Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2025 Earnings Presentation
40 slides from Cto Realty Growth's earnings presentation, Oct 28, 2025
Slide 1: Supplemental Reporting Information Q3 2025
© CTO Realty Growth, Inc. | ctoreit.com Ashley Park Atlanta, GA Supplemental Reporting Information Q3 2025
Slide 2: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 2 Table of Contents Third Quarter 2025 Earnings Release 4 Key Financial Information ▪ Consolidated Balance Sheets 14 ▪ Consolidated Statements of Operations 15 ▪ Non-GAAP Financial Measures 16 Capitalization & Dividends 19 Summary of Debt 20 Debt Maturity Sche
Slide 3: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 3 Table of Contents Comparable Leasing Summary 28 Same-Property NOI 29 Lease Expiration Schedule 30 Top Tenant Summary 32 Geographic Diversification 33 Other Assets 34 2025 Guidance 35 Contact Information & Research Coverage 36 Safe Harbor, Non-GAAP Financial
Slide 4: CTO Realty Growth Reports Third Quarter 2025 Operating Results
Page 4 DRAFT DRATDDD Press Release FIRST 2024 OPERATING RESULTS FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS THIRD QUARTER 2025 OPERATING RESULTS – Raises Full-Year 2025 Outlook – – Strengthens balance sheet with $150 million term loan financing – – Current signed-not-open pipeline of $5.5 millio
Slide 5: Quarterly Financial Results Highlights
Page 5 Quarterly Financial Results Highlights The table below provides a summary of the Company’s operating results for the three months September 30, 2025, as compared to the three months ended September 30, 2024: Three Months Ended (in thousands, except per share data) September 30, 2025 September
Slide 6: Year-to-Date Financial Results Highlights
Page 6 Year-to-Date Financial Results Highlights The table below provides a summary of the Company’s operating results for the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024: Nine Months Ended (in thousands, except per share data) September 30, 2025 Sep
Slide 7: Portfolio Summary
Page 7 Portfolio Summary The Company’s income property portfolio consisted of the following as of September 30, 2025: Wtd. Avg. Remaining Asset Type # of Properties Square Feet Lease Term Single Tenant 3 222 2.7 years Multi-Tenant 18 5,005 4.9 years Total / Wtd. Avg. 21 5,227 4.8 years Square Feet i
Slide 8: Leasing Activity
Page 8 Leasing Activity During the three months ended September 30, 2025, the Company signed 24 leases totaling 142,421 square feet. On a comparable basis, which excludes vacancy existing at the time of acquisition, CTO signed 21 leases totaling 124,915 square feet at an average cash base rent of $2
Slide 9: Summary of Long-Term Debt
Page 9 The following table provides a summary of the Company’s long-term debt, as of September 30, 2025: Component of Long-Term Debt Principal Maturity Date Interest Rate Wtd. Avg. Rate Mortgage Note (1) $ 17.8 million August 2026 4.060% 4.06% Revolving Credit Facility (2) 139 million January 2027 S
Slide 10: 2025 Outlook Assumptions
Page 10 The Company’s 2025 outlook includes but is not limited to the following assumptions for the year ending December 31, 2025: ▪ Investments, including commercial loans or similarly structured investments, between $100.0 million and $200.0 million at a weighted average initial cash yield between
Slide 11: Earnings Conference Call & Webcast
Page 11 Earnings Conference Call & Webcast The Company will host a conference call to present its operating results for the quarter ended September 30, 2025, on Wednesday, October 29, 2025 at 9:00 AM ET. A live webcast of the call will be available on the Investor Relations page of the Company’s web
Slide 12: Forward-Looking Statements (continued)
Page 12 general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining re
Slide 13: Non-GAAP Financial Measures Definitions
Page 13 investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, a
