Group 1: Acquisition Details - CTO Realty Growth, Inc. announced the acquisition of Ashley Park in Atlanta, GA, for $79.8 million, enhancing its presence in its largest market [1] - The lifestyle center spans 559,000 square feet and is located on 60 acres in the Newnan submarket, benefiting from a prime location along I-85, attracting over 6 million annual visits with 93% occupancy [2] Group 2: Strategic Importance - Approximately 82% of CTO's annual base rent is derived from assets in Georgia, Florida, Texas, or North Carolina, with Dick's Sporting Goods becoming the company's fifth largest tenant following this acquisition [3] - The acquisition expands CTO Realty's portfolio by 12%, increasing the total to 5.2 million square feet, and was purchased below replacement value with below-market rents, allowing for potential long-term value enhancement [4] Group 3: Financial Performance - CTO Realty completed $330.8 million of investments in 2024 at a weighted average initial cash yield of 9.3% [5] - The company signed 70 leases totaling 452,301 square feet in 2024, with an average cash base rent of $23.36 per square foot, reflecting a 23% increase from the previous average of $18.99 per square foot [6] Group 4: Market Context - Broader market concerns include potential shifts in trade policies that could worsen inflation and restrain consumer spending, which may lead the Federal Reserve to maintain high interest rates, adversely affecting interest-sensitive retail REITs [7] - Shares of CTO Realty have declined 2% over the past six months, slightly better than the real estate market's decline of 2.2% [7]

Core Viewpoint - CTO Realty Growth, Inc. has announced the acquisition of Ashley Park, a 559,000-square-foot lifestyle center in Atlanta, Georgia, for $79.8 million, enhancing its portfolio and operational synergies in key markets [1][2]. Group 1: Acquisition Details - The acquisition price of $79.8 million reflects a going-in cap rate near the high end of the company's current guidance range for initial cash yields [1]. - The acquisition increases the total portfolio by 12%, bringing it to 5.2 million square feet [1]. - Ashley Park is currently 93% occupied and is anchored by major retailers including Dick's Sporting Goods, Best Buy, Barnes & Noble, Regal, and Dillard's [2]. Group 2: Strategic Importance - The acquisition enhances the company's portfolio by adding a lifestyle shopping center in Atlanta, its largest market, and leverages local personnel for operational synergies [2]. - Approximately 82% of the company's annual base rent is now derived from assets located in Georgia, Florida, Texas, or North Carolina [2]. - Dick's Sporting Goods becomes the company's fifth largest tenant following this acquisition [2]. Group 3: Long-term Value Potential - The property was acquired below replacement cost with below-market rents, presenting an opportunity to unlock long-term value through strategic lease-up and mark-to-market rent opportunities [2].

