty Growth have risen 5.6% over the past three months against the industry’s decline of 9%. CTO currently carries a Zacks Rank #3 (Hold).Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the REIT sector are Welltower Inc. WELL and SL Green Realty SLG, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Welltower’s 2024 FFO per share has been raised a cent upward over the past week to $4.29.The Zacks Consensus Estimate for SL Green’s 2024 FFO per share has been revised 2.4% north over the past month to $7.79.Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.Free Today: Profiting from The Future’s Brightest Energy SourceThe demand for electricity is growing exponentially. At the same time, we’re working to reduce our dependence on fossil fuels like oil and natural gas. Nuclear energy is an ideal replacement.Leaders from the US and 21 other countries recently committed to TRIPLING the world’s nuclear energy capacities. This aggressive transition could mean tremendous profits for nuclear-related stocks – and investors who get in on the action early enough.Our urgent report, Atomic Opportunity: Nuclear Energy's Comeback, explores the key players and technologies driving this opportunity, including 3 standout stocks poised to benefit the most.Download Atomic Opportunity: Nuclear Energy's Comeback free today.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SL Green Realty Corporation (SLG): Free Stock Analysis Report CTO Realty Growth, Inc. (CTO): Free Stock Analysis Report Welltower Inc. (WELL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks