Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q1 2025 Earnings Presentation
39 slides from Cto Realty Growth's earnings presentation, May 1, 2025
Slide 1: Supplemental Reporting Information Q1 2025
© CTO Realty Growth, Inc. | ctoreit.com Ashley Park Atlanta, GA Supplemental Reporting Information Q1 2025
Slide 2: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 2 Table of Contents First Quarter 2025 Earnings Release 4 Key Financial Information ▪ Consolidated Balance Sheets 1 3 ▪ Consolidated Statements of Operations 1 4 ▪ Non -GAAP Financial Measures 1 5 Capitalization & Dividends 1 8 Summary of Debt 1 9 Debt Maturit
Slide 3: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com 3 Table of Contents Comparable Leasing Summary 27 Same-Property NOI 28 Lease Expiration Schedule 29 Top Tenant Summary 31 Geographic Diversification 32 Other Assets 33 2025 Guidance 34 Contact Information & Research Coverage 35 Safe Harbor, Non-GAAP Financial
Slide 4: CTO Realty Growth Reports First Quarter 2025 Operating Results
Page 4 DRAFT Press Release FIRST 2024 OPERATING RESULTS FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS FIRST QUARTER 2025 OPERATING RESULTS – Acquired one property for $79.8 million – – Signed comparable leases on 109,000 square feet for growth of 37.2% – – Current signed-not-open pipeline of $4.0
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 March 31, 2025, as compared to the three months ended March 31, 2024: Three Months Ended (in thousands, except per share data) March 31, 2025 March 31, 2024
Slide 6: Portfolio Summary
Page 6 Portfolio Summary The Company’s income property portfolio consisted of the following as of March 31, 2025: Wtd. Avg. Remaining Asset Type # of Properties Square Feet Lease Term Single Tenant 6 252 4.9 years Multi-Tenant 18 4,994 4.9 years Total / Wtd. Avg. 24 5,246 4.9 years Square Feet in th
Slide 7: Capital Markets and Balance Sheet
Page 7 Capital Markets and Balance Sheet Our balance sheet as of March 31, 2025, included the following long-term debt and liquidity: ▪ As of March 31, 2025, the Company has $130.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $8.4 million
Slide 8: Subsequent Events: 2025 Notes Exchange and Payoff
Page 8 Subsequent to March 31, 2025, on April 3, 2025, the Company completed separate, privately-negotiated transactions with holders of $35,208,000 in an aggregate principal amount of the 2025 Notes in which the holders exchanged their 2025 Notes with the Company for an aggregate of 1,089,555 share
Slide 9: 2025 Outlook Reconciliation
Page 9 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 – Dilute
Slide 10: About CTO Realty Growth, Inc.
Page 10 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 11: Non-GAAP Financial Measures
Page 11 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 12: Non-GAAP Financial Measures (continued)
Page 12 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 13: Consolidated Balance Sheets
Page 13 CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of (Unaudited) March 31, 2025 December 31, 2024 ASSETS Real Estate: Land, at Cost $ 283,764 $ 257,748 Building and Improvements, at Cost 764,380 720,480 Other Furnishings and Equipment, at
Slide 14: Consolidated Statements of Operations
Page 14 CTO Realty Growth, Inc. Consolidated Statements of Operations (In thousands, except share, per share and dividend data) (Unaudited) Three Months Ended March 31, March 31, 2025 2024 Revenues Income Properties $ 31,672 $ 24,623 Management Fee Income 1,178 1,105 Interest Income From Commercial
Slide 15: Same-Property NOI Reconciliation
Page 15 CTO Realty Growth, Inc. Non-GAAP Financial Measures Same-Property NOI Reconciliation (Unaudited) (In thousands) Three Months Ended March 31, 2025 March 31, 2024 Net Income Attributable to the Company $ 2,261 $ 5,842 Gain on Disposition of Assets — (9,163) Provision for Impairment — 48 Deprec
Slide 16: FFO, Core FFO and AFFO Reconciliation
