Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q4 2024 Earnings Presentation
42 slides from Cto Realty Growth's earnings presentation, Feb 20, 2025
Slide 1: Supplemental Reporting Information Q4 2024
© CTO Realty Growth, Inc. | ctoreit.com Collection at Forsyth Atlanta, GA Supplemental Reporting Information Q4 2024
Slide 2: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 2 Table of Contents Fourth Quarter 2024 Earnings Release 4 Key Financial Information ▪ Consolidated Balance Sheets 15 ▪ Consolidated Statements of Operations 16 ▪ Non-GAAP Financial Measures 17 Capitalization & Dividends 20 Summary of Debt 21 Debt Maturity Sch
Slide 3: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 3 Table of Contents Leasing Summary 29 Comparable Leasing Summary 30 Same-Property NOI 31 Lease Expiration Schedule 32 Top Tenant Summary 34 Geographic Diversification 35 Other Assets 36 2025 Guidance 37 Contact Information & Research Coverage 38 Safe Harbor,
Slide 4: CTO Realty Growth Reports Fourth Quarter and Full Year 2024 Operating Results
Page 4 Press Release FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS FOURTH QUARTER AND FULL YEAR 2024 OPERATING RESULTS – Closed investments of $330.8 million at a weighted average initial cash yield 9.3% in 2024 – – Raised $165.2 million of net proceeds under common ATM program in 2024 – – Current
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 ended December 31, 2024: Three Months Ended (in thousands, except per share data) December 31, 2024 December 31, 2023 Variance to Comparable Period in the Prior Ye
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 year ended December 31, 2024: Year Ended (in thousands, except per share data) December 31, 2024 December 31, 2023 Variance to Comparable Period in the Prior Year Net Income
Slide 7: Investments, Dispositions and Portfolio Summary
Page 7 During the year ended December 31, 2024, the Company invested an aggregate of $330.8 million, including six retail properties totaling 1.3 million square feet and one vacant land parcel for $226.8 million and the origination of three first mortgage structured investments for $94.0 million, an
Slide 8: Same-Property NOI and Leasing Activity
Page 8 During the year ended December 31, 2024, the Company’s Same-Property NOI totaled $60.4 million, an increase of 4.0% over the year ended December 31, 2023, as presented in the following table: Twelve Months Ended December 31, 2024 December 31, 2023 Variance to Comparable Period in the Prior Ye
Slide 9: Capital Markets and Balance Sheet
Page 9 Capital Markets and Balance Sheet During the quarter and year ended December 31, 2024, the Company completed the following notable capital markets activities: During the quarter ended December 31, 2024, issued 1,696,601 common shares under its common stock ATM offering program at a weighted
Slide 10: Dividends
Page 10 Dividends The Company’s Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.38 per share of common stock for the first quarter of 2025 (the “Common Stock Cash Dividend”). The Common Stock Cash Dividend represents an annualized yield of approximate
Slide 11: 2025 Outlook Reconciliation
Page 11 The following table provides a reconciliation of the outlook range of the Company’s estimated Net Loss Attributable to the Company per Common Share – Diluted for the year ending December 31, 2025 to the Company’s estimated Core FFO Attributable to Common Stockholders per Common Share – Dilut
Slide 12: About CTO Realty Growth, Inc.
