Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q2 2024 Earnings Presentation
26 slides from Cto Realty Growth's earnings presentation, Jul 25, 2024
Slide 1: July 2024 Investor Presentation
July 2024 Investor Presentation The Collection at Forsyth | Cumming, GA
Slide 2: Positioned for Performance
2 © CTO Realty Growth, Inc. | ctoreit.com Positioned for Performance 1. Based on $17.46 per share common stock price as of June 30, 2024. 2. Based on $15.56 per share common stock price as of June 30, 2024. 3. Investment and disposition activity includes both properties and structured investments fr
Slide 3: Investment Highlights
3 © CTO Realty Growth, Inc. | ctoreit.com Investment Highlights Differentiated Investment Strategy Focusing on Asset Recycling and Value-Add Acquisitions Southeast and Southwest Retail Portfolio Large format retail portfolio in strong locations within attractive business-friendly markets with suppor
Slide 4: Levers for Future Growth
4 © CTO Realty Growth, Inc. | ctoreit.com Levers for Future Growth CTO’s proactive approach to portfolio and asset management has resulted in the execution of multiple strategic transactions and beneficial initiatives to drive future growth. Executing on Asset Recycling ▪ Expecting full year 2024 in
Slide 5: Attractive Relative Valuation is an Opportunity for Mean Reversion
5 © CTO Realty Growth, Inc. | ctoreit.com Attractive Relative Valuation is an Opportunity for Mean Reversion CTO has an outsized dividend yield and attractive absolute valuation relative to many in its retail-focused peer group and its long-term growth opportunities. Ashford Lane Atlanta, GA 2024E F
Slide 6: Investment Strategy
6 © CTO Realty Growth, Inc. | ctoreit.com Investment Strategy Focused on high-quality open-air shopping centers primarily located in the Southeast and Southwest. Multi-Tenant, Retail Asset Strategy ▪ Focused on retail-based, large format, multi-tenanted assets that have a grocery, lifestyle or commu
Slide 7: Durable Portfolio with Meaningful Growth Opportunities
7 © CTO Realty Growth, Inc. | ctoreit.com Durable Portfolio with Meaningful Growth Opportunities Repositioning Upside Essential Retail Stable Cash Flow Strong performing, larger format open-air shopping centers with a combination of value-add lease up, redevelopment and stable, in-place cash flows i
Slide 8: Building a Leading Retail-Focused Portfolio
8 © CTO Realty Growth, Inc. | ctoreit.com Building a Leading Retail-Focused Portfolio All values are as of year-end for their respective years, unless otherwise noted. 1. 2019 represents the year Alpine income Property Trust, Inc. (PINE) completed it’s IPO with a portfolio contributed from CTO. It a
Slide 9: High-Quality Demographic-Driven Portfolio
9 © CTO Realty Growth, Inc. | ctoreit.com High-Quality Demographic-Driven Portfolio Percentages listed based on Annualized Base Rent for the Company’s portfolio as of June 30, 2024. Any differences a result of rounding. 1. Source: Esri; Portfolio average weighted by the Annualized Base Rent of each
Slide 10: Faster Growing Markets
10 © CTO Realty Growth, Inc. | ctoreit.com Faster Growing Markets Shops at Legacy Mexican Sugar 81% 60% 49% 21% 11% 10% 8% 6% 5% 0% WSR AAT CTO KRG UE SITC FRT AKR BRX KIM % of Each Company’s Top 5 Markets in ULI’s Top 10 Markets1 The recent assemblage of CTO’s portfolio has allowed it to focus on a
Slide 11: Strong Leasing Execution
11 © CTO Realty Growth, Inc. | ctoreit.com Strong Leasing Execution 1. Recently signed renewals and leases include leases signed in Q1 ‘24 thru Q2 ‘24. 2. Excludes newly leased units that were acquired as vacant. Lease Rollover Schedule % of ABR Expiring 3% 8% 13% 12% 23% 9% 7% 5% 20% Recently Signe
Slide 12: PINE Company Profile
12 © CTO Realty Growth, Inc. | ctoreit.com PINE Company Profile 1. Based on $15.56 per share common stock price as of June 30, 2024. PINE has a high-quality, 100% retail net lease portfolio with a stable and attractive dividend and attractive valuation Dividend Yield1 7.1% Implied Cap Rate 8.5% Numb