Slide 14: Consolidated Balance Sheets
Page 14 CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of (Unaudited) September 30, 2025 December 31, 2024 ASSETS Real Estate: Land, at Cost $ 280,171 $ 257,748 Building and Improvements, at Cost 766,444 720,480 Other Furnishings and Equipment,
Slide 15: Consolidated Statements of Operations
Page 15 CTO Realty Growth, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Revenues Income Properties $ 33,439 $ 28,528 $
Slide 16: Same-Property NOI Reconciliation
Page 16 CTO Realty Growth, Inc. Non-GAAP Financial Measures Same-Property NOI Reconciliation (Unaudited) (In thousands) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Income (Loss) Attributable to the Company $ 2,914 $ 6,227 $ (18
Slide 17: FFO, Core FFO and AFFO Reconciliation
Page 17 CTO Realty Growth, Inc. Non-GAAP Financial Measures Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations Attributable to Common Stockholders (Unaudited) (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, 2025 September 30
Slide 18: Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
Page 18 CTO Realty Growth, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended September 30, 2025 Net Income Attributable to the Company $ 2,914 Depreciation and Amortization of Real Estate 14,913 Gain on Disposition
Slide 19: Capitalization & Dividends
© CTO Realty Growth, Inc. | ctoreit.com Capitalization & Dividends As of 9/30/2025 Equity Capitalization Common Shares Outstanding 32,676 Common Share Price $16.30 Total Common Equity Market Capitalization $532,614 Series A Preferred Shares Outstanding 4,713 Series A Preferred Par Value Per Share $2
Slide 20: Debt Summary as of September 30, 2025
© CTO Realty Growth, Inc. | ctoreit.com Debt Summary as of September 30, 2025 $ in thousands. Any differences are a result of rounding. 1. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.25%-2.20% 2. Interest rate is calculated as 30-day SOF
Slide 21: Debt Maturity Schedule
© CTO Realty Growth, Inc. | ctoreit.com Debt Maturity Schedule Year Outstanding % of Debt Maturing Cumulative % of Debt Maturing Weighted Average Rate 2025 - - - - 2026 17,800 3% 3% 4.06% 2027 239,000 39% 42% 4.18% 2028 100,000 16% 58% 5.18% 2029 125,000 21% 79% 4.21% 2030 125,000 21% 100% 4.24% Tot
Slide 22: Year-to-Date Investment & Disposition Activity
© CTO Realty Growth, Inc. | ctoreit.com Year-to-Date Investment & Disposition Activity Property Acquisitions Market Type Date Acquired Square Feet Price Occupancy At Acquisition Ashley Park – Newnan, GA Atlanta, GA Lifestyle March 2025 559,465 $79,750 92% Total Acquisitions 559,465 $79,750 Property
Slide 23: Real Estate Portfolio Capital Investments
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Portfolio Capital Investments Investment in Previously Occupied Space Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Capital Expenditures $1 $18 $3 $22 Tenant Improvement Allowances 156 336 3,847 4,339 Leasing Commissions 214 234 270 718 Total Investment in
Slide 24: Real Estate Portfolio Summary
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Portfolio Summary Total Portfolio as of September 30, 2025 Asset Type Number of Properties Square Feet Cash ABR PSF Occupancy Leased Occupancy Single Tenant 3 222 $21.55 100.0% 100.0% Multi-Tenant 18 5,005 $19.53 90.1% 93.9% Total Portfolio 21 5,22
Slide 25: Real Estate Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Portfolio Detail Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF1 Atlanta, GA The Collection at Forsyth Lifestyle 2022 2006 69.5 560,919 88% 91% $20.43 Ashford Lane Lifestyle 20
Slide 26: Real Estate Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Portfolio Detail Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF1 Charlotte, NC Carolina Pavilion Retail Power Center 2024 1995 72.2 693,813 79% 91% $12.45 Albuquerque, NM Fidel
