CTO Realty Growth, Inc. (CTO): 2024 Operating Results
CTO Realty Growth, Inc. (CTO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Press Release First 2024 Operating Results FOR IMMEDIATE RELEASE CTO Realty Growth Reports Third Quarter 2026 Operating and Financial Results – Year-to-Date Investment Activity Totals $472 million – – Enhances Liquidity with $1.0 billion Credit Faci
How this was made
The 30-second read
Why it matters
The raised Core FFO guidance and new credit facility improve liquidity and earnings outlook, likely supporting the stock.
Market read
The earnings release provides fresh guidance that can move the stock and influence peer REIT valuations.
What to watch
Potential downside from higher vacancy rates and the recent anchor space vacancy in Albuquerque.
CTO Realty Growth Reports Third Quarter 2026 Operating and Financial Results
Core FFO per diluted share was $0.53 versus $0.48 in 3Q 2025, AFFO per diluted share was $0.55 versus $0.50, shopping center same-property NOI increased 3.8%, and the Company increased its 2026 Core FFO per diluted share guidance to $2.11 to $2.14. GAAP net loss attributable to common stockholders was $ (7,050) for the quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues, Three Months Ended September 30GAAP | $46.91M | – | – |
| Total Revenues, Nine Months Ended September 30GAAP | $131.9M | – | – |
| Total Direct Cost of Revenues, Three Months Ended September 30GAAP | −$11.58M | – | – |
| Total Direct Cost of Revenues, Nine Months Ended September 30GAAP | −$32.88M | – | – |
| General and Administrative Expenses, Three Months Ended September 30GAAP | −$5.81M | – | – |
| General and Administrative Expenses, Nine Months Ended September 30GAAP | −$15.51M | – | – |
| Total Operating Expenses, Three Months Ended September 30GAAP | −$35.13M | – | – |
| Total Operating Expenses, Nine Months Ended September 30GAAP | −$98.70M | – | – |
| Total Operating Income, Three Months Ended September 30GAAP | $11.57M | – | – |
| Total Operating Income, Nine Months Ended September 30GAAP | $35.11M | – | – |
| Interest Expense, Three Months Ended September 30GAAP | −$7.93M | – | – |
| Interest Expense, Nine Months Ended September 30GAAP | −$22.99M | – | – |
| Net Income (Loss) Attributable to the Company, Three Months Ended September 30GAAP | −$5.17M | – | – |
| Net Income (Loss) Attributable to the Company, Nine Months Ended September 30GAAP | $16.14M | – | – |
| Net Income (Loss) Attributable to Common Stockholders, Three Months Ended September 30GAAP | −$7.05M | – | – |
| Net Income (Loss) Attributable to Common Stockholders, Nine Months Ended September 30GAAP | $10.51M | – | – |
| Basic and Diluted Net Income (Loss) Attributable to Common Stockholders per Share, Three Months Ended September 30GAAP | $ (0.19) | – | – |
| Basic and Diluted Net Income (Loss) Attributable to Common Stockholders per Share, Nine Months Ended September 30GAAP | $ 0.30 | – | – |
| Funds From Operations Attributable to Common Stockholders, Three Months Ended September 30non-GAAP | $20.48M | – | – |
| Funds From Operations Attributable to Common Stockholders, Nine Months Ended September 30non-GAAP | $57.46M | – | – |
| FFO Attributable to Common Stockholders per Common Share - Diluted, Three Months Ended September 30non-GAAP | $ 0.54 | – | – |
| FFO Attributable to Common Stockholders per Common Share - Diluted, Nine Months Ended September 30non-GAAP | $ 1.64 | – | – |
| Core Funds From Operations Attributable to Common Stockholders, Three Months Ended September 30non-GAAP | $19.82M | – | – |
| Core Funds From Operations Attributable to Common Stockholders, Nine Months Ended September 30non-GAAP | $55.19M | – | – |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted, Three Months Ended September 30non-GAAP | $ 0.53 | – | up 10% year-over-year |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted, Nine Months Ended September 30non-GAAP | $ 1.57 | – | – |
