CTO Realty Growth Inc (NYSE:CTO)

Q4 2024 CTO Realty Growth Inc Earnings Call Transcript

Feb 21, 2025 / 02:00PM GMT

Release Date Price: $19.01 (-5.94%)

Transcript 10-K8-K

Key Points

Positve

CTO Realty Growth Inc (CTO) reported a record high core FFO of $1.88 per share for 2024, marking a 6% growth from 2023.
The company completed $331 million of investments in 2024, with a weighted average yield of 9.3%, expanding its portfolio by 1 million square feet or 26%.
CTO Realty Growth Inc (CTO) ended 2024 with a significantly reduced leverage and over $200 million of liquidity, enhancing its financial stability.
The company signed over 450,000 square feet of new leases, renewals, and extensions in 2024, with a positive cash lease spread of 23%.
CTO Realty Growth Inc (CTO) has a robust acquisition pipeline and anticipates closing one or two acquisitions in the near term, indicating continued growth potential.

Negative

CTO Realty Growth Inc (CTO) faces potential challenges with retailer bankruptcies, impacting spaces previously occupied by Big Lots, Party City, and American Freight.
The company anticipates a $0.10 per share impact in 2025 related to spaces affected by recent retailer bankruptcies.
CTO Realty Growth Inc (CTO) has a debt maturity in 2025, with convertible notes amounting to $51 million, which may affect cash flow.
The company's guidance for 2025 indicates a potential decrease in core FFO per share, ranging from $1.80 to $1.86, compared to 2024.
CTO Realty Growth Inc (CTO) expects some delays in rent commencement from new tenants due to the time required for permits and build-outs, impacting short-term revenue.

Operator

Good day, and welcome to CTO's Fourth Quarter and Full Year 2020 Earnings Call (Operator Instructions) As a reminder, this call may be recorded.

I would now like to turn the call over to Phil Mays, CFO. Please go ahead.

Philip Mays

CTO Realty Growth Inc - Senior Vice President, Chief Financial Officer and Treasurer

Thank you. I would like to remind everyone that many of our comments today are considered forward looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward looking statements, and we undertake no duty to update these statements.

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q and other SEC filings. Today's call will include certain non-GAAP financial measures.

For reconciliation of these non-GAAP measures, you should also refer to our earnings release and SEC filings. You can find our SEC filings,

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