Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Investor Presentation (April 2022)
41 slides from Cto Realty Growth's investor presentation, Apr 28, 2022
Slide 1: Investor Presentation April 2022
Investor Presentation April 2022 REALTY GROWTH
Slide 2: Company Profile
© CTO Realty Growth, Inc. | ctoreit.com Company Profile 2 (1) As of April 22, 2022 for income property assets. (2) Based on $63.65 per share common stock price as of April 22, 2022. $39M INVESTMENT IN ALPINE INCOME PROPERTY TRUST $4.95 – $5.20 AFFO PER SHARE GUIDANCE RANGE 21 2.8M 7.7% PROPERTIES
Slide 3: Key Takeaways
© CTO Realty Growth, Inc. | ctoreit.com Key Takeaways 3 Significant Discount to the Peer Group Meaningful potential upside in valuation as CTO has one of the lowest 2022 E AFFO multiple of its primarily retail peer group .. Earnings Growth Through Capital Recycling Strong, long - term track record o
Slide 4: NAV Components
© CTO Realty Growth, Inc. | ctoreit.com NAV Components 4 Net Operating Income of Income Property Portfolio (1) $47.1 $47.1 $47.1 $47.1 $47.1 ÷ Capitalization Rate 6.00% 6.25% 6.50% 6.75% 7.00% Income Portfolio Value $785.1 $753.7 $724.7 $697.9 $673.0 Other Assets: + Estimated Value for Subsurface In
Slide 5: Differentiated Investment Strategy
© CTO Realty Growth, Inc. | ctoreit.com Differentiated Investment Strategy 5 CTO has a retail - oriented real estate strategy that focuses on owning, operating and investing in high - quality properties through direct investment and management structures Multi - Tenant Asset Strategy ▪ Focused on re
Slide 6: Real Estate Strategy
© CTO Realty Growth, Inc. | ctoreit.com Real Estate Strategy CTO’s investment strategy is focused on generating relative outsized returns for our shareholders through a combination of accretive acquisitions and dispositions, asset - level value creation, acquiring at meaningful discounts to replacem
Slide 7: Meaningful Progress with Portfolio Repositioning
© CTO Realty Growth, Inc. | ctoreit.com Meaningful Progress with Portfolio Repositioning 7 $365 $489 $305 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 500.0 0.0% 10000.0% 20000.0% 30000.0% 40000.0% 50000.0% 2020 2021 2022 Guidance Monetization of Non-Core Legacy Assets Dispositions Inves
Slide 8: Durable Portfolio with Growth Opportunities
© CTO Realty Growth, Inc. | ctoreit.com Durable Portfolio with Growth Opportunities Recently constructed retail and mixed - use portfolio with a combination of value - add lease up, redevelopment and stable, in - place cash flows in some of the strongest markets in the United States. 8 Stable Cash F
Slide 9: Strong Demographic Portfolio
© CTO Realty Growth, Inc. | ctoreit.com Strong Demographic Portfolio 9 Percentages listed based on Annualized Base Rent. (1) Source: Esri; Portfolio average weighted by the Annualized Base Rent of each property. (2) As ranked by Urban Land Institute & PWC in the ‘2022 Emerging Trends in Real Estate’
Slide 10: Meaningful Property Cash Flow & Leasing Momentum
© CTO Realty Growth, Inc. | ctoreit.com Meaningful Property Cash Flow & Leasing Momentum 10 3% 7% 3% 7% 14% 10% 18% 8% 4% 6% 5% 16% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% Lease Rollover Schedule % of ABR Expiring Leases Sig
Slide 11: Repositioning – Ashford Lane, Atlanta, GA
© CTO Realty Growth, Inc. | ctoreit.com Repositioning – Ashford Lane, Atlanta, GA 11 Acquired as Perimeter Place in 2020, with an opportunity to up - tier through targeted lease - up, an improved tenant mix and market repositioning ▪ High barrier - to - entry location with new residential projects,
Slide 12: Repositioning – Ashford Lane, Atlanta, GA