Page 12 About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningf
Slide 13: Non-GAAP Financial Measures
Page 13 each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA,
Slide 14: Non-GAAP Measure Definitions (Continued)
Page 14 cost of revenues, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting period
Slide 15: Consolidated Balance Sheets
Page 15 CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of December 31, 2024 December 31, 2023 ASSETS Real Estate: Land, at Cost $ 257,748 $ 222,232 Building and Improvements, at Cost 720,480 559,389 Other Furnishings and Equipment, at Cost 883
Slide 16: Consolidated Statements of Operations
Page 16 CTO Realty Growth, Inc. Consolidated Statements of Operations (In thousands, except share, per share and dividend data) (Unaudited) Three Months Ended Year Ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Revenues Income Properties $ 31,562 $ 26,290 $ 110,591 $ 9
Slide 17: Same-Property NOI Reconciliation
Page 17 CTO Realty Growth, Inc. Non-GAAP Financial Measures Same-Property NOI Reconciliation (Unaudited) (In thousands) Three Months Ended Year Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Income (Loss) Attributable to the Company $ (15,217) $ 7,037 $ (1,965) $ 5
Slide 18: FFO, Core FFO and AFFO Reconciliation
Page 18 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 Year Ended December 31, 2024 December 31, 2023 De
Slide 19: Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
Page 19 CTO Realty Growth, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended December 31, 2024 Net Loss Attributable to the Company $ (15,217) Depreciation and Amortization of Real Estate 29,331 Gain on Disposition
Slide 20: Capitalization & Dividends
© CTO Realty Growth, Inc. | ctoreit.com 20 Capitalization & Dividends As of 12/31/2024 Equity Capitalization Common Shares Outstanding 31,673 Common Share Price $19.71 Total Common Equity Market Capitalization $624,284 Series A Preferred Shares Outstanding 4,713 Series A Preferred Par Value Per Shar
Slide 21: Debt Summary
© CTO Realty Growth, Inc. | ctoreit.com 21 Debt Summary $ in thousands. Any differences are a result of rounding. 1. See reconciliation as part of Non-GAAP Financial Measures in the Company’s Fourth Quarter 2024 Earnings Release. Indebtedness Outstanding Face Value Interest Rate Maturity Date Type 2
Slide 22: Debt Maturity Schedule
© CTO Realty Growth, Inc. | ctoreit.com 22 Debt Maturity Schedule Year Outstanding % of Debt Maturing Cumulative % of Debt Maturing Weighted Average Rate 2025 51,034 10% 10% 3.88% 2026 82,800 16% 26% 2.93% 2027 187,000 36% 62% 3.99% 2028 100,000 19% 81% 5.08% 2029 100,000 19% 100% 4.58% Total $520,8
Slide 23: Year-to-Date Investment Activity
© CTO Realty Growth, Inc. | ctoreit.com 23 Year-to-Date Investment Activity Property Acquisitions Market Type Date Acquired Square Feet Price Occupancy At Acquisition Phase II of The Exchange at Gwinnett (5 of 5 parcels) Buford, GA Atlanta, GA Multi-Tenant Retail February 2024 4,000 $2,272 100% Mark
Slide 24: Year-to-Date Disposition Activity
© CTO Realty Growth, Inc. | ctoreit.com 24 Year-to-Date Disposition Activity Property Market Type Date Sold Square Feet Price Gain/(Loss) 125 Lincoln & 150 Washington Santa Fe, NM Santa Fe Mixed Use March 2024 136,240 $19,977 $4,618 Jordan Landing, West Jordan UT West Jordan Retail Power Center Augu
Slide 25: Real Estate Portfolio Capital Investments
© CTO Realty Growth, Inc. | ctoreit.com 25 Real Estate Portfolio Capital Investments Investment in Previously Occupied Space Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Capital Expenditures $ − $54 $7 $3 $64 Tenant Improvement Allowances 48 529 936 2,099 3,612 Leasing Commissions 541 89 373 647 1,650 Total
Slide 26: Real Estate Portfolio Summary
© CTO Realty Growth, Inc. | ctoreit.com 26 Real Estate Portfolio Summary Total Portfolio as of December 31, 2024 Asset Type Number of Properties Square Feet Cash ABR PSF Occupancy Leased Occupancy Single Tenant 6 252 $22.22 100.0% 100.0% Multi-Tenant 17 4,435 $19.25 89.7% 93.0% Total Portfolio 23 4,
