Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q1 2025 Earnings Presentation
31 slides from Cto Realty Growth's earnings presentation, May 2, 2025
Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation June 2025 Ashley Park | Atlanta, GA
Slide 2: Highlights
Highlights Q1 2025 Highlights Enterprise Value $80mm Investment activity $1.3B $1.3B $919M $946M $225 Implied property value per square foot $690M $496M Square feet of comparable leasing ~109,400 activity 37% Comparable leasing spread Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q1 2025 Portfolio Square
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 83% 7.9% Square Feet Of Portfolio ABR from Georgia, Implied Cap Rate 1 Texas, Florida & North Carolina $615M $595M $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% 33% 41% Grocery-Anchored Retail Lifestyle Power Center 47% if including shadow-anchored assets ▪ Tenants are becoming increasingly agnostic to center formats and more ▪ Avera
Slide 5: Investment Strategy
Investment Strategy Focused on ▪ Retail assets with grocery, lifestyle or community-oriented retail component Multi-Tenant Assets in the ▪ Located in higher growth MSAs within the Southeast and Southwest U.S. Southeast & ▪ Strong, current in-place yields Southwest U.S. ▪ Implied property value per s
Slide 6: Industry Composition
Industry Composition Rank Industry SF (000s) ABR % 1 Casual Dining 383 13% 2 Off-Price Retail 584 8% 3 Entertainment 381 8% 4 Financial Services 295 7% 5 Beauty & Cosmetics 218 6% 6 Healthcare Services 185 6% 7 Specialty Retail 278 6% 8 Apparel 243 5% 9 Sporting Goods 334 5% 10 Fast Casual Restauran
Slide 7: Strong Retail Leasing Execution
Strong Retail Leasing Execution Strong tenant demand demonstrated by leasing growth Q1 2025 Recently Executed Leases # of Leases Signed 18 Anchors Small Shops Square Feet 73k SF 40k SF New Leases 65,897 Renewals, Options & Extensions 46,688 Total Square Feet Executed 112,585 % of Portfolio Square Fe
Slide 8: Mark-to-Market Opportunity From Recent Store Closings
Mark-to-Market Opportunity From Recent Store Closings Rapidly making progress to maximize the mark-to-market re-leasing opportunity to generate NOI growth Previous Tenant Property SF Market Five executed leases Re-Leased Party City Millenia Crossing 13,769 Orlando, FL Executed LOIs for a majority of
Slide 9: Signed-Not-Open (SNO) Schedule
Signed-Not-Open (SNO) Schedule SNO pipeline delivers tailwinds from executed leasing in 2025 with almost full recognition starting in Jan 2026 ABR Recognition Timing1 $4.0M 49% cash base rent cash base rent from anchor tenants 99.7% 100.0% 4.0% 280 bps quarter-end of in-place cash rent leased-to-occ
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 Q1 2025 ▪ 102,000 sf ▪ 559,000 sf ▪ 8 acres ▪ 61 acres ▪ 100% occupancy ▪ 92% occupancy ▪ Closed August 2024 ▪ Closed March 2025 Millenia Crossing Marketplace at Seminole ▪ Orlando, FL ▪
Slide 11: Recent Structured Investment – Whole Foods, Atlanta, GA
Recent Structured Investment – Whole Foods, Atlanta, GA Transaction Highlights Origination of $40.2 Million First Mortgage Loan for Whole Foods Market Anchored Development ▪ Strategic investment expected to benefit The Collection at Forsyth ▪ Located on 35 acres neighboring CTO’s 561,000 SF shopping
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 Q1 2025 Number of Properties 34 24 Total Portfolio Square Feet 1.8M 5.2M Southeast & Location Various Southwest Annualized Base Rent $27.6M $101
Slide 13: High-Quality Demographics
