Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2024 Earnings Presentation
27 slides from Cto Realty Growth's earnings presentation, Oct 24, 2024
Slide 1: Third Quarter 2024 Investor Presentation
October 2024 Third Quarter 2024 Investor Presentation The Collection at Forsyth | Cumming, GA
Slide 2: Company Highlights
2 © CTO Realty Growth, Inc. | ctoreit.com Company Highlights 1. Reflects Jordan Landing disposition on August 15, 2024 and three property portfolio acquisition on August 20, 2024, as described in more detail on page 7. 2. Metrics are as of September 30, 2024, and reflect a $19.02 per share common st
Slide 3: Third Quarter 2024 Highlights
3 © CTO Realty Growth, Inc. | ctoreit.com Manage and Retain Ownership in Alpine REIT (NYSE:PINE) Third Quarter 2024 Highlights Q3 2024 Portfolio Square Feet 4.6M Portfolio has increased 24% since the beginning of the year Leased to Occupied Spread 580 bps Signed-not-opened pipeline of $6.5M, over 7%
Slide 4: Attractive Valuation and Compelling Dividend Yield
4 © CTO Realty Growth, Inc. | ctoreit.com Attractive Valuation and Compelling Dividend Yield CTO has higher dividend yield and lower multiple relative to many in its retail-focused peer group while also demonstrating high growth Ashford Lane Atlanta, GA 2024E FFO Multiple1,2 18.3x 16.9x 16.2x 16.2x
Slide 5: Investment Highlights
5 © CTO Realty Growth, Inc. | ctoreit.com Investment Highlights West Broad Village Glen Allen, VA The Shops at Legacy North Plano, TX Legacy North Plano, TX The Collection at Forsyth Cumming, GA Ashford Lane Atlanta, GA Madison Yards Atlanta, GA The Collection at Forsyth Cumming, GA 3 4 2 Active Ass
Slide 6: Focused on high-quality open-air shopping centers in the Southeast and Southwest
6 © CTO Realty Growth, Inc. | ctoreit.com Focused on high-quality open-air shopping centers primarily located in the Southeast and Southwest. Multi-Tenant, Retail Asset Strategy ▪ Focused on retail-based, large format, multi-tenanted assets that have a grocery, lifestyle or community-oriented retail
Slide 7: Transaction Highlights
7 © CTO Realty Growth, Inc. | ctoreit.com Transaction Highlights Basis is well below replacement cost at $154 per SF Expands portfolio footprint into Charlotte and Tampa, strengthens Orlando presence and increases grocery anchored properties Near-term value add opportunities include ability to add s
Slide 8: Building a Leading Retail-Focused Portfolio
8 © CTO Realty Growth, Inc. | ctoreit.com Building a Leading Retail-Focused Portfolio All values are as of year-end for their respective years, unless otherwise noted. 1. In , PINE completed it’s IPO with a portfolio contributed from CTO It is also the year CTO changed its investment strategy to foc
Slide 9: Portfolio ABR by State and Demographics
9 © CTO Realty Growth, Inc. | ctoreit.com Q2 2024 Q3 2024 State Properties SF (in 000s) $ ABR (in 000s) % State Properties SF (in 000s) $ ABR (in 000s) % Georgia 4 1,098 $28,815 36% Georgia 4 1,098 $29,099 32% Texas 3 885 14,615 18% Florida 10 798 17,877 20% Florida 8 596 13,980 17% Texas 3 885 14,5
Slide 10: Durable Portfolio with Meaningful Growth Opportunities
10 © CTO Realty Growth, Inc. | ctoreit.com Durable Portfolio with Meaningful Growth Opportunities Repositioning Upside Essential Retail Stable Cash Flow Strong performing, larger format open-air shopping centers with a combination of value-add lease up, redevelopment and stable, in-place cash flows
Slide 11: Active Asset Management
11 © CTO Realty Growth, Inc. | ctoreit.com Active Asset Management Recent transaction and leasing activity results in the Company’s properties now being all located in the Southeast and Southwest and an increased signed not open pipeline Executing on Asset Recycling ▪ Expecting full year 2024 invest
Slide 12: Strong Leasing Execution
