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Dec 31, 2022
CTO Q4 2022 Earnings Report
CTO Realty Growth's Q4 2022 operating results were reported, revealing a net loss but strategic investments in mixed-use and retail properties.
Key Takeaways
CTO Realty Growth reported a net loss per diluted share of ($0.21) for Q4 2022. However, the company completed significant mixed-use and retail property acquisitions, totaling $194.7 million, and sold its mitigation credit rights for $8.1 million.
Net Loss per diluted share was ($0.21).
Core FFO per diluted share was $0.34.
AFFO per diluted share was $0.37.
Completed property acquisitions of $194.7 million.
Revenue by Segment
Forward Guidance
The company provided its estimated Core FFO per diluted share and AFFO per diluted share for 2023.
Positive Outlook
- Same-Property NOI growth of 1% to 4%.
- General and administrative expense within a range of $14 million to $15 million.
- Year-end 2023 leased occupancy projected to be within a range of 94% to 95%.
- Investment in income producing assets, including structured investments, between $100 million and $250 million.
- Weighted average initial cash yield between 7.25% and 8.00%.
Challenges Ahead
- Impact of elevated bad debt expense.
- Occupancy loss.
- Costs associated with tenants in bankruptcy and/or tenant lease defaults.
- Disposition of assets between $5 million and $75 million
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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