Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q2 2026 Earnings Presentation
27 slides from Cto Realty Growth's earnings presentation, Jul 29, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation West Broad Village | Richmond, VA
Slide 2: Highlights
Highlights Q2 2026 Highlights Enterprise Value $0.53 Core FFO Per Share Implied property value per square $1.6B $223 $1.3B $1.3B foot $919M $946M Square feet of comparable leasing $690M 184,000 $496M activity 6% Comparable leasing spread 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 6/30/202
Slide 3: Company Overview
Company Overview Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 5.8M 87% Square Feet Of Portfolio ABR from Georgia, Florida, Texas & North Carolina $806M $636M $118M $1.6B Equity Market Cap Net Debt Outstanding Series A Preferred Enterprise Value
Slide 4: Focused on Southeast & Southwest U.S.
Focused on Southeast & Southwest U.S. 87% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina North Carolina: 14% of ABR Georgia: 31% of ABR Florida: 23% of ABR Texas: 19% of ABR Powered by Bing © GeoNames, Microsoft, TomTom Cash ABR % 2% 31% Percentages listed based on cash ABR excluding
Slide 5: Multiple Avenues of Earnings Growth
Multiple Avenues of Earnings Growth Contractual Property Signed-Not- Outparcel Structured Management & Rent Growth Recycling Open (SNO) Developments Investments Investment of Pipeline NYSE: PINE ~1.8% >100 bps $6.3M 10-12% 11.7% $8.9M Estimated annual History of Primarily Low double-digit Weighted O
Slide 6: 2026 FFO Growth vs. Valuation
2026 FFO Growth vs. Valuation Low Valuation Multiple and High FFO Growth 20.0x IVT 18.0x AKR REG Multiple to 2026 Consensus FFO per Share 16.0x UE PECO 14.0x KIM KRG BRX 12.0x 10.0x CTO 8.0x – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Ashford Lane Atlanta, GA 2026 Consensus FFO per Share Growth vs. 2025
Slide 7: Signed-Not-Open (SNO) Pipeline
Signed-Not-Open (SNO) Pipeline SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $6.3M 400 bps cash base rent leased-to-occupied spread $5.8M $6.3M 5.8% $26.07 57% $1.2M 2026 2027 2028 of in-place cash rent SNO cash rent PSF cash base rent from anchor t
Slide 8: Outparcel Opportunities
Outparcel Opportunities Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost • Average yield on cost of 10-12%1 • ~$30 million1 of costs spread across Ashley Park 2026 & 2027 Outparcel • Rent to begin commencing in mid-2027 • At LOI, lease negotiations or execut
Slide 9: Portfolio by Asset Type
Portfolio by Asset Type Grocery-Anchored Retail Lifestyle Power Center Exchange at Gwinnet | Atlanta, GA Collection at Forsyth | Atlanta, GA Marketplace at Seminole | Sanford, FL 13% 27% 56% 38% if including shadow-anchored assets As of June 30, 2026 Percentages based on cash ABR excluding the impac
Slide 10: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 4 1,499 31% 190,000 $137,000 77% 2 Dallas, TX 2 596 9% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 3 Charlotte, NC 1 694 9% 5-Mile Population1 Household Income1 Top 30 Markets 1 4 Richmond, VA 1 392 8% 5 Orland
Slide 11: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 Dick's Sporting Goods BBB 5 276 4% 2 Best Buy BBB+ 5 187 3% 3 AMC CCC+ 2 134 3% 4 Fidelity BBB 2 122 2% 5 Ross/dd's Discount A- 7 194 2% 6 Nordstrom Rack BB 4 145 2% 7 Burlington BB+ 5 175 2% 8 TJ Maxx/HomeGoods/Marshalls A 6 177 2%
Slide 12: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 353 12% 2 Off-Price Retail 764 10% 3 Apparel 349 7% 4 Entertainment 414 7% 5 Sporting Goods 471 7% 6 Specialty Retail 294 6% 7 Healthcare Services 188 6% 8 Beauty & Cosmetics 217 6% 9 Fast Casual Restaurant 139 5% 10 Consumer Electro
Slide 13: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule 91% of Leases by ABR Have Contractual Rent Bumps Lease Rollover Schedule - % ABR 9% 19% No Contractual Rent Increases 35% Annual Contractual Rent Increases 14% 63% 28% of Leases Have Contractual Rent Contractual Rent Increases in the Increases Current
Slide 14: Historical Leasing Upside Since Acquisition
Historical Leasing Upside Since Acquisition Beaver Creek Collection at Forsyth Plaza at Rockwall Marketplace at Seminole Raleigh, NC Atlanta, GA Dallas, TX Orlando, FL SF Leased 284k 428k 151k 148k Since Acquisition Comparable SF Leased 272k 363k 134k 145k Since Acquisition Cash Rent Spread 32% 14%
Slide 15: Structured Investments Portfolio
Structured Investments Portfolio Current Face Property Type Current Maturity Current Yield Amount ($M) Retail Southwest Class A Retail Center April 2028 12.00% $75.8 Preferred Equity Land Development Rivana September 2028 11.62%2 $44.1 First Mortgage Grocery-Anchored Retail Whole Foods Development –
Slide 16: PINE Company Profile
PINE Company Profile CTO generates ~$8.9 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) As of June 30, 2026 Diversified Geographic High-Quality Dividend Yield 2 6.2% Footprint by ABR Top Tenancy Implied Cap Rate 7.1% Number of Properties 128 Number of States with a
Slide 17: Balance Sheet
Balance Sheet Fully Extended Debt Maturities (in millions) 2 $132M $193 liquidity1 $100 $100 $125 $125 $18 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility As of 6/30/2026 41% Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal net debt to total enterprise value (
Slide 18: 2026 Guidance
2026 Guidance The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows: Current Previous Core FFO Per Diluted Share1 $2.09 to $2.13 $2.06 to $2.11 Growth at Guidance Mid-Point vs. 2025A 12.8% 1 AFFO Per Diluted Share $2.21 to $2.25 $2.19 to $2.24 Growth at
Slide 19: Experienced Management Team
Experienced Management Team John P. Albright Steven R. Greathouse President & Chief Executive Officer Senior Vice President & Chief Investment Officer ▪ Former Co-Head and Managing Director of Archon Capital, a ▪ Former Director of Finance for N3 Real Estate; Senior Associate of Goldman Sachs Compan
Slide 20: Forward Looking Statements & Non-GAAP Financial Measures
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 Securities Act of 1933, as amended, and Section 21E
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures (continued) To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non- cash compensation, and
Slide 22: References
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 28, 2026. ▪ All information is as of June 30, 2026, unless otherwise noted. ▪ Any calculation differences are assumed
Slide 23: Consolidated Statements of Operations
Consolidated Statements of Operations (Unaudited, in thousands, except share, per share and dividend data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenues Income Properties $ 37,136 $ 33,375 $ 73,716 $ 65,047 Management Fee Income 1,466 1,247 2,815 2,425 Interest I
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157) Adjustments: Depreciation and Amortization of Real Estate 15,83
Slide 25: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157) Gain on Disposition of Assets (2,107) — (2,107) — Loss on Extinguishment of Debt
Slide 26: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) Three Months Ended June 30, 2026 Net Income Attributable to the Company $ 15,112 Depreciation and Amortization of Real Estate 15,831 Gain on Disposition of Assets (2,107) Provision for Impairment and Adjustment to CECL Reserve 1,084 Unr
Slide 27: Investor Inquiries
Investor Inquiries: ir@ctoreit.com