XML 55 R44.htm IDEA: XBRL DOCUMENT
v3.23.1

LONG-TERM DEBT (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
LONG-TERM DEBT |
Schedule of outstanding indebtedness, at face value | As of March 31, 2023, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Face Value Debt |  | Maturity Date |  | Interest Rate
Credit Facility (1) | $ | 133,150 | ​ | January 2027 | ​ | ​ | SOFR + 0.10% + [1.25% - 2.20%]
2026 Term Loan (2) | ​ | 65,000 | ​ | March 2026 | ​ | ​ | SOFR + 0.10% + [1.25% - 2.20%]
2027 Term Loan (3) | ​ | 100,000 | ​ | January 2027 | ​ | ​ | SOFR + 0.10% + [1.25% - 2.20%]
2028 Term Loan (4) | ​ | 100,000 | ​ | January 2028 | ​ | ​ | SOFR + 0.10% + [1.20% - 2.15%]
3.875% Convertible Senior Notes due 2025 | ​ | 51,034 | ​ | April 2025 | ​ | ​ | 3.875%
Mortgage Note Payable | ​ | 17,800 | ​ | August 2026 | ​ | ​ | 4.060%
Total Long-Term Face Value Debt | $ | 466,984 | ​ | ​ | ​ | ​ | ​ | ​
(1) | The Company utilized interest rate swaps on $100.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.
(2) The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 0.26% plus the 10 bps SOFR adjustment plus the applicable spread.
(3) | The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 0.64% plus the 10 bps SOFR adjustment plus the applicable spread.
(4) | The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.
Schedule of components of long-term debt | ​ Long-term debt consisted of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | December 31, 2022
​ |  | Total |  | Due Within One Year |  | Total |  | Due Within One Year
Credit Facility | ​ | $ | 133,150 | ​ | $ | — | ​ | $ | 113,750 | ​ | $ | —
2026 Term Loan | ​ | ​ | 65,000 | ​ | ​ | — | ​ | ​ | 65,000 | ​ | ​ | —
2027 Term Loan | ​ | ​ | 100,000 | ​ | ​ | — | ​ | ​ | 100,000 | ​ | ​ | —
2028 Term Loan | ​ | ​ | 100,000 | ​ | ​ | — | ​ | ​ | 100,000 | ​ | ​ | —
3.875% Convertible Senior Notes, net of Discount | ​ | ​ | 50,710 | ​ | ​ | — | ​ | ​ | 50,670 | ​ | ​ | —
Mortgage Note Payable | ​ | ​ | 17,800 | ​ | ​ | — | ​ | ​ | 17,800 | ​ | ​ | —
Financing Costs, net of Accumulated Amortization | ​ | ​ | (1,530) | ​ | ​ | — | ​ | ​ | (1,637) | ​ | ​ | —
Total Long-Term Debt | ​ | $ | 465,130 | ​ | $ | — | ​ | $ | 445,583 | ​ | $ | —
​
Schedule of payments applicable to reduction of principal amounts | Payments applicable to reduction of principal amounts as of March 31, 2023 will be required as follows (in thousands): ​
​ | ​ | ​ | ​
As of March 31, 2023 |  | Amount
Remainder of 2023 | ​ | $ | —
2024 | ​ | ​ | —
2025 | ​ | ​ | 51,034
2026 | ​ | ​ | 82,800
2027 | ​ | ​ | 233,150
2028 | ​ | ​ | 100,000
2029 and Thereafter | ​ | ​ | —
Total Long-Term Debt - Face Value | ​ | $ | 466,984
​
Schedule of carrying value of long-term debt | The carrying value of long-term debt as of March 31, 2023 consisted of the following (in thousands):
​ | ​ | ​ | ​
​ |  | Total
Current Face Amount | ​ | $ | 466,984
Unamortized Discount on Convertible Debt | ​ | ​ | (324)
Financing Costs, net of Accumulated Amortization | ​ | ​ | (1,530)
Total Long-Term Debt | ​ | $ | 465,130
Schedule of interest expense on debt | The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31, 2023 | ​ | March 31, 2022
Interest Expense | ​ | $ | 4,352 | ​ | $ | 1,668
Amortization of Deferred Financing Costs | ​ | ​ | 241 | ​ | ​ | 165
Amortization of Discount on Convertible Notes | ​ | ​ | 39 | ​ | ​ | 69
Total Interest Expense | ​ | $ | 4,632 | ​ | $ | 1,902
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Interest Paid | ​ | $ | 4,268 | ​ | $ | 1,087
​

X
- Definition Tabular disclosure of total interest costs incurred during the period and either capitalized or charged against earnings. + References No definition available. + Details
Name: | cto_InterestExpenseDebtTableTextBlock
Namespace Prefix: | cto_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to carrying amount of long-term debt instruments or arrangements. + References No definition available. + Details
Name: | cto_ScheduleOfCarryingValueOfLongTermDebtInstrumentsTableTextBlock
Namespace Prefix: | cto_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to face amount of long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
Name: | cto_ScheduleOfFaceValuesOfLongTermDebtInstrumentsTableTextBlock
Namespace Prefix: | cto_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration