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Sep 30, 2025
CTO Q3 2025 Earnings Report
CTO Realty Growth reported its third quarter 2025 operating results, raising its full-year 2025 outlook and strengthening its balance sheet with new term loan financing.
Key Takeaways
CTO Realty Growth delivered strong operating and leasing results in the third quarter of 2025, with a significant increase in net income attributable to the company and a healthy same-property NOI growth. The company also strengthened its balance sheet through new term loan financings and raised its full-year Core FFO and AFFO guidance.
Net Income Attributable to Common Stockholders was $0.03 per diluted share for the quarter.
Same-Property NOI increased by 2.3% to $18.6 million compared to the prior year's quarter.
The company secured $150.0 million in new term loan financings and repaid a $65.0 million term loan.
Leased occupancy stood at 94.2% with a positive cash rent spread of 10.3% on comparable leases signed during the quarter.
Revenue by Segment
Forward Guidance
CTO Realty Growth has increased its Core FFO and AFFO outlook for the full year 2025, anticipating continued growth in investments and Same-Property NOI.
Positive Outlook
- Increased Core FFO per Common Share - Diluted outlook for 2025 to a range of $1.84 to $1.87.
- Increased AFFO per Common Share - Diluted outlook for 2025 to a range of $1.96 to $1.99.
- Anticipates investments, including commercial loans, between $100.0 million and $200.0 million at a weighted average initial cash yield of 8.0% to 8.5%.
- Expects Same-Property NOI growth of approximately 2.5% compared to the year ended December 31, 2024.
- Lease negotiations for remaining four vacant anchor spaces and the signed-not-open pipeline are expected to drive NOI in 2026 and beyond.
Challenges Ahead
- General and administrative expenses are projected to be within a range of $18.0 million to $18.5 million for 2025.
- The outlook is subject to risks and uncertainties described in the press release and SEC filings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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