Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q2 2025 Earnings Presentation
32 slides from Cto Realty Growth's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Investor Presentation
Second Quarter 2025 Investor Presentation The Exchange at Gwinnett | Atlanta, GA
Slide 2: Highlights
Highlights Q2 2025 Highlights Enterprise Value $0.45 Core FFO Per Share $1.3B $1.3B Implied property value per square $946M $213 $919M foot $690M $19.35 Cash ABR PSF $496M Square feet of comparable leasing ~190,000 activity 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025 6/30/2025 22% Comparab
Slide 3: Company Highlights
Company Highlights Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest 5.3M 83% 8.2% Square Feet Of Portfolio ABR from Georgia, Implied Cap Rate 1 Texas, Florida & North Carolina $568M $598M $118M $1.3B Equity Market Cap Net Debt Outstanding Series A
Slide 4: Portfolio by Asset Type
Portfolio by Asset Type Madison Yards | Atlanta, GA The Shops at Legacy | Plano, TX Marketplace at Seminole | Sanford, FL 20% 34% 40% Grocery-Anchored Retail Lifestyle Power Center 48% if including shadow-anchored assets As of June 30, 2025 Percentages based on cash ABR excluding the impact of strai
Slide 5: Investment Strategy
Investment Strategy ▪ Focused on Southeast & Southwest U.S.: 83% of ABR comes from assets located in Georgia, Florida, Texas, and North Carolina ▪ Below Replacement Cost: Implied property value per square foot is $213, a discount to replacement cost ▪ Below Market Rents: 27% cash spreads on comparab
Slide 6: Strong Retail Leasing Execution
Strong Retail Leasing Execution Strong tenant demand demonstrated by leasing growth YTD 2025 Recently Executed Leases Square Feet Anchors Small Shops New Leases 178,071 244k SF 95k SF Renewals, Options & Extensions 161,246 Total Square Feet Executed 339,317 % of Portfolio Square Feet as of 6/30/2025
Slide 7: 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 8: Signed-Not-Open Schedule
Signed-Not-Open (SNO) Schedule SNO pipeline delivers tailwinds from executed leasing in 2025 with almost full recognition starting in early 2026 ABR Recognition Timing1 $4.6M 72% cash base rent cash base rent from anchor tenants 100% 94% 4.6% 370 bps quarter-end of in-place cash rent leased-to-occup
Slide 9: Historical Leasing Upside Since Acquisition
Historical Leasing Upside Since Acquisition As of June 30, 2025 unless otherwise noted. © CTO Realty Growth, Inc. | ctoreit.com 9
Slide 10: 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% Q2 leased occupancy ▪ 94% Q2 leased occupancy ▪ Closed August 2024 ▪ Closed March 2025 Millenia Crossing Marketplace at Seminole ▪ Or
Slide 11: 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 12: 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 Q2 2025 Total Portfolio Square Feet 1.8M 5.3M Southeast & Location Various Southwest Annualized Base Rent $27.6M $101.7M % of ABR from Multi-Ten
Slide 13: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF % ABR 192,000 $141,000 95% 1 Atlanta, GA 5 1,657 37% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 2 Dallas, TX 2 684 11% 5-Mile Population1 Household Income1 Top 30 Markets 1 3 Richmond, VA 1 392 9% 4 Charlotte, NC 1 694 9% 5 Orlando, FL
Slide 14: Contractual Rent Bumps & Lease Rollover Schedule
Contractual Rent Bumps & Lease Rollover Schedule Contractual Rent Bumps - % ABR Lease Rollover Schedule - % ABR 90% of Leases Have Contractual Rent Increases 20% 37% 10% Annual Contractual Rent Increases No Contractual Rent Increases 11% 10% 10% 10% 10% 58% of Leases Have 8% Contractual Rent Increas
