Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q4 2025 Earnings Presentation
30 slides from Cto Realty Growth's earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter 2025 Investor Presentation
Fourth Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA
Slide 2: Highlights
Highlights Q4 2025 Highlights Enterprise Value $0.49 Core FFO Per Share $1.3B $1.3B Implied property value per square $919M $946M $209 foot $690M Square feet of comparable leasing $496M 167,000 activity 31% Comparable leasing spread 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 ABR from Geor
Slide 3: Company Highlights
Company Highlights Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 5.5M 84% Square Feet Of Portfolio ABR from Georgia, Florida, Texas & North Carolina $596M $601M $118M $1.3B Equity Market Cap Net Debt Outstanding Series A Preferred Enterprise Val
Slide 4: Attractive Relative Value
Attractive Relative Value Higher dividend yield and lower multiple relative to its peers Peer Averages 2026E Core FFO Multiple: 12.5x 18.0x Annualized Dividend Yield: 4.6% 9.0% 16.8x 8.3% 16.0x 8.0% 13.8x 13.6x 7.2%7.0% 14.0x 12.8x 12.3x 11.6x 12.0x 11.3x 11.3x 6.0% 4.8% 5.1% 10.0x 4.7% 9.3x 5.0% 9.
Slide 5: Portfolio by Asset Type
Portfolio by Asset Type Grocery-Anchored Retail Lifestyle Power Center Madison Yards | Atlanta, GA Ashford Lane | Atlanta, GA Marketplace at Seminole | Sanford, FL 20% 27% 49% 47% if including shadow-anchored assets As of December 31, 2025 Percentages based on cash ABR excluding the impact of straig
Slide 6: Focused on Southeast & Southwest U.S.
Focused on Southeast & Southwest U.S. 84% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina Cash ABR % 36% North Carolina: 15% of ABR 2% Georgia: 36% of ABR Florida: 25% of ABR Texas: 9% of ABR Powered by Bing © GeoNames, Microsoft, TomTom Percentages listed based on cash ABR excluding
Slide 7: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 5 1,657 36% 193,000 $140,000 88% 2 Richmond, VA 1 392 9% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 3 Charlotte, NC 1 694 9% 5-Mile Population1 Household Income1 Top 30 Markets 1 4 Orlando, FL 3 449 8% 5 Fort
Slide 8: Signed-Not-Open (SNO) Schedule
Signed-Not-Open (SNO) Schedule SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $6.1M 490 bps 100% cash base rent leased-to-occupied spread 47% 5.8% $23.04 66% of in-place cash rent SNO cash rent PSF cash base rent from anchor tenants 2026 2027 Exchang
Slide 9: Historical Leasing Upside Since Acquisition
Historical Leasing Upside Since Acquisition Beaver Creek Collection at Forsyth Plaza at Rockwall Marketplace at Seminole Raleigh, NC Atlanta, GA Dallas, TX Orlando, FL SF Leased 173k 327k 113k 119k Since Acquisition Comparable SF Leased 162k 272k 96k 104k Since Acquisition Cash Rent Spread 46% 15% 2
Slide 10: Recent Acquisitions with Average Basis of $147 per SF
Recent Acquisitions with Average Basis of $147 per SF Significantly Below Replacement Cost • Large MSAs Q4 2025 Acquisition Pompano Citi Centre Ashley Park ▪ Pompano Beach, FL ▪ Atlanta, GA ▪ 509,000 sf ▪ 559,000 sf ▪ 34 acres ▪ 61 acres ▪ 92% Q4 leased occupancy ▪ 96% Q4 leased occupancy ▪ Closed D
Slide 11: Outparcel Opportunities
Outparcel Opportunities Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost • Average yield on cost of 10-12%1 • ~$30 million1 of costs spread across Ashley Park 2026 & 2027 Outparcel • Rent to begin commencing in mid- 2027 • At LOI or lease negotiations for al
Slide 12: Collection at Forsyth to Benefit from Development Activity
Collection at Forsyth to Benefit from Development Activity Originated $40.2 Million First Mortgage Loan for Whole Foods Anchored Development 10 Acres Development – Lease ▪ Strategic investment in development located on 35 acres neighboring CTO’s 561,000 SF shopping Opportunity center, The Collection
