CTO Realty Growth Buys Kansas City's Zona Rosa for $63.3M
CTO sits 38% above its 52-week low of $15.065.
Summary
CTO Realty Growth is acquiring Zona Rosa, a Kansas City retail property, for $63.3 million. This marks the company's entry into the Kansas City market and adds a sizable asset to its portfolio. The deal follows a strong Q2 where core FFO hit $0.53 per share, driven by acquisitions. The purchase price is material relative to the company's $782 million market cap, suggesting meaningful portfolio expansion. Watch for details on financing and expected yield in upcoming filings.
At the time of this announcement, CTO was trading at $20.86 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $781.9M. The 52-week trading range was $15.07 to $22.71. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.