CTO

EX-99.1

2 cto-20240222xex99d1.htm

EX-99.1

CTO Q4 and FY 2023 Earnings Press Release

​

​

​

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 Fourth Quarter and Full Year 2023 Operating Results

WINTER PARK, FL – February 22, 2024 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter and year ended December 31, 2023.

​

Select Full Year 2023 Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.03 for the year ended December 31, 2023.

◾Reported Core FFO per diluted share attributable to common stockholders of $1.77 for the year ended December 31, 2023.

◾Reported AFFO per diluted share attributable to common stockholders of $1.91 for the year ended December 31, 2023.

◾Invested $80.0 million into four retail property acquisitions and one land parcel, totaling 470,600 leasable square feet at a weighted-average going-in cash cap rate of 7.5%.

◾Originated one first mortgage and provided seller financing through a short-term first mortgage totaling $30.4 million of structured investments at a weighted-average initial yield of 8.1%.

◾Sold nine income properties for total disposition volume of $87.1 million at a weighted average exit cap rate of 7.5%.

◾Reported a decrease of (2.4%) in Same-Property NOI as compared to the year-ended December 31, 2022.

◾Signed 61 comparable leases totaling 341,547 square feet at an average cash base rent of $26.97 per square foot, resulting in comparable rent per square foot growth of 7.5%.

◾Repurchased 369,300 shares of common stock at an average price of $16.35 per share.

◾Repurchased 21,192 shares of Series A Preferred Stock at an average price of $18.45 per share.

◾Paid regular common stock cash dividends during the full year of 2023 of $1.52 per share, a 1.8% increase over the Company’s 2022 common stock cash dividends.

◾Subsequent to year-end 2023, the Company entered into a contract to sell its mixed-use property in Santa Fe, NM for approximately $20.0 million. The prospective buyer’s deposit is non-refundable, and closing is anticipated to occur before March 31, 2024.

◾On February 16, 2024, the Company signed a ground lease with a purchase option, subject to a feasibility period, for the undeveloped 10-acre land parcel adjacent to The Collection at Forsyth in Cumming, GA.

Page 1

​

◾On February 16, 2024, the Company completed the sale of its remaining Subsurface Interests for gross proceeds of $5.0 million.

​

​

Select Fourth Quarter 2023 Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.25 for the quarter ended December 31, 2023.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.48 for the quarter ended December 31, 2023.

◾Reported AFFO per diluted share attributable to common stockholders of $0.52 for the quarter ended December 31, 2023.

◾Sold six properties during the quarter for total disposition volume of $64.2 million at a weighted average exit cap rate of 7.8%, generating total gains on sales of $3.1 million.

◾Originated one $15.4 million short-term first mortgage in the form of seller financing, at a going-in cash yield of 7.5%.

◾Reported an increase in Same-Property NOI of 4.7% as compared to the fourth quarter of 2022.

◾Signed 16 comparable leases during the quarter totaling 74,246 square feet at an average cash base rent of $29.95 per square foot, resulting in comparable rent per square foot growth of 17.9%.

◾Repurchased 62,015 shares of common stock at an average price of $15.72 per share.

◾Repurchased 14,398 shares of Series A Preferred Stock at an average price of $18.40 per share.

◾Paid a common stock cash dividend of $0.38 per share, representing an annualized yield of 9.2% based on the closing price of the Company’s common stock on February 21, 2024.

​

​

CEO Comments

​

“Operational performance in the fourth quarter was strong, with comparable leasing rent growth of nearly 18% and same-store NOI growth of just under 5%. Even with some of the tenant challenges we experienced in the first half of the year, we continued to improve our portfolio, balance sheet, and long-term growth profile, and our fourth quarter performance caps off a year where we delivered $1.91 of AFFO per share,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “For 2024, we have a number of strategic initiatives we’re focused on to set the stage for meaningful property NOI growth in 2025, including the recent openings of Politan Row, Culinary Dropout, and Fogo de Chão, and rent commencing the majority of our signed-but-not-open pipeline that represents more than 6% of in-place annualized cash base rents. We are also seeing more opportunities for investment and look forward to being a

EX-99.1

2 cto-20231026xex99d1.htm

EX-99.1

CTO Q3 2023 Earnings Press Release

​

​

​

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 Third

Quarter 2023 Operating Results

WINTER PARK, FL – October 26, 2023 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended September 30, 2023.

​

Select Results

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.07 for the quarter ended September 30, 2023.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.47 for the quarter ended September 30, 2023.

◾Reported AFFO per diluted share attributable to common stockholders of $0.48 for the quarter ended September 30, 2023.

◾Sold two properties during the quarter for total disposition activity of $20.9 million at a weighted average exit cap rate of 6.9%, generating total gains on sales of $2.5 million.

◾Reported a decrease in Same-Property NOI of (4.5%) for the quarter as compared to the comparable prior year period.

◾Signed 14 comparable leases during the quarter totaling 106,190 comparable square feet at an average cash base rent of $25.79 per square foot, representing a comparable decrease of (0.4%).

◾Repurchased 6,048 shares of Series A Preferred Stock at an average price of $18.52 per share.

