CTO Realty Growth Closes $330.8 Million in Investments in 2024
CTO Realty Growth Reports Impressive 2024 Results
CTO Realty Growth, Inc. (NYSE: CTO) has announced significant operating results for the year, showcasing closed investments totaling $330.8 million at a remarkable weighted average initial cash yield of 9.3%.
Highlights of Fourth Quarter Operations
During the fourth quarter of 2024, the Company achieved noteworthy financial outcomes:
- Net Loss per diluted share attributable to common stockholders was $(0.56).
- Core Funds from Operations (Core FFO) registered at $0.46 per diluted share.
- Adjusted Funds from Operations (AFFO) totaled $0.49 per diluted share.
- Net proceeds of $33 million were raised through the Company’s common stock ATM offering program.
- Total investments reached $57 million, inclusive of property acquisitions, with an initial yield of 10.2%.
Performance Metrics for Full Year 2024
CTO Realty's full year performance illustrated continued growth:
- Net Loss per diluted share attributable to common stockholders was $(0.35).
- Core FFO achieved $1.88 per diluted share.
- AFFO came in at $2.00 per diluted share.
- The Company successfully raised $165.2 million through its ATM offering program.
- Total investments over the year stood at $330.8 million with a sustained cash yield of 9.3%.
- The sale of two properties concluded for $38 million, realizing a weighted average exit cash cap rate of 8.7%.
Leasing Activity and Portfolio Growth
In 2024, CTO Realty Growth signed 70 leases, totaling over 452,000 square feet with an impressive weighted average lease term of 8.4 years. Moreover, the average cash base rent experienced a 23% increase to $23.36 per square foot across comparably leased properties.
Asset Composition and Occupancy
As of the end of 2024, CTO's portfolio size was composed of 23 properties inclusive of:
- Single Tenant: 6 properties, averaging 5.2 years in lease terms.
- Multi-Tenant: 17 properties, averaging 4.8 years in lease terms.
Leased occupancy is a robust 93.4%, with overall occupancy at 90.3%.
Investment Activities
In the last quarter of the year, the Company invested $57 million in various strategic projects including:
- A purchase of a Publix-anchored shopping center in Florida for $16.8 million.
- Origination of a $40.2 million mortgage loan to develop a retail center in Georgia.
Financial Outlook for 2025
Going into 2025, CTO Realty Growth anticipates continued investment ranging from $100 million to $200 million with cash yields between 8.0% and 8.5%. The Company expects a modest growth in Same-Property NOI of approximately 1% as it prepares for any potential impacts from market changes.
Frequent Financial Communications
The Company plans to conduct an earnings conference call to share its fourth-quarter operating results, scheduled for February 21, 2025, allowing investors to engage directly with leadership.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded REIT dedicated to the ownership and management of high-quality retail properties primarily in vibrant markets across the United States. The Company also manages a considerable interest in Alpine Income Property Trust, Inc. (NYSE: PINE), enhancing its operational dynamics.
Frequently Asked Questions
What were the total investments made by CTO Realty Growth in 2024?
CTO Realty Growth made total investments of $330.8 million throughout 2024.
How did the Core FFO perform in the fourth quarter of 2024?
The Core FFO was $0.46 per diluted share in the fourth quarter of 2024.
What was the reason for the net loss reported in 2024?
CTO Realty reported a net loss per diluted share of $(0.35) for the entire year due to a variety of operational expenses and external market conditions.
What leasing activity did CTO Realty Growth undertake in 2024?
In 2024, the Company signed 70 leases, totaling 452,301 square feet, with a weighted average lease term of 8.4 years.
What are the expected core FFO per share results for 2025?
The Company expects Core FFO per Common Share - Diluted to range from $1.80 to $1.86 in 2025.
About The Author
Contact Caleb Price privately here. Or send an email with ATTN: Caleb Price as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.
