2021 Acquisition Highlights
- During the year ended
December 31, 2021 , the Company acquired eight mixed use or retail income properties for total acquisition volume of$249.1 million , representing a weighted-average going-in cash cap rate of 7.2%. - The 2021 acquisitions are in well-located submarkets of the high-growth markets of
Las Vegas, Nevada ;Salt Lake City, Utah ;Dallas, Texas ;Raleigh, North Carolina ;Santa Fe, New Mexico ;Orlando, Florida ; andAtlanta, Georgia . - Notable new tenants in the Company’s portfolio include Sprouts,
Burlington , At Home, TJ Maxx,HomeGoods , Synovus,Ross Dress for Less , Season’s 52, WeWork, Dick’s Sporting Goods andThe Capital Grille .
2021 Disposition Highlights
- During the year ended
December 31, 2021 , the Company sold 15 income properties for total disposition volume of$162.3 million , at a weighted average exit cap rate of 6.1%. The sale of the properties generated aggregate gains of$28.2 million . - The 2021 sold properties were comprised of fourteen single tenant properties and one two-tenant property, with nearly 40% of the 2021 disposition volume related to office properties.
- During the same period, the Company sold a vacant six-acre development land parcel in downtown
Daytona Beach, Florida for$6.3 million and 84,900 acres of subsurface oil, gas and mineral rights for$4.6 million . - During 2021, the joint venture entity that held the remaining
Daytona Beach land portfolio of approximately 1,600 acres sold all of its remaining land for$67.0 million , resulting in distributions to the Company before taxes of approximately$24.4 million .
“This was another terrific year of execution for our team as we managed nearly half a billion of real estate transactions that allowed us to generate healthy gains from the disposition of existing stabilized assets, deploy capital into a number of high-quality, strong cash flowing properties that have excellent long-term fundamentals, and fully exit our legacy land holdings business,” said
About
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.
Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Contact: | |
Senior Vice President, Chief Financial Officer and Treasurer | |
(386) 944-5643 | |
mpartridge@ctoreit.com |
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