◾Increased the midpoint of full year Core FFO per diluted share guidance by 4.9% and full year AFFO per diluted share guidance by 4.5%.

◾Paid a common stock cash dividend of $0.38 per share for the quarter, representing an annualized yield of 9.7% based on the closing price of the Company’s common stock on October 25, 2023.

​

CEO Comments

​

“We had a productive third quarter, selling one of our three remaining single tenant office properties at a gain and acquiring an additional 10 acres of land adjacent to our Collection at Forsyth property outside of Atlanta,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth, Inc. “Operationally, we improved our NOI margins within our existing portfolio through a combination of new tenant rent commencements and property-level cost controls, while also continuing our leasing momentum by leasing over 130,000 square feet during the quarter, generating comparable leasing spreads of 11.4% after excluding the impact of the replacement tenant for The Hall.”

​

​

Page 1

​

Quarterly Financial Results Highlights

​

The table below provides a summary of the Company’s operating results for the three months ended September 30, 2023:

​

(in thousands, except per share data)

For the Three

Months Ended

September 30, 2023

For the Three

Months Ended

September 30, 2022

​

Variance to Comparable Period in the Prior Year

Net Income Attributable to the Company

$

2,686

​

$

4,817

​

$

(2,131)

(44.2%)

Net Income Attributable to Common Stockholders

$

1,491

​

$

3,622

​

$

(2,131)

(58.8%)

Net Income per Diluted Share Attributable to Common Stockholders (1)

$

0.07

​

$

0.19

​

$

(0.12)

(63.2%)

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

10,462

​

$

8,684

​

$

1,778

20.5%

Core FFO per Common Share – Diluted (2)

$

0.47

​

$

0.47

​

$

—

0.0%

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

10,766

​

$

8,957

​

$

1,809

20.2%

AFFO per Common Share – Diluted (2)

$

0.48

​

$

0.49

​

$

(0.01)

(2.0%)

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

0.40

​

$

—

0.0%

Dividends Declared and Paid, per Common Share

$

0.38

​

$

0.38

​

$

—

0.0%

(1)

For the three months ended September 30, 2023, the denominator for this measure excludes the impact of 3.4 million shares related to the Company’s adoption of ASU 2020-06, effective January 1, 2022, which requires presentation on an if-converted basis for its 2025 Convertible Senior Notes, as the impact would be anti-dilutive. For the three months ended September 30, 2022, the denominator for this measure includes the impact of 3.1 million shares as the impact was dilutive for the period.

(2)

See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO per Common Share – Diluted, AFFO Attributable to Common Stockholders and AFFO per Common Share - Diluted.

​

Year-to-Date Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the nine months ended September 30, 2023:

​

(in thousands, except per share data)

For the Nine

Months Ended

S

EX-99.1

2 cto-20230727xex99d1.htm

EX-99.1

Press

​

​

​

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 Second

Quarter 2023 Operating Results

WINTER PARK, FL – July 27, 2023 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended June 30, 2023.

​

Select Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.03 for the quarter ended June 30, 2023.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.43 for the quarter ended June 30, 2023.

◾Reported AFFO per diluted share attributable to common stockholders of $0.48 for the quarter ended June 30, 2023.

◾Invested $72.5 million into three multi-tenant retail property acquisitions totaling 464,600 square feet at a weighted average going-in cash cap rate of 8.0%.

◾Sold one property for $2.1 million at a weighted average exit cap rate of 4.8%, generating a gain of $0.8 million.

◾Reported a decrease in Same-Property NOI of (2.5%) as compared to the comparable prior year period.

◾Signed 17 leases totaling 60,528 comparable square feet at an average cash rent of $32.10 per square foot, representing 8.6% comparable growth.

◾Repurchased 3,931 shares of common stock at an average price of $15.73 per share.

◾Paid a common stock cash dividend of $0.38 per share, representing a 1.8% increase over the second quarter 2022 quarterly common stock cash dividend.

​

​

CEO Comments

​

“Building on our momentum from the first quarter, the quality of our properties, progress of our repositioning programs, and strength of our Sunbelt-focused markets continued to drive strong leasing activity during the second quarter,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “As we look towards the back half of the year and into 2024, we believe that our growing signed but not open pipeline, which now represents more than 3% of current in-place cash base rents, has us well-positioned to drive outsized growth for the benefit of our very attractive 8.5% common dividend.”

