CTO Realty Growth(US:CTO)2025-10-28 20:10Financial Performance - Net income attributable to common stockholders for Q3 2025 was $1.036 million, a decrease of 76.2% compared to $4.349 million in Q3 2024[6] - Net income attributable to the company for the three months ended September 30, 2025, was $2,914,000, compared to $6,227,000 in 2024, reflecting a decrease of 53.3%[48] - Basic and diluted net income per share attributable to common stockholders for the three months ended September 30, 2025, was $0.03, down from $0.17 in 2024[46] Funds from Operations - Core Funds from Operations (FFO) attributable to common stockholders for Q3 2025 was $15.632 million, an increase of 23.7% from $12.633 million in Q3 2024[6] - Funds from Operations (FFO) attributable to common stockholders for the three months ended September 30, 2025, was $15,759,000, compared to $12,521,000 in 2024, marking an increase of 25.0%[51] - Adjusted Funds from Operations (AFFO) attributable to common stockholders for Q3 2025 was $16.345 million, up 24.4% from $13.142 million in Q3 2024[6] - Adjusted Funds from Operations (AFFO) attributable to common stockholders for the three months ended September 30, 2025, reached $16,345,000, up from $13,142,000 in 2024, representing a growth of 24.0%[51] Same-Property Net Operating Income - Same-Property Net Operating Income (NOI) for Q3 2025 totaled $18.6 million, reflecting a 2.3% increase from $18.2 million in Q3 2024[12] - Same-Property Net Operating Income (NOI) for the three months ended September 30, 2025, was $18,647,000, slightly up from $18,223,000 in 2024, indicating a growth of 2.3%[48] - For the nine months ended September 30, 2025, the Company's Same-Property NOI was $50.7 million, a 2.9% increase from $49.2 million in the same period of 2024[13] - The Company anticipates Same-Property NOI growth of approximately 2.5% for the year ending December 31, 2025, compared to the previous year[26] Leasing and Occupancy - Year-to-date leasing reached 482,000 square feet, with a portfolio occupancy rate of 94.2%[4] - The Company signed 64 leases totaling 481,738 square feet during the nine months ended September 30, 2025, with a comparable average cash base rent of $24.16 per square foot, representing a 21.7% increase from $19.85 per square foot in the prior year[16] - The average cash rent per square foot for new leases was $23.89, while renewals and extensions averaged $24.81, resulting in a total weighted average cash rent of $24.41 for the nine months ended September 30, 2025[17] Financial Position - Total assets as of September 30, 2025, increased to $1,222,353,000 from $1,181,644,000 as of December 31, 2024, representing a growth of approximately 3.5%[44] - Long-term debt increased to $604,163,000 as of September 30, 2025, up from $518,993,000 at December 31, 2024, reflecting a rise of approximately 16.4%[44] - Total liabilities increased to $665,100,000 as of September 30, 2025, compared to $568,846,000 at December 31, 2024, marking an increase of approximately 16.9%[44] - The company’s total stockholders' equity decreased to $557,253,000 as of September 30, 2025, from $612,798,000 at December 31, 2024, a decline of approximately 9.1%[44] Cash and Debt Management - The company closed on $150 million in new term loan financings at a fixed interest rate of 4.2%[5] - The Company closed $150 million in term loan financings, including a new $125 million term loan due September 2030, with an initial fixed interest rate of approximately 4.2%[18] - The Company's net debt to Pro Forma Adjusted EBITDA was 6.7 times, and the fixed charge coverage ratio was 3.0 times as of September 30, 2025[21] - The net debt to pro forma adjusted EBITDA ratio was 6.7x as of September 30, 2025[54] Shareholder Returns - The company repurchased 571,473 shares of common stock for $9.3 million at an average price of $16.27 per share[5] - The company declared dividends of $0.38 per common share for the three months ended September 30, 2025, consistent with the same period in 2024[51] Other Financial Metrics - The company emphasizes the importance of non-GAAP financial measures such as FFO, Core FFO, and AFFO for assessing operating performance, which are widely accepted in the industry[35] - General and administrative expenses are expected to be within a range of $18.0 million to $18.5 million for 2025[26] - The company reported a loss on extinguishment of debt of $20,449,000 for the nine months ended September 30, 2025[48] - The company reported a decrease in accumulated other comprehensive income from $12,517,000 to $(584,000) between December 31, 2024, and September 30, 2025[44] - The company’s investment in Alpine Income Property Trust, Inc. decreased to $35,022,000 as of September 30, 2025, down from $39,666,000 at December 31, 2024, a decline of about 11.7%[44] - Cash and cash equivalents slightly increased to $9,281,000 as of September 30, 2025, compared to $9,017,000 at December 31, 2024[44]