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Dec 31, 2024
CTO Q4 2024 Earnings Report
CTO Realty Growth, Inc. reported its operating results for the fourth quarter and full year ended December 31, 2024, highlighting strong investment activity and increased Core FFO.
Key Takeaways
CTO Realty Growth, Inc. had an outstanding year in 2024, closing $331 million in investments at a weighted average yield of 9.3% and achieving a record high Core FFO of $1.88 per share. The company also raised $165.2 million in net proceeds through its common ATM program and ended the year with $222 million in liquidity.
Closed investments of $57.0 million in Q4 2024 at a weighted average initial cash yield of 10.2%.
Reported Core FFO of $0.46 per diluted share attributable to common stockholders for Q4 2024.
Raised net proceeds of $33.0 million under the common stock ATM offering program in Q4 2024.
Signed 16 leases totaling 67,788 square feet in Q4 2024, with comparable leases showing a 7.8% increase in average cash base rent.
Revenue by Segment
Forward Guidance
The Company's outlook for 2025 anticipates investments between $100.0 million and $200.0 million at a weighted average initial cash yield of 8.0% to 8.5%, with Same-Property NOI growth of approximately 1%.
Positive Outlook
- Anticipated investments between $100.0 million and $200.0 million.
- Expected weighted average initial cash yield on investments between 8.0% and 8.5%.
- Projected Same-Property NOI growth of approximately 1% compared to 2024.
- Core FFO per Common Share - Diluted is expected to be between $1.80 and $1.86.
- AFFO per Common Share - Diluted is expected to be between $1.93 and $1.98.
Challenges Ahead
- Outlook incorporates an estimated $0.10 per common share impact from announced and anticipated store closings.
- Outlook incorporates an estimated $0.05 per common share impact from the anticipated cash settlement of the 2025 Convertible Notes.
- General and administrative expenses are projected to be between $17.5 million and $18.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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