Cto Realty Growth, Inc. · NYSE:CTO
Cto Realty Growth — Q1 2023 Earnings Presentation
39 slides from Cto Realty Growth's earnings presentation, Apr 27, 2023
Slide 1: Supplemental Reporting Information Q1 2023
© CTO Realty Growth, Inc. | ctoreit.com REALTY GROWTH Supplemental Reporting Information Q1 2023 Madison Yards Atlanta, GA
Slide 2: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com First Quarter 2023 Earnings Release 4 Key Financial Information ▪ Consolidated Balance Sheets 11 ▪ Consolidated Statements of Operations 12 ▪ Non-GAAP Financial Measures 13 Capitalization & Dividends 16 Summary of Debt 17 Debt Maturities 18 Investments 19 Disp
Slide 3: Table of Contents
© CTO Realty Growth, Inc. | ctoreit.com Lease Expirations 29 Top Tenant Summary 31 Geographic Diversification 32 Other Assets 33 2023 Guidance 34 Contact Information & Research Coverage 35 Safe Harbor, Non-GAAP Financial Measures, and Definitions and Terms 36 Table of Contents
Slide 4: CTO Realty Growth Reports First Quarter 2023 Operating Results
© CTO Realty Growth, Inc. | ctoreit.com 4 Press Release Contact: Matthew M. Partridge Senior Vice President, Chief Financial Officer, and Treasurer (407) 904-3324 mpartridge@ctoreit.com FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS FIRST QUARTER 2023 OPERATING RESULTS WINTER PARK, FL – April 27, 2
Slide 5: Quarterly Financial Results Highlights
© CTO Realty Growth, Inc. | ctoreit.com 5 Quarterly Financial Results Highlights The table below provides a summary of the Company’s operating results for the three months ended March 31, 2023: (in thousands, except per share data) For the Three Months Ended March 31, 2023 For the Three Months Ended
Slide 6: Portfolio, Same-Property NOI and Leasing Activity
© CTO Realty Growth, Inc. | ctoreit.com 6 Property Type # of Properties Square Feet % of Cash Base Rent Retail 15 1,972 49.7% Office 3 395 10.2% Mixed-Use 5 1,356 40.1% Total / Weighted Average Lease Term 23 3,723 100% Square feet in thousands. Leased Occupancy 93.5% Occupancy 89.9% Same Property Ne
Slide 7: Capital Markets and Balance Sheet
© CTO Realty Growth, Inc. | ctoreit.com 7 Capital Markets and Balance Sheet During the quarter ended March 31, 2023, the Company completed the following capital markets activities: ▪ Repurchased 303,354 shares of common stock for $5.0 million at an average price of $16.48 per share. The following ta
Slide 8: 2023 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 8 2023 Guidance Range Low High Core FFO Per Diluted Share $1.50 to $1.55 AFFO Per Diluted Share $1.64 to $1.69 The Company’s 2023 guidance includes but is not limited to the following assumptions: ▪ Same-Property NOI growth of 1% to 4%, including the impact of
Slide 9: Forward-Looking Statements
© CTO Realty Growth, Inc. | ctoreit.com 9 as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statemen
Slide 10: Non-GAAP Measures Definitions
© CTO Realty Growth, Inc. | ctoreit.com 10 modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization, as well as adding back
Slide 11: Consolidated Balance Sheets
© CTO Realty Growth, Inc. | ctoreit.com 11 Consolidated Balance Sheet CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of (Unaudited) March 31, 2023 December 31, 2022 ASSETS Real Estate: Land, at Cost $ 233,619 $ 233,930 Building and Improvements
Slide 12: Consolidated Statements of Operations
© CTO Realty Growth, Inc. | ctoreit.com 12 Consolidated P&L CTO Realty Growth, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended March 31, 2023 March 31, 2022 Revenues Income Properties $ 22,432 $ 15,168 Management Fee
Slide 13: Non-GAAP Financial Measures: Same-Property NOI Reconciliation
© CTO Realty Growth, Inc. | ctoreit.com 13 Non-GAAP Financial Measures CTO Realty Growth, Inc. Non-GAAP Financial Measures Same-Property NOI Reconciliation (Unaudited) (In thousands) Three Months Ended March 31, 2023 March 31, 2022 Net Income (Loss) Attributable to the Company $ (5,993) $ 202 Loss o
