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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
CTO Realty Growth
CTO Realty Growth (CTO) investor relations material
CTO Realty Growth Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record leased occupancy of 95.9% in Q4 2025, with over 670,000 sq ft of leases signed and a 31% comparable leasing spread, driving robust same-property NOI growth of 4.3% for shopping centers.
Closed $165.9M in investments at a 9.0% weighted average initial cash yield and completed $85.1M in property dispositions, including the $65.2M Pompano Citi Centre acquisition and $78M Shops at Legacy North sale.
Net income attributable to common stockholders was $28.3M for Q4 2025 ($0.82 per diluted share), a significant turnaround from prior year losses.
Portfolio focused on open-air shopping centers in high-growth Southeast and Southwest MSAs, with 84% of ABR from Georgia, Florida, Texas, and North Carolina.
SNO pipeline stands at $6.1M, representing 5.8% of annual cash base rents, positioning for future earnings growth.
Financial highlights
Q4 2025 Core FFO per share was $0.49; AFFO per share was $0.51; full-year Core FFO reached $60.5M ($1.87/share), with AFFO at $1.97/share.
Shopping center same-property NOI increased 4.3% in Q4 and 4.4% for the year; including non-core properties, same-property NOI rose 1.1% in Q4 and 3.2% for the year.
Year-end 2025 enterprise value reached $1.3B, with net debt outstanding at $601M and equity market cap at $596M.
Total revenues for 2025 were $149.5M, up from $124.5M in 2024.
Ended year with $167M liquidity ($149M revolver, $18M cash).
Outlook and guidance
2026 Core FFO per share guidance: $1.98–$2.03; AFFO per share: $2.11–$2.16, representing 7.2% and 8.4% growth at the midpoint, respectively.
2026 investment volume expected at $100M–$200M, with initial yields of 8%–8.5%.
Same-property NOI growth for shopping centers projected at 3.5%–4.5%.
SNO pipeline expected to contribute about half in 2026 and fully in 2027, with rent recognition ramping up in the latter half of each year.
General and administrative expenses forecasted at $19.5–$20.0M.
Impact of investment mix on 2026 yield outlook
Strategy for non-core properties' NOI contribution
Leverage target and capital allocation priorities
What is the strategy for 2028 lease expirations?
What is the target yield spread for asset recycling?
Pompano Citi Center: JCPenney lease-up strategy?
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Next CTO Realty Growth earnings date
Q1 20261 May, 2026
CTO Realty Growth
Next CTO Realty Growth earnings date
Q1 20261 May, 2026
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Frequently asked questions
CTO Realty Growth Inc is a real estate investment trust focused on income-generating properties, including retail, office, and mixed-use assets. The company also manages a portfolio of land holdings and commercial real estate investments across the United States. The company is headquartered in Daytona Beach, Florida, and its shares are listed on the NYSE.
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