Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q1 2026 Earnings Presentation
29 slides from Cto Realty Growth's earnings presentation, Apr 29, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation Ashford Lane | Atlanta, GA
Slide 2: Highlights
Highlights Q1 2026 Highlights Enterprise Value $0.52 Core FFO Per Share $1.3B $1.4B $1.3B Implied property value per square $213 $919M $946M foot $690M Square feet of comparable leasing $496M 146,000 activity 14% Comparable leasing spread 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/20
Slide 3: Company Highlights
Company Highlights Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 5.9M 85% Square Feet Of Portfolio ABR from Georgia, Florida, Texas & North Carolina $616M $644M $118M $1.4B Equity Market Cap Net Debt Outstanding Series A Preferred Enterprise Val
Slide 4: February 2026 Acquisition: Palms Crossing – McAllen, TX
February 2026 Acquisition: Palms Crossing – McAllen, TX Transaction Highlights ▪ $81.6 million purchase price in February 2026 ▪ Basis of $204 / SF, well-below replacement cost ▪ 399,000 square feet across 47 acres ▪ 98% leased, anchored by Best Buy, Hobby Lobby, Burlington, Barnes & Noble & Nike ▪
Slide 5: 2026 FFO Growth (Midpoint) vs. Valuation
2026 FFO Growth (Midpoint) vs. Valuation CTO offers attractive growth at a low multiple relative to retail peers 20.0x 18.0x REG AKR WSR Multiple to 2026 FFO (Midpoint) 16.0x SKT FRT UE 14.0x PECO KIM BRX 12.0x KRG 10.0x AAT CTO 8.0x – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Ashford Lane Atlanta, GA 2
Slide 6: Portfolio by Asset Type
Portfolio by Asset Type Grocery-Anchored Retail Lifestyle Power Center Madison Yards | Atlanta, GA Ashford Lane | Atlanta, GA Marketplace at Seminole | Sanford, FL 19% 26% 51% 44% if including shadow-anchored assets As of March 31, 2026 Percentages based on cash ABR excluding the impact of straight-
Slide 7: Focused on Southeast & Southwest U.S.
Focused on Southeast & Southwest U.S. 85% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina Cash ABR % 34% North Carolina: 13% of ABR 2% Georgia: 34% of ABR Florida: 23% of ABR Texas: 15% of ABR Powered by Bing © GeoNames, Microsoft, TomTom Percentages listed based on cash ABR excluding
Slide 8: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 5 1,661 34% 193,000 $137,000 82% 2 Richmond, VA 1 392 9% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 3 Orlando, FL 3 449 8% 5-Mile Population1 Household Income1 Top 30 Markets 1 4 Charlotte, NC 1 694 8% 5 Fort
Slide 9: Signed-Not-Open (SNO) Schedule
Signed-Not-Open (SNO) Schedule SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $6.2M 450 bps cash base rent leased-to-occupied spread $6.1M $6.2M 5.5% $23.24 69% $1.8M of in-place cash rent SNO cash rent PSF cash base rent from anchor tenants 2026 202
Slide 10: 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 225k 342k 148k 128k Since Acquisition Comparable SF Leased 213k 283k 131k 112k Since Acquisition Cash Rent Spread 39% 14%
Slide 11: Recent Acquisitions with Average Basis of $157 per SF
Recent Acquisitions with Average Basis of $157 per SF Significantly Below Replacement Cost • Large MSAs Palms Crossing Pompano Citi Centre Q1 2026 Acquisition ▪ McAllen, TX ▪ Pompano Beach, FL ▪ 399,000 sf ▪ 509,000 sf ▪ 47 acres ▪ 34 acres ▪ 98% Q1 leased occupancy ▪ 93% Q1 leased occupancy ▪ Close
Slide 12: 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 13: Collection at Forsyth to Benefit from Development Activity
Collection at Forsyth to Benefit from Development Activity Originated $40.2 Million First Mortgage Loan for Whole Foods Anchored Development 10 Acres Development – Lease ▪ Strategic investment in development located on 35 acres neighboring CTO’s 561,000 SF shopping Opportunity center, The Collection