Slide 14: Non-GAAP Financial Measures: FFO, Core FFO and AFFO
© CTO Realty Growth, Inc. | ctoreit.com 14 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, 2022 Net Income (Loss) Attributable to the Company $ (5,993) $ 202 Add Back: Effec
Slide 15: Reconciliation of Net Debt to Pro Forma EBITDA
© CTO Realty Growth, Inc. | ctoreit.com 15 Non-GAAP Financial Measures CTO Realty Growth, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited) (In thousands) Three Months Ended March 31, 2023 Net Loss Attributable to the Company $ (5,993) Depreciation and Amort
Slide 16: Capitalization & Dividends
© CTO Realty Growth, Inc. | ctoreit.com Capitalization & Dividends $ and shares outstanding in thousands, except per share data. Any differences are a result of rounding. Equity Capitalization Common Shares Outstanding 22,709 Common Share Price $17.26 Total Common Equity Market Capitalization $391,9
Slide 17: Debt Summary
© CTO Realty Growth, Inc. | ctoreit.com Debt Summary $ in thousands. Any differences are a result of rounding. (1) See reconciliation as part of Non-GAAP Financial Measures in the Company’s First Quarter 2023 Earnings Release. Indebtedness Outstanding Face Value Interest Rate Maturity Date Type 2025
Slide 18: Debt Maturities
© CTO Realty Growth, Inc. | ctoreit.com Debt Maturities $ in thousands. Any differences are a result of rounding. Year Outstanding % of Debt Maturing Cumulative % of Debt Maturing Weighted Average Rate 2023 $ − − % − % − % 2024 − − % − % − % 2025 51,034 11% 11% 3.88% 2026 82,800 18% 29% 2.21% 2027 2
Slide 19: Year-to-Date Investments
© CTO Realty Growth, Inc. | ctoreit.com Year-to-Date Investments $ in thousands. Any differences are a result of rounding. Property Acquisitions Market Type Date Acquired Square Feet Price Occupancy At Acq. Phase II of The Exchange at Gwinnett (1 of 5 parcels) Buford, GA Atlanta, GA Retail Parcel Fe
Slide 20: Year-to-Date Dispositions
© CTO Realty Growth, Inc. | ctoreit.com Property Market Type Date Sold Square Feet Price Gain (Loss) None Total Dispositions − $ − $ − Year-to-Date Dispositions 20 $ in thousands. Any differences are a result of rounding.
Slide 21: Operating Portfolio Capital Investments
© CTO Realty Growth, Inc. | ctoreit.com Operating Portfolio Capital Investments $ in thousands. Any differences are a result of rounding. 21 Investment in Previously Occupied Space Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Capital Expenditures $ - $ - Tenant Improvement Allowances 47 47 Leasing Commissio
Slide 22: Portfolio Summary
© CTO Realty Growth, Inc. | ctoreit.com Portfolio Summary $ and square feet in thousands, except per square foot data. Any differences are a result of rounding. 22 Total Portfolio as of March 31, 2023 Asset Type Number of Properties Square Feet Cash ABR PSF Occupancy Leased Occupancy Single Tenant 8
Slide 23: Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com Portfolio Detail 23 Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Atlanta, GA The Collection at Forsyth Lifestyle 2022 2006 58.9 560,434 86% 86% $18.71 Ashford Lane Lifestyle 2020 2005 43
Slide 24: Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com Portfolio Detail 24 Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Albuquerque, NM Fidelity Single Tenant Office 2018 2009 25.3 210,067 100% 100% $17.23 Houston, TX Price Plaza Shopping Ce
Slide 25: Portfolio Detail
© CTO Realty Growth, Inc. | ctoreit.com Portfolio Detail 25 Property Type Year Acquired/ Developed Year Built Acreage Square Feet In-Place Occupancy Leased Occupancy Cash ABR PSF Daytona Beach, FL Daytona Beach Restaurant Portfolio Single Tenant (5) 2018 / 2022 1915 - 2018 8.3 40,698 100% 100% $26.2
Slide 26: Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com Leasing Summary $ and square feet in thousands, except per square foot data. Any differences are a result of rounding. Overall leasing activity does not include lease termination agreements or lease amendments related to tenant bankruptcy proceedings. 26 Renew
