CTO Realty Growth, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CTO Realty Growth, Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operations.</b>

AI Summary

CTO Realty Growth, Inc. (CTO-PA) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. CTO Realty Growth, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the period. The company's principal executive offices are located in Winter Park, Florida. CTO Realty Growth, Inc. is classified under Real Estate Investment Trusts (SIC 6798). The report was filed on May 2, 2024.

Why It Matters

For investors and stakeholders tracking CTO Realty Growth, Inc., this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial snapshot of CTO Realty Growth, Inc., crucial for evaluating the company's performance and making informed investment decisions. Understanding the details within this report is essential for assessing the company's current financial health, operational status, and future prospects within the real estate investment trusts sector.

Risk Assessment

Risk Level: low — CTO Realty Growth, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report for publicly traded companies, indicating no immediate or unusual risks are highlighted in the header information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand revenue trends, asset performance, and any new strategic initiatives.

Key Numbers

• 2978808 — Central Index Key (0000023795)
• 2024-03-31 — Fiscal Quarter End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)

Key Players & Entities

• CTO Realty Growth, Inc. (company) — Filer name
• Winter Park, FL (location) — Business address
• 2024-03-31 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 6798 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

CTO Realty Growth, Inc. operates within the Real Estate Investment Trusts (REITs) sector, focusing on owning and managing a diversified portfolio of income-producing properties.

Regulatory Implications

As a publicly traded company, CTO Realty Growth, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Examine any disclosures regarding debt, equity, or cash flow.
3. Review management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: End of Reporting Period — Financial data reflects performance up to this date.
• 2024-05-02: Filing Date — Indicates when the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Filing Documents

• cto-20240331x10q.htm (10-Q) — 2264KB
• cto-20240331xex31d1.htm (EX-31.1) — 16KB
• cto-20240331xex31d2.htm (EX-31.2) — 14KB
• cto-20240331xex32d1.htm (EX-32.1) — 9KB
• cto-20240331xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-006550.txt (&nbsp;) — 12458KB
• cto-20240331.xsd (EX-101.SCH) — 100KB
• cto-20240331_cal.xml (EX-101.CAL) — 95KB
• cto-20240331_def.xml (EX-101.DEF) — 448KB
• cto-20240331_lab.xml (EX-101.LAB) — 791KB
• cto-20240331_pre.xml (EX-101.PRE) — 667KB
• cto-20240331x10q_htm.xml (XML) — 2392KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets – March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations – Three months ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income – Three months ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity – Three months ended March 31, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 2023 (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 46

—OTHER INFORMATION

PART II—OTHER INFORMATION 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

SIGNATURES

SIGNATURES 49 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS CTO REALTY GROWTH, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of (Unaudited) March 31, 2024 December 31, 2023 ASSETS Real Estate: Land, at Cost $ 234,681 $ 222,232 Building and Improvements, at Cost 599,901 559,389 Other Furnishings and Equipment, at Cost 865 857 Construction in Process, at Cost 3,320 3,997 Total Real Estate, at Cost 838,767 786,475 Less, Accumulated Depreciation ( 56,810 ) ( 52,012 ) Real Estate—Net 781,957 734,463 Land and Development Costs 358 731 Intangible Lease Assets—Net 101,039 97,109 Investment in Alpine Income Property Trust, Inc. 35,643 39,445 Mitigation Credits 536 1,044 Commercial Loans and Investments 66,552 61,849 Cash and Cash Equivalents 6,760 10,214 Restricted Cash 8,057 7,605 Refundable Income Taxes 27 246 Deferred Income Taxes—Net 2,190 2,009 Other Assets—See Note 11 37,964 34,953 Total Assets $ 1,041,083 $ 989,668 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts Payable $ 2,638 $ 2,758 Accrued and Other Liabilities—See Note 17 14,541 18,373 Deferred Revenue—See Note 18 5,290 5,200 Intangible Lease Liabilities—Net 14,353 10,441 Long-Term Debt 542,020 495,370 Total Liabilities 578,842 532,142 Commitments and Contingencies—See Note 21 Stockholders' Equity: Preferred Stock – 100,000,000 shares authorized; $ 0.01 par value, 6.375 % Series A Cumulative Redeemable Preferred Stock, $ 25.00 Per Share Liquidation Preference, 2,978,808 shares issued and outstanding at March 31, 2024 and December 31, 2023 30 30 Common Stock – 500,000,000 shares authorized; $ 0.01 par value, 22,909,058 shares issued and outstanding at March 31, 2024 and 22,643,034 shares issued and outstanding at December 31, 2023 229 226 Additional Paid-In Capital 169,924 168,435 Retained Earnings 277,654 281,944 Accumulated Other C

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. DESCRIPTION OF BUSINESS We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity . As of March 31, 2024, we own and manage, sometimes utilizing third-party property management companies, 20 commercial real estate properties in 8 states in the United States, comprising 3.9 million square feet of gross leasable space. In addition to our income property portfolio, as of March 31, 2024, our business included the following: Management Services: A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. ("PINE") as well as; (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, "Management Services Business". Commercial Loans and Investments: A portfolio of four commercial loan investments and one preferred equity investment which is classified as a commercial loan investment. Real Estate Operations: An inventory of mitigation credits produced by the Company's formerly owned mitigation bank. During the three months ended March 31, 2024, the Company sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida ("Subsurface Interests"), as further described in Note 6, "Real Estate Operations". As part of the Subsurface Interests sale, t

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