Q4 2025 CTO Realty Growth Inc Earnings Call Transcript
Key Points
- CTO Realty Growth Inc (CTO) reported a record high leased occupancy of 95.9% for the fourth quarter.
- The company achieved a same-property NOI growth of 4.3% for its shopping centers.
- CTO signed leases for a record 671,000 square feet in 2025, with a cash rent increase of 24%.
- The acquisition of Pompano Citi Center in Florida provides long-term value opportunities through strategic rent adjustments and leasing.
- CTO's strategic focus on high-growth Southeast and Southwest U.S. markets is yielding strong results.
- The lease-up of The Shops at Legacy North took longer than anticipated, although it was eventually sold for $78 million.
- CTO's same-property NOI for noncore properties was negatively impacted by a tenant vacating a significant portion of an office property in Albuquerque, New Mexico.
- The company's net debt to EBITDA ratio was 6.4x at the end of the fourth quarter, indicating a relatively high leverage.
- The anticipated acquisition in Texas will temporarily elevate CTO's leverage.
- CTO's core FFO per share for the full year was slightly lower than the previous year, reflecting a reduction in leverage.
Ladies and gentlemen, thank you for standing by. Welcome to the CTO Realty Growth Fourth Quarter and Year-End 2025 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would like now to turn the conference over to Jenna McKinney, Director of Finance. Please go ahead.
Good morning, everyone, and thank you for joining us today for the CTO Realty Growth Fourth Quarter 2025 Operating Results Conference Call. Participating on the call this morning are John Albright, President and Chief Executive Officer; Philip Mays, Chief Financial Officer; and other members of the executive team that will be available to answer questions during the call. 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
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