​

​

Page 1

​

Quarterly Financial Results Highlights

​

The table below provides a summary of the Company’s operating results for the three months ended June 30, 2023:

​

(in thousands, except per share data)

For the Three

Months Ended

June 30, 2023

For the Three

Months Ended

June 30, 2022

​

Variance to Comparable Period in the Prior Year

Net Income Attributable to the Company

$

1,800

​

$

1,218

​

$

582

47.8%

Net Income Attributable to Common Stockholders

$

605

​

$

22

​

$

583

2,650.0%

Net Income per Diluted Share Attributable to Common Stockholders (1)

$

0.03

​

$

0.00

​

$

0.03

100.0%

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

9,608

​

$

8,485

​

$

1,123

13.2%

Core FFO per Common Share – Diluted (2)

$

0.43

​

$

0.47

​

$

(0.04)

(8.5%)

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

10,781

​

$

8,890

​

$

1,891

21.3%

AFFO per Common Share – Diluted (2)

$

0.48

​

$

0.49

​

$

(0.01)

(2.0%)

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

0.40

​

$

0.00

0.00%

Dividends Declared and Paid, per Common Share

$

0.38

​

$

0.37

​

$

0.01

1.8%

(1)

The denominator for this measure excludes the impact of 3.3 million and 3.1 million shares for the three months ended June 30, 2023 and 2022, respectively, related to the Company’s adoption of ASU 2020-06, effective January 1, 2022, which requires presentation on an if-converted basis for its 2025 Convertible Senior Notes, as the impact would be anti-dilutive.

(2)

See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO per Common Share – Diluted, AFFO Attributable to Common Stockholders and AFFO per Common Share - Diluted.

​

​

Year-to-Date Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the six months ended June 30, 2023:

​

(in thousands, except per share data)

For the Six

Months Ended

June 30, 2023

For the Six

Months Ended

June 30, 2022

​

Variance to Comparable Period in the Prior Year

Net Income (Loss) Attributable to the Company

$

(4,193)

​

$

1,420

​

$

(5,613)

(395.3%)

Net Loss Attributable to Common Stockholders

$

(6,583)

​

$

(971)

​

$

(5,612)

(578.0%)

Net Loss per Diluted Share Attributable to Common Stockholders (1)

$

(0.29)

​

$

(0.05)

​

$

(0.24)

(480.0%)

​

​

​

EX-99.1

2 cto-20230427xex99d1.htm

EX-99.1

Press

​

​

​

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, 2023 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended March 31, 2023.

​

Select Highlights

​

◾Reported a Net Loss per diluted share attributable to common stockholders of ($0.32) for the quarter ended March 31, 2023.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.39 for the quarter ended March 31, 2023.

◾Reported AFFO per diluted share attributable to common stockholders of $0.43 for the quarter ended March 31, 2023.

◾Acquired one 6,000 square foot property within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett in Buford, Georgia for a purchase price of $3.3 million and a going-in cap rate of 7.2%.

◾Originated a $15.0 million first mortgage loan at a fixed interest rate of 8.75% secured by the Founders Square property located in Dallas, Texas.

◾Reported a decrease in Same-Property NOI of (1.2%) as compared to the first quarter of 2022.

◾Repurchased 303,354 shares for $5.0 million at an average price of $16.48 per share.

◾Paid a common stock cash dividend of $0.38 per share, representing a 5.6% increase over the first quarter 2022 quarterly common stock cash dividend.

​

CEO Comments

​

“We are pleased with what has been an active start to the year, and while the underlying macroeconomic environment remains volatile, the quality of our assets, our diverse income streams, and strength of our Sunbelt-focused markets have allowed us to make positive strides in our value-add initiatives, driving attractive leasing spreads during the quarter and positioning our properties for long-term cash flow growth,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Our growing signed but not open pipeline and increasing tenant demand at our two more recent acquisitions, West Broad Village and The Collection at Forsyth, are building operational tailwinds for 2023, 2024 and beyond.  As a result, we have improved visibility that gives us additional confidence in our long-term value proposition for our shareholders and supports the attractiveness of our outsized 9.1% common dividend.”

​

​

​

​

Page 1

​

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

March 31, 2022

​

Variance to Comparable Period in the Prior Year

Net Income (Loss) Attributable to the Company

$

(5,993)

​

$

202

​

$

(6,195)

(3,066.8%)

Net Loss Attributable to Common Stockholders

$

(7,188)

​

$

(993)

​

$

(6,195)

(623.9%)

Net Loss per Share Attributable to Common Stockholders (1)

$

(0.32)

​

$

(0.06)

​

$

(0.26)

(433.3%)

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

8,867

​

$

8,227

​

$

640

7.8%

Core FFO per Common Share – Diluted (2)

$

0.39

​

$

0.46

​

$

(0.07)

(15.2%)

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

9,863

​

$

8,717

​

$

1,146

13.1%

AFFO per Common Share – Diluted (2)

$

0.43

​

$

0.49

​

$

(0.06)

(12.2%)

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

0.40

​

$

0.00

0.00%

Dividends Declared and Paid, per Common Share

$

0.38

​

$

0.36

​

$

0.02

5.6%

(1)

The denominator for this measure excludes the impact of 3.2 million and 3.0 million shares for the three months ended March 31, 2023 and 2022, respectively, related to the Company’s adoption of ASU 2020-06, effective January 1, 2022, which requires presentation on an if-converted basis for its 2025 Convertible Senior Notes, as the impact would be anti-dilutive.

(2)

See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO per Common Share – Diluted, AFFO Attributable to Common Stockholders and AFFO per Common Share - Diluted.

