Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2025 Earnings Presentation
30 slides from Cto Realty Growth's earnings presentation, Oct 29, 2025
Slide 1: Third Quarter 2025 Investor Presentation
Third Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA
Slide 2: Highlights
Highlights Q3 2025 Highlights Enterprise Value $0.48 Core FFO Per Share $1.3B $1.2B Implied property value per square $206 $919M $946M foot $690M $19.61 Cash ABR PSF1 $496M Square feet of comparable leasing ~125,000 activity 10% Comparable leasing spread 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24
Slide 3: Company Highlights
Company Highlights Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 5.2M 82% 8.4% Square Feet Of Portfolio ABR from Georgia, Implied Cap Rate Florida, Texas & North Carolina $533M $598M $118M $1.2B Equity Market Cap Net Debt Outstanding Series A Pr
Slide 4: Attractive Valuation and Compelling Dividend Yield
Attractive Valuation and Compelling Dividend Yield Higher dividend yield and lower multiple relative to its peers Peer Averages 2025E Core FFO Multiple: 13.0x 18.0x Annualized Dividend Yield: 4.5% 10.0% 16.0x 15.5x 9.3% 9.0% 14.8x 14.3x 14.3x 8.0% 14.0x 12.6x 12.5x 11.7x 6.7% 7.0% 12.0x 10.9x 10.3x
Slide 5: Portfolio by Asset Type
Portfolio by Asset Type Madison Yards | Atlanta, GA The Shops at Legacy | Plano, TX Marketplace at Seminole | Sanford, FL 20% 33% 41% Grocery-Anchored Retail Lifestyle Power Center 47% if including shadow-anchored assets As of September 30, 2025 Percentages based on cash ABR excluding the impact of
Slide 6: Focused on Southeast & Southwest U.S.
Focused on Southeast & Southwest U.S. 82% Ashley Park | Atlanta, GA Of Portfolio ABR from Georgia, Florida, Texas & North Carolina Cash ABR % 36% 4% North Carolina: 14% of ABR Georgia: Powered by Bing © GeoNames, Microsoft, TomTom 36% of ABR Texas: Florida: 15% of ABR 17% of ABR Percentages listed b
Slide 7: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF % ABR 192,000 $142,000 95% 1 Atlanta, GA 5 1,657 36% 2 Dallas, TX 2 686 12% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 5-Mile Population1 Household Income1 Top 30 Markets 1 3 Richmond, VA 1 392 10% 4 Charlotte, NC 1 694 8% 5 Orlando, FL
Slide 8: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 Fidelity A+ 2 218 4% 2 AMC CCC+ 3 174 4% 3 Best Buy BBB+ 4 142 2% 4 Ross/dd's Discount BBB+ 6 164 2% 5 Dick's Sporting Goods BBB 3 140 2% 6 TJ Maxx/HomeGoods/Marshalls A 5 153 2% 7 Southern University NR 1 60 2% 8 Publix NR 2 99 2%
Slide 9: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 358 13% 2 Off-Price Retail 612 8% 3 Entertainment 388 8% 4 Financial Services 288 7% 5 Beauty & Cosmetics 217 6% 6 Apparel 270 6% 7 Healthcare Services 192 6% 8 Specialty Retail 242 5% 9 Sporting Goods 334 5% 10 Fast Casual Restauran
Slide 10: Fast Growing Retail-Focused Portfolio in the Southeast/Southwest
Fast Growing Retail-Focused Portfolio in the Southeast/Southwest Strong Population Growth & Job Growth • Favorable Tax Status & Business Environment 2019 1 Q3 2025 Lake Brandon Village | Brandon, FL Total Portfolio Square Feet 1.8M 5.2M Southeast & Location Various Southwest Annualized Base Rent $27
Slide 11: Mark-to-Market Opportunity From Recent Store Closings
Mark-to-Market Opportunity From Recent Store Closings 40–60% $2.8M $4–4.5M estimated previous/existing estimated new leasing spread in-place base rent base rent Prior Tenants 3 Leases 3 Leases 4 Leases Mark-to-Market ✓ 1 released: 50%+ blended spreads ✓ 2 released: 35%+ blended spreads ✓ 2 released:
Slide 12: Signed-Not-Open (SNO) Schedule
Signed-Not-Open (SNO) Schedule SNO pipeline delivers tailwinds from executed leasing in 2026 as leases commence ABR Recognition Timing1 $5.5M 63% 100% cash base rent cash base rent from anchor tenants 76% 1% 5.3% 360 bps 2025 2026 2027 leased-to-occupied spread of in-place cash rent as of September
Slide 13: Historical Leasing Upside Since Acquisition
Historical Leasing Upside Since Acquisition As of September 30, 2025 unless otherwise noted. © CTO Realty Growth, Inc. | ctoreit.com 13
Slide 14: Recent Acquisitions with Average Basis of $165 per SF
Recent Acquisitions with Average Basis of $165 per SF Lake Brandon Village Ashley Park ▪ Tampa, FL ▪ Atlanta, GA ▪ 102,000 sf ▪ 559,000 sf ▪ 8 acres ▪ 61 acres ▪ 100% Q3 leased occupancy ▪ 96% Q3 leased occupancy ▪ Closed August 2024 ▪ Closed March 2025 Millenia Crossing Marketplace at Seminole ▪ Or