High-Quality Demographics Rank Market Properties SF % ABR 191,000 $141,000 95% 1 Atlanta, GA 5 1,657 36% Portfolio Portfolio Average 5-Mile % of ABR from ULI’s 2 Dallas, TX 2 684 10% 5-Mile Population1 Household Income1 Top 30 Markets 1 3 Richmond, VA 1 392 9% 4 Charlotte, NC 1 686 9% 5 Orlando, FL
Slide 14: Lease Rollover Schedule & Contractual Rent Bumps
Lease Rollover Schedule & Contractual Rent Bumps 43% 37% 21% Lease Rollover Schedule - % ABR % ABR from tenants that are % of ABR from tenants that % of ABR from tenants that publicly traded 1 are credit-rated 1 are investment-grade rated 1 21% 38% 7% Annual Contractual Rent Increases No Contractual
Slide 15: Tenant Overview
Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % Anchor & Small Shop Composition 1 Fidelity A+ 2 218 4% % of ABR 2 AMC CCC+ 3 174 4% 3 Best Buy BBB+ 4 142 2% 4 Ross/dd's Discount BBB+ 6 164 2% 5 Dick's Sporting Goods BBB 3 140 2% Small Anchor 6 TJ Maxx/HomeGoods/Marshalls A 5 153 2%
Slide 16: Structured Investments Portfolio
Structured Investments Portfolio Current Current Property Market Type Current Maturity Yield Amount ($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 9.00% $30.0 Farm Preferred
Slide 17: PINE Company Profile
PINE Company Profile Alpine Income Property Trust (NYSE: PINE) generates ~$7.1 million1 of annual income for CTO As of March 31, 2025 Diversified Geographic High-Quality Dividend Yield 2 6.8% Footprint by ABR Top Tenancy Implied Cap Rate 8.2% Number of Properties 134 Number of States with a Property
Slide 18: Balance Sheet
Balance Sheet Debt Maturities1,2 $138M $100 $321 $100 liquidity $83 - 2025 2026 2027 2028 2029 $130M Unsecured Secured Revolving Credit Facility undrawn revolving credit As of 3/31/2025 facility commitments Initial Loan Weighted Principal Fixed/Float Principal Maturity2 Average Rate Pro Forma1 45% 2
Slide 19: Attractive Valuation and Compelling Dividend Yield
Attractive Valuation and Compelling Dividend Yield Higher dividend yield and lower multiple relative to its peers Peer Averages 18.0x 2025E Core FFO Multiple: 12.8x 10.0% 15.6x Annualized Dividend Yield: 4.6% 9.0% 16.0x 7.9% 13.8x 13.6x 13.6x 8.0% 14.0x 12.0x 7.0% 12.0x 11.2x 6.8% 10.5x 10.1x 6.0% 1
Slide 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 May 1, 2025. ▪ All information is as of March 31, 2025, unless otherwise noted. ▪ Any calculation differences are assumed t
Slide 27: Consolidated Statements of Operations
Consolidated Statements of Operations CTO Realty Growth, Inc. Three Months Ended (Quarterly metrics are unaudited, in thousands, except share, per share and dividend data) March 31, March 31, 2025 2024 Revenues Income Properties $ 31,672 $ 24,623 Management Fee Income 1,178 1,105 Interest Income Fro
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands, except share, per share and dividend data) March 31, 2025 March 31, 2024 Net Income Attributable to the Company $ 2,261 $ 5,842 Add Back: Effect of Dilutive Interest Related to 2025 Notes (1) — 534 Net I
Slide 29: Same-Property NOI Reconciliation
Same-Property NOI Reconciliation CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands) March 31, 2025 March 31, 2024 Net Income Attributable to the Company $ 2,261 $ 5,842 Gain on Disposition of Assets — (9,163) Provision for Impairment — 48 Depreciation and Amortization 14,364 10,931
Slide 30: Net Debt to Pro Forma Adjusted EBITDA
Net Debt to Pro Forma Adjusted EBITDA CTO Realty Growth, Inc. Three Months Ended (Unaudited, in thousands) March 31, 2025 Net Income Attributable to the Company $ 2,261 Depreciation and Amortization of Real Estate 14,346 Unrealized Loss on Investment Securities 165 Distributions to Preferred Stockho
Slide 31: Investor Inquiries
Investor Inquiries: ir@ctoreit.com Ashley Park | Atlanta, GA