| Adjusted Funds From Operations Attributable to Common Stockholders, Three Months Ended September 30non-GAAP | $20.86M | – | – |
| Adjusted Funds From Operations Attributable to Common Stockholders, Nine Months Ended September 30non-GAAP | $58.23M | – | – |
| AFFO Attributable to Common Stockholders per Common Share - Diluted, Three Months Ended September 30non-GAAP | $ 0.55 | – | – |
| AFFO Attributable to Common Stockholders per Common Share - Diluted, Nine Months Ended September 30non-GAAP | $ 1.66 | – | – |
| Same-Property NOI, Three Months Ended September 30non-GAAP | $21.45M | – | increased by 2.3% |
| Same-Property NOI, Nine Months Ended September 30non-GAAP | $57.23M | – | increased by 3.2% |
| Same-Property NOI for Shopping Centers, Three Months Ended September 30non-GAAP | $20.43M | – | increased by 3.8% |
| Same-Property NOI for Shopping Centers, Nine Months Ended September 30non-GAAP | $54.95M | – | increased by 6.2% |
| Total Property Portfolio Leased Occupancy as of September 30, 2026other | 92.4% | – | a decrease of 180 basis points compared to September 30, 2025 |
| Same-Property Shopping Center Portfolio Leased Occupancy as of September 30, 2026other | 95.8% | – | up 90 basis points compared to September 30, 2025 |
| Net Debt to Pro Forma Adjusted EBITDAnon-GAAP | 5.9 x | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Income Properties revenue, Three Months Ended September 30Income properties revenue was reported in the Consolidated Statements of Operations. | $38.45M | – | – |
| Management Fee Income, Three Months Ended September 30Income from Alpine Income Property Trust for the quarter included $1.4 million in management fees. | $1.52M | – | – |
| Interest Income From Commercial Loans and Investments, Three Months Ended September 30The Company originated a $37.0 million loan during the quarter, of which $29.8 million was funded at closing. | $6.94M | – | – |
| Income Properties revenue, Nine Months Ended September 30Income properties revenue was reported in the Consolidated Statements of Operations. | $112.2M | – | – |
| Management Fee Income, Nine Months Ended September 30Management fee income was reported in the Consolidated Statements of Operations. | $4.34M | – | – |
| Interest Income From Commercial Loans and Investments, Nine Months Ended September 30Interest income from commercial loans and investments was reported in the Consolidated Statements of Operations. | $15.41M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 outlook
- NoteCore FFO per Common Share - Diluted: $2.11 to $2.14
- NoteAFFO per Common Share - Diluted: $2.22 to $2.25
- NoteInvestment Volume, Including Commercial Loans & Structured Investments: $472
- NoteSame-Property NOI Growth for Shopping Centers: 5.0% to 6.0%
- NoteGeneral & Administrative Expenses: $21.0 to $21.5
- NoteNet Income Attributable to the Company per Common Share - Diluted: $ 0.66 to $ 0.69
- NoteFunds from Operations, per Common Share - Diluted: $ 2.43 to $ 2.46
- NoteFunds From Operations Attributable to Common Stockholders per Common Share - Diluted: $ 2.22 to $ 2.25
Capital returns
- During the quarter ended September 30, 2026, the Company issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million.
- During the nine months ended September 30, 2026, the Company issued 6,188,971 common shares under its common stock ATM program at a weighted average gross price of $20.52 per share, for total net proceeds of $125.1 million.
- Dividends Declared and Paid - Common Stock, Three Months Ended September 30: $ 0.38.
- Dividends Declared and Paid - Common Stock, Nine Months Ended September 30: $ 1.14.
- Dividends Declared and Paid - Preferred Stock, Three Months Ended September 30: $ 0.40.
