Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Investor Presentation (May 2024)
27 slides from Cto Realty Growth's investor presentation, May 2, 2024
Slide 1: May 2024 Investor Presentation
May 2024 Investor Presentation REALTY GROWTH Shops at Legacy Plano, TX
Slide 2: Positioned for Performance
2 © CTO Realty Growth, Inc. | ctoreit.com Positioned for Performance 1. Based on $16.95 per share common stock price as of March 31, 2024. 2. Based on $15.28 per share common stock price as of March 31, 2024. 3. Investment and disposition activity includes both properties and structured investments
Slide 3: Investment Highlights
3 © CTO Realty Growth, Inc. | ctoreit.com Investment Highlights Differentiated Investment Strategy Focusing on Asset Recycling and Value-Add Acquisitions Southeast and Southwest Retail & Mixed-Use Portfolio Large format retail portfolio in strong locations within attractive business-friendly markets
Slide 4: Levers for Future Growth
4 © CTO Realty Growth, Inc. | ctoreit.com Levers for Future Growth CTO’s proactive approach to portfolio and asset management has resulted in the execution of multiple strategic transactions and beneficial initiatives to drive future growth. Executing on Asset Recycling In March 2024, purchased Ma
Slide 5: Attractive Relative Valuation is an Opportunity for Mean Reversion
5 © CTO Realty Growth, Inc. | ctoreit.com Attractive Relative Valuation is an Opportunity for Mean Reversion CTO has an outsized dividend yield and attractive absolute valuation relative to many in its retail-focused peer group and its long-term growth opportunities. Ashford Lane Atlanta, GA 2024E F
Slide 6: Investment Strategy
6 © CTO Realty Growth, Inc. | ctoreit.com Investment Strategy 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 that provide long-term cash flow growth opportunities. Multi-Ten
Slide 7: Durable Portfolio with Meaningful Growth Opportunities
7 © CTO Realty Growth, Inc. | ctoreit.com Durable Portfolio with Meaningful Growth Opportunities Repositioning Upside Essential Retail Stable Cash Flow The Shops at Legacy Plano, TX The Collection at Forsyth Cumming, GA Madison Yards Atlanta, GA The Exchange at Gwinnett Buford, GA The Strand at St.
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. 2019 represents the year Alpine income Property Trust, Inc. (PINE) completed it’s IPO with a portfolio contributed from CTO. It a
Slide 9: High-Quality Demographic-Driven Portfolio
9 © CTO Realty Growth, Inc. | ctoreit.com High-Quality Demographic-Driven Portfolio Percentages listed based on Annualized Base Rent for the Company’s portfolio as of March 31, 2024. Any differences a result of rounding. 1. Source: Esri; Portfolio average weighted by the Annualized Base Rent of each
Slide 10: Faster Growing Markets
10 © CTO Realty Growth, Inc. | ctoreit.com Faster Growing Markets Shops at Legacy Mexican Sugar 75% 65% 50% 21% 9% 9% 5% 4% 2% 0% WSR AAT CTO KRG SITC FRT BRX AKR UE KIM % of Each Company’s Top 5 Markets in ULI’s Top 10 Markets1 The recent assemblage of CTO’s portfolio has allowed it to focus on acq
Slide 11: Structured Investments Portfolio
11 © CTO Realty Growth, Inc. | ctoreit.com Structured Investments Portfolio Current Loan Balance Original Loan Commitment Current Yield Origination Fee Property Market Type SF Maturity 9.00% $30.0 $30.0 1 458,091 April 2025 0.50% Grocery Anchored Retail Preferred Equity Dallas Watters Creek at Montg
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 Q4 2023 and Q1 2024. 2. Excludes newly leased units that were acquired as vacant. Lease Rollover Schedule % of ABR Expiring 4% 8% 13% 12% 22% 8% 7% 6% 20% Recently Sign
Slide 13: PINE Company Profile
13 © CTO Realty Growth, Inc. | ctoreit.com PINE Company Profile 1. Based on $15.28 per share common stock price as of March 31, 2024. PINE has a high-quality, 100% retail net lease portfolio with a stable and attractive dividend and attractive valuation Dividend Yield1 7.2% Implied Cap Rate 8.3% Num
Slide 14: Consistent Dividend Growth
14 © CTO Realty Growth, Inc. | ctoreit.com Consistent Dividend Growth CTO has been a REIT since 2020 and the company has paid a common dividend each of the last 48 years. 1. Reflects Q1 2024 annualized per share common stock cash dividend. 2. Annualized Per Share Cash Dividend Yield based on $16.95
Slide 15: Balance Sheet
15 © CTO Realty Growth, Inc. | ctoreit.com Balance Sheet Exchange at Gwinnett Buford, GA Yonder Yoga $51 $83 $100 $310 2024 2025 2026 2027 2028 2029 2030 Unsecured Secured Revolving Credit Facility 1. Reflects $210 million outstanding under the Company’s $300 million senior unsecured revolving credi
Slide 16: 2024 Revised Guidance
16 © CTO Realty Growth, Inc. | ctoreit.com 2024 Revised Guidance Exchange at Gwinnett Buford, GA Yonder Yoga Previous 2024 Revised 2024 Core FFO Per Diluted Share $1.56 - $1.64 $1.60 – $1.68 $0.04 - $0.04 AFFO Per Diluted Share $1.70 - $1.78 $1.74 - $1.82 $0.04 - $0.04 The Company’s estimated Core F
Slide 17: Experienced Management Team
17 © 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 18: Corporate Responsibility
18 © 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 19: Environmental Responsibility
19 © 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 20: Forward Looking Statements & Non-GAAP Financial Measures
20 © 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 21: Non-GAAP Financial Measures
21 © 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 22: References
22 © 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 May 2, 2024. All information is as of March 31, 2024, unless otherwise noted.
Slide 23: Consolidated Statements of Operations
23 © 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 March 31, 2024 March 31, 2023 Revenues Income Properties $ 24,623 $ 2
Slide 24: Non-GAAP Financial Measures
24 © 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) Three Months Ended March 31, 2023 March 31, 2024 Net Income (Loss) Attributable to the Company $ 5,842 $ (5,993) Add Back: Effec
Slide 25: Same-Property NOI
25 © CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI CTO Realty Growth, Inc. Same-Property NOI Reconciliation (Unaudited, in thousands) Three Months Ended March 31, 2024 March 31, 2023 Net Income (Loss) Attributable to the Company $ 5,842 $ (5,993) Gain on Disposition of Assets (9,163) — Pro
Slide 26: Net Debt to Pro Forma EBITDA
26 © CTO Realty Growth, Inc. | ctoreit.com Net Debt to Pro Forma EBITDA CTO Realty Growth, Inc. Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited, in thousands) Three Months Ended March 31, 2024 Net Income Attributable to the Company $ 5,842 Depreciation and Amortization of Real Estate 10,91
Slide 27: Investor Inquiries
The Collection at Forsyth Cumming, GA REALTY GROWTH Investor Inquiries: Lisa M. Vorakoun, Chief Accounting Officer, (386) 944-5641, lvorakoun@ctoreit.com