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Mar 31, 2023
CTO Q1 2023 Earnings Report
CTO Realty Growth's operating results for Q1 2023 were announced.
Key Takeaways
CTO Realty Growth reported a net loss per diluted share of ($0.32), Core FFO per diluted share of $0.39, and AFFO per diluted share of $0.43 for the quarter ended March 31, 2023. The company acquired a property for $3.3 million and originated a $15.0 million first mortgage loan. Same-Property NOI decreased by (1.2%) compared to Q1 2022.
Net Loss per diluted share attributable to common stockholders was ($0.32).
Core FFO per diluted share attributable to common stockholders was $0.39.
AFFO per diluted share attributable to common stockholders was $0.43.
Same-Property NOI decreased (1.2%) as compared to the first quarter of 2022.
Revenue by Segment
Forward Guidance
The Company has maintained its Core FFO and AFFO outlook for 2023 and has revised certain assumptions to take into account the Company’s first quarter performance and revised expectations regarding the Company’s operational and investment activities and forecasted capital markets transactions.
Positive Outlook
- Same-Property NOI growth of 1% to 4%, including the impact of elevated bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults
- General and administrative expense within a range of $14 million to $15 million
- Weighted average diluted shares outstanding of approximately 22.5 million shares
- Year-end 2023 leased occupancy projected to be within a range of 94% to 95% before any potential impact from 2023 income property acquisitions and/or dispositions
- Investment in income producing assets, including structured investments, between $100 million and $200 million at a weighted average initial cash yield between 7.25% and 8.00%
Challenges Ahead
- The Company’s 2023 guidance assumes continued stability in economic activity
- The Company’s 2023 guidance assumes stable or positive business trends related to each of our tenants
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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