- Dividends Declared and Paid - Preferred Stock, Nine Months Ended September 30: $ 1.20.
What drove it
- Shopping center same-property NOI increased 3.8% versus the comparable 2025 period in the third quarter and 6.2% for the nine months ended September 30, 2026.
- The Company executed 396,000 square feet of comparable retail leases at an average cash rent spread increase of 7% during the quarter.
- The signed-not-open leasing pipeline totaled $5.6 million as of September 30, 2026.
- Income from Alpine Income Property Trust for the quarter was $2.2 million, consisting of $1.4 million in management fees and $0.8 million in dividend income.
- Third-quarter investments totaled $102.3 million at a weighted average yield of 9.1%.
- Inclusive of subsequent events, investments totaled $472.3 million at a weighted average yield of 9.4%.
Concerns
- GAAP net loss attributable to common stockholders was $ (7,050), or $ (0.19) per diluted share, for the third quarter.
- Total property portfolio leased occupancy was 92.4%, a decrease of 180 basis points compared to September 30, 2025, driven in part by the acquisition of Zona Rosa, which was 67% leased at acquisition.
- One tenant vacated 98,000 of the Company’s 212,000-square-foot Albuquerque, New Mexico property in December 2025.
- Net Debt to Pro Forma Adjusted EBITDA was 5.9 x as of September 30, 2026.
- General and Administrative Expenses in the 2026 outlook were revised to $21.0 to $21.5 from $20.0 to $20.2.
What to watch
- Conversion of the $5.6 million signed-not-open leasing pipeline into rent commencement.
- Lease-up and value-add repositioning at Zona Rosa, which was 67% leased at acquisition and includes approximately 100,000 square feet of underutilized space.
- Closing of the contract to sell 76,500 square feet at Carolina Pavilion, expected late in the fourth quarter subject to customary closing conditions.
- Performance of the $32.0 million preferred equity investment, which has an initial yield of 17.0%, including 7.0% paid-in-kind interest, and a 36-month term.
- Investment volume and shopping center same-property NOI growth against the revised 2026 outlook.
Balance sheet and cash flow
- Total liquidity as of September 30, 2026 was $254.6 million, consisting of $245.8 million of undrawn commitments, limited by borrowing base restrictions, and $8.8 million of cash on hand.
- Total borrowings as of September 30, 2026 were $723.0 million at a weighted average interest rate of 4.7%.
- Cash and Cash Equivalents as of September 30, 2026 were $ 8,815.
- Long-Term Debt—Net as of September 30, 2026 was $ 717,621.
- Total Assets as of September 30, 2026 were $ 1,495,336.
- During the quarter, CTO closed a $1.0 billion amended and restated unsecured credit facility, increasing total commitments by $250 million and extending weighted average maturity of outstanding debt to 4.3 years from 1.6 years, excluding extension options.
- The Company repaid its $17.8 million secured mortgage during the quarter, representing its only secured debt. Its nearest maturity is now September 2029.
- During the nine months ended September 30, 2026, the Company completed $336.5 million of investments at a weighted average yield of 9.4%.
- During the nine months ended September 30, 2026, the Company completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%, generating aggregate gains of $2.1 million.
- During the nine months ended September 30, 2026, the Company’s preferred investment in Watters Creek Village was repaid in full for $30.0 million.
Analysis
CTO reported third-quarter total revenues of $ 46,914, compared with $ 37,757 in the prior-year quarter. Income properties revenue was $ 38,451, management fee income was $ 1,521, and interest income from commercial loans and investments was $ 6,942. Total operating income was $ 11,569, compared with $ 10,026. GAAP results nonetheless moved to a net loss attributable to common stockholders of $ (7,050), or $ (0.19) per diluted share, from net income attributable to common stockholders of $ 1,036, or $ 0.03 per diluted share, in 3Q 2025.