​

Investments

​

During the three months ended March 31, 2023, the Company acquired one 6,000 square foot property within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett in Buford, Georgia for a purchase price of $3.3 million and a going-in cap rate of 7.2%. The Company is under contract to acquire the remaining properties that make up t

EX-99.1

2 cto-20230223xex99d1.htm

EX-99.1

Press

​

​

​

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 Full Year and Fourth Quarter 2022 Operating Results

WINTER PARK, FL – February 23, 2023 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter and year ended December 31, 2022.

​

Select Full Year 2022 Highlights

​

◾Reported a Net Loss per diluted share attributable to common stockholders of ($0.09) for the year ended December 31, 2022.

◾Reported Core FFO per diluted share attributable to common stockholders of $1.74 for the year ended December 31, 2022.

◾Reported AFFO per diluted share attributable to common stockholders of $1.83 for the year ended December 31, 2022.

◾Invested a record $314.0 million into five mixed-use or retail property acquisitions totaling 1.3 million square feet at a weighted-average going-in cash cap rate of 7.5%.

◾Originated structured investments totaling $59.2 million at a weighted-average initial yield of 8.2%.

◾Sold six income properties for total disposition volume of $81.1 million at a blended exit cap rate of 6.2%.

◾Reported an increase of 13.0% in Same-Property NOI as compared to the year-ended December 31, 2021.

◾Purchased 155,665 shares of common stock of Alpine Income Property Trust, Inc. (“PINE”) at a weighted average gross price of $17.57 per share and recognized a non-cash, unrealized loss of $1.7 million on the mark-to-market of the Company’s investment in PINE.

◾Issued a combined 5,016,026 shares of common stock through the Company’s inaugural follow-on equity offering and under its ATM offering program at a weighted average gross price of $19.73 per share, for total net proceeds of $95.3 million.

◾Paid regular common stock cash dividends during the full year of 2022 of $1.49 per share, a 12.0% increase over the Company’s 2021 common stock cash dividends.

​

Select Fourth Quarter 2022 Highlights

​

◾Reported a Net Loss per diluted share attributable to common stockholders of ($0.21) for the quarter ended December 31, 2022.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.34 for the quarter ended December 31, 2022.

Page 1

​

◾Reported AFFO per diluted share attributable to common stockholders of $0.37 for the quarter ended December 31, 2022.

◾Completed three mixed-use or retail property acquisitions totaling 1.0 million square feet for a gross value of $194.7 million at a weighted-average going-in cash cap rate of 8.0%.

◾The Company sold 100% of its ownership interest in the entity that owned all of the Company’s mitigation credit rights for gross proceeds of $8.1 million. As part of the transaction, the Company retained the right to 35 mitigation credits and/or mitigation credit rights for future sale.

◾Reported a decrease in Same-Property NOI of (6.9%) as compared to the fourth quarter of 2021.

◾Completed inaugural follow-on underwritten public common equity offering during the fourth quarter of 2022, issuing 3,450,000 shares of common stock at a price per share of $19.00, generating net proceeds of approximately $62.4 million.

◾Paid a common stock cash dividend $0.38 per share, representing a 14.0% increase over the fourth quarter 2021 quarterly common stock cash dividend.

​

CEO Comments

​

“2022 was another record year of transaction and capital markets activities for us at CTO and we are fortunate to have executed on a number of high-quality retail property acquisitions at favorable yields with an attractive investment basis in our target growth markets. Our portfolio is now comprised of some of the strongest employment and population locations in the country, primarily concentrated in the southeast and southwest in high-demand markets such as Atlanta, Dallas and Raleigh,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We enter 2023 with a tremendous amount of opportunity to grow long-term portfolio-level cash flow as we lease up acquired vacancy and benefit from the resilient tenant demand and consumer traffic strength occurring in many of our top markets. Our well-positioned balance sheet has ample liquidity for targeted investment and we’re hopeful that we’ll see more attractive acquisition opportunities as the year progresses. When we combine our growth prospects with our expanding pipeline of signed leases that have yet to commence rent and our attractive 8.1% dividend yield, we’re optimistic we can bring all of these components together to drive long-term shareholder value.”

​

Year-to-Date Financial Results Highlights

​

The table below provides a summary of the Company’s operating results for the year ended December 31, 2022:

​

(in thousands, except per share data)

Year Ended

December 31, 2022

Year Ended

December 31, 202

EX-99.1

2 cto-20221027xex99d1.htm

EX-99.1

Press

​

​

​

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 Third Quarter 2022 Operating Results

WINTER PARK, FL – October 27, 2022 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended September 30, 2022.

​

Select Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.19 for the quarter ended September 30, 2022.

◾Reported Core FFO per diluted share attributable to common stockholders of $0.47 for the quarter ended September 30, 2022, an increase of 38.2% from the comparable prior year period.

◾Reported AFFO per diluted share attributable to common stockholders of $0.49 for the quarter ended September 30, 2022, an increase of 36.1% from the comparable prior year period.

◾Acquired Madison Yards, a newly built, grocery-anchored retail property located in Atlanta, Georgia for a purchase price of $80.2 million. The purchase price represents a going-in cap rate below the range of the Company’s prior guidance for initial cash yields.

