CTO Realty Growth, Inc. (NYSE:CTO) Q1 2022 Earnings Conference Call April 29, 2022 9:00 AM ET
Company Participants
John Albright - President and CEO
Matt Partridge - Chief Financial Officer
Conference Call Participants
Craig Kucera - B. Riley Securities
Jason Stewart - Jones Trading
Michael Gorman - BTIG
Operator
Good day, ladies and gentlemen and thank you for standing by. Welcome to the CTO Realty Growth First Quarter 2022 Operating Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Matt Partridge.
Matt Partridge
Good morning, everyone, and thank you for joining us today for the CTO Realty Growth, First Quarter 2022 Operating Results Conference Call. With me today is our CEO and President, John Albright.
Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.
Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and SEC filings. You can find our SEC reports, earnings release, and supplemental disclosure package on our website at ctoreit.com.
With that, I will now turn the call over to John.
John Albright
Thanks, Matt. And good morning, everyone. We came into 2022 with a lot of opportunity and momentum from a very active 2021 and we’ve carried that momentum into the first quarter both transactionally and operationally. We acquired one new retail property in Houston, Texas, originated a new retail development loan for a project adjacent to one of our recent acquisitions, continued to recycle out of the properties in our remaining single tenant portfolio and we produced strong property NOI growth and leasing activity.
On the acquisitions front, we acquired Price Plaza Shopping Center in Houston, Texas for $39.1 million. The property sits along Katy Freeway just up the road from Houston’s energy corridor and has a stable tenant base anchored by Ross, dd's DISCOUNTS, and Best Buy. Our dispositions in the quarter were once again centered on our single tenant net lease assets as we sold our Party City and Long Island and our Carpenter Ground lease in Austin, Texas whereby the lessee of the Carpenter Hotel exercised their contractual repurchase rights.