CTO Realty Growth Inc (NYSE:CTO)
$ 19.95 -0.7 (-3.39%) Market Cap: 598.03 Mil Enterprise Value: 1.11 Bil PE Ratio: 33.25 PB Ratio: 1.00 GF Score: 86/100
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Q2 2024 CTO Realty Growth Inc Earnings Call Transcript

Jul 26, 2024 / 01:00PM GMT
Release Date Price: $19.61 (+3.32%)

Key Points

Positve
  • CTO Realty Growth Inc (CTO) reported strong leasing activity with 79,000 square feet of new leases, renewals, and extensions in Q2 2024.
  • The company achieved a 2.3% increase in physical occupancy, reaching 92.6% by the end of the quarter.
  • CTO Realty Growth Inc (CTO) increased its full-year 2024 core FFO guidance by 12% to a range of $1.81 to $1.86 per share.
  • The company has a non-refundable $18 million sales contract for Jordan Landing, with closing scheduled in August.
  • CTO Realty Growth Inc (CTO) ended the quarter with $155 million of liquidity and no floating rate interest exposure.
Negative
  • No transactions were completed during the quarter on the dispositions front.
  • The company has a significant amount of vacancy, with 210,000 square feet of vacant space across the portfolio.
  • CTO Realty Growth Inc (CTO) has a net debt to EBITDA ratio of 7.5 times, which may be considered high.
  • The company issued almost 250,000 common shares under its ATM program, potentially diluting existing shareholders.
  • The company is still working on leasing the remaining 19,000 square feet of the former WeWork space in Plano, Texas.
Operator

Good day and thank you for standing by. Welcome to the CTO Realty Growth second quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, John Albright, President and CEO. Please go ahead.

John Albright;Pre;merger;President
CTO Realty Growth Inc;Chief Executive Officer, Director

(-)- -

Good morning, everyone, and thank you for joining us today for the CTO Realty Growth second quarter 2024 operating results conference call. I'm pleased to have Philip Mays, our new Chief Financial Officer, joining me this morning.

Before we begin, I'll turn it over to Phil to provide the customary disclosures regarding today's call. Phil?

Philip Mays;Pre;merger;SVP
CTO Realty Growth Inc;CFO & Treasurer

(-)- -

Thanks, John. I would like to remind everyone that many of

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