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Jun 30, 2025
CTO Q2 2025 Earnings Report
CTO Realty Growth reported its second quarter 2025 operating results, highlighting strong leasing activity and reaffirming its 2025 outlook.
Key Takeaways
CTO Realty Growth experienced a net loss in Q2 2025, but demonstrated strong operational performance with significant leasing activity and positive cash rent spreads. The company reaffirmed its full-year Core FFO and AFFO guidance, indicating confidence in future earnings despite the current quarter's net loss.
Net Loss attributable to common stockholders was $(0.77) per diluted share for the quarter.
Signed 190,027 square feet of comparable leases with a positive cash rent spread of 21.6%.
Current signed-not-open pipeline represents $4.6 million, or 4.6%, of annual cash base rent.
Leased occupancy stood at 93.9%.
Revenue by Segment
Forward Guidance
CTO Realty Growth reaffirmed its Core FFO and AFFO outlook for 2025, projecting continued growth in key areas and strategic investments.
Positive Outlook
- Core FFO per Common Share - Diluted is projected to be between $1.80 and $1.86 for 2025.
- AFFO per Common Share - Diluted is projected to be between $1.93 and $1.98 for 2025.
- 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%.
- Same-Property NOI growth of approximately 1% compared to 2024.
Challenges Ahead
- General and administrative expenses are expected to be within a range of $17.5 million to $18.0 million.
- The outlook is subject to risks and uncertainties detailed in the press release and SEC filings.
- The company's outlook excludes projections related to gain on disposition of assets, gain on disposition of other assets, provision for impairment, realized and unrealized loss on investment securities, and loss on extinguishment of debt.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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