On the timing of rent commencement, CFO Philip Mays said the pipeline should “ramp up about half in 2026” and be fully online in 2027. In the Q&A session, he said modeling the recognition as “ratable” is “pretty close,” with some ramp toward the latter half of 2026, and a similar pattern in 2027 based on current visibility. Management also explained that the year-over-year change in the percentage expected to be recognized in 2026 was influenced by tenants moving into rent-paying status and the sale of Shop ...

Sonova's full year revenue will come at the lower end of its 2025/2026 forecast range for growth of 5% to 9%, hearing-aid maker CEO Eric Bernard said in an interview published on Friday. ...

CTO Realty Growth (NYSE:CTO) Q4 2025 Earnings call February 20, 2026 09:00 AM ET Company ParticipantsCraig Kucera - Managing DirectorJason Weaver - Managing DirectorJay Kornreich - VP of REIT Equity ResearchJenna McKinney - Director of FinanceJohn Albright - President and CEOPhilip Mays - CFOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Research AnalystOperatorLadies and gentlemen, thank you for standing by. Welcome to the CTO Realty Gr ...

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 due to reduced leverage [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, driven by leasing activity and reduced maintenance costs [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents, with expectations for significant earnings growth [7] Market Data and Key Metrics Changes - The company acquired Pompano Citi Centre for $65.2 million, which is currently 92% occupied and presents future leasing opportunities [8] - The acquisition of Ashley Park and structured investments during 2025 totaled $166 million at a weighted average initial cash yield of 9% [9] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management yielding strong results [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [10] - Six outparcels for development have been identified, with investments expected to average about $5 million each, targeting low double-digit yields [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, particularly from leasing and capital recycling strategies [11] - Initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19][20] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for future acquisitions [18] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 and 2027 [22][24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management noted that the property is now marketable due to new leases and is considering reinvesting proceeds into open-air centers [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions, noting limited availability in the market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and that future run rates would likely be lower [52][54] Question: Timing and recognition of signed, not open leases - Management clarified that the recognition of these leases would be ratable, with a slight ramp-up expected in the latter half of 2026 [38][58] Question: Market allocation strategy for new properties - Management stated that they are not looking to add to Atlanta and will focus on other high-growth markets [60] Question: Relative merits of different property types - Management discussed the advantages of lifestyle and power centers over grocery anchors, emphasizing higher yields and growth potential [64][66]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million from $14.2 million in the same quarter last year, with a per-share increase to $0.49 from $0.46 [12] - For the full year, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in the previous year, with per-share Core FFO slightly decreasing to $1.87 from $1.88 [12][13] - Same-property NOI for shopping centers increased by 4.3% in Q4, driven by leasing activity and reduced maintenance costs [14] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with comparable leases at a cash rent increase of 24% [5] - Same-property NOI for non-core properties was impacted by a significant vacancy, but the overall growth was driven by shopping centers [14] Market Data and Key Metrics Changes - The company reported a record high leased occupancy of 95.9% [4] - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities [7] - The company expects to achieve a positive cash rent spread of approximately 60% from backfilling anchor spaces [6] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [9] - Six outparcels for development have been identified, with expected capital investment over 2026 and 2027 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 [7] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, reflecting anticipated growth in same-property NOI and investment volume [18] - Management noted that the leasing environment remains strong, particularly for national brands, indicating a favorable market for expansion [32] Other Important Information - The company ended the year with $167 million in liquidity, providing ample capacity for future acquisitions [17] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [18] Q&A Session Summary Question: Timing for backfilling vacant anchor centers - Management indicated that they expect to resolve the remaining vacancies within the next six months, with rent from signed leases starting in 2026 [21][22] Question: Value and opportunity for the office property in New Mexico - Management confirmed that the property is now marketable and discussions for potential sale are ongoing, with proceeds likely reinvested into open-air centers [24][25] Question: Opportunities at Pompano Citi Centre - Management highlighted the potential for lease-up opportunities, particularly with JCPenney, which currently pays minimal rent [29][30] Question: Acquisition pipeline and market allocation - Management is actively seeking larger shopping center purchases and noted that the market is currently limited, but they are optimistic about finding suitable opportunities [43][44] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was likely higher than the run rate going forward, primarily due to specific lease activities [48][50]