Non-GAAP earnings and property-level results were stronger. Core FFO attributable to common stockholders was $ 19,817, or $ 0.53 per diluted share, versus $ 15,632, or $ 0.48 per diluted share. AFFO attributable to common stockholders was $ 20,856, or $0.55 per diluted share, versus $ 16,345, or $0.50 per diluted share. Shopping center same-property NOI increased 3.8% in the quarter, while same-property shopping center leased occupancy was 95.8%, up 90 basis points compared to September 30, 2025. Comparable retail leasing covered 396,000 square feet at an average cash rent spread increase of 7%.
The investment program expanded during and after the quarter. CTO completed $102.3 million of investments at a weighted average yield of 9.1% in the quarter, including the $63.3 million acquisition of Zona Rosa and a $37.0 million loan origination. Inclusive of subsequent activity, year-to-date investments totaled $472.3 million at a weighted average yield of 9.4%. Subsequent investments included Summit Woods Crossing for $103.0 million and a $32.0 million preferred equity investment with an initial yield of 17.0%, including 7.0% paid-in-kind interest. Portfolio leased occupancy was 92.4%, down 180 basis points, in part because Zona Rosa was 67% leased at acquisition.
Liquidity and debt maturity management were central capital-allocation developments. The Company closed a $1.0 billion amended and restated unsecured credit facility, increasing commitments by $250 million and extending weighted average debt maturity to 4.3 years from 1.6 years, excluding extension options. Total liquidity was $254.6 million and total borrowings were $723.0 million at a weighted average interest rate of 4.7%. The Company also repaid its $17.8 million secured mortgage, leaving September 2029 as its nearest debt maturity, while issuing 1,271,472 ATM shares for total net proceeds of $27.3 million during the quarter.
Management raised 2026 Core FFO per diluted share guidance to $2.11 to $2.14 from $2.09 to $2.13 and retained the AFFO per diluted share range at $2.22 to $2.25. The revised outlook assumes $472 of investment volume, same-property NOI growth for shopping centers of 5.0% to 6.0%, and general and administrative expenses of $21.0 to $21.5. The reported $5.6 million signed-not-open leasing pipeline, the 3.8% quarterly shopping center same-property NOI increase, and investment deployment at a 9.4% weighted average yield are the operating inputs highlighted alongside the higher Core FFO outlook.
Management, verbatim
We are pleased to deliver another excellent quarter, with Core FFO per diluted share up 10% year-over-year. We are raising our 2026 Core FFO guidance to reflect our continued leasing momentum and the $472 million we have invested year-to-date at a weighted average yield of 9.4%. With a $5.6 million signed-not-open leasing pipeline, we believe CTO is well positioned to deliver continued earnings growth into 2027.
John P. Albright, President and Chief Executive Officer of CTO Realty Growth
Not in the filing
stated, not guessed- Operating cash flow
- Free cash flow
- Gross profit or gross margin
- Revenue guidance
- Tax-rate guidance
- Prior-quarter comparisons for reported income-statement and non-GAAP metrics
- A separately provided previous earnings release outlook for formal actual-versus-prior-guidance comparison
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
CTO Realty Growth, a publicly traded REIT focused on shopping centers, filed an 8‑K reporting its Q3 2026 operating results.
Ticker impact
CTO Realty Growth issued its Q3 2026 results and raised 2026 Core FFO guidance to $2.11‑$2.14 per share.
likely upward pressure as investors price in higher FFO guidance and new $1B credit facility.
The company disclosed higher Core FFO guidance, a $1B credit facility, and $472M investment activity, all fresh primary information.
Market effects
Higher guidance may lift other retail REITs as investors reassess sector cash‑flow prospects.
Positive for U.S. commercial real‑estate markets, especially Southeast and Southwest regions where CTO operates.
Limited to U.S. REIT space; no broader macro impact.
Counterpoint
If the raised guidance is already priced in, the stock could face short‑term profit‑taking.
Key entities
- companyCTO Realty Growth, Inc.
U.S. listed REIT (NYSE: CTO) that owns and operates shopping centers.
