CTO Realty Growth Closes $1.0 Billion Credit Facility Backed by Huntington National Bank, Regions Bank, Truist Bank and Wells Fargo

WINTER PARK, Fla. — CTO Realty Growth, Inc. (NYSE: CTO) closed a $1.0 billion amended and restated unsecured credit facility, the company announced Sept. 30, 2026, with a bank syndicate that includes Huntington National Bank, Regions Bank, Associated Bank, Pinnacle Bank, Truist Bank and Wells Fargo. The facility increases the company's total commitments by $250 million and pushes its nearest debt maturity to September 2029.

CTO, an owner and operator of open-air shopping centers located primarily in the Southeast and Southwest markets of the United States, said the refinancing raises the weighted average maturity of its outstanding debt at closing to 4.3 years from 1.6 years, excluding extension options.

Structure of the $1.0 Billion Credit Facility

The facility consists of a $400 million revolving credit facility and four $150 million term loans:

• A $400 million revolving credit facility due September 2030, with two six-month extension options.
• A $150 million term loan due September 2029, upsized from $125 million.
• A $150 million term loan due September 2030, upsized from $125 million.
• A new $150 million term loan due September 2031.
• A new $150 million term loan due March 2032.

Proceeds were used to repay outstanding borrowings under CTO's previous $300 million revolving credit facility, its $100 million term loan due January 2027 and its $100 million term loan due January 2028. The company's prior BMO credit agreement was terminated and its obligations discharged.

Borrowings bear interest at SOFR plus a spread determined by a pricing grid based on the company's leverage ratio. At closing, CTO applied certain SOFR swaps to the term loans, resulting in initial fixed interest rates, based on its current leverage ratio, of 5.3% for the 2029 term loan, 4.9% for the 2030 term loan, 4.8% for the 2031 term loan and 3.4% for the 2032 term loan. The fixed rate on the 2032 term loan will adjust to approximately 5.3% in February 2027. The company has also executed forward-starting swaps that will replace certain existing swaps as they expire, resulting in periodic interest rate adjustments during the terms of the loans.

Lender Group Led by KeyBank

KeyBank National Association served as administrative agent for the syndicate. Co-syndication agents were Bank of America, N.A., The Huntington National Bank, PNC Bank, National Association, Regions Bank, Truist Bank and Wells Fargo Bank, N.A. Additional participating banks were Associated Bank, National Association, Pinnacle Bank, Raymond James Bank and Santander.

"The new Credit Facility extends our debt maturity profile and increases total commitments by $250 million, providing additional capacity to fund the ongoing growth of our high-quality, open-air shopping center portfolio. We appreciate the continued support of our existing banking partners and are pleased to welcome our new lenders to the expanded Credit Facility," said Philip R. Mays, senior vice president, chief financial officer and treasurer of CTO Realty Growth.

Why the Refinancing Matters for CTO's Retail Portfolio

Before the transaction, CTO faced maturities in January 2027 and January 2028. The new structure moves the nearest maturity to September 2029 while adding borrowing capacity that can support acquisitions, redevelopment and leasing activity.

The refinancing comes as CTO's portfolio shows relatively strong leasing metrics. Total portfolio leased occupancy was 95.4% as of June 30, 2026, up 150 basis points year over year but down 50 basis points from Dec. 31, 2025. Same-property shopping-center occupancy was 95.0%, up 60 basis points year over year. CTO executed 184,000 square feet of leases during the second quarter on a comparable-space basis, with an average 6% cash rent spread increase.

Investor materials also show a 400-basis-point gap between leased and occupied space, indicating that some signed leases had not yet commenced rent payments. Power centers represent 56% of the portfolio.

Selected properties cited in investor materials include:

• Beaver Creek, Raleigh: 100% leased occupancy and a 32% cash rent spread on 272,000 comparable square feet leased since acquisition.
• Collection at Forsyth, Atlanta: 93% leased occupancy and a 14% cash rent spread on 363,000 comparable square feet.
• Plaza at Rockwall, Dallas: 100% leased occupancy and a 23% rent spread.
• Marketplace at Seminole, Orlando: 99% leased occupancy and a 48% rent spread.

Market Implications

The transaction is a balance-sheet financing rather than a property-level loan. Because the facility is unsecured, it is not tied to specific collateralized properties.

The additional $250 million of commitments gives CTO more liquidity for portfolio growth, while the facility's floating-rate structure leaves the company exposed to interest rate and refinancing conditions. Although swaps fix the initial rates on the term loans, forward-starting swaps will replace certain existing swaps as they expire, creating periodic rate adjustments. The approximately 5.3% rate expected on the 2032 term loan after February 2027 illustrates that new debt is priced above the lower-cost financing environment that prevailed earlier in the cycle.

CTO's ability to convert leased-but-not-yet-occupied space into rent, maintain occupancy near 95% and sustain positive leasing spreads will be among the factors that determine how the company offsets financing costs and supports growth under the new facility.

Sources

• CTO Realty Growth press release, "CTO Realty Growth Closes $1.0 Billion Unsecured Credit Agreement," Sept. 30, 2026: https://ir.ctoreit.com/node/20096/pdf