Fourth Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA Highlights Q4 2025 Highlights | Core FFO Per Share | | --- | | Implied property value per square foot | | Square feet of comparable leasing 167,000 activity | | 31% Comparable leasing spread | | ABR from Georgia, Florida, North Carolina & Texas | | Leased Occupancy – 490 bps spread to 91.0% occupancy | | SNO Pipeline – 5.8% of in-place ABR | | Cash ABR PSF | | Quarterly same-property NOI growth 4.3% for shopping centers | | $0 ...

分组1 - CTO Realty reported quarterly funds from operations (FFO) of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, and showing an increase from $0.49 per share a year ago, resulting in an FFO surprise of +2.00% [1] - The company achieved revenues of $38.34 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.34%, and this represents a year-over-year revenue increase from $35.74 million [2] - CTO Realty has outperformed the market with a share price increase of approximately 3.2% since the beginning of the year, compared to the S&P 500's gain of 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.54, with expected revenues of $38.66 million, and for the current fiscal year, the estimate is $2.16 on revenues of $157.56 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for CTO Realty was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expectations of underperformance in the near future [6]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-11350 CTO REALTY GROWTH, INC. (Exact name of registrant as specified in its charter) | Title of each class: | Trading Symbol | Name ...

"We continued our momentum in 2025, ending the year with a signed-not-open pipeline of $6.1 million, representing 5.8% of in-place ABR and positioning the Company for growth in 2026 and 2027," stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "Further, we completed over 670,000 square feet of leasing in 2025, a record for the Company, which helped drive leased occupancy to an all-time high of 95.9% at year-end." DRAFT DRATDDD FOR IMMEDIATE Press Release RELEASE CTO Realty ...

Core Insights - CTO Realty Growth, Inc. reported a strong performance in 2025, with a net income attributable to common stockholders of $0.82 per diluted share for the fourth quarter and $0.08 per diluted share for the full year [2][5] - The company achieved a record high leased occupancy of 95.9% by the end of 2025, reflecting a significant increase from previous periods [4][9] - The company has a positive outlook for 2026, projecting Core FFO per common share to range from $1.98 to $2.03 and AFFO per common share to range from $2.11 to $2.16 [15][17] Financial Performance - For the fourth quarter of 2025, the company reported a net income of $26.5 million, compared to a loss of $17.1 million in the same quarter of 2024 [5][41] - Core FFO attributable to common stockholders was $15.8 million for the fourth quarter, translating to $0.49 per diluted share, up from $0.46 in the fourth quarter of 2024 [5][43] - Adjusted Funds from Operations (AFFO) for the fourth quarter was $16.4 million, or $0.51 per diluted share, compared to $0.49 in the same quarter of the previous year [5][43] Leasing and Occupancy - The company executed over 670,000 square feet of leasing in 2025, contributing to the record high occupancy rate [4][12] - The average cash rent spread increased by 31% for comparable retail spaces in the fourth quarter, and 24% for the full year [5][12] - The signed-not-open pipeline stood at $6.1 million, representing 5.8% of in-place annualized base rent (ABR) [4][12] Investment and Disposition Activity - CTO Realty Growth completed $165.9 million in investments in 2025, with a weighted average initial cash yield of 9.0% [1][5] - The company acquired Pompano Citi Centre for $65.2 million and sold the Shops at Legacy North for $78.0 million during the fourth quarter [5][13] - The company is under contract to acquire a 384,000 square foot shopping center in Texas for $82.6 million [5][13] Balance Sheet and Liquidity - As of December 31, 2025, the company reported total liquidity of $167.1 million, including $149.0 million of undrawn commitments and $18.1 million in cash [11] - Total borrowings amounted to $618.8 million at a weighted average rate of 4.3% [18] - The company has only one maturity in 2026, a $17.8 million mortgage note payable [18] Dividends - The Board of Directors authorized a quarterly cash dividend of $0.38 per share of common stock for the first quarter of 2026, payable on March 31, 2026 [18]