Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2026 Earnings Presentation
33 slides from Cto Realty Growth's earnings presentation, Oct 27, 2026
Slide 1: Third Quarter 2026 Investor Presentation
Third Quarter 2026 Investor Presentation Zona Rosa | Kansas City, MO
Slide 2: Highlights
Highlights Q3 2026 Highlights Enterprise Value $0.53 Core FFO Per Share $1.6B Quarterly same-property NOI growth 3.8% $1.3B $1.3B for shopping centers $919M $946M 7% Comparable leasing spread $690M $496M ABR from Georgia, Florida, Texas & 78% North Carolina 12/31/20 12/31/21 12/31/22 12/31/23 12/31/
Slide 3: Company Overview
Company Overview Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 6.6M 78% Square Feet Of Portfolio ABR from Georgia, Florida, Texas & North Carolina $794M $714M $118M $1.6B Equity Market Cap Net Debt Outstanding Series A Preferred Enterprise Value
Slide 4: Q3 2026 Acquisition – Zona Rosa
Q3 2026 Acquisition – Zona Rosa Grey area indicates Transaction Highlights unowned parcels ▪ $63.3 million purchase price in September 2026 ▪ Basis of $82 / SF, well-below replacement cost ▪ 768,000-square foot mixed-use center situated across 64 acres ▪ Multi-phase revitalization opportunity provid
Slide 5: Subsequent Event – Summit Woods Acquisition
Subsequent Event – Summit Woods Acquisition Transaction Highlights ▪ $103.0 million purchase price in October 2026 ▪ Basis of $189 / SF, a discount to replacement cost ▪ 545,000-square foot power center on 57 acres; 99% occupied ▪ Anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine, and sh
Slide 6: Kansas City: Two Distinct Submarkets
Kansas City: Two Distinct Submarkets Zona Rosa Zona Rosa Northland | Mixed-use lifestyle center 5.5M ~$124K Annual visits 5-mile avg. household income NORTHLAND Six miles from Kansas City Six miles from Kansas City International Airport International Airport, which ~100K recently completed a $1.5 5-
Slide 7: Carolina Pavilion: Value Creation Since Acquisition
Carolina Pavilion: Value Creation Since Acquisition Growth(1) since Acquisition (3Q 2024) Re-leased three vacated anchor boxes (one of which was subdivided into 2) to Cavender’s, 2nd & Charles, Bob’s Discount Furniture and Slick City Annual cash base rent increased ~$900k 81% → 91% 1,000 bps Occupan
Slide 8: Pompano Citi Centre Update
Pompano Citi Centre Update Subsequent Leasing Activity First Floor Shown Only ▪ Subsequent to quarter end, Amped Fitness signed a lease to expand by 19,000 square feet, bringing this immersive, experience-driven fitness destination to 53,000 square feet. ▪ An Amped affiliate also leased 56,000 squar
Slide 9: 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 ~1.7% >100 bps $5.6M 10-12% 11.4% $9.0M Estimated annual History of Primarily Low double-digit Weighted O
Slide 10: 2026 FFO Growth vs. Valuation
2026 FFO Growth vs. Valuation Low Valuation Multiple, High FFO Growth Highest Dividend Yield 16.0x CTO 7.4% IVT AKR 15.0x KIM 5.0% FRT REG 14.0x KRG 4.8% Multiple to Consensus 2026E FFO PECO BRX 4.5% 13.0x UE KIM UE 4.3% 12.0x KRG BRX FRT 4.3% 11.0x AKR 4.3% 10.0x REG 4.2% CTO 9.0x PECO 3.7% IVT 3.3
Slide 11: Shopping Center Trailing Twelve-Month Total Return
Shopping Center Trailing Twelve-Month Total Return CTO 20.0% 40.0% PECO 10.9% FRT 8.4% KRG 7.7% KIM 6.3% 30.0% IVT 4.4% REG 1.4% BRX 0.3% 20.0% AKR (4.8%) UE (5.8%) 10.0% – (10.0%) (20.0%) Ashford Lane Atlanta, GA CTO KIM IVT KRG PECO UE BRX FRT AKR REG Source: S&P Cap IQ as of October 26, 2026 © CT
Slide 12: Focused on Southeast & Southwest U.S.