Financial Data and Key Metrics Changes - The company reported core FFO of $1.88 per share for 2024, a 6% increase from $1.77 per share in 2023 [5][22] - FFO for Q4 2024 was $14.2 million, up from $10.8 million in Q4 2023, with core FFO at $0.46 per share compared to $0.48 per share in the same quarter of the previous year [22] - Total enterprise value rose by 33% to approximately $1.3 billion, with net debt to EBITDA improving to 6.3 times [10][19] Business Line Data and Key Metrics Changes - The company achieved a weighted average yield of 9.3% from $227 million in retail property acquisitions and $104 million in structured investments [6] - Leasing activity for the full year reached over 450,000 square feet at an average rent of $24.07 per square foot, with a positive cash lease spread of 23% [11] - The signed not open leasing pipeline represents almost 6% of in-place cash rents, with expected rent commencement weighted towards the second half of 2025 [12] Market Data and Key Metrics Changes - The company expanded its portfolio by 1 million square feet, a 26% increase, bringing the total to 4.7 million square feet [9] - The company completed its first investment in the Charlotte, North Carolina market while expanding in Orlando and Tampa [10] Company Strategy and Development Direction - The company plans to continue its acquisition strategy, anticipating one or two acquisitions in the near term [17] - The focus remains on high-quality investments with attractive yields, particularly in the Southeast and Southwest markets [6][17] - The company is negotiating with several anchor tenants for undeveloped land adjacent to its shopping center, targeting earnings contribution by late 2026 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong tenant demand for high-quality properties, despite recent retailer bankruptcies [13] - The company expects to recognize over 50% of the signed not open leasing pipeline in 2025, with full benefits in 2026 [12][25] - Management highlighted a robust acquisition pipeline and the potential for significant earnings growth in 2026 [16][17] Other Important Information - The company raised net proceeds of $33 million in Q4 2024, totaling $165 million for the year, which represents over 40% of its common equity market capitalization at the beginning of 2024 [19] - The company plans to settle its convertible notes in cash, with a potential impact of approximately $0.05 per share in 2025 [24] Q&A Session Summary Question: Clarification on convertible notes settlement - The company intends to settle the convertible notes in cash, with no expectation of share issuance [28] Question: Guidance on 2025 acquisitions and structured investments - Currently, the focus is on core acquisition opportunities, with structured investments expected later in the year [32] Question: NOI guidance and trends - NOI is expected to trend evenly, with potential increases in the fourth quarter [34] Question: Timing of rent commencement for new leases - Most new leases are expected to commence in the first half of 2026, with some potentially delayed [68] Question: Performance of AMCs and tenant interest - AMCs are performing well, and the company is optimistic about tenant interest in new spaces [48][72] Question: CapEx impact on 2025 outlook - The CapEx outlook for 2025 includes an incremental $9 million to $12 million, impacting the overall spread [78] Question: Market conditions for acquisitions - The company is not seeing significant acquisition opportunities due to recent retailer bankruptcies, but expects large trades to emerge [106] Question: Outlook for 2025 lease expirations - The company anticipates positive rent trends with no roll-down situations [116]

February 2025 Fourth Quarter 2024 Investor Presentation Ashford Lane | Atlanta, GA Highlights FY 2024 Highlights | 26% | Square feet year-over-year growth | | --- | --- | | $331mm | Investment activity 1 | | 33% | Total enterprise value year-over-year growth | | $231 | Implied property value per square foot | | ~452,000 | Square feet of leasing activity | | 23% | Comparable leasing spread | | 81% | ABR from Georgia, Texas, Florida & North Carolina | | ~203,000 | Portfolio 5-mile population | | 6.3x | Net De ...

分组1 - CTO Realty reported quarterly funds from operations (FFO) of $0.49 per share, exceeding the Zacks Consensus Estimate of $0.48 per share, but down from $0.52 per share a year ago, representing an FFO surprise of 2.08% [1] - The company posted revenues of $35.74 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 4.80%, compared to year-ago revenues of $29.89 million [2] - CTO Realty has consistently surpassed consensus FFO and revenue estimates over the last four quarters [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3][4] - CTO Realty shares have increased by approximately 2.6% since the beginning of the year, while the S&P 500 has gained 4.5% [3] - The current consensus FFO estimate for the coming quarter is $0.51 on revenues of $34.96 million, and for the current fiscal year, it is $2.05 on revenues of $143.78 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 33% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that investors should monitor these revisions closely [5][6]

