Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q4 2020 Earnings Presentation
19 slides from Cto Realty Growth's earnings presentation, Feb 19, 2021
Slide 1: Realty Growth February 2021
REALTY GROWTH February 2021
Slide 2: Forward Looking Statements
2 CTO Realty Growth, Inc. FORWARD LOOKING STATEMENTS Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Ac
Slide 3: CTO By The Numbers
3 CTO Realty Growth, Inc. CTO BY THE NUMBERS FIDELITY, ALBUQUERQUE, NM WELLS FARGO, RALEIGH, NC GENERAL DYNAMICS INFO TECH, RESTON, VA THE STRAND, JACKSONVILLE, FL As of February 17, 2021 or as otherwise noted; any differences a result of rounding. (1) Based on monthly Contractual Base Rent (“CBR”),
Slide 4: Strategic Focus & Execution
4 CTO Realty Growth, Inc. STRATEGIC FOCUS & EXECUTION ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ✓ Provide an attractive and sustainable dividend Increased the Q4 2020 dividend by 150% to $1.00 per share and declared the same quarterly cash dividend in Q1 2021, whi
Slide 5: Investment Strategy
5 CTO Realty Growth, Inc. INVESTMENT STRATEGY Miami Orlando Tampa Atlanta Jacksonville Nashville Charlotte Raleigh-Durham Northern Virginia Dallas Houston Austin Denver Boulder Salt Lake City Las Vegas Reno Phoenix Diversified asset investment strategy Markets that project to have above-average job
Slide 6: Tenant Strategy
6 CTO Realty Growth, Inc. TENANT STRATEGY CTO’s tenant strategy is to align its investments with high-quality, sector leading tenants who support stable operating fundamentals and who promote community engagement Nearly 50% of Contractual Base Rent(1) comes from these high- quality tenants As of Dec
Slide 7: Portfolio at a Glance
7 CTO Realty Growth, Inc. PORTFOLIO AT A GLANCE 6 Number of Income Producing Properties CTO Target Market/State Non-Target State Where CTO Owns a Property 1 1 2 12 1 2 1 2 1 1 FL 34% AZ 14% GA 13% NC 9% NM 9% TX 9% VA 7% Other 5% 33% 65% 3% Office Retail Hotel 54% 47% Single-Tenant Multi-Tenant 10 2
Slide 8: Repositioning Case Study: Ashford Lane, Atlanta, GA
8 CTO Realty Growth, Inc. REPOSITIONING CASE STUDY ASHFORD LANE, ATLANTA, GA Acquired as Perimeter Place in 2020, with an opportunity to up-tier through lease-up and market repositioning ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ▪ High barrier-to-entry location wi
Slide 9: Repositioning Case Study: Ashford Lane, Atlanta, GA
9 CTO Realty Growth, Inc. REPOSITIONING CASE STUDY ASHFORD LANE, ATLANTA, GA Ashford Lane is being repositioned as a higher-end shopping and dining destination within a growing and relatively affluent submarket of Atlanta ▪ Signed a new 17,000 square foot lease with a food hall operator who will ope
Slide 10: Acquisition Case Study: Sabal Pavilion, Tampa, FL
10 CTO Realty Growth, Inc. ACQUISITION CASE STUDY SABAL PAVILION, TAMPA, FL ▪ Acquired below replacement cost with minimal expected capital expenditures ▪ High relative yield with a going-in cap rate of 8.4% and an attractive net recovery lease structure ▪ Single tenant office building in a desirabl
Slide 11: Acquisition Case Study: Westland Gateway, Hialeah, FL
11 CTO Realty Growth, Inc. ACQUISITION CASE STUDY WESTLAND GATEWAY, HIALEAH, FL ▪ Two layers of credit – Triple net master lease structure with strong underlying rent coverage from in-place leases, 70% of which comes from tenants with parent-level investment grade credit ratings(1) ▪ Acquired at a s
Slide 12: Land Joint Venture
12 CTO Realty Growth, Inc. LAND JOINT VENTURE Land Joint Venture Summary of Terms ▪ Approximately 1,600 acres remaining in the Land Joint Venture ▪ Estimated market value of remaining land is $70 - $95 million ▪ JV Partner’s current capital account balance is approximately $32 million ▪ JV Partner i
Slide 13: Balance Sheet and Valuation: Debt Maturities
13 CTO Realty Growth, Inc. $23.3 $150.0 $150.0 $62.5 $30.0 $14.8 $14.8 $35.2 $35.2 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Fixed Floating Total Commitments BALANCE SHEET AND VALUATION Debt Maturities ($ in millions) As of December 31, 2020 or as otherwise note
Slide 14: Asset and Liability Components
14 CTO Realty Growth, Inc. ASSET AND LIABILITY COMPONENTS Net Operating Income $35.4 $35.4 $35.4 $35.4 ÷ Capitalization Rate 6.5% 7.0% 7.5% 8.0% Income Portfolio Value $544.6 $505.7 $472.0 $442.5 Other Assets: + Estimated Value for Subsurface Interests, Wholly Owned Excess Land, Loan Portfolio, Miti
Slide 15: 2021 Guidance
15 CTO Realty Growth, Inc. 2021 GUIDANCE Full Year 2021 Guidance Ranges Acquisition of Income-Producing Assets $75.0 million – $125.0 million Target Investment Yield (Initial Yield – Unlevered) 6.50% – 7.25% Disposition of Income-Producing Assets $75.0 million – $125.0 million Target Disposition Yie
Slide 16: Income Property Portfolio
16 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) Atlanta, GA Retail Multi-Tenant 269,695 13.3% The Strand Jacksonville, FL Retail Multi-Tenant 212,287 11.9% Albuquerque, NM Office Single Tenant 210,067 9.2% Crossroads Town
Slide 17: Income Property Portfolio
17 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) N. Richland Hills, TX Retail Single Tenant 70,891 2.2% Charlotte, NC Retail Single Tenant 45,089 1.9% Daytona Beach, FL Retail Single Tenant 6,264 1.8% Renton, WA Retail Sin
Slide 18: Income Property Portfolio
18 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) Daytona Beach, FL Retail Single Tenant 5,780 < 1.0% Phoenix, AZ Retail Multi-Tenant 8,000 < 1.0% Phoenix, AZ Retail Single Tenant 12,000 < 1.0% Phoenix, AZ Retail Single Ten
Slide 19: Realty Growth
19 CTO Realty Growth, Inc. REALTY GROWTH