◾Sold two single tenant retail properties, the Company’s sole remaining multi-tenant office property and one multi-tenant retail property for total disposition volume of $57.0 million at a weighted average exit cap rate of 6.3%, generating total gains of $5.0 million.

◾Reported a 12.0% increase in Same-Property NOI during the quarter ended September 30, 2022, as compared to the comparable prior year period.

◾Expanded revolving credit facility from $210 million to $300 million, extended the revolving credit facility’s maturity date to January 2027, and entered into a new fixed-rate $100 million unsecured term loan with a maturity date of January 2028.

◾Paid a $0.38 per share common stock cash dividend for the third quarter of 2022, which represented a 14.0% increase from the comparable prior year period quarterly common stock cash dividend and an annualized yield of 7.6% based on the closing price of the Company’s common stock on October 26, 2022.

◾On October 14, 2022, the Company acquired West Broad Village, a mixed-use, grocery-anchored lifestyle property in Richmond, Virginia for a purchase price of $93.9 million. The purchase price represents a going-in cap rate above the range of the Company’s prior guidance for initial cash yields.

​

​

​

​

CEO Comments

Page 1

​

​

“We’ve had a very strong few months of asset recycling as we continue to make good progress refining our high-quality, retail-focused portfolio. Our newly built grocery-anchored Madison Yards (Publix) asset in Atlanta, Georgia, and our grocery-anchored West Broad Village (Whole Foods) property in Richmond, Virginia are excellent additions as we continue to add exposure to well-performing markets and attractive demographics,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “These new grocery-anchored acquisitions, combined with our 7.6% current dividend yield, accretive dispositions, 21.5% year-to-date same-store NOI growth, strong leasing activity, newly expanded credit facility and fixed-rate term loan have us well-positioned to drive attractive risk-adjusted cash flows for our shareholders. As we look forward into 2023, we’re confident our shadow disposition pipeline of single tenant office properties and more than $200 million of available liquidity gives us ample capacity to be opportunistic in the quickly evolving transaction market.”

​

Quarterly Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the three months ended September 30, 2022:

​

(in thousands, except per share data)

For the Three

Months Ended

September 30, 2022

For the Three

Months Ended

September 30, 2021

​

Variance to Comparable Period in the Prior Year

Net Income Attributable to the Company

$

4,817

​

$

23,947

​

$

(19,130)

(79.9%)

Net Income Attributable to Common Stockholders

$

3,622

​

$

22,818

​

$

(19,196)

(84.1%)

Net Income per Diluted Share Attributable to Common Stockholders (1)

$

0.19

​

$

1.29

​

$

(1.10)

(85.3%)

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

8,684

​

$

5,985

​

$

2,699

45.1%

Core FFO per Common Share – Diluted (2)

$

0.47

​

$

0.34

​

$

0.13

38.2%

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

8,957

​

$

6,422

​

$

2,535

39.5%

AFFO per Common Share – Diluted (2)

$

0.49

​

$

0.36

​

$

0.13

36.1%

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

0.38

​

$

0.02

5.9%

Dividends Declared and Paid, per Common Share

$

0.38

​

$

0.33

​

$

0.05

14.0%

(1)

The denominator for this measure in 2022 includes the impact of

EX-99.1

2 cto-20220728xex99d1.htm

EX-99.1

Press

​

​

​

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 SECOND

QUARTER 2022 OPERATING RESULTS

WINTER PARK, FL – July 28, 2022 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended June 30, 2022.

​

​

Select Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.00 for the quarter ended June 30, 2022, an increase of 100.0% from the comparable prior year period.

◾Reported Core FFO per diluted share attributable to common stockholders of $1.41 for the quarter ended June 30, 2022, an increase of 60.2% from the comparable prior year period.

◾Reported AFFO per diluted share attributable to common stockholders of $1.48 for the quarter ended June 30, 2022, an increase of 38.3% from the comparable prior year period.

◾Entered into a preferred equity agreement to provide $30.0 million of funding towards the acquisition of the Watters Creek at Montgomery Farm in Allen, Texas at an initial investment yield above the range of the Company’s guidance for initial investment cash yields.

◾Entered into a loan agreement to provide $19.0 million of funding towards the development of the retail portion of the WaterStar Orlando mixed-use property in Kissimmee, FL at an initial investment yield above the range of the Company’s guidance for initial investment cash yields.

◾Reported a 23.8% increase in Same-Property NOI during the quarter ended June 30, 2022, as compared to the comparable prior year period.

◾Paid a regular common stock cash dividend during the second quarter of 2022 of $1.12 per share, representing an increase of 12.0% from the comparable prior year period, a payout ratio of 75.7% of the Company’s second quarter 2022 AFFO per diluted share, and an annualized yield of 6.9% based on the closing price of the Company’s common stock on July 27, 2022.

◾Completed a three-for-one stock split and began trading at the post-split price on July 1, 2022. The stock split was effected in the form of a stock dividend of two additional shares of common stock for each outstanding share of common stock held as of the record date for the stock dividend.

◾On July 8, 2022, the Company acquired Madison Yards, a newly built, grocery-anchored retail property located in Atlanta, Georgia for a purchase price of $80.2 million. The purchase price represents a going-in cap rate below the range of the Company’s prior guidance for initial cash yields.