Financial Performance - Total revenues for the year ended December 31, 2024, increased to $124.5 million, up 14.1% from $109.1 million in 2023[17] - The company’s operating income for the year ended December 31, 2024, was $17.6 million, down from $26.5 million in 2023[17] - The company’s total assets increased to $1.18 billion as of December 31, 2024, compared to $989.7 million in 2023[17] Property Acquisitions and Sales - The company acquired five multi-tenanted retail income properties for an aggregate purchase price of $226.8 million, with a total acquisition cost of $224.4 million[27] - The company sold two income properties for an aggregate sales price of $38.0 million, resulting in total gains of $3.8 million[28] - The company recorded a $0.9 million impairment charge on the sale of the Westcliff Property, with the sale closing on October 12, 2023[38] Portfolio and Revenue Generation - The current portfolio of 17 multi-tenant properties generates $87.2 million in revenue from annualized straight-line base lease payments[29] - The weighted average remaining lease term for the current portfolio of multi-tenant properties was 4.8 years as of December 31, 2024[29] - The weighted average economic occupancy rate for single-tenant properties remained at 100% for the last three years[32] Investment Strategy and Risks - The company plans to focus on investing in multi-tenanted, retail-based income-producing properties in faster growing, business-friendly markets[19] - The company’s ability to generate lease revenue is dependent on the successful operation of its tenants, and any failure could adversely impact its financial performance[77] - The company faces risks related to compliance with environmental laws, which may require significant expenditures to address potential violations[69] Environmental Liabilities - The company is subject to significant environmental liabilities which could materially and adversely affect its financial condition and results of operations[70] - The company may incur substantial costs for environmental remediation, which could exceed the value of the properties involved[63] - The company faces potential liabilities under environmental laws that could adversely affect its financial condition and cash flows[171] Market and Economic Conditions - The company’s revenue is concentrated in specific industry classifications and geographic locations, making it vulnerable to downturns in those areas[77] - Adverse economic conditions, such as high unemployment and increased interest rates, could negatively impact tenants' ability to make rental payments[84] - The company operates in a highly competitive market for acquiring income properties, facing competition from larger entities with greater resources[94] Debt and Financial Obligations - The company has a total debt of $51.0 million in 3.875% Convertible Senior Notes due 2025, which may impact its ability to service debt obligations[146] - Future cash flow generation is uncertain and may not be sufficient to meet debt service obligations, potentially leading to asset sales or restructuring[147] - Increased indebtedness could limit operational flexibility and expose the company to economic fluctuations, including rising interest rates[149] REIT Compliance and Taxation - The company must comply with REIT requirements to avoid being taxed as a regular corporation, which would reduce funds available for distributions to stockholders[81] - Failure to qualify as a REIT could substantially reduce funds available for distributions to stockholders and impair the company's ability to raise capital[180] - The company must maintain its REIT qualification by distributing at least 90% of its taxable income to avoid U.S. federal corporate income tax[185] Management and Operational Risks - The loss of key management personnel could negatively impact the company's operations and ability to execute business strategies[208] - The company faces potential conflicts of interest due to overlapping executive officers and directors with PINE, which may affect decision-making[111] - The company has limited experience operating under REIT constraints, which may hinder its ability to achieve investment objectives[188] Insurance and Risk Management - The Company’s income-producing properties are generally covered by comprehensive liability, fire, and extended insurance coverage[209] - Insurance costs for certain types of losses, such as natural disasters or acts of violence, may not be economically justifiable[209] - The Company believes the insurance carried on its properties is adequate and in accordance with industry standards[209]