Focused on Southeast & Southwest U.S. 78% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina 7% 8% North Carolina: 13% of ABR 4% 3% Georgia: 28% of ABR Florida: 20% of ABR Texas: 17% of ABR Powered by Bing © GeoNames, Microsoft, TomTom Cash ABR % 3% 28% Percentages listed based on cash A
Slide 13: Signed-Not-Open (SNO) Pipeline
Signed-Not-Open (SNO) Pipeline SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $5.6M 250 bps cash base rent leased-to-occupied spread $5.5M $5.6M $3.2M 4.6% $26.27 37% $0.1M 2026 2027 2028 2029 of in-place cash rent SNO cash rent PSF cash base rent fr
Slide 14: 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 15: Portfolio by Asset Type
Portfolio by Asset Type Grocery-Anchored Retail Lifestyle Power Center Exchange at Gwinnett | Atlanta, GA Collection at Forsyth | Atlanta, GA Marketplace at Seminole | Orlando, FL 12% 33% 51% 35% if including shadow-anchored assets As of September 30, 2026 Percentages based on cash ABR excluding the
Slide 16: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 4 1,499 28% 181,000 $135,000 76% 2 3 Dallas, TX Kansas City, MO 2 1 596 768 8% 8% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 5-Mile Population1 Household Income1 Top 30 Markets 1 4 Charlotte, NC 1 700 8% 5 Ric
Slide 17: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 Dick's Sporting Goods BBB 6 351 4% 2 Best Buy BBB+ 5 187 2% 3 AMC CCC+ 2 134 2% 4 Fidelity BBB 2 122 2% 5 Ross/dd's Discount A- 7 194 2% 6 Burlington BB+ 6 195 2% 7 Nordstrom Rack BB 4 145 2% 8 Barnes & Noble NR 5 132 2% 9 TJ Maxx/H
Slide 18: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 405 12% 2 Off-Price Retail 828 10% 3 Specialty Retail 428 7% 4 Sporting Goods 546 7% 5 Apparel 399 7% 6 Entertainment 418 6% 7 Beauty & Cosmetics 251 6% 8 Healthcare Services 196 5% 9 Fast Casual Restaurant 142 5% 10 Health & Fitness
Slide 19: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule 88% of Leases by ABR Have Contractual Rent Bumps Lease Rollover Schedule - % ABR 12% No Contractual Rent 34% 18% Increases Annual Contractual Rent Increases 14% 14% 62% 26% of Leases Have Contractual Rent Contractual Rent Increases in the Increases Cu
Slide 20: Historical Leasing Upside Since Acquisition
Historical Leasing Upside Since Acquisition Beaver Creek Collection at Forsyth Plaza at Rockwall Marketplace at Seminole Raleigh, NC Atlanta, GA Dallas, TX Orlando, FL SF Leased 312k 454k 238k 158k Since Acquisition Comparable SF Leased 292k 381k 217k 155k Since Acquisition Cash Rent Spread 30% 13%
Slide 21: Structured Investments Portfolio
Structured Investments Portfolio Current Face Property Type Current Maturity Current Yield Amount ($M) Retail Southwest Class A Retail Center April 2028 12.00% $75.8 Preferred Equity Land Development Rivana September 2028 11.65%2 $48.9 First Mortgage Mixed-Use Mixed-Use Property July 2028 9.75% $29.
Slide 22: PINE Company Profile
PINE Company Profile CTO generates ~$9.0 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) As of September 30, 2026 Diversified Geographic High-Quality Dividend Yield 2 7.4% Footprint by ABR Top Tenancy Implied Cap Rate 8.1% Number of Properties 130 Number of States w
Slide 23: Balance Sheet
Balance Sheet Fully Extended Debt Maturities (in millions) 2 $255M $123 liquidity1 - - - - $150 $150 $150 $150 - - - 2026 2027 2028 2029 2030 2031 2032 Unsecured Secured Revolving Credit Facility 44% As of 9/30/2026 net debt to total enterprise value (TEV) Initial Loan Weighted Fixed/Float Principal
Slide 24: 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 $2.11 to $2.14 $2.09 to $2.13 Growth at Guidance Mid-Point vs. 2025A 13.6% 1 AFFO Per Diluted Share $2.22 to $2.25 $2.21 to $2.25 Growth at
Slide 25: 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 26: 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 27: 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 28: 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 October 27, 2026. ▪ All information is as of September 30, 2026, unless otherwise noted. ▪ Any calculation differences are
Slide 29: Consolidated Statements of Operations
Consolidated Statements of Operations (Unaudited, in thousands, except share, per share and dividend data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenues Income Properties $ 38,451 $ 33,439 $ 112,167 $ 98,486 Management Fee Income 1,521 1,176 4,336 3,60
Slide 30: Non-GAAP Financial Measures
Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Adjustments: Depreciation and Amortization of Real Est
Slide 31: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation (Unaudited, in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Gain on Disposition of Assets — (1,373) (2,107) (1,373) Loss on Extingui
Slide 32: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) Three Months Ended September 30, 2026 Net Loss Attributable to the Company $ (5,172) Depreciation and Amortization of Real Estate 17,376 Provision for Impairment and Adjustment to CECL Reserve 354 Realized and Unrealized Loss (Gain) on
Slide 33: Investor Inquiries: ir@ctoreit.com
Investor Inquiries: ir@ctoreit.com