Slide 14: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule 90% of Leases by ABR Have Contractual Rent Bumps Lease Rollover Schedule - % ABR 10% No Contractual Rent Increases 36% 19% Annual Contractual Rent Increases 61% 29% of Leases Have 13% Contractual Rent Contractual Rent Increases in the Increases Curren
Slide 15: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 AMC CCC+ 3 174 4% 2 Best Buy BBB+ 5 187 3% 3 Fidelity BBB 2 122 2% 4 Ross/dd's Discount A- 7 194 2% 5 Burlington BB+ 5 175 2% 6 TJ Maxx/HomeGoods/Marshalls A 6 177 2% 7 Barnes & Noble NR 4 102 2% 8 Dick's Sporting Goods BBB 4 188 2%
Slide 16: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 383 13% 2 Off-Price Retail 764 10% 3 Entertainment 454 8% 4 Apparel 312 6% 5 Specialty Retail 274 6% 6 Healthcare Services 202 6% 7 Beauty & Cosmetics 226 6% 8 Health & Fitness 225 5% 9 Fast Casual Restaurant 136 5% 10 Consumer Elect
Slide 17: Structured Investments Portfolio
Structured Investments Portfolio Current Property Type Current Maturity Current Yield Amount ($M) Land Development Rivana September 2028 11.54%2 $36.9 First Mortgage Office Founders Square March 2027 9.50% $15.0 First Mortgage Grocery-Anchored Retail Whole Foods May 2027 12.15% $16.5 First Mortgage
Slide 18: PINE Company Profile
PINE Company Profile CTO generates ~$8.1 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) As of March 31, 2026 Diversified Geographic High-Quality Dividend Yield 2 6.7% Footprint by ABR Top Tenancy Implied Cap Rate 7.8% Number of Properties 125 Number of States with
Slide 19: Balance Sheet
Balance Sheet Fully Extended Debt Maturities (in millions) 2 $124M $184 liquidity1 $100 $100 $125 $125 $18 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility As of 3/31/2026 47% Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal net debt to total enterprise value (
Slide 20: 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 $2.06 to $2.11 $1.98 to $2.03 Growth at Guidance Mid-Point vs. 2025A 11.5% 1 AFFO Per Diluted Share $2.19 to $2.24 $2.11 to $2.16 Growth at
Slide 21: 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 22: 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 23: 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 24: 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 April 28, 2026. ▪ All information is as of March 31, 2026, unless otherwise noted. ▪ Any calculation differences are assume
Slide 25: Consolidated Statements of Operations
Consolidated Statements of Operations (Unaudited) Three Months Ended (In thousands, except share, per share and dividend data) March 31, 2026 2025 Revenues Income Properties $ 36,580 $ 31,672 Management Fee Income 1,349 1,178 Interest Income From Commercial Loans and Investments 3,244 2,961 Total Re
Slide 26: Non-GAAP Financial Measures
Non-GAAP Financial Measures (Unaudited) Three Months Ended (In thousands, except share, per share and dividend data) March 31, 2026 2025 Net Income Attributable to the Company $ 6,205 $ 2,261 Adjustments: Depreciation and Amortization of Real Estate 15,938 14,346 Provision for Impairment and Adjustm
Slide 27: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation (Unaudited) Three Months Ended (In thousands) March 31, 2026 2025 Net Income Attributable to the Company $ 6,205 $ 2,261 Provision for Impairment and Adjustment to CECL Reserve (321) — Depreciation and Amortization 15,956 14,364 Amortization of Intangibles to Lease I
Slide 28: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended March 31, 2026 Net Income Attributable to the Company $ 6,205 Depreciation and Amortization of Real Estate 15,938 Provision for Impairment and Adjustment to CECL Reserve (321) Unrealized Gain & Realized Loss on Inves
Slide 29: Investor Inquiries: ir@ctoreit.com
Investor Inquiries: ir@ctoreit.com