Slide 15: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % Anchor & Small Shop Composition 1 Fidelity A+ 2 218 4% % of ABR 2 AMC CCC+ 3 174 4% 3 Best Buy BBB+ 4 142 2% 4 Ross/dd's Discount BBB+ 6 164 2% 5 Dick's Sporting Goods BBB 3 140 2% Anchor Small 6 TJ Maxx/HomeGoods/Marshalls A 5 153 2%
Slide 16: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 381 14% 2 Off-Price Retail 618 8% 3 Entertainment 381 8% 4 Financial Services 295 7% 5 Beauty & Cosmetics 218 6% 6 Healthcare Services 185 6% 7 Apparel 270 6% 8 Specialty Retail 242 5% 9 Sporting Goods 334 5% 10 Fast Casual Restauran
Slide 17: Structured Investments Portfolio
Structured Investments Portfolio Current Current Property Market Type Current Maturity Yield Amount ($M) Rivana Land Development Washington, D.C. September 2026 11.00% $42.0 Herndon, VA First Mortgage Watters Creek at Montgomery Grocery-Anchored Retail Allen, TX April 2026 9.50% $30.0 Farm Preferred
Slide 18: PINE Company Profile
PINE Company Profile CTO generates ~$7.0 million1 of annual income managing Alpine Income Property Trust (NYSE: PINE) As of June 30, 2025 Diversified Geographic High-Quality Dividend Yield 2 7.7% Footprint by ABR Top Tenancy Implied Cap Rate 8.8% Number of Properties 129 Number of States with a Prop
Slide 19: Balance Sheet
Balance Sheet Debt Maturities2 $85M $324 liquidity1 $100 $100 $83 - 2025 2026 2027 2028 2029 Unsecured Secured Revolving Credit Facility As of 6/30/2025 47% Fixed/Float Initial Loan Maturity3 Weighted Average Rate Principal net debt to total enterprise value (TEV) Price Plaza Mortgage Fixed Aug 2026
Slide 20: Attractive Valuation and Compelling Dividend Yield
Attractive Valuation and Compelling Dividend Yield Higher dividend yield and lower multiple relative to its peers Peer Averages 16.0x 2025E Core FFO Multiple: 12.3x 12.0% 14.2x Annualized Dividend Yield: 4.8% 14.0x 13.4x 13.3x 10.0% 11.9x 11.8x 8.8% 12.0x 11.3x 10.0x 8.0% 10.0x 9.3x 6.9% 8.0x 6.0% 4
Slide 21: 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 $1.80 − $1.86 AFFO Per Diluted Share1 $1.93 − $1.98 The Company’s 2025 guidance includes but is not limited to the following assumptions: Low High
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 July 29, 2025. ▪ All information is as of June 30, 2025, unless otherwise noted. ▪ Any calculation differences are assumed
Slide 28: Consolidated Statements of Operations
Consolidated Statements of Operations CTO Realty Growth, Inc. Three Months Ended Six Months Ended (Unaudited, in thousands, except share, per share and dividend data) June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Revenues Income Properties $ 33,375 $ 25,878 $ 65,047 $ 50,501 Management Fee
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures CTO Realty Growth, Inc. Three Months Ended Six Months Ended (Unaudited, in thousands, except share, per share and dividend data) June 30, June 30, June 30, June 30, 2025 2024 2025 2024 Net Income (Loss) Attributable to the Company $ (23,418) $ 1,183 $ (21,157) $ 7,025 Add
Slide 30: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation CTO Realty Growth, Inc. Three Months Ended Six Months Ended (Unaudited, in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Income (Loss) Attributable to the Company $ (23,418) $ 1,183 $ (21,157) $ 7,025 Gain on Disposition of Assets — — — (9,16
Slide 31: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands) June 30, 2025 Net Loss Attributable to the Company $ (23,418) Depreciation and Amortization of Real Estate 15,277 Unrealized Loss & Realized Gain on Investment Securities 4,549 Distributions to
Slide 32: Investor Inquiries
Investor Inquiries: ir@ctoreit.com