Slide 27: Comparable Leasing Summary
© CTO Realty Growth, Inc. | ctoreit.com Comparable Leasing Summary $ and square feet in thousands. Any differences are a result of rounding. Comparable leases compare leases signed on a space for which there was previously a tenant. 27 Renewals and Extensions - Comparable Number of Leases Signed GLA
Slide 28: Same-Property NOI
© CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI $ and square feet in thousands, except per square foot data. Any differences are a result of rounding. 28 Multi-Tenant Q1 2023 Q2 2023 Q3 2023 Q4 2023 2023 Number of Comparable Properties 11 11 Same-Property NOI – 2023 $8,402 $8,402 Same Prop
Slide 29: Lease Expiration Schedule
© CTO Realty Growth, Inc. | ctoreit.com Lease Expiration Schedule $ and square feet in thousands. Any differences are a result of rounding. 29 Anchor Tenants Year Leases Expiring Expiring SF % of Total Cash ABR % of Total ABR PSF 2023 2 26 0.8% 175 0.2% $6.64 2024 4 144 4.3% 3,629 4.9% 24.62 2025 6
Slide 30: Lease Expiration Schedule
© CTO Realty Growth, Inc. | ctoreit.com Lease Expiration Schedule $ and square feet in thousands. Any differences are a result of rounding. 30 Total Year Leases Expiring Expiring SF % of Total Cash ABR % of Total ABR PSF 2023 22 100 3.0% 1,677 2.3% $16.74 2024 58 319 9.5% 8,120 11.0% 25.45 2025 33 2
Slide 31: Top Tenant Summary
© CTO Realty Growth, Inc. | ctoreit.com Top Tenant Summary 31 Tenant/Concept Credit Rating(1) Leases Leased Square Feet % of Total Cash ABR % of Total Fidelity A+ 1 210 5.6% 3,619 4..9% WeWork CC 1 59 1.6% 2,719 3.7% Ford Motor Credit BB+ 1 121 3.3% 2,265 3.1% AMC CCC+ 2 90 2.4% 2,189 3.0% General D
Slide 32: Geographic Diversification
© CTO Realty Growth, Inc. | ctoreit.com Geographic Diversification 32 Markets Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2022 Average Household Income 5-Mile 2022 Total Population 2022-2027 Projected Population Annual Growth Atlanta, GA 4 1,076 29% $24,669 33% $156,034 223,066 1.1%
Slide 33: Other Assets
© CTO Realty Growth, Inc. | ctoreit.com Other Assets $ and shares outstanding in thousands, except per share data. Any differences are a result of rounding. 33 Investment Securities Shares & Operating Partnership Units Owned Value Per Share March 31, 2023 Estimated Value Annualized Dividend Per Shar
Slide 34: 2023 Guidance
© CTO Realty Growth, Inc. | ctoreit.com 2023 Guidance 34 Low High Core FFO Per Diluted Share $1.50 − $1.55 AFFO Per Diluted Share $1.64 − $1.69 The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2023 is as follows: $ and shares outstanding in millions, except per share
Slide 35: Contact Information & Research Coverage
© CTO Realty Growth, Inc. | ctoreit.com Contact Information & Research Coverage Contact Information Corporate Office Locations Investor Relations Transfer Agent New York Stock Exchange 369 N. New York Ave., Suite 201 Winter Park, FL 32789 1140 N. Williamson Blvd., Suite 140 Daytona Beach, FL 32114 M
Slide 36: Safe Harbor
© CTO Realty Growth, Inc. | ctoreit.com Safe Harbor 36 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 Ac
Slide 37: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures 37 Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adj
Slide 38: Non-GAAP Financial Measures
© CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures 38 To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude extraordinary items (as defined by GAAP), gain or loss on disposition of assets, gain or loss on extinguishment of debt, impa
Slide 39: Definitions & Terms
© CTO Realty Growth, Inc. | ctoreit.com Definitions & Terms 39 References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include: ▪ This presentation has been published on April 27, 2023. ▪ All information is as of March 31, 2023, unless