© CTO Realty Growth, Inc. | ctoreit.com Repositioning – Ashford Lane, Atlanta, GA 12 Ashford Lane will incorporate outdoor seating and eating areas, along with a number of new green spaces, including The Lawn , that will drive a more community - focused experience (Not Owned) (Not Owned) (Not Owned)
Slide 13: Repositioning – Ashford Lane, Atlanta, GA
© CTO Realty Growth, Inc. | ctoreit.com Repositioning – Ashford Lane, Atlanta, GA 13 Ashford Lane is being repositioned as a higher - end shopping and dining destination within a growing and relatively affluent submarket of Atlanta ▪ Opportunity to deliver increased rental rates with higher - end te
Slide 14: Repositioning – Lincoln & Washington, Santa Fe, NM
© CTO Realty Growth, Inc. | ctoreit.com Repositioning – 125 Lincoln & 150 Washington, Santa Fe, NM 14 Recently signed 9,200 square foot lease with a prominent hospitality operator who will create four high - end suites on the 4 th floor ▪ Two - building property with dedicated underground parking in
Slide 15: CTO Peer Comparisons
© CTO Realty Growth, Inc. | ctoreit.com 13.6x 6.8% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 19.0x 20.0x 21.0x 22.0x CTO Peer Comparisons 21.8x 17.1x 17.0x 16.8x 16.6x 14.7x 13.3x 13.0x 12.7x 12.7x 3.3% 3.5% 3.4% 3.0% 3.3%
Slide 16: Balance Sheet
© CTO Realty Growth, Inc. | ctoreit.com Balance Sheet 16 $51 $83 $100 $66 2022 2023 2024 2025 2026 2027 Unsecured Secured Revolving Credit Facility Components of Long - Term Debt Principal Interest Rate Type Revolving Credit Facility 66.0 million 30 - Day LIBOR + [1.35% – 1.95%] Floating 2025 Conver
Slide 17: 2022 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 2022 Guidance 17 $ and shares outstanding in millions, except per share data. (1) The effect of the Company’s recently announced three - for - one stock split has not been accounted for in the Company’s revised gui dance. CTO has provided guidance indicating a
Slide 18: Experienced Management Team
© CTO Realty Growth, Inc. | ctoreit.com Experienced Management Team CTO Realty Growth is led by an experienced management team with meaningful shareholder alignment , deep industry relationships and a strong long - term track record. 18 John P. Albright President & Chief Executive Officer ▪ Former C
Slide 19: ESG – Corporate Responsibility
© CTO Realty Growth, Inc. | ctoreit.com ESG – Corporate Responsibility CTO Realty Growth is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. 19 Social Responsibility Inclusive and Supportive Company Culture ▪ Dedicated to an inclusive
Slide 20: ESG – Environmental Responsibility
© CTO Realty Growth, Inc. | ctoreit.com ESG – Environmental Responsibility 20 Over the past nine years, CTO has planted approximately 170,000 pine trees in Florida and has restored over 700 acres of former industrial timberland. These 170,000 trees absorb more than 1,000 tons of carbon each year. En
Slide 21: Appendix
NYSE: CTO Appendix The Shops at Legacy Plano, TX
Slide 22: Schedule of Properties
© CTO Realty Growth, Inc. | ctoreit.com Schedule of Properties 22 Property Market Asset Type Property Type Square Feet Occupancy % of ABR The Shops at Legacy – Plano, TX Dallas, TX Multi - Tenant Mixed Use 237,690 84% 14% Ashford Lane – Atlanta, GA Atlanta, GA Multi - Tenant Retail 283,732 71% 12% B
Slide 23: Schedule of Properties
© CTO Realty Growth, Inc. | ctoreit.com Schedule of Properties 23 Property Market Asset Type Property Type Square Feet Occupancy % of ABR Jordan Landing – West Jordan, UT Salt Lake City, UT Multi - Tenant Retail 170,996 100% 3% Westland Gateway Plaza – Hialeah, FL Miami, FL Multi - Tenant Retail 108
