The following is a summary of the CTO Realty Growth, Inc. (CTO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CTO Realty Growth reported earnings exceeding expectations, with core FFO per share coming in at $0.48, a 23% increase compared to Q1 2023.

• AFFO was $0.52 per share, a 21% increase over Q1 2023.

• Same-property NOI increased by 6% compared to Q1 2023, largely due to the lease-up of several properties and increased percentage rents.

• The company distributed a Q1 regular cash dividend of $0.38 per share, resulting in an AFFO payout ratio of 73%.

• As of the end of Q1, the company's total long-term debt was $543 million, while its net debt-to-EBITDA was 7.6 times.

Business Progress:

• CTO Realty recorded a successful quarter of leasing activity, signing over 100,000 square feet of new leases, renewals, options and extensions.

• The company reported an increase in occupancy finishing at 92.6%, an increase of 2.3% from the end of 2023.

• CTO Realty completed the acquisition of the final property within the Sprouts grocery-anchored Exchange at Guinea in Beauford, Georgia, for $2.3 million.

• The company also purchased Marketplace at Seminal Town Center in Orlando, Florida for $68.7 million. The property is 98% leased.

• The company originated a $10 million first mortgage loan on a retail development in West Palm Beach, Florida.

• The company sold a mixed-use property in Santa Peg, New Mexico for $20 million.

• The company increased its 2024 core FFO and AFFO earnings guidance by $0.04 per share.

More details: CTO Realty Growth IR

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