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, 2020 ☐ 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 jurisdicti ...

Financial Data and Key Metrics Changes - For the full year of 2020, total revenues increased by 25% to $56.4 million, with fourth-quarter revenues of $16 million representing a more than 33% increase over Q4 2019 [21][22]. - Funds from operations (FFO) for Q4 2020 were $10.1 million or $2.11 per diluted share, a 174% year-over-year increase, while adjusted funds from operations (AFFO) were $10.6 million or $2.20 per diluted share, representing a 210% increase [24][26]. - The company reported a fourth-quarter cash dividend of $1 per share, with a payout ratio of 47% of FFO per share and 45% of AFFO per share [28]. Business Line Data and Key Metrics Changes - The company acquired four properties for $185.1 million in 2020, with a weighted average cap rate of 7.8%, and sold four assets in Q4 for nearly $35 million at a weighted average cap rate of 6.1% [7][8]. - The net spread on investments was approximately 260 basis points, with a weighted average disposition cap rate of 5.2% compared to the acquisition cap rate of 7.8% [9]. Market Data and Key Metrics Changes - The portfolio consisted of 27 properties with 2.5 million square feet of rentable space, 93% occupied, with significant tenants including Wells Fargo and Fidelity [13]. - Nearly 90% of rents come from metropolitan statistical areas (MSAs) with over a million people, and 84% from the top 30 markets according to the Urban Land Institute [15]. Company Strategy and Development Direction - The company is focused on a diversified real estate investment strategy, emphasizing investments in states and markets with positive business trends and above-average population and job growth [6]. - The strategy includes recycling capital from approximately $150 million of existing single-tenant assets into multi-tenanted retail and office assets for better risk-adjusted returns [19]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about property-level initiatives and leasing activity, with a focus on rebranding and upgrading properties to drive growth [16][18]. - There is recognition of uncertainty regarding the operational performance of existing and prospective tenants, but the company believes it is well-positioned to execute its investment strategy [19]. Other Important Information - The company expects total disposition volume in 2021 to be between $75 million and $125 million, with targeted investment yields between 6.75% and 7.25% [37]. - The 2021 guidance anticipates FFO per share between $3.80 and $4.10, and AFFO per share guidance of $3.90 to $4.20 [38]. Q&A Session Summary Question: What does the acquisition pipeline look like today? - The company has $28 million in cash and is actively seeking multi-tenanted retail properties in strong markets [40]. Question: Is the focus on mixed-use opportunities? - The company is looking at mixed-use opportunities as capital for such acquisitions has diminished, presenting good opportunities [41]. Question: Does the 2021 guidance include the land sale gain? - Yes, the guidance includes the $1.8 million land sale gain [42]. Question: What is the recurring FFO per share in Q4? - Existing NOI is a little over $35 million, with adjustments for non-core assets affecting AFFO [48]. Question: What are the expectations for recovering deferred rent in 2021? - The company expects to recover about $400,000 in deferred rent throughout 2021, with collections extending into 2023 [59].

February 2021 REALTY GROWTH FORWARD LOOKING STATEMENTS Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "pr ...

NOVEMBER 2020 REALTY GROWTH FORWARD LOOKING STATEMENTS Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "pr ...

Table of Contents 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 September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|-------------------------------------------------------- ...

Table of Contents 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, 2020 ☐ 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 01-11350 CTO REALTY GROWTH, INC. (Exact name of registrant as specified in its charter) Florida 59-0483700 (State or other jurisd ...

Table of Contents 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 March 31, 2020 ☐ 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 01-11350 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|------------------------ ...

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, 2019 ☐ 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 CONSOLIDATED-TOMOKA LAND CO. (Exact name of registrant as specified in its charter) Florida 59-0483700 (State or other jurisd ...

Table of Contents 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 September 30, 2019 ☐ 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 01-11350 | --- | --- | --- | --- | |----------------------------------------------------------|----------------------------- ...

Table of Contents 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, 2019 ☐ 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 01-11350 | --- | --- | --- | --- | --- | |----------------------------------------------------------|---------------------------- ...