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For Those That Missed It

Anyone interested in the CTO Realty 6.375% perpetual preferred (CTO-A) it is now trading at $20.12 for a current yield of just shy of 8%. The company sold another 1.5 million shares of this issue last night (with another 225,000 available for overallotment) at $20/share.

This is a follow on issuance — originally the issue was sold in June, 2021.

Thanks to Grid for posting the Pricing Term Sheet this morning--it is here.

One thought on “For Those That Missed It”

  1. I guess I did not find this one interesting. Just shy of 8% makes me think of other REITs in different sectors that I understand a bit better. For example I think I might be more comfortable buying RLJ-A instead of CTO-A.

    Full disclosure. I own RLJ-A already.

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