CTO Realty Growth (CTO) Q3 2025 earnings summary

Executive summary

• Achieved strong operating performance with 482,000 sq ft leased YTD, including 424,000 sq ft of comparable leasing at a 21.7% rent spread through September 30, 2025.

• Portfolio totals 5.2M sq ft, with 94.2% leased occupancy and 143,000 sq ft leased in Q3 at a 10.3% comparable rent spread.

• Q3 2025 net income attributable to common stockholders was $1.0 million ($0.03 per share), with Core FFO of $0.48 and AFFO of $0.50 per share.

• Revenue for the nine months ended September 30, 2025, increased 25.3% year-over-year to $111.2 million, driven by acquisitions and loan growth.

• Signed a significant 30,000 sq ft coworking lease at Shops at Legacy, raising occupancy to 85%.

Financial highlights

• Closed $150 million in term loan financings at a 4.2% fixed rate and repaid $65 million in debt.

• Q3 2025 Core FFO per share was $0.48, with a 21% CAGR since 2020; AFFO per share was $0.50.

• Net debt to EBITDA was 6.7x; liquidity stood at $170 million ($161 million credit, $9 million cash).

• Repurchased $9.3 million of common stock at an average price of $16.27 per share.

• Same property NOI increased 2.3% year-over-year, driven by leasing activity.

Outlook and guidance

• Raised full-year 2025 Core FFO guidance to $1.84–$1.87 per share and AFFO to $1.96–$1.99 per share.

• SNO pipeline stands at $5.5 million, with 76% of ABR expected to be recognized in 2026 and 100% in 2027.

• Targeting $100–$200 million in investments at 8.0–8.5% initial cash yield.

• Same-property NOI growth expected at ~2.5% for 2025.