CTO Realty Growth, Inc. (NYSE:CTO) Q4 2022 Earnings Conference Call February 24, 2023 9:00 AM ET Company Participants Matt Partridge - Chief Financial Officer John Albright - Chief Executive Officer & President Conference Call Participants Gaurav Mehta - EF Hutton Group Rob Stevenson - Janney Floris van Dijkum - Compass Point Matthew Erdner - JonesTrading Michael Gorman - BTIG Operator Thank you for standing by, and welcome to the CTO Realty Growth Fourth Quarter and Year-End 2022 Operating Results Conferen ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 ☐ 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) Maryland 59-0483700 (State or other jurisdiction of incorporation or organiza ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2022 increased nearly 40% to $23 million, with year-to-date total revenues up 31% to $60 million [25] - Year-over-year same property NOI growth for the quarter was 12% [26] - Core FFO for Q3 2022 was $0.47 per share, a 38% increase compared to Q3 2021, while AFFO was $0.49 per share, representing a 36% increase [27] - Year-to-date core FFO was $1.41 per share and AFFO was $1.47 per share, reflecting year-over-year growth of 55% and 41% respectively [28] - The company paid a Q3 regular cash dividend of $0.38 per share, a 14% year-over-year increase [32] Business Line Data and Key Metrics Changes - The company sold several legacy properties, including a multi-tenanted office property, and reinvested in grocery-anchored assets [6][8] - The portfolio now consists of 19 properties, comprising approximately 3.1 million square feet of rentable space across 15 markets [23] - Grocery-anchored asset exposure has more than doubled to nearly 30% of the portfolio [15] Market Data and Key Metrics Changes - The largest markets for the company are now Atlanta, Georgia, Dallas, Texas, Richmond, Virginia, and Raleigh, North Carolina, with strong tenant demand and population growth [23] - The portfolio was 92% occupied at quarter end, with leased occupancy exceeding 94% [25] Company Strategy and Development Direction - The company is focused on portfolio repositioning by selling office and single-tenant assets and investing in properties anchored by high-quality tenants [14] - The acquisition of West Broad Village is seen as a strategic move to enhance the portfolio's tenant quality and geographic exposure [12][10] - The company aims to maximize the value of its existing portfolio through active asset management and leasing initiatives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong execution and balance sheet, anticipating continued earnings and cash flow growth [39] - There is an expectation of softening tenant demand, but current demand remains strong, particularly from national and regional tenants [44] - The company is prepared for potential challenges, including the WeWork location going dark, but believes it can find a suitable replacement tenant [19][20] Other Important Information - The company completed a 3-for-1 stock split effective July 1 and issued approximately 566,000 shares through its ATM program, raising $12.3 million [33] - The company refinanced its credit facility, extending the maturity date and increasing commitments [34] - Net debt to total enterprise value was approximately 43%, and net debt to EBITDA was 6.4 times at quarter end [36] Q&A Session Summary Question: What are the current trends in the transaction market regarding cap rates? - Management noted a standoff between buyers and sellers, with cap rates increasing by about 100 basis points or more depending on property quality [42] Question: Is there any sign of weakness in tenant demand? - Management indicated that while local tenants may show some softness, demand from national and regional tenants remains strong [44] Question: What is the status of the WeWork lease? - The lease has about eight to nine years left, with rent approximately $2 above market, and there is interest from other operators to take over the space [47] Question: How is AMC performing in the new Atlanta asset? - AMC has been consistent, especially during the release of major films, and the location benefits from a strong local audience [50] Question: Are there any delays in lease commencements? - There are about $2.3 million of signed rent that has not commenced, with some delays expected into the next year [51] Question: What opportunities are emerging in the structured investment portfolio? - Management sees good opportunities arising due to challenges in the debt markets, with potential for equity-like yields [59] Question: How does the company balance share repurchases with long-term growth? - The company focuses on driving NAV and value, taking advantage of market dislocations when appropriate [73]

REALTY GROWTH Madison Yards Atlanta, GA © CTO Realty Growth, Inc. | ctoreit.com Supplemental Reporting Information Q3 2022 11:00 02 11: I alin posso . 11 1 1 100 11 Table of Contents 1. Third Quarter 2022 Earnings Release 3 2. Key Financial Information © CTO Realty Growth, Inc. | ctoreit.com ▪ Consolidated Balance Sheets 12 | --- | --- | |-------|------------------------------------------------------------------------| | | | | ▪ | Consolidated Statements of Operations 13 | | ▪ | Non-GAAP Financial Measures ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each class: Trading Symbols Name of each exchange on which registered: Common Stock, $0.01 par value per share CTO NYSE | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------- ...

CTO Realty Growth, Inc. (NYSE:CTO) Q2 2022 Earnings Conference Call July 29, 2022 9:00 AM ET Company Participants John Albright - President and Chief Executive Officer Matthew Partridge - Senior Vice President and Chief Financial Officer Conference Call Participants Gaurav Mehta - EF Hutton Robert Stevenson - Janney Montgomery Scott, LLC Michael Gorman - BTIG, LLC Matthew Erdner - JonesTrading Richard Milligan - Raymond James & Associates, Inc. Operator Hello. Thank you for standing by, and welcome to the C ...

REALTY GROWTH Supplemental Reporting Information Q2 2022 © CTO Realty Growth, Inc. | ctoreit.com Table of Contents 1. Second Quarter 2022 Earnings Release 3 2. Key Financial Information © CTO Realty Growth, Inc. | ctoreit.com ▪ Consolidated Balance Sheets 12 | --- | --- | |-------|------------------------------------------------------------------------| | | | | ▪ | Consolidated Statements of Operations 13 | | ▪ | Non-GAAP Financial Measures 14 | | | Capitalization & Dividends 17 | | | Summary of Debt 18 | | ...

Table of Contents Title of each class: Trading Symbols Name of each exchange on which registered: Common Stock, $0.01 par value per share CTO NYSE 6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share CTO PrA NYSE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) ...

CTO REALTY GROWTH Investor Presentation t Hollally ago Year-To-Date Highlights Accretive and Opportunistic Investment Activity ▪ Under contract to acquire Madison Yards, a grocery-anchored, class A shopping center in Atlanta, GA for $80.2 million ▪ Currently have several legacy office properties on the market for disposition ▪ Acquired one multi-tenant retail income property in Houston, TX for $39.1 million at a going-in cap rate above the Company's guided range for initial investment cash yields ▪ Entered ...

REALTY GROWTH Supplemental Reporting Information Q1 2022 © CTO Realty Growth, Inc. | ctoreit.com Table of Contents 1. First Quarter 2021 Earnings Release 3 2. Key Financial Information © CTO Realty Growth, Inc. | ctoreit.com ▪ Consolidated Balance Sheets 11 | --- | --- | |-------|------------------------------------------------------------------------| | | | | ▪ | Consolidated Statements of Operations 12 | | ▪ | Non-GAAP Financial Measures 13 | | | Capitalization & Dividends 16 | | | Summary of Debt 17 | | ...