Slide 13: Consistent Dividend Growth
13 © CTO Realty Growth, Inc. | ctoreit.com Consistent Dividend Growth CTO has been a REIT since 2020 and the company has paid a common dividend each of the last 48 years. 1. Reflects Q2 2024 annualized per share common stock cash dividend. 2. Annualized Per Share Cash Dividend Yield based on $17.46
Slide 14: Balance Sheet
14 © CTO Realty Growth, Inc. | ctoreit.com Balance Sheet Exchange at Gwinnett Buford, GA Yonder Yoga $51 $83 $100 $250 2024 2025 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility 1. Reflects $150 million outstanding under the Company’s $300 million senior unsecured revolving credi
Slide 15: 2024 Revised Guidance
15 © CTO Realty Growth, Inc. | ctoreit.com 2024 Revised Guidance Exchange at Gwinnett Buford, GA Yonder Yoga Previous 2024 Revised 2024 Core FFO Per Diluted Share $1.60 - $1.68 $1.81 – $1.86 $0.21 - $0.18 12% AFFO Per Diluted Share $1.74 - $1.82 $1.95 - $2.00 $0.21 - $0.18 11% The Company’s estimate
Slide 16: Experienced Management Team
16 © CTO Realty Growth, Inc. | ctoreit.com Experienced Management Team Exchange at Gwinnett Buford, GA Yonder Yoga John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investme
Slide 17: Corporate Responsibility
17 © CTO Realty Growth, Inc. | ctoreit.com Corporate Responsibility Exchange at Gwinnett Buford, GA Yonder Yoga CTO Realty Growth is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Social Responsibility Inclusive and Supportive Compa
Slide 18: Environmental Responsibility
18 © CTO Realty Growth, Inc. | ctoreit.com Environmental Responsibility Yonder Yoga Over the past ten years, CTO has planted approximately 170,000 pine trees in Florida and has restored over 700 acres of former industrial timberland. These 170,000 trees absorb more than 1,000 tons of carbon each yea
Slide 19: Forward Looking Statements & Non-GAAP Financial Measures
19 © CTO Realty Growth, Inc. | ctoreit.com Forward Looking Statements & Non-GAAP Financial Measures Forward Looking Statements Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securiti
Slide 20: Non-GAAP Financial Measures
20 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures Non-GAAP Financial Measures (continued) To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortizatio
Slide 21: References
21 © CTO Realty Growth, Inc. | ctoreit.com References References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include: ▪ This presentation was published on July 25, 2024. ▪ All information is as of June 30, 2024, unless otherwise noted.
Slide 22: Consolidated Statements of Operations
22 © CTO Realty Growth, Inc. | ctoreit.com Consolidated Statements of Operations CTO Realty Growth, Inc. Consolidated Statements of Operations (Unaudited, in thousands, except share, per share and dividend data) Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2
Slide 23: Non-GAAP Financial Measures
23 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures CTO Realty Growth, Inc. Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) 1. For the three and six months ended June 30, 2024 and 2023, interest related to the 2025 Convertible Senior Notes was excluded
Slide 24: Same-Property NOI
24 © CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI CTO Realty Growth, Inc. Same-Property NOI Reconciliation (Unaudited, in thousands) 1. Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to estimates related to recentl
Slide 25: Net Debt to Pro Forma EBITDA
25 © CTO Realty Growth, Inc. | ctoreit.com Net Debt to Pro Forma EBITDA CTO Realty Growth, Inc. Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited, in thousands) 1. Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to est
Slide 26: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer, (407) 904-3324, pmays@ctoreit.com Ashford Lane | Atlanta, GA