Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2021 Earnings Presentation
27 slides from Cto Realty Growth's earnings presentation, Oct 28, 2021
Slide 1: Supplemental Disclosure Quarter Ended September 30, 2021
Supplemental Disclosure Quarter Ended September 30, 2021
Slide 2: Table of Contents
Table of Contents 1. Third Quarter 2021 Earnings Release ………........................……………… 4 2. Key Financial Information ▪ Consolidated Balance Sheets ……….……………...........................… 13 ▪ Consolidated Statements of Operations .…………………………...… 14 ▪ Non-GAAP Financial Measures .…………………….........
Slide 3: Safe Harbor
Safe Harbor 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 Act of 1934, as amended. Forward-looking sta
Slide 4: Earnings Release
Earnings Release 4 For the Quarter Ended September 30, 2021
Slide 5: Earnings Release
Earnings Release 5 For the Quarter Ended September 30, 2021
Slide 6: Earnings Release
Earnings Release 6 For the Quarter Ended September 30, 2021
Slide 7: Earnings Release
Earnings Release 7 For the Quarter Ended September 30, 2021
Slide 8: Earnings Release
Earnings Release 8 For the Quarter Ended September 30, 2021
Slide 9: Earnings Release
Earnings Release 9 For the Quarter Ended September 30, 2021
Slide 10: Earnings Release
Earnings Release 10 For the Quarter Ended September 30, 2021
Slide 11: Earnings Release
Earnings Release 11 For the Quarter Ended September 30, 2021
Slide 12: Earnings Release
Earnings Release 12 For the Quarter Ended September 30, 2021
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets 13 For the Quarter Ended September 30, 2021
Slide 14: Consolidated Statements of Operations
Consolidated Statements of Operations 14 For the Quarter Ended September 30, 2021
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures 15 For the Quarter Ended September 30, 2021
Slide 16: Summary of Debt
Summary of Debt 16 Notes Payable Principal Interest Rate Maturity Date Revolving Credit Facility – Fixed (1) $100.0 million 30-Day LIBOR + [1.35% – 1.95%] May 2023 Revolving Credit Facility – Variable 9.0 million 30-day LIBOR + [1.35% – 1.95%] May 2023 2025 Convertible Senior Notes 61.7 million 3.88
Slide 17: Notable Acquisitions & Dispositions
Notable Acquisitions & Dispositions 17 Property Property Type Date Square Feet Price Gain World of Beer & Fuzzy’s Taco Shop - Brandon, FL Multi-Tenant Retail 1/20/2021 6,715 $2.3 $0.6 Moe’s Southwest Grill - Jacksonville, FL Single Tenant Retail 2/23/2021 3,111 2.5 0.1 Burlington - North Richland Hi
Slide 18: Summary of Joint Ventures
Summary of Joint Ventures 18 Land Joint Venture Q3 2021 Since Inception Land Sales Acres Sold 8 acres 3,800 acres Sales Price $ 0.8 million $80.6 million Distributions to Joint Venture Partner $ 0.9 million $77.2 million Partner Capital Balance as of September 30, 2021 $34.7 million * The Company ex
Slide 19: Schedule of Other Assets
Schedule of Other Assets 19 Subsurface Interests Acreage Estimated Value Acres Available for Sale (1) 415,000 acres $7.0 million Land & Development Acreage Estimated Value Downtown Daytona Land – Combined Parcels 6.0 acres Total Land & Development 6.0 acres $6.3 million All numbers in thousands exce
Slide 20: Leasing Summary
Leasing Summary 20 Renewals & Extensions (1) Q1 2021 Q2 2021 Q3 2021 2021 YTD Leases 11 3 5 19 Square Feet 130.0 164.0 27.1 321.1 New Cash Rent PSF $12.19 $8.98 $21.28 $11.32 Tenant Improvements $97 $633 $319 $1,049 Leasing Commissions $88 $23 $168 $279 Weighted Average Term 5.2 years 5.3 years 5.5
Slide 21: Portfolio Diversification
Portfolio Diversification 21 Tenant or Concept Credit Rating (1) Square Feet Annualized Base Rent Percent of Annualized Base Rent BBB 210 $ 3,646 8.2% Not Rated 74 2,464 5.6% BB+ 121 2,284 5.2% CCC+ 59 2,191 4.9% Master Lease Tenant of Westland Gateway Plaza Not Rated 108 1,730 3.9% B 192 1,600 3.6%
Slide 22: Portfolio Diversification
Portfolio Diversification 22 Square Feet and Annualized Base Rent in thousands. Any differences a result of rounding. Geographic Concentration # of Properties Square Feet Annualized Base Rent Percent of Annualized Base Rent Florida 8 597 $ 13,091 29.6% Texas 3 447 10,016 22.6% Georgia 1 270 6,297 14
Slide 23: Portfolio Diversification by Metropolitan Statistical Area
Metropolitan Statistical Area # of Properties Square Feet Annualized Base Rent Percent of Annualized Base Rent Jacksonville, FL 4 356 $ 8,086 18.3% Dallas-Fort Worth-Arlington, TX 2 373 7,552 17.0% Atlanta–Sandy Springs–Alpharetta, GA 1 270 6,297 14.2% Phoenix-Mesa-Scottsdale, AZ 1 245 4,415 10.0% A
Slide 24: Lease Expirations
Lease Expirations 24 Year # of Leases Expiring Square Feet Annualized Base Rent Percent of Annualized Base Rent 2021(1) 8 19 $ 596 1.3% 2022 17 62 1,760 4.0% 2023 15 122 2,326 5.3% 2024 9 43 1,117 2.5% 2025 15 110 2,777 6.3% 2026 23 234 4,726 10.7% 2027 12 188 2,615 5.9% 2028 18 458 9,293 21.0% 2029
Slide 25: Schedule of Properties
Schedule of Properties 25 Property Asset Type Property Type Acreage Square Feet Occupancy Ashford Lane – Atlanta, GA Multi-Tenant Retail 43.7 270 76% Crossroads Towne Center – Chandler, AZ Multi-Tenant Retail 31.1 245 98% The Shops at Legacy – Plano, TX Multi-Tenant Mixed-Use 12.7 237 85% Fidelity –
Slide 26: Research Coverage
Research Coverage 26 Institution Coverage Analyst Email Phone B. Riley Craig Kucera craigkucera@brileyfin.com (703) 312-1635 BTIG Michael Gorman mgorman@btig.com (212) 738-6138 Sarah Barcomb sbarcomb@btig.com (212) 882-2336 Compass Point Merrill Ross mross@compasspointllc.com (202) 534-1392 Janney R
Slide 27: Definitions and Terms
Definitions and Terms 27 Annualized Base Rent (ABR) is the annual straight-line recognition of a lease’s minimum base rent as calculated based on the leases in-place within the Company’s portfolio as of the end of the reporting period. Funds From Operations (FFO) and Adjusted Funds From Operations (