12 © CTO Realty Growth, Inc. | ctoreit.com Strong Leasing Execution 1. Recently signed renewals and leases include leases signed in Q ‘ thru Q ‘ 2. Excludes newly leased units that were acquired as vacant. 3. As of September 30, 2024 Lease Rollover Schedule3 % of ABR Expiring 1% 7% 12% 12% 21% 9% 8%
Slide 13: PINE Company Profile
13 © CTO Realty Growth, Inc. | ctoreit.com PINE Company Profile 1. Based on PINE’s per share common stock price as of September , CTO seeded and externally manages Alpine Income Property Trust (NYSE: PINE), a pure play net lease REIT, which is a meaningful and attractive source of management fee inc
Slide 14: Balance Sheet – Q3 2024
14 © CTO Realty Growth, Inc. | ctoreit.com Component of Long-Term Debt Type Maturity Principal Interest Rate 2025 Convertible Senior Notes Fixed Apr-2025 $51 million 3.88% 2026 Term Loan2 Fixed Mar-2026 $65 million SOFR + 10 bps + [1.25% - 2.20%] Mortgage Note Fixed Aug-2026 $18 million 4.06% Revolv
Slide 15: 2024 Revised Guidance
15 © CTO Realty Growth, Inc. | ctoreit.com 2024 Revised Guidance Exchange at Gwinnett Buford, GA Yonder Yoga Previous 2024 Revised 2024 Core FFO Per Diluted Share3 $1.81 – $1.86 $1.83 – $1.87 $0.02 - $0.01 AFFO Per Diluted Share3 $1.95 - $2.00 $1.96 - $2.00 $0.01 - $0.00 The Company’s estimated Core
Slide 16: Experienced Management Team
16 © CTO Realty Growth, Inc. | ctoreit.com Experienced Management Team Exchange at Gwinnett Buford, GA Yonder Yoga John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investme
Slide 17: Corporate Responsibility
17 © CTO Realty Growth, Inc. | ctoreit.com Corporate Responsibility Exchange at Gwinnett Buford, GA Yonder Yoga CTO Realty Growth is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Social Responsibility Inclusive and Supportive Compa
Slide 18: Environmental Responsibility
18 © CTO Realty Growth, Inc. | ctoreit.com Environmental Responsibility Yonder Yoga Over the past ten 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 yea
Slide 19: Forward Looking Statements & Non-GAAP Financial Measures
19 © CTO Realty Growth, Inc. | ctoreit.com 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 Securiti
Slide 20: Non-GAAP Financial Measures
20 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures Non-GAAP Financial Measures (continued) To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortizatio
Slide 21: References
21 © CTO Realty Growth, Inc. | ctoreit.com 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 October 24, 2024. ▪ All information is as of September 30, 2024, unless otherwis
Slide 22: Consolidated Statements of Operations
22 © CTO Realty Growth, Inc. | ctoreit.com Consolidated Statements of Operations 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, 2024 September 30, 2023 September 30,
Slide 23: Non-GAAP Financial Measures
23 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures CTO Realty Growth, Inc. Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) 1. For the three and nine months ended September 2024 and 2023, interest related to the 2025 Convertible Senior Notes was exclud
Slide 24: Same-Property NOI
24 © CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI CTO Realty Growth, Inc. Same-Property NOI Reconciliation (Unaudited, in thousands) 1. Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to estimates related to recentl
Slide 25: Net Debt to Pro Forma Adjusted EBITDA
25 © CTO Realty Growth, Inc. | ctoreit.com Net Debt to Pro Forma Adjusted EBITDA CTO Realty Growth, Inc. Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) 1. Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain
Slide 26: Core FFO & AFFO Guidance Reconciliation
26 © CTO Realty Growth, Inc. | ctoreit.com Core FFO & AFFO Guidance Reconciliation CTO Realty Growth, Inc. Reconciliation of Net Income Attributable to the Company per Diluted Share to Core FFO & AFFO Guidance per Diluted Share (Unaudited) 1. Represents the actual adjustment for the nine months ende
Slide 27: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer, (407) 904-3324, pmays@ctoreit.com Ashford Lane | Atlanta, GA