Slide 27: Real Estate Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com 27 Real Estate Portfolio Detail Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Atlanta, GA The Collection at Forsyth Lifestyle 2022 2006 69.5 560,665 87% 90% $20.65 Ashford Lane Lifestyle
Slide 28: Real Estate Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com 28 Real Estate Portfolio Detail Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Charlotte, NC Carolina Pavilion Retail Power Center 2024 1995 72.2 685,714 84% 84% $10.87 Albuquerque, NM Fid
Slide 29: Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com 29 Leasing Summary Renewals and Extensions Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Leases 10 7 11 8 36 Square Feet 34 48 122 48 252 New Cash Rent PSF $29.26 $21.06 $18.04 $21.32 $20.76 Tenant Improvements $15 $10 $53 - $78 Leasing Commissions $40 $57 $36 $10 $143
Slide 30: Comparable Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com 30 Comparable 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 2024 10 3
Slide 31: Same-Property NOI
© CTO Realty Growth, Inc. | ctoreit.com 31 Same-Property NOI Multi-Tenant Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Number of Comparable Properties 12 12 12 12 11 Same-Property NOI – 2024 $13,966 $13,587 $15,457 $15,129 $54,689 Same-Property NOI – 2023 $13,305 $13,391 $14,439 $14,931 $52,450 $ Variance $
Slide 32: Lease Expiration Schedule
© CTO Realty Growth, Inc. | ctoreit.com 32 Lease Expiration Schedule Anchor Tenants 1 Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2025 7 120 2.8% 2,461 2.7% $20.54 2026 11 337 8.0% 5,803 6.4% $17.22 2027 12 421 10.0% 4,656 5.1% $11.05 2028 17 790 18.7% 12,808 14.1% $
Slide 33: Lease Expiration Schedule
© CTO Realty Growth, Inc. | ctoreit.com 33 Lease Expiration Schedule Total Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2025 48 254 6.0% 6,426 7.1% $25.30 2026 66 534 12.6% 11,530 12.7% $21.61 2027 74 610 14.4% 10,114 11.1% $16.58 2028 70 986 23.3% 19,467 21.4% $19.74
Slide 34: Top Tenant Summary
© CTO Realty Growth, Inc. | ctoreit.com 34 Top Tenant Summary Tenant/Concept Credit Rating1 Leases2 Leased Square Feet2 % of Total Cash ABR % of Total AMC CCC+ 3 174 3.7% $4,008 4.4% Fidelity A+ 2 218 4.6% 4,253 4.7% Ross/dd's Discount BBB+ 6 164 3.5% 2,115 2.3% Best Buy BBB+ 3 112 2.4% 1,749 1.9% P
Slide 35: Geographic Diversification
© CTO Realty Growth, Inc. | ctoreit.com 35 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 4 1,098 23% $28,635 31% $166,768 221,995 1.13
Slide 36: Other Assets
© CTO Realty Growth, Inc. | ctoreit.com 36 Other Assets Investment Securities Shares & Operating Partnership Units Owned Value Per Share December 31, 2024 Estimated Value Annualized Dividend Per Share In-Place Annualized Dividend Income Alpine Income Property Trust 2,362 $16.79 $39,666 $1.12 $2,646
Slide 37: 2025 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 37 2025 Guidance Low High Core FFO Per Diluted Share1 $1.80 − $1.86 AFFO Per Diluted Share1 $1.93 − $1.98 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 limi
Slide 38: Contact Information & Research Coverage
© CTO Realty Growth, Inc. | ctoreit.com 38 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 3211
Slide 39: Safe Harbor
© CTO Realty Growth, Inc. | ctoreit.com 39 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 A
Slide 40: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com 40 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”), Adj
Slide 41: Non-GAAP Financial Measures (Continued)
© CTO Realty Growth, Inc. | ctoreit.com 41 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 ne
Slide 42: Definitions & Terms
© CTO Realty Growth, Inc. | ctoreit.com 42 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 February 20, 2025. ▪ All information is as of December 31, 2024, unless