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CTO Q1 2025 Earnings Report
CTO Realty Growth, Inc. reported its operating and financial results for the first quarter ended March 31, 2025.
Key Takeaways
CTO Realty Growth, Inc. started the year with strong results, acquiring a significant property and demonstrating robust operating fundamentals through strong leasing spreads and pipeline growth. Despite a decrease in net income compared to the prior year, Core FFO and AFFO per diluted share remained solid, and the company reaffirmed its full-year guidance.
Acquired Ashley Park, a 559,000-square-foot lifestyle center, for $79.8 million at a going-in cap rate near the high end of the company's guidance range.
Signed 109,000 square feet of comparable leases with a positive cash rent spread of 37.2%, indicating strong leasing activity and demand.
Reported Core FFO of $0.46 per diluted share and AFFO of $0.49 per diluted share, reaffirming full-year guidance for both metrics.
Maintained strong liquidity with $138.4 million as of March 31, 2025, and a healthy balance sheet with a net debt to Pro Forma Adjusted EBITDA of 6.6 times.
Revenue by Segment
Forward Guidance
CTO Realty Growth, Inc. reaffirmed its Core FFO and AFFO outlook for the full year ending December 31, 2025, based on current plans and assumptions, with expected investments and continued Same-Property NOI growth.
Positive Outlook
- Reaffirmed full year Core FFO per diluted share guidance between $1.80 and $1.86.
- Reaffirmed full year AFFO per diluted share guidance between $1.93 and $1.98.
- Anticipated investments, including structured investments, between $100.0 million and $200.0 million.
- Expected weighted average initial cash yield on investments between 8.0% and 8.5%.
- Projected Same-Property NOI growth of approximately 1% compared to the year ended December 31, 2024.
Challenges Ahead
- Outlook is subject to risks and uncertainties described in the press release and SEC filings.
- Same-Property NOI growth includes estimated impact associated with announced and anticipated store closings.
- General and administrative expenses are projected within a range of $17.5 million to $18.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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