​

​

​

Page 1

​

CEO Comments

​

“I am very encouraged by our second quarter performance as our team continues to make strong operational progress with our leasing and repositioning initiatives and finds attractive opportunities for external growth through our disciplined, retail-focused investment strategy,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Our recent Madison Yards acquisition was a great opportunity to acquire a newly built grocery-anchored shopping center in one of the strongest markets in the country, further improving our already high-quality, growth market-oriented portfolio.  With year-to-date same-store NOI growth of more than 20% and over 200 bps of leased occupancy set to rent commence over the next twelve months, we’re very excited about our prospects to drive double digit same-store NOI growth during the back half of this year and in 2023. This embedded growth should continue to help drive strong earnings for the foreseeable future and further support our attractive and growing dividend.”

​

​

Quarterly Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the three months ended June 30, 2022:

​

(in thousands, except per share data)

For the Three

Months Ended

June 30, 2022

For the Three

Months Ended

June 30, 2021

​

Variance to Comparable Period in the Prior Year

Net Income (Loss) Attributable to the Company

$

1,218

​

$

(3,724)

​

$

4,942

132.7%

Net Income (Loss) Attributable to Common Stockholders

$

22

​

$

(3,724)

​

$

3,746

100.6%

Net Income (Loss) per Diluted Share Attributable to Common Stockholders (1)

$

0.00

​

$

(0.63)

​

$

0.63

100.0%

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

8,485

​

$

5,218

​

$

3,267

62.6%

Core FFO per Common Share – Diluted (2)

$

1.41

​

$

0.88

​

$

0.53

60.2%

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

8,890

​

$

6,294

​

$

2,596

41.2%

AFFO per Common Share – Diluted (2)

$

1.48

​

$

1.07

​

$

0.41

38.3%

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

—

​

$

0.40

100.0%

Dividends Declared and Paid, per Common Share

$

1.12

​

$

EX-99.1

2 cto-20220428xex99d1.htm

EX-99.1

Press

​

​

​

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 2022 OPERATING RESULTS

WINTER PARK, FL – April 28, 2022 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended March 31, 2022.

​

​

Select Highlights

​

◾Reported Net Loss per diluted share attributable to common stockholders of $0.17 for the quarter ended March 31, 2022, a decrease of 112.9% from the comparable prior year period.

◾Reported Core FFO per diluted share attributable to common stockholders of $1.39 for the quarter ended March 31, 2022, an increase of 69.5% from the comparable prior year period.

◾Reported AFFO per diluted share attributable to common stockholders of $1.48 for the quarter ended March 31, 2022, an increase of 52.6% from the comparable prior year period.

◾Acquired one multi-tenant income property during the first quarter of 2022 for $39.1 million, representing a going-in cap rate above the range of the Company’s initial guidance for initial investment cash yields.

◾Entered into a loan agreement to provide $8.7 million of funding towards the development of the retail portion of Phase II of The Exchange at Gwinnett in Buford, GA at an initial investment yield above the range of the Company’s initial guidance for initial investment cash yields.

◾Sold two single tenant income properties for a total disposition volume of $24.0 million at a weighted average exit cap rate of 6.0%.

◾Reported a 17.7% increase in Same-Property NOI during the quarter ended March 31, 2022, as compared to the comparable prior year period.

◾Paid a regular common stock cash dividend during the first quarter of 2022 of $1.08 per share.

◾On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the acquisition of the Watters Creek at Montgomery Farm in Allen, Texas at an initial investment yield above the range of the Company’s initial guidance for initial investment cash yields.

◾The Company has announced it will pursue a three-for-one stock split to be effected in the form of a stock dividend of two additional shares of common stock for each outstanding share of common stock.

​

​

​

​

Page 1

​

CEO Comments

​

“I’m very pleased with our strong start to the year. We achieved Same-Property NOI growth of nearly 18% in the first quarter as our operational successes in 2021 have driven outsized organic cash flow growth in our recently acquired, retail-focused portfolio,” commented John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “As we look to expand our portfolio, our team has done an excellent job continuing to find attractive opportunities in an increasingly competitive environment, committing more than $77 million of capital to well-located retail properties in the Houston, Atlanta and Dallas markets. For the balance of the year, we have a solid runway of Same-Store NOI growth from new tenants expected to open their doors in the back half of 2022 and we continue to focus on accretively selling our remaining office properties to provide capital for additional acquisitions. Our balance sheet remains well-positioned to fund prospective external growth opportunities and we’re hopeful our newly announced stock split improves the accessibility and liquidity of our stock for the benefit of our current and prospective shareholders.”

