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Sep 30, 2024
CTO Q3 2024 Earnings Report
CTO Realty Growth reported strong third quarter results, driven by strategic investments and disciplined capital management.
Key Takeaways
CTO Realty Growth reported a strong third quarter with net income per diluted share of $0.17 and Core FFO of $0.50 per diluted share, a 6.4% increase year-over-year. The company raised $125.7 million through its common stock ATM offering and closed a $100 million unsecured term loan. Investments totaled $191.3 million at a weighted average yield of 9.5%.
Net income per diluted share was $0.17.
Core FFO per diluted share increased by 6.4% to $0.50.
Investments totaled $191.3 million with a weighted average yield of 9.5%.
Liquidity stood at $213 million as of September 30, 2024.
Revenue by Segment
Forward Guidance
The Company increased its Core FFO and AFFO outlook for 2024.
Positive Outlook
- Same-Property NOI growth of 4% to 6%.
- Year-end 2024 leased occupancy projected to be within a range of 96% to 97%.
- Investment between $300 million and $350 million at a weighted average initial cash yield between 8.50% and 9.00%.
- General and administrative expenses within a range of $16.0 million to $16.5 million.
- Weighted average diluted shares outstanding of 25.3 million shares.
Challenges Ahead
- Assumes continued stability in economic activity.
- Assumes stable or positive business trends related to each of our tenants.
- Includes the known impact of bad debt expense.
- Includes occupancy loss and costs associated with tenants in bankruptcy.
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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