Slide 24: The Shops at Legacy, Plano, TX
© CTO Realty Growth, Inc. | ctoreit.com The Shops at Legacy, Plano, TX 24
Slide 25: Ashford Lane, Atlanta, GA
© CTO Realty Growth, Inc. | ctoreit.com Ashford Lane, Atlanta, GA 25
Slide 26: Beaver Creek Crossings, Apex, NC
© CTO Realty Growth, Inc. | ctoreit.com Beaver Creek Crossings, Apex, NC 26
Slide 27: Crossroads Town Center, Chandler, AZ
© CTO Realty Growth, Inc. | ctoreit.com Crossroads Town Center, Chandler, AZ 27
Slide 28: The Strand, Jacksonville, FL
© CTO Realty Growth, Inc. | ctoreit.com The Strand, Jacksonville, FL 28
Slide 29: Price Plaza Shopping Center, Katy, TX
© CTO Realty Growth, Inc. | ctoreit.com Price Plaza Shopping Center, Katy, TX 29
Slide 30: Lincoln & Washington, Santa Fe, NM
© CTO Realty Growth, Inc. | ctoreit.com 125 Lincoln & 150 Washington, Santa Fe, NM 30
Slide 31: The Exchange at Gwinnett, Buford, GA
© CTO Realty Growth, Inc. | ctoreit.com The Exchange at Gwinnett, Buford, GA 31
Slide 32: Jordan Landing, West Jordan, UT
© CTO Realty Growth, Inc. | ctoreit.com Jordan Landing, West Jordan, UT 32
Slide 33: Eastern Commons, Henderson, NV
© CTO Realty Growth, Inc. | ctoreit.com Eastern Commons, Henderson, NV 33
Slide 34: Forward Looking Statements & Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Forward Looking Statements & Non - GAAP Financial Measures 34 Forward Looking Statements Certain statements contained in this presentation (other than statements of historical fact) are forward - looking statements within the meaning of Section 27 A of the Sec
Slide 35: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Non - GAAP Financial Measures 35 Non - GAAP Financial Measures (continued) We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT .. NAREIT defines FFO as GAAP
Slide 36: References & Contacts
© CTO Realty Growth, Inc. | ctoreit.com References & Contacts 36 References and terms used in this presentation that are in addition to terms defined in the Non - GAAP Financial Measures include : ▪ This presentation has been published on April 28 , 2022 .. ▪ All information is as of March 31 , 2022
Slide 37: Consolidated Statements of Operations
© CTO Realty Growth, Inc. | ctoreit.com Consolidated Statements of Operations 37 Three Months Ended March 31, 2022 March 31, 2021 Revenues Income Properties $ 15,168 $ 11,449 Management Fee Income 936 669 Interest Income from Commercial Loan and Master Lease Investments 718 701 Real Estate Operation
Slide 38: Same-Property NOI
© CTO Realty Growth, Inc. | ctoreit.com Same - Property NOI 38 Three Months Ended March 31, 2022 March 31, 2021 Net Income Attributable to the Company $ 202 $ 7,785 (Gain) Loss on Disposition of Assets 245 (708) Depreciation and Amortization 6,369 4,830 Amortization of Intangibles to Lease Income (4
Slide 39: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Non - GAAP Financial Measures 39 Three Months Ended March 31, 2022 March 31, 2021 Net Income Attributable to the Company $ 202 $ 7,785 Add Back: Effect of Dilutive Interest Related to 2025 Convertible Senior Notes (1) — — Net Income Attributable to the Company
Slide 40: Net Debt to Pro Forma EBITDA
© CTO Realty Growth, Inc. | ctoreit.com Net Debt to Pro Forma EBITDA 40 CTO Realty Growth, Inc. Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited, in thousands) March 31, 2022 Net Income Attributable to the Company $ 202 Depreciation and Amortization 6,369 Loss on Disposition of Assets 245 G
Slide 41: REALTY GROWTH
REALTY GROWTH Crabby’s Oceanside & Landshark Bar and Grill Daytona Beach, FL
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