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Jun 30, 2023
CTO Q2 2023 Earnings Report
CTO Realty Growth's operating results were reported for the quarter ended June 30, 2023
Key Takeaways
CTO Realty Growth reported a net income per diluted share of $0.03, core FFO per diluted share of $0.43, and AFFO per diluted share of $0.48 for the second quarter of 2023. The company invested $72.5 million in retail property acquisitions and sold one property for $2.1 million. Same-property NOI decreased by 2.5% compared to the prior year period.
Net Income per diluted share attributable to common stockholders was $0.03.
Core FFO per diluted share attributable to common stockholders was $0.43.
AFFO per diluted share attributable to common stockholders was $0.48.
Invested $72.5 million into three multi-tenant retail property acquisitions.
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 year-to-date 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 adjustments related to 2023 income property acquisitions and dispositions
- Investment in income producing assets, including structured investments, between $95 million and $150 million at a weighted average initial cash yield between 8.00% and 8.25%
Challenges Ahead
- Disposition of assets between $15 million and $75 million at a weighted average exit cash yield between 6.00% and 7.50%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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