​

​

Quarterly Financial Results Highlights

​

The table below provides a summary of the Company’s operating results for the three months ended March 31, 2022:

​

(in thousands, except per share data)

For the Three Months Ended March 31, 2022

For the Three Months Ended March 31, 2021

​

Variance to Comparable Period in the Prior Year

Net Income Attributable to the Company

$

202

​

$

7,785

​

$

(7,583)

(97.4%)

Net Income (Loss) Attributable to Common Stockholders

$

(993)

​

$

7,785

​

$

(8,778)

(112.8%)

Net Income (Loss) per Diluted Share Attributable to Common Stockholders (1)

$

(0.17)

​

$

1.32

​

$

(1.49)

(112.9%)

​

​

​

​

​

​

​

​

​

​

Core FFO Attributable to Common Stockholders (2)

$

8,227

​

$

4,850

​

$

3,377

69.6%

Core FFO per Common Share – Diluted (2)

$

1.39

​

$

0.82

​

$

0.57

69.5%

​

​

​

​

​

​

​

​

​

​

AFFO Attributable to Common Stockholders (2)

$

8,717

​

$

5,687

​

$

3,030

53.3%

AFFO per Common Share – Diluted (2)

$

1.48

​

$

0.97

​

$

0.51

52.6%

​

​

​

​

​

​

​

​

​

​

Dividends Declared and Paid, per Preferred Share

$

0.40

$

—

​

$

0.40

100.0%

Dividends Declared and Paid, per Common Share

$

1.08

​

$

1.00

​

$

0.08

8.0%

(1)

The denominator for this measure in 2022 excludes the impact of 1,007,294 shares related to

EX-99.1

2 cto-20220224xex99d1.htm

EX-99.1

Press

​

​

​

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 FOURTH QUARTER

AND FULL YEAR 2021 OPERATING RESULTS

WINTER PARK, FL – February 24, 2022 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter and year ended December 31, 2021.

​

Select Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $0.13 and $4.69 for the quarter and year ended December 31, 2021, respectively.

◾Reported Core FFO per diluted share attributable to common stockholders of $1.07 and $3.93 for the quarter and year ended December 31, 2021, respectively.

◾Reported AFFO per diluted share attributable to common stockholders of $1.23 and $4.36 for the quarter and year ended December 31, 2021.

◾Acquired five multi-tenant income properties during the fourth quarter of 2021 for a total acquisition volume of $138.1 million, reflecting a weighted-average going-in cash cap rate of 6.1%.

◾Sold one single tenant income property during the fourth quarter of 2021 for $21.5 million at an exit cap rate of 6.5%, generating a gain of $0.2 million.

◾Completed the sale of the Land Venture’s (defined below) remaining holdings, of which the Company previously held a retained interest, for $66.3 million, resulting in cash proceeds to CTO of $24.5 million.

◾Repurchased 40,553 shares of the Company’s common stock during the fourth quarter of 2021 for a total cost of $2.2 million, or an average price per common share of $54.48.

◾During the fourth quarter of 2021, repurchased $10.7 million aggregate principal amount of the Company’s 2025 convertible senior notes.

◾Paid a regular common stock cash dividend during the fourth quarter of 2021 of $1.00 per share.

◾During the full year 2021, the Company acquired eight multi-tenant income properties for a total acquisition volume of $249.1 million, reflecting a weighted-average going-in cash cap rate of 7.2%.

◾During the full year 2021, the Company sold 15 income properties for a total disposition volume of $162.3 million at a weighted average exit cap rate of 6.0%, generating aggregate gains of $28.2 million.

◾Paid regular common stock cash dividends during the full year of 2021 of $4.00 per share, a 110.5% increase over the Company’s 2020 common stock cash dividends.

◾During the year ended December 31, 2021, the Company recognized a non-cash, unrealized gain of $10.3 million on the mark-to-market of the Company’s investment in Alpine Income Property Trust, Inc. (NYSE: PINE).

◾Book value per common share outstanding as of December 31, 2021 was $60.09.

Page 1

​

◾Declared a common stock cash dividend for the first quarter of 2022 of $1.08 per share, representing an 8.0% increase over the Company’s fourth quarter 2021 common stock cash dividend and annualized yield of 7.4% based on the closing price of the Company’s common stock on February 23, 2022.

◾Announced the Company is relocating its headquarters to 369 N. New York Avenue, Winter Park, Florida.

​

​

CEO Comments

​

“2021 marked our first full year as a REIT and the culmination of our decade-long transformation from a substantial Florida landowner to a growth market-focused, retail-driven income property owner. We had a record year of transaction and capital markets activities, and we are well-positioned to drive outsized earnings growth as we shift from a capital recycling strategy and place a greater emphasis on organic and external opportunities,” commented John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We’re entering 2022 with a portfolio positioned to highlight our strong growth market-based strategy, highlighted by our top markets of Atlanta, Jacksonville, Dallas, Raleigh and Phoenix. With AFFO per share guidance implying more than 15% year-over-year growth at the midpoint and excellent leasing momentum at a number of our properties, we’re looking forward to delivering another strong year of performance for our shareholders.”

