CTO Realty Growth(CTO) - 2024 Q4 - Annual Results

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]