1. CTO's office building is now 100% leased to Fidelity and New Mexico. 2. Lease amendments increase total space for New Mexico from 44,000 to 98,000 square feet. 3. The property has a 10-year lease with options for two five-year extensions. 4. Blended annualized base rent will increase by approximately 9% upon rent commencement. 5. CTO operates high-quality retail centers in the Southeast and Southwest markets.
FAQ
Why Bullish?
The full lease and rent increase demonstrate strong tenant demand and profitability. Similar scenarios in the past have led to improved stock performance.
How important is it?
Positive lease news may create investor confidence and drive up stock value.
Why Long Term?
The extended leases provide stability and predictable cash flow over a long term, impacting valuation positively.
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CTO Realty Growth Achieves 100% Leased Occupancy at Albuquerque Property
WINTER PARK, Fla., Dec. 08, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO), a prominent owner and operator of high-quality open-air retail centers, has successfully leased its last non-core office building in Albuquerque, New Mexico. The property, encompassing a total of 212,000 square feet, is fully leased to two investment-grade tenants: Fidelity and the State of New Mexico. This development marks a significant milestone for the company, reaffirming its commitment to expanding its portfolio in prime markets.
Lease Details and Tenant Agreements
The lease agreements for the Albuquerque property highlight several key aspects:
- The State of New Mexico initially signed a lease for 44,000 square feet in June, which has now been amended to a total of 98,000 square feet.
- This agreement is structured as a 10-year lease with two five-year renewal options.
- Fidelity has reduced its leased space to 114,000 square feet, effective November 30, 2025, with a lease running through November 2028, also featuring two five-year options.
Importantly, the rent for the State of New Mexico's lease is expected to commence in mid-2026, providing a stable cash flow for CTO Realty Growth.
CEO Commentary on the Leasing Success
John P. Albright, President and Chief Executive Officer of CTO Realty Growth, expressed satisfaction with the leasing outcome: “We are pleased that the Albuquerque building is now leased to two high-quality tenants at a longer weighted-average remaining lease term.” He further indicated that the property’s blended annualized base rent will increase by approximately 9% upon the commencement of rents, enhancing the overall financial profile of CTO.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. specializes in owning and operating open-air shopping centers in high-growth markets across the Southeast and Southwest United States. Additionally, CTO manages and holds a significant interest in Alpine Income Property Trust, Inc. (NYSE: PINE).
For more detailed financial information and recent investor presentations, please visit www.ctoreit.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements can often be identified by terms such as “believe,” “estimate,” “expect,” “intend,” and similar expressions. It’s important to note that factors such as economic conditions, changes in tax laws, and tenant stability could impact the company’s future results.
Investors are advised not to place undue reliance on these forward-looking statements as they represent expectations as of the date of this release, and CTO Realty Growth takes no obligation to update them.