Page 16 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 March 31, 2025 March 31, 2024 Net Income Attribut
Slide 17: Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
Page 17 CTO Realty Growth, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended March 31, 2025 Net Income Attributable to the Company $ 2,261 Depreciation and Amortization of Real Estate 14,346 Unrealized Loss on Inves
Slide 18: Capitalization & Dividends
© CTO Realty Growth, Inc. | ctoreit.com Capitalization & Dividends As of 3/31/2025 Equity Capitalization Common Shares Outstanding 31,843 Common Share Price $19.31 Total Common Equity Market Capitalization $614,883 Series A Preferred Shares Outstanding 4,713 Series A Preferred Par Value Per Share $2
Slide 19: Debt Summary
© CTO Realty Growth, Inc. | ctoreit.com Debt Summary as of March 31, 2025 $ in thousands. Any differences are a result of rounding. 1. Repaid in April through a combination of shares and cash 2. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of
Slide 20: 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 $51,034 8% 8% 3.88% 2026 82,800 14% 22% 2.93% 2027 270,000 45% 67% 4.52% 2028 100,000 17% 83% 5.08% 2029 100,000 17% 100% 4.58% Total $603,834 1
Slide 21: Year-to-Date Investment Activity
© CTO Realty Growth, Inc. | ctoreit.com Year-to-Date Investment 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 $ in thousands. Any dif
Slide 22: 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 $1 Tenant Improvement Allowances 156 156 Leasing Commissions 214 214 Total Investment in Previously Occupied Space $3
Slide 23: Real Estate Portfolio Summary
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Portfolio Summary Total Portfolio as of March 31, 2025 Asset Type Number of Properties Square Feet Cash ABR PSF Occupancy Leased Occupancy Single Tenant 6 252 $21.56 100.0% 100.0% Multi-Tenant 18 4,994 $19.30 90.6% 93.5% Total Portfolio 24 5,246 $1
Slide 24: 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 PSF Atlanta, GA The Collection at Forsyth Lifestyle 2022 2006 69.5 560,665 86% 91% $20.36 Ashford Lane Lifestyle 202
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 PSF Charlotte, NC Carolina Pavilion Retail Power Center 2024 1995 72.2 685,714 84% 89% $12.76 Albuquerque, NM Fideli
Slide 26: 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 11 Square Feet 47 47 New Cash Rent PSF $26.05 $26.05 Tenant Improvements $26 $26 Leasing Commissions $23 $23 Weighted Average Term 4.9 years 4.9 years New Leases Q1 2
Slide 27: 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 28: 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 12 Same-Property NOI – 2025 $15,965 $15,965 Same-Property NOI – 2024 $15,579 $15,579 $ Variance $386 $386 % Variance 2.5% 2.5% Single-Tenant Q1 2025 Q2 2025
Slide 29: 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 7 105 2.2% 2,195 2.2% $20.93 2026 11 353 7.4% 6,024 5.9% $17.05 2027 13 466 9.8% 5,226 5.1% $11.20 2028 19 868 18.2% 14,494 14.2% $16.7
Slide 30: 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 36 197 4.1% 5,335 5.2% $27.03 2026 74 582 12.2% 12,479 12.3% $21.43 2027 82 679 14.2% 11,355 11.2% $16.71 2028 81 1,089 22.8% 21,885 21.5% $20.09
Slide 31: 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 4.2% AMC CCC+ 3 174 3.3% 4,008 3.9% 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 32: 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% $37,042 36% $153,914 188,782 1.06% D
Slide 33: Other Assets
© CTO Realty Growth, Inc. | ctoreit.com Other Assets Investment Securities Shares & Operating Partnership Units Owned Value Per Share March 31, 2025 Estimated Value Annualized Dividend Per Share In-Place Annualized Dividend Income Alpine Income Property Trust 2,362 $16.72 $39,501 $1.14 $2,693 Struct
Slide 34: 2025 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 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 limited
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 May 1, 2025. ▪ All information is as of March 31, 2025, unless otherwise n