CTO Realty Growth, Inc. (NYSE:CTO) Q3 2024 Earnings Conference Call October 25, 2024 9:00 AM ET Company Participants John Albright - President & Chief Executive Officer Phil Mays - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Rob Stevenson - Janney Montgomery and Scott Craig Kucera - Lucid Capital Markets John Massocca - B. Riley Securities R.J. Milligan - Raymond James Gaurav Mehta - Alliance Global Partners Operator Good day, and thank you for standing by. Welc ...

CTO Realty (CTO) came out with quarterly funds from operations (FFO) of $0.51 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to FFO of $0.48 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 6.25%. A quarter ago, it was expected that this real estate company would post FFO of $0.43 per share when it actually produced FFO of $0.48, delivering a surprise of 11.63%.Over the last four quarters, the comp ...

Revenue Performance - Total revenue for Q3 2024 increased to $31.8 million, up 11.7% from $28.5 million in Q3 2023, primarily due to increased income from recent property acquisitions [191]. - Revenue from income property operations was $28.5 million in Q3 2024, reflecting a 13.3% increase from $25.2 million in Q3 2023, driven by growth and lease-up of the income property portfolio [193]. - Total revenue for the nine months ended September 30, 2024, increased to $88.7 million, a 12.0% increase from $79.2 million in the same period of 2023 [205]. - Revenue from income property operations totaled $79.0 million, reflecting an increase of $8.6 million or 12.3% compared to $70.4 million in 2023 [206]. - Total revenue for the three months ended September 30, 2024, increased to $31.8 million, a rise of 11.7% compared to $28.5 million in the same period of 2023 [191]. Income and Expenses - Net income attributable to the Company for the three months ended September 30, 2024, was $6.2 million, compared to $2.7 million in 2023, marking a significant increase [204]. - General and administrative expenses increased due to a higher employee count resulting from increased operating activity related to managed income property assets [197]. - Depreciation and amortization expenses rose to $13.2 million in Q3 2024, up from $11.7 million in Q3 2023, due to growth in the income property portfolio [198]. - Total general and administrative expenses for the nine months ended September 30, 2024, were $11.75 million, a 12.0% increase from $10.49 million in 2023 [217]. - Total general and administrative expenses for the three months ended September 30, 2024, were $4.1 million, an increase of 18.5% from $3.4 million in 2023 [199]. Investment Activity - The company acquired properties for a total purchase price of $210.0 million during the nine months ended September 30, 2024, compared to $80.0 million in the same period of 2023 [225]. - The company originated structured investments totaling $63.8 million during the nine months ended September 30, 2024, compared to $15.0 million in the same period of 2023 [225]. - The company expects to invest between $300.0 million and $350.0 million in income-producing properties in 2024 [226]. - The company acquired real estate properties for a total purchase price of $210.0 million during the nine months ended September 30, 2024 [241]. - The company’s total acquisition cost for real estate properties was $207.8 million for the nine months ended September 30, 2024, compared to $80.3 million for the same period in 2023, indicating a strategic expansion in property holdings [241]. Cash Flow - Cash flows provided by operating activities totaled $45.8 million for the nine months ended September 30, 2024, compared to $39.9 million in 2023, an increase of $5.9 million [222]. - Cash flows used in investing activities increased by $117.0 million to $215.3 million for the nine months ended September 30, 2024, compared to $98.3 million in the same period of 2023 [223]. - Cash flows provided by financing activities rose by $94.8 million to $161.6 million for the nine months ended September 30, 2024, compared to $66.8 million in the same period of 2023 [224]. Interest Income and Expense - Interest income from commercial loans and investments rose to $1.6 million in Q3 2024, a 45.0% increase from $1.1 million in Q3 2023, attributed to new loan originations [195]. - Interest expense decreased to $5.6 million for the three months ended September 30, 2024, down from $6.3 million in 2023, primarily due to a reduction in the average outstanding balance [203]. - Interest income from commercial loans and investments increased to $4.4 million for the nine months ended September 30, 2024, up from $3.0 million in 2023, a 48.6% increase [208]. - Interest expense increased by $0.6 million to $16.8 million for the nine months ended September 30, 2024, compared to $16.2 million in 2023 [220]. Shareholder Returns - The company declared dividends of $0.38 per common share for the three months ended September 30, 2024, consistent with the same amount declared in the previous year [240]. - The diluted FFO per common share for the three months ended September 30, 2024, was $0.49, compared to $0.44 for the same period in 2023, representing an increase of 11.4% [240]. - Funds from operations (FFO) attributable to common stockholders for the nine months ended September 30, 2024, was $32,893,000, up from $27,144,000 in 2023, reflecting a 21.4% increase [240]. - Core FFO attributable to common stockholders for the three months ended September 30, 2024, was $12,633,000, compared to $10,462,000 in 2023, indicating a 20.9% increase [240]. - Adjusted funds from operations (AFFO) attributable to common stockholders for the nine months ended September 30, 2024, was $35,840,000, compared to $31,410,000 in 2023, marking a 14.8% increase [240]. Property Portfolio - The current portfolio of 16 multi-tenant properties generates $85.8 million in annualized revenue from base lease payments, with a weighted average remaining lease term of 5.0 years [190]. - The company owns and manages 22 commercial real estate properties across seven states, totaling 4.6 million square feet of gross leasable space as of September 30, 2024 [183]. - The company sold two income properties for a total of $38.0 million during the nine months ended September 30, 2024, resulting in aggregate gains of $3.8 million [189]. - The company sold one multi-tenant income property for $18.0 million during the three months ended September 30, 2024, resulting in a loss of $0.8 million [200]. - The company sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in Florida during the nine months ended September 30, 2024 [184]. Financial Position and Credit Facility - As of September 30, 2024, the company had a $300.0 million Credit Facility with $205.0 million undrawn commitment remaining [224]. - As of September 30, 2024, the outstanding balance on the company's $300.0 million Credit Facility was $95.0 million, with $45.0 million not fixed by an interest rate swap agreement [244]. - The company has a $300.0 million Credit Facility with variable interest rates ranging from SOFR plus 0.10% plus 125 basis points to SOFR plus 0.10% plus 220 basis points based on borrowing levels [244]. - A hypothetical change in interest rates of 100 basis points would affect the company's financial position by $0.5 million as of September 30, 2024 [244]. - The company entered into interest rate swap agreements to hedge against fluctuations in interest rates related to certain debt borrowings [244].