Slide 27: Retail Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com Retail Leasing Summary Renewals and Extensions Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Leases 11 10 15 36 Square Feet 47 115 111 272 New Cash Rent PSF $26.05 $29.91 $18.99 $24.81 Tenant Improvements $26 - - $26 Leasing Commissions $23 - $10 $33 Weighted Average T
Slide 28: Comparable Retail Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com Comparable Retail Leasing Summary Renewals and Extensions - Comparable Number of Leases Signed GLA Signed New Cash Rent PSF Expiring Cash Rent PSF % Increase Over Expiring Rent Weighted Average Lease Term Tenant Improvements Lease Commissions 1st Quarter 2025
Slide 29: Same-Property NOI
© CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI Multi-Tenant Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 Number of Comparable Properties 12 13 13 12 Same-Property NOI – 2025 $15,965 $16,242 $17,442 $47,295 Same-Property NOI – 2024 $15,579 $16,104 $17,047 $45,892 $ Variance $386 $138 $395 $1,403 %
Slide 30: Lease Expiration Schedule
© CTO Realty Growth, Inc. | ctoreit.com Lease Expiration Schedule Anchor Tenants 1 Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2025 1 105 2.2% 1,864 1.8% $17.75 2026 7 229 4.8% 3,970 3.9% $17.35 2027 12 443 9.4% 4,921 4.8% $11.11 2028 18 763 16.1% 12,630 12.3% $16.56
Slide 31: Lease Expiration Schedule Total
© CTO Realty Growth, Inc. | ctoreit.com Lease Expiration Schedule Total Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2025 15 136 2.9% 2,961 2.9% $21.85 2026 66 422 8.9% 9,883 9.6% $23.43 2027 80 650 13.7% 11,058 10.8% $17.01 2028 81 988 20.9% 20,121 19.6% $20.37 2029
Slide 32: Top Tenant Summary
© CTO Realty Growth, Inc. | ctoreit.com Top Tenant Summary Tenant/Concept Credit Rating1 Leases2 Leased Square Feet2 % of Total Cash ABR % of Total Fidelity A+ 2 218 4.2% $4,253 4.1% AMC CCC+ 3 174 3.3% 4,118 4.0% Best Buy BBB+ 4 142 2.7% 2,229 2.2% Ross/dd's Discount BBB+ 6 164 3.1% 2,115 2.1% Dick
Slide 33: Geographic Diversification
© CTO Realty Growth, Inc. | ctoreit.com Geographic Diversification Markets Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2024 Average Household Income 5-Mile 2024 Total Population 2024-2029 Projected Population Annual Growth Atlanta, GA 5 1,657 32% $37,322 36% $153,820 189,991 1.06% D
Slide 34: Other Assets
© CTO Realty Growth, Inc. | ctoreit.com Other Assets Investment Securities Shares & Operating Partnership Units Owned Value Per Share September 30, 2025 Estimated Value Annualized Dividend Per Share In-Place Annualized Dividend Income Alpine Income Property Trust 2,472 $14.17 $35,022 $1.14 $2,818 St
Slide 35: 2025 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 2025 Guidance Low High Core FFO Per Diluted Share1 $1.84 − $1.87 AFFO Per Diluted Share1 $1.96 − $1.99 The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2025 is as follows: The Company’s 2025 guidance includes but is not limited
Slide 36: Contact Information & Research Coverage
© CTO Realty Growth, Inc. | ctoreit.com Contact Information & Research Coverage Contact Information Corporate Office Locations Investor Relations Transfer Agent New York Stock Exchange 369 N. New York Ave., Suite 201 Winter Park, FL 32789 1140 N. Williamson Blvd., Suite 140 Daytona Beach, FL 32114 i
Slide 37: Safe Harbor
© CTO Realty Growth, Inc. | ctoreit.com Safe Harbor 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 of the Securities Exchange Act
Slide 38: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjust
Slide 39: Non-GAAP Financial Measures (Continued)
© CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures (Continued) To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net g
Slide 40: Definitions & Terms
© CTO Realty Growth, Inc. | ctoreit.com Definitions & Terms 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 28, 2025. ▪ All information is as of September 30, 2025, unless ot