Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q3 2020 Earnings Presentation
16 slides from Cto Realty Growth's earnings presentation, Oct 29, 2020
Slide 1: Realty Growth October 2020
REALTY GROWTH OCTOBER 2020
Slide 2: Forward Looking Statements
2 CTO Realty Growth, Inc. 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 of the Securities Exchange Act
Slide 3: CTO By The Numbers
3 CTO Realty Growth, Inc. CTO BY THE NUMBERS FIDELITY,ALBUQUERQUE, NM WELLS FARGO, RALEIGH, NC GENERAL DYNAMICS INFO TECH, RESTON, VA THE STRAND, JACKSONVILLE, FL As of September 30, 2020 or as otherwise noted; any differences a result of rounding. (1) Based on monthly Contractual Base Rent (“CBR”),
Slide 4: Strategic Focus & Q3 Execution
4 CTO Realty Growth, Inc. STRATEGIC FOCUS & Q3 EXECUTION ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA Position the Company for REIT Conversion Board of Directors approved a 2020 REIT conversion; will result in a $52 - $56 million special dividend in the form of cash
Slide 5: Investment Strategy
5 CTO Realty Growth, Inc. INVESTMENT STRATEGY Miami Orlando Tampa Atlanta Jacksonville Nashville Charlotte Raleigh-Durham Northern Virginia Dallas Houston Austin Denver Boulder Salt Lake City Las Vegas Reno Phoenix Diversified Asset Investment Strategy Markets that project to have above-average job
Slide 6: Tenant Strategy
6 CTO Realty Growth, Inc. TENANT STRATEGY CTO’s tenant strategy is to align its investments with high-quality, sector leading tenants who support stable operating fundamentals and who promote community engagement More than 45% of Contractual Base Rent(1) comes from these high- quality tenants As of
Slide 7: Land Joint Venture
7 CTO Realty Growth, Inc. LAND JOINT VENTURE Land Joint Venture Summary of Terms ▪ Approximately 1,700 acres remaining in the land joint venture ▪ Estimated market value of remaining land is $80 - $110 million ▪ JV Partner’s current capital account balance is approximately $42 million ▪ JV Partner i
Slide 8: Portfolio at a Glance
8 CTO Realty Growth, Inc. PORTFOLIO AT A GLANCE 6 Number of Income Producing Properties CTO Target Market/State Non-Target State Where CTO Owns a Property 1 1 2 12 1 2 1 2 1 1 FL 32% GA 13% AZ 13% NC 9% NM 9% TX 9% VA 7% CO 5% Other 3% 31% 67% 2% Office Retail Hotel 54% 46% Single-Tenant Multi-Tenan
Slide 9: Impact of COVID-19
9 CTO Realty Growth, Inc. IMPACT OF COVID-19 93% 93% 92% 90% October September August July Paid Deferred Unresolved CTO has averaged a 92% Contractual Base Rent(1) collection rate over the last four months, with deferral agreements generally deferring rent into late 2020 or early 2021 As October 27,
Slide 10: Income Property Portfolio
10 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) Germantown, MD Retail Single Tenant 25,589 0.9% Phoenix, AZ Retail Single Tenant 34,512 0.9% N. Richland Hills, TX Retail Single Tenant 70,891 2.1% Phoenix, AZ Retail Single
Slide 11: Income Property Portfolio
11 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) Jacksonville, FL Retail Single Tenant 3,111 0.4% Phoenix, AZ Retail Single Tenant 5,627 0.4% Phoenix, AZ Retail Single Tenant 8,000 0.4% Austin, TX Retail Single Tenant 6,17
Slide 12: Income Property Portfolio
12 CTO Realty Growth, Inc. INCOME PROPERTY PORTFOLIO Tenant/Property Location Property Type Asset Type Square Feet % of CBR(1) Albuquerque, NM Office Single Tenant 210,067 8.5% Reston, VA Office Single Tenant 64,319 3.8% Raleigh, NC Office Single Tenant 450,393 6.9% Tampa, FL Office Single Tenant 12
Slide 13: Balance Sheet and Valuation: Debt Maturities
13 CTO Realty Growth, Inc. $23.4 $150.0 $150.0 $62.5 $30.0 $18.8 $18.8 $31.2 $31.2 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Fixed Floating Total Commitments BALANCE SHEET AND VALUATION Debt Maturities ($ in millions) As of September 30, 2020 or as otherwise not
Slide 14: Asset and Liability Components
14 CTO Realty Growth, Inc. ASSET AND LIABILITY COMPONENTS Net Operating Income $38.3 $38.3 $38.3 $38.3 ÷ Capitalization Rate 6.5% 7.0% 7.5% 8.0% Income Portfolio Value $589.2 $547.1 $510.7 $477.2 Other Assets: + Estimated Value for Subsurface Interests, Wholly Owned Excess Land, Mitigation Credits a
Slide 15: 2020 Guidance
15 CTO Realty Growth, Inc. 2020 GUIDANCE Actual Year-To-Date Updated Full Year 2020 Acquisition of Income-Producing Assets $185 million $185 million Target Investment Yield (Initial Yield – Unlevered) 7.8% 7.8% Disposition of Income-Producing Assets $55 million $55 million - $85 million Target Dispo
Slide 16: Realty Growth October 2020
16 CTO Realty Growth, Inc. REALTY GROWTH OCTOBER 2020