Slide 13: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule 91% of Leases by ABR Have Contractual Rent Bumps Lease Rollover Schedule - % ABR 9% No Contractual Rent Increases 36% Annual Contractual Rent Increases 20% 62% 29% of Leases Have Contractual Rent Contractual Rent Increases in the Increases Current Lea
Slide 14: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 AMC CCC+ 3 174 4% 2 Fidelity A+ 2 122 2% 3 Ross/dd's Discount BBB+ 7 194 2% 4 Best Buy BBB+ 4 142 2% 5 TJ Maxx/HomeGoods/Marshalls A 6 177 2% 6 Burlington BB+ 4 140 2% 7 Dick's Sporting Goods BBB 4 185 2% 8 Nordstrom Rack BB 3 106 2
Slide 15: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 356 12% 2 Off-Price Retail 729 10% 3 Entertainment 398 8% 4 Apparel 298 6% 5 Healthcare Services 205 6% 6 Beauty & Cosmetics 221 6% 7 Specialty Retail 229 6% 8 Financial Services 194 5% 9 Health & Fitness 222 5% 10 Sporting Goods 380
Slide 16: Structured Investments Portfolio
Structured Investments Portfolio Current Property Type Current Maturity Current Yield Amount ($M) Land Development Rivana September 2028 11.50%2 $34.2 First Mortgage Grocery-Anchored Retail Watters Creek at Montgomery Farm April 2026 9.50% $30.0 Preferred Equity Office Founders Square March 2027 8.7
Slide 17: PINE Company Profile
PINE Company Profile CTO generates ~$7.3 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) As of December 31, 2025 Diversified Geographic High-Quality Dividend Yield 2 6.8% Footprint by ABR Top Tenancy Implied Cap Rate 8.1% Number of Properties 127 Number of States wi
Slide 18: Balance Sheet
Balance Sheet Fully Extended Debt Maturities2 $167M $100 $251 $125 $125 liquidity1 - $18 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility As of 12/31/2025 46% Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal net debt to total enterprise value (TEV) Price Plaza
Slide 19: 2026 Guidance
2026 Guidance The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows: Low High Core FFO Per Diluted Share1 $1.98 − $2.03 Growth at Guidance Mid-Point vs. 2025A 7.2% 1 AFFO Per Diluted Share $2.11 − $2.16 Growth at Guidance Mid-Point vs. 2025A 8.4% The Co
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 February 19, 2026. ▪ All information is as of December 31, 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 (Unaudited) Year Ended (In thousands, except share, per share and dividend data) December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Revenues Income Properties $ 33,670 $ 31,562 $ 132,156 $ 110,591 M
Slide 27: Non-GAAP Financial Measures (Unaudited)
Non-GAAP Financial Measures (Unaudited) CTO Realty Growth, Inc. Three Months Ended Year Ended (In thousands, except share, per share and dividend data) December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Net Income (Loss) Attributable to the Company $ 28,335 $ (15,217) $ 10,092 $
Slide 28: Same-Property NOI Reconciliation (Unaudited)
Same-Property NOI Reconciliation (Unaudited) CTO Realty Growth, Inc. Three Months Ended Year Ended (In thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net Income (Loss) Attributable to the Company $ 28,335 $ (15,217) $ 10,092 $ (1,965) Gain on Disposition of Assets
Slide 29: Net Debt to Pro Forma Adjusted EBITDA (Unaudited)
Net Debt to Pro Forma Adjusted EBITDA (Unaudited) CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands) December 31, 2025 Net Income Attributable to the Company $ 28,335 Depreciation and Amortization of Real Estate 15,411 Gain on Disposition of Assets (20,079) Unrealized Gain & Realiz
Slide 30: Investor Inquiries: ir@ctoreit.com
Investor Inquiries: ir@ctoreit.com