- Acquired Significantly Below Replacement Cost -
- 2026 Year-to-Date Investments Total $439 Million -
WINTER PARK, Fla., Oct. 06, 2026 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the "Company" or "CTO") today announced the acquisition of Summit Woods Crossing (the "Property"), a 545,000-square-foot open-air power center situated on 57 acres in the Kansas City, Missouri metro area, for a purchase price of $103.0 million, or $189 per square foot.
"Summit Woods Crossing is a market-dominant, open-air center that is nearly 100% occupied and strengthens our presence in Kansas City," said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "The acquisition reflects what we look for in an investment: a purchase price well below replacement cost, an attractive yield, and in-place rents below market. It brings our year-to-date investment volume, inclusive of both property and structured investments, to $439 million at a blended initial cash yield of approximately 9.0%, and has helped grow our portfolio 30% this year, from 5.5 million to 7.1 million square feet."
Summit Woods Crossing is located in Lee's Summit, Missouri, approximately twenty miles southeast of Kansas City. Lee's Summit is consistently ranked as one of the best places to live in America, offering superior quality life, a vibrant downtown, and award-winning schools. The Property is anchored by Lowe's, Kohl's, Best Buy, TJ Maxx, and Total Wine, with an on-site SuperTarget not owned by the Company. Summit Woods Crossing attracts approximately 7.3 million visits annually and has a population of 113,000 and an average household income of $123,000 within a five-mile radius.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
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 "outlook," "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. Examples of forward-looking statements in this press release include, without limitation, statements regarding the Company's acquisition of the Property at a discount to replacement cost.
Although forward-looking statements are made based upon management's present expectations and 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 U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission.
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:
Investor Relations
ir@ctoreit.com