​

​

Quarterly Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the three months ended December 31, 2021:

(in thousands)

For the Three Months Ended December 31, 2021

For the Three Months Ended December 31, 2020

​

Variance to Comparable Period in the Prior Year

Income Properties

$

13,922

$

14,544

​

$

(622)

(4.3%)

Management Fee Income

$

944

​

$

664

​

$

280

42.2%

Commercial Loan and Master Lease Investments

$

725

$

734

​

$

(9)

(1.2%)

Real Estate Operations

$

9,109

$

19

​

$

9,090

​

47,842.1%

Total Revenues

$

24,700

$

15,961

​

$

8,739

​

54.8%

​

The increase in total revenues during the three months ended December 31, 2021 is primarily attributable to increas

EX-99.1

2 cto-20211028xex99d1.htm

EX-99.1

Press

​

​

​

Press Release

​

Contact:Matthew M. Partridge

Senior Vice President, Chief Financial Officer and Treasurer

(386) 944-5643

mpartridge@ctoreit.com

​

FOR

IMMEDIATE

RELEASE

​

CTO REALTY GROWTH REPORTS THIRD QUARTER 2021 OPERATING RESULTS

DAYTONA BEACH, FL – October 28, 2021 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended September 30, 2021.

​

Select Quarterly Highlights

​

◾Reported Net Income per diluted share attributable to common stockholders of $3.87 for the quarter ended September 30, 2021.

◾Reported FFO and AFFO per diluted share attributable to common stockholders of $1.03 and $1.09, respectively, for the quarter ended September 30, 2021.

◾Sold four single tenant income properties for a total disposition volume of $75.3 million at a weighted average exit cap rate of 5.0%. The sale of the properties generated combined gains of $22.7 million.

◾Purchased the remaining 70% interest in the entity that holds approximately 2,500 acres of land in Daytona Beach, Florida, which is engaged in the operation of a mitigation bank (the “Mitigation Bank”) from the joint venture partner for a net cash payment of $16.1 million.

◾Sold approximately 4,700 acres of subsurface oil, gas and mineral rights for $0.9 million.

◾Issued 3,000,000 shares of 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred”) stock for $25.00 per share, generating net proceeds of $72.4 million.

◾Paid cash dividends on the Company’s Series A Preferred stock and common stock for the third quarter of 2021 of $0.3763 per share and $1.00 per share, respectively, on September 30, 2021 to stockholders of record as of September 9, 2021.

◾Recognized a non-cash, unrealized loss of $1.3 million on the mark-to-market of the Company’s investment in Alpine Income Property Trust, Inc. (NYSE: PINE).

◾Book value per common share outstanding as of September 30, 2021 increased to $60.42.

​

CEO Comments

​

“We had a very active third quarter, signing new leases on more than 10% of our existing vacancies and selling more than $75 million of single tenant properties for a 5.0% weighted average exit cap rate, including our largest single tenant office property,” commented John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “The net investment spreads we have been able to generate to-date on the strategic sale of non-core assets and the redeployment of those proceeds, combined with anticipated strong growth in 2022 same-store net operating income and the ample liquidity on our balance

Page 1

​

sheet for investment into our pipeline of high-quality, multi-tenanted retail and mixed-use properties, is positioning us for very attractive FFO and AFFO growth in 2022.”

​

Quarterly Financial Results Highlights

​

The tables below provide a summary of the Company’s operating results for the three months ended September 30, 2021:

(in thousands)

For the Three Months Ended September 30, 2021

For the Three Months Ended September 30, 2020

​

Variance to Comparable Period in the Prior Year

Income Properties

$

13,734

$

12,933

​

$

801

6.2%

Management Fee Income

$

940

​

$

683

​

$

257

37.6%

Commercial Loan and Master Lease Investments

$

726

$

413

​

$

313

75.8%

Real Estate Operations

$

1,177

$

543

​

$

634

​

116.8%

Total Revenues

$

16,577

$

14,572

​

$

2,005

​

13.8%

​

The increase in total revenue during the three months ended September 30, 2021 was primarily attributable to income produced by the Company’s recent income property acquisitions as compared to the income from properties sold by the Company during the comparative period.  Revenues also increased from the sale of subsurface interests and mitigation credits, which are reflected in real estate operations, as well as from increased income from the Company’s portfolio of commercial loan and master lease investments and increased management fee income from PINE.

​

(in thousands, except per share data)

For the Three Months Ended September 30, 2021

For the Three Months Ended September 30, 2020

​

Variance to Comparable Period in the Prior Year

Net Income (Loss) Attributable to the Company

$

23,947

​

$

(1,522)

​

$

25,469

1,673.4%

Net Income (Loss) Attributable to Common Stockholders

$

22,818

​

$

(1,522)

​

$

24,340

1,599.2%

Net Income (Loss) per Diluted Share Attributable to Common Stockholders

$

3.87

​

$

(0.33)

​

$

4.20

1,272.7%

FFO Attributable to Common Stockholders (1)

$

6,071

​

$

5,517

​

$

554

10.0%

FFO per Common Share – Diluted (1)

$

1.03

​

$

1.19

​

$

(0.16)

(13.4%)

AFFO Attributable to Common Stockholders (1)

$

6,422

​

$

6,033

​

$

389

6.4%

AFFO per Common Share – Diluted (1)

$

1.09

​

$

1.30

​

$

(0.21)

(16.2%)

Dividends Declared and Paid, per Preferred Share

$

0.3763

$

—

​