Slide 15: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule 90% of Leases by ABR Have Contractual Rent Bumps Lease Rollover Schedule - % ABR 10% No Contractual Rent Increases 36% 20% Annual Contractual Rent Increases 59% 31% of Leases Have Contractual Rent Contractual Rent Increases in the Increases Current Le
Slide 16: Structured Investments Portfolio
Structured Investments Portfolio Current Property Type Current Maturity Current Yield Amount ($M) Land Development Rivana September 2026 11.50% $42.0 First Mortgage Grocery-Anchored Retail Watters Creek at Montgomery Farm April 2026 9.50% $30.0 Preferred Equity Office Founders Square March 2026 8.75
Slide 17: PINE Company Profile
PINE Company Profile CTO generates ~$7.1 million1 of annual income managing Alpine Income Property Trust (NYSE: PINE) As of September 30, 2025 Diversified Geographic High-Quality Dividend Yield 2 8.0% Footprint by ABR Top Tenancy Implied Cap Rate 8.8% Number of Properties 128 Number of States with a
Slide 18: Balance Sheet
Balance Sheet Fully Extended Debt Maturities2 $170M $324 $125 $125 liquidity1 $100 $83 - 2025 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility As of 9/30/2025 48% Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal net debt to total enterprise value (TEV) Price Pl
Slide 19: 2025 Guidance
2025 Guidance The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2025 is as follows: Low High Core FFO Per Diluted Share1 $1.84 − $1.87 AFFO Per Diluted Share1 $1.96 − $1.99 The Company’s 2025 guidance includes but is not limited to the following assumptions: Low High
Slide 20: Experienced Management Team
Experienced Management Team John P. Albright Steven R. Greathouse President & Chief Executive Officer Senior Vice President & Chief Investment Officer ▪ Former Co-Head and Managing Director of Archon Capital, a ▪ Former Director of Finance for N3 Real Estate; Senior Associate of Goldman Sachs Compan
Slide 21: Corporate Responsibility
Corporate Responsibility Fully committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Social Responsibility Corporate Governance ▪ Independent Chairman of the Board and 5 Inclusive and Supportive Company Culture of 6 Directors classified as
Slide 22: Environmental Responsibility
Environmental Responsibility Environmental Responsibility Committed Focus & Targeted Investment ▪ Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices. Notable achievements
Slide 23: Forward Looking Statements & Non-GAAP Financial Measures
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 Securities Act of 1933, as amended, and Section 21E
Slide 24: Non-GAAP Financial Measures
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, amortization of above- and below- market lease related
Slide 25: References
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 28, 2025. ▪ All information is as of September 30, 2025, unless otherwise noted. ▪ Any calculation differences are
Slide 26: Consolidated Statements of Operations
Consolidated Statements of Operations CTO Realty Growth, Inc. Three Months Ended Nine Months Ended (Unaudited, in thousands, except share, per share and dividend data) September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Revenues Income Properties $ 33,439 $ 28,528 $ 98,486 $
Slide 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures CTO Realty Growth, Inc. Three Months Ended Nine Months Ended (Unaudited, in thousands, except share, per share and dividend data) September 30, September 30, September 30, September 30, 2025 2024 2025 2024 Net Income (Loss) Attributable to the Company $ 2,914 $ 6,227 $ (1
Slide 28: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation CTO Realty Growth, Inc. Three Months Ended Nine Months Ended (Unaudited, in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net Income (Loss) Attributable to the Company $ 2,914 $ 6,227 $ (18,243) $ 13,252 Loss (Gain) on Disposi
Slide 29: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands) September 30, 2025 Net Income Attributable to the Company $ 2,914 Depreciation and Amortization of Real Estate 14,913 Gain on Disposition of Assets (1,373) Provision for Impairment 68 Unrealize
Slide 30: Investor Inquiries: ir@ctoreit.com
Investor Inquiries: ir@ctoreit.com