CTO Realty Growth (CTO) Q4 2025 earnings summary

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.