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Dec 31, 2023
CTO Q4 2023 Earnings Report
CTO Realty Growth's Q4 2023 operating results were reported.
Key Takeaways
CTO Realty Growth reported strong operational performance in Q4 2023, with comparable leasing rent growth of nearly 18% and same-store NOI growth of just under 5%. The company delivered $0.52 of AFFO per share for the quarter.
Net Income per diluted share attributable to common stockholders was $0.25.
Core FFO per diluted share attributable to common stockholders was $0.48.
AFFO per diluted share attributable to common stockholders was $0.52.
Same-Property NOI increased by 4.7% compared to Q4 2022.
Revenue by Segment
Forward Guidance
The Company’s estimated Core FFO per diluted share for 2024 is $1.56 to $1.64 and AFFO per diluted share for 2024 is $1.70 to $1.78.
Positive Outlook
- Same-Property NOI growth of 2% to 4%.
- General and administrative expenses within a range of $15.2 million to $16.2 million.
- Weighted average diluted shares outstanding of 22.5 million shares.
- Year-end 2024 leased occupancy projected to be within a range of 95% to 96%.
- Investment, including structured investments, between $100 million and $150 million at a weighted average initial cash yield between 7.75% and 8.25%
Challenges Ahead
- Includes the known impact of bad debt expense.
- Includes the known impact of occupancy loss.
- Includes the known impact of costs associated with tenants in bankruptcy, and/or tenant lease defaults
- Before any impact from potential 2024 income property acquisitions and/or dispositions.
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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