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Sep 30, 2023
CTO Q3 2023 Earnings Report
CTO Realty Growth's operating results for Q3 2023 were announced, with net income per diluted share of $0.07 and core FFO per diluted share of $0.47.
Key Takeaways
CTO Realty Growth reported a productive third quarter, marked by strategic property dispositions and acquisitions, alongside improved NOI margins and continued leasing momentum, resulting in a net income per diluted share of $0.07 and core FFO per diluted share of $0.47.
Net Income per diluted share attributable to common stockholders was $0.07.
Core FFO per diluted share attributable to common stockholders was $0.47.
AFFO per diluted share attributable to common stockholders was $0.48.
Same-Property NOI decreased by 4.5% compared to the prior year period.
Forward Guidance
The Company has increased 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 decrease of (4%) to (1%), including the impact of completed and forecasted asset sales, 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 93.0% to 94.0%, after accounting for the Company’s year-to-date and forecasted 2023 income property acquisitions and dispositions.
- Investment in income producing assets, including structured investments, between $95 million and $100 million at a weighted average initial cash yield of approximately 7.70%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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