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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