Press Release FOR IMMEDIATE RELEASE CTO Realty Growth Reports Third Quarter 2024 Operating Results WINTER PARK, FL – October 24, 2024 – CTO Realty Growth, Inc. (NYSE: CTO) (the "Company" or "CTO") today announced its operating results and earnings for the quarter ended September 30, 2024. Third Quarter Highlights ◾ Net Income per diluted share attributable to common stockholders of $0.17. ◾ Core Funds from Operations ("FFO") of $0.50 per diluted share attributable to common stockholders, an increase of 6.4% ...

WINTER PARK, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended September 30, 2024. Third Quarter Highlights Net Income per diluted share attributable to common stockholders of $0.17.Core Funds from Operations (“FFO”) of $0.50 per diluted share attributable to common stockholders, an increase of 6.4% from the comparable prior period.Adjusted Funds from Operations (“AFFO”) of $0.51 per d ...

CTO Realty Growth, Inc. (NYSE: CTO ) is a high dividend-yield stock with incredible growth potential, resulting from its strategic locations in blooming regions in the U.S. It's also cheaply valued compared to otherUnderstanding Behavioral Finance is at the core of Mapache Investing's philosophy. We view the markets through the lenses of psychology and aim to avoid the common pitfalls and biases that are the primary causes of losses. With a strong foundation in both value and growth investing, our goal is t ...

CTO Realty Growth, Inc. (CTO) is slated to report third-quarter 2024 results on Oct. 24, after the closing bell. In anticipation of the announcement, industry analysts and investors are eager to assess the company's performance and prospects in the current economic climate.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.In the last reported quarter, this Winter Park, FL-based retail real estate investment trust (REIT) reported adjusted funds from operations (AFFO) per share of 48 ce ...

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- Closed $274 Million in Investments Year-To-Date - - Raised $126 Million Under ATM Program in Third Quarter - - Closed $100 Million Unsecured Term Loan - WINTER PARK, Fla., Sept. 30, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) an owner and operator of high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States (the "Company"), today provided a business update for the third quarter and year-to-date ended September 30, 2024. Inves ...

Investors in CTO Realty Growth, Inc. (CTO) need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 15, 2024 $15 Put had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could ...