Financial Performance - Core Funds from Operations (Core FFO) for the full year 2024 reached $1.88 per diluted share, an increase of 6.2% compared to 2023[8] - The company reported a net loss per diluted share of $(0.35) for the full year 2024, compared to a profit of $0.03 in 2023[8] - Same-Property Net Operating Income (NOI) for the year ended December 31, 2024, totaled $60.4 million, reflecting a 4.0% increase from the prior year[17] - Total revenues for the three months ended December 31, 2024, increased to $35,742 thousand, up 19% from $29,885 thousand in the same period of 2023[52] - Net income attributable to common stockholders for the three months ended December 31, 2024, was a loss of $17,095 thousand, compared to a profit of $5,850 thousand in the same period of 2023[52] - Same-Property NOI for the year ended December 31, 2024, was $60,441 thousand, an increase from $58,123 thousand in 2023[54] - Funds from operations attributable to common stockholders for the year ended December 31, 2024, totaled $48,129 thousand, compared to $37,480 thousand in 2023[56] - Basic net income (loss) attributable to common stockholders per share for the three months ended December 31, 2024, was $(0.56), compared to $0.26 in the same period of 2023[52] - Total operating expenses for the three months ended December 31, 2024, were $43,045 thousand, significantly higher than $23,682 thousand in the same period of 2023[52] - Interest expense for the year ended December 31, 2024, was $22,521 thousand, slightly higher than $22,359 thousand in 2023[52] Investments and Capital - The company closed investments totaling $330.8 million in 2024, achieving a weighted average initial cash yield of 9.3%[11] - The company raised net proceeds of $165.2 million under its common stock ATM offering program in 2024[5] - The company invested $57.0 million in the fourth quarter of 2024, achieving a weighted average initial cash yield of 10.2%[10] - The Company anticipates investments between $100.0 million and $200.0 million in 2025, with a weighted average initial cash yield between 8.0% and 8.5%[30] Debt and Equity - The total long-term debt as of December 31, 2024, amounted to $520.8 million, with a weighted average interest rate of 4.13%[22] - The Company's net debt to Pro Forma Adjusted EBITDA ratio was 6.3 times, and the fixed charge coverage ratio was 2.8 times as of December 31, 2024[23] - The company has $213.0 million of undrawn commitments on its Revolving Credit Facility as of December 31, 2024[23] - Long-term debt increased to $518,993,000 from $495,370,000, representing a rise of about 4.0%[50] - Total stockholders' equity grew to $612,798,000, compared to $457,526,000, marking an increase of approximately 34.0%[50] Dividends - The Company declared a quarterly cash dividend of $0.38 per share for the first quarter of 2025, representing an annualized yield of approximately 7.5%[25] - The fourth quarter 2024 common stock cash dividend represented a payout ratio of 82.6% of the Company's Core FFO attributable to common stockholders[28] - The company declared dividends of $0.38 per common share for the three months ended December 31, 2024, consistent with the same period in 2023[52] Property and Leasing - The company signed 70 leases totaling over 452,000 square feet, with an average cash base rent increase of 23.0% to $23.36 per square foot[5] - The current signed-not-open leasing pipeline is valued at $5.2 million, representing 5.7% of annual cash base rent as of December 31, 2024[5] - The company’s portfolio consisted of 23 properties with a leased occupancy rate of 90.3% as of December 31, 2024[14] - For the year ended December 31, 2024, the Company signed 70 leases totaling 452,301 square feet, with a comparable average cash base rent increase of 23.0% from $18.99 to $23.36 per square foot[20] Assets and Growth - Total assets increased to $1,181,644,000 as of December 31, 2024, compared to $989,668,000 as of December 31, 2023, reflecting a growth of approximately 19.5%[50] - Real estate at cost rose to $984,202,000, up from $786,475,000, indicating a 25.1% increase year-over-year[50] Risks and Non-GAAP Measures - The company faces risks including changes in REIT qualifications, economic conditions, and tenant solvency, which could materially affect future results[38] - Funds From Operations (FFO) and other non-GAAP measures are utilized to assess operating performance, excluding real estate depreciation and extraordinary items[41] - Core Funds From Operations (Core FFO) and Adjusted Funds From Operations (AFFO) are adjusted to provide a clearer picture of operating performance without non-cash revenue distortions[44] - Same-Property Net Operating Income (Same-Property NOI) is used to compare the operating performance of properties owned for the full reporting periods, aiming to eliminate acquisition or disposition impacts[48] - The company emphasizes the importance of non-GAAP financial measures for investors to better assess operating performance compared to GAAP measures[41]

– Closed investments of $330.8 million at a weighted average initial cash yield 9.3% in 2024 –– Raised $165.2 million of net proceeds under common ATM program in 2024 –– Current signed-not-open pipeline of $5.2 million – WINTER PARK, Fla., Feb. 20, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter and year ended December 31, 2024. “2024 was an outstanding year for the Company. We closed $331 million of inv ...

WINTER PARK, Fla., Feb. 10, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth (NYSE: CTO) (the “Company”) announced today that it will report its financial and operating results for the fourth quarter and full year 2024 after the market closes on Thursday, February 20, 2025. A conference call to discuss its financial and operating results is scheduled for Friday, February 21, 2025 at 9:00 AM ET. A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com ...

Investment Service Overview - iREIT+HOYA Capital is a premier income-focused investing service on Seeking Alpha, emphasizing income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a Free Two-Week Trial and features exclusive income-focused portfolios with top investment ideas [1] Analyst Background and Focus - The analyst has over 14 years of investment experience and holds an MBA in Finance, focusing on defensive stocks with a medium- to long-term investment horizon [2] Analyst's Position and Disclosure - The analyst holds a beneficial long position in CTO Realty (NYSE: CTO) through stock ownership, options, or other derivatives [3] - The article reflects the analyst's personal opinions and is not compensated by any company mentioned, nor does the analyst have a business relationship with them [3] Article Purpose and Disclaimer - The article is for informational purposes only and does not constitute financial advice, encouraging readers to perform their own due diligence before making investment decisions [4] - Seeking Alpha's disclosure clarifies that past performance does not guarantee future results and that the platform is not a licensed securities dealer, broker, or investment adviser [5]