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Stock impact report

CTO Realty Growth Announces Acquisition of Lifestyle Center in Atlanta, Georgia for $79.8 Million [Yahoo! Finance]

CTO Realty Growth, Inc. (CTO) 
NASDAQ:AMEX Investor Relations: ir.ctlc.com
Company Research Source: Yahoo! Finance
leading owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States, today announced the acquisition of Ashley Park (the “Property”), a 559,000-square-foot, 60-acre, lifestyle center in the Newnan submarket of Atlanta, Georgia for a purchase price of $79.8 million. The purchase price represents a going-in cap rate near the high end of the Company's current guidance range for initial cash yields. The acquisition increases the total portfolio by 12%, to 5.2 million square feet. "This acquisition enhances our portfolio by adding another lifestyle shopping center in Atlanta, our largest market, while leveraging our local personnel to drive operational synergies. Further, approximately 82% of our annual base rent is now derived from assets located in Georgia, Florida, Texas, or North Carolina,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. "Additionally, Dick's Sp Show less Read more
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