CTO Realty Growth(US:CTO)2025-05-01 20:20Revenue Performance - Total revenue for Q1 2025 increased to $35.8 million, a 27.3% increase from $28.1 million in Q1 2024, primarily due to increased income from recent property acquisitions and same-store revenue growth [202]. - Revenue from income properties was $31.7 million in Q1 2025, up 28.6% from $24.6 million in Q1 2024, with operating income rising to $22.8 million from $17.8 million [203]. - Interest income from commercial loans and investments reached $3.0 million in Q1 2025, a 119.2% increase from $1.4 million in Q1 2024, driven by new loan originations [205]. Portfolio and Investment Strategy - The current portfolio consists of 18 multi-tenant properties generating $98.3 million in annualized revenue and 6 single-tenant properties generating $5.4 million, both with a weighted average remaining lease term of 4.9 years [199]. - The company focuses on investing in high-quality retail and mixed-use properties in fast-growing, business-friendly markets [191]. - The investment strategy includes a continual review of the existing income property portfolio to identify opportunities for capital recycling based on performance and market conditions [198]. Expenses and Income - Total general and administrative expenses increased by 11.1% to $4.683 million for the three months ended March 31, 2025, compared to $4.216 million in the same period of 2024 [207]. - Depreciation and amortization rose by $3.4 million to $14.3 million for the three months ended March 31, 2025, driven by growth in the income property portfolio [209]. - Net income attributable to the company decreased by $3.5 million to $2.3 million for the three months ended March 31, 2025, primarily due to the absence of gains on asset dispositions [216]. Cash Flows - Cash flows provided by operating activities totaled $10.3 million for the three months ended March 31, 2025, down from $11.8 million in the same period of 2024, a decrease of $1.5 million [218]. - Cash flows used in investing activities increased by $28.6 million to $80.6 million for the three months ended March 31, 2025, compared to $52.0 million in 2024, due to decreased disposition activity [219]. - Cash flows provided by financing activities increased by $31.1 million to $68.3 million for the three months ended March 31, 2025, compared to $37.2 million in 2024 [220]. Acquisitions and Future Investments - The company acquired one multi-tenant income property for $79.5 million during the three months ended March 31, 2025, compared to $71.0 million for acquisitions in the same period of 2024 [222]. - The company expects 2025 investments in income-producing properties to range from $100.0 million to $200.0 million [223]. Shareholder Returns - The company declared and paid dividends of $0.40 for preferred stock and $0.38 for common stock, consistent with the previous year [238]. - Funds from operations (FFO) attributable to common stockholders increased to $14.894 million, up 37.5% from $10.797 million year-over-year [242]. - Adjusted funds from operations (AFFO) attributable to common stockholders rose to $15.521 million, a 33.1% increase compared to $11.648 million in the prior year [242].