CTO Realty Growth Reports Q3 2024 Results, Continues Stock Buybacks

TL;DR

CTO Realty Growth's Q3 2024 numbers are in, and they're still buying back stock.

AI Summary

CTO Realty Growth, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results, including revenues and liabilities. The filing also details ongoing stock repurchase programs, with the December 2023 program active during the reported period.

Why It Matters

This filing provides investors with an update on CTO Realty Growth's financial performance and capital allocation strategies, including its commitment to returning value through share repurchases.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• Q3 — Quarter (Reporting period)

Key Players & Entities

• CTO Realty Growth, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241024 (date) — Date of filing
• cto:StockRepurchaseProgramApril2023Member (program) — Stock repurchase program mentioned
• cto:StockRepurchaseProgramDecember2023Member (program) — Stock repurchase program active during the period

FAQ

Filing Documents

• cto-20240930x10q.htm (10-Q) — 2910KB
• cto-20240930xex10d2.htm (EX-10.2) — 1538KB
• cto-20240930xex10d3.htm (EX-10.3) — 193KB
• cto-20240930xex10d4.htm (EX-10.4) — 65KB
• cto-20240930xex10d5.htm (EX-10.5) — 66KB
• cto-20240930xex10d6.htm (EX-10.6) — 66KB
• cto-20240930xex31d1.htm (EX-31.1) — 16KB
• cto-20240930xex31d2.htm (EX-31.2) — 14KB
• cto-20240930xex32d1.htm (EX-32.1) — 9KB
• cto-20240930xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-013628.txt ( ) — 16682KB
• cto-20240930.xsd (EX-101.SCH) — 109KB
• cto-20240930_cal.xml (EX-101.CAL) — 97KB
• cto-20240930_def.xml (EX-101.DEF) — 466KB
• cto-20240930_lab.xml (EX-101.LAB) — 848KB
• cto-20240930_pre.xml (EX-101.PRE) — 696KB
• cto-20240930x10q_htm.xml (XML) — 2902KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Consolidated Balance Sheets – September 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows – Nine months ended September 30, 2024 and 2023 (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10

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 39

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 52

Controls and Procedures

Item 4. Controls and Procedures 52

—OTHER INFORMATION

PART II—OTHER INFORMATION 52

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 55

SIGNATURES

SIGNATURES 57 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) September 30, 2024 December 31, 2023 ASSETS Real Estate: Land, at Cost $ 253,742 $ 222,232 Building and Improvements, at Cost 691,055 559,389 Other Furnishings and Equipment, at Cost 874 857 Construction in Process, at Cost 4,838 3,997 Total Real Estate, at Cost 950,509 786,475 Less, Accumulated Depreciation ( 70,545 ) ( 52,012 ) Real Estate—Net 879,964 734,463 Land and Development Costs 300 731 Intangible Lease Assets—Net 107,658 97,109 Investment in Alpine Income Property Trust, Inc. 42,997 39,445 Mitigation Credits — 1,044 Commercial Loans and Investments 103,014 61,849 Cash and Cash Equivalents 8,172 10,214 Restricted Cash 1,696 7,605 Refundable Income Taxes 18 246 Deferred Income Taxes—Net 2,019 2,009 Other Assets—See Note 11 30,286 34,953 Total Assets $ 1,176,124 $ 989,668 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Accounts Payable $ 2,075 $ 2,758 Accrued and Other Liabilities—See Note 17 26,401 18,373 Deferred Revenue—See Note 18 6,171 5,200 Intangible Lease Liabilities—Net 18,857 10,441 Long-Term Debt 526,838 495,370 Total Liabilities 580,342 532,142 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, 4,713,069 shares issued and outstanding at September 30, 2024 and 2,978,808 shares issued and outstanding at December 31, 2023 47 30 Common Stock – 500,000,000 shares authorized; $ 0.01 par value, 29,971,538 shares issued and outstanding at September 30, 2024 and 22,643,034 shares issued and outstanding at December 31, 2023 300 226 Additional Paid-In Capital 334,467 168,435 Retained

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 September 30, 2024, we own and manage, sometimes utilizing third-party property management companies, 22 commercial real estate properties in seven states in the United States, comprising 4.6 million square feet of gross leasable space. In addition to our income property portfolio, as of September 30, 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 two preferred equity investments which are classified as commercial loan investments. Real Estate Operations: During the nine months ended September 30, 2024, the Company sold its remaining mitigation credits. These credits were produced by the Company's formerly owned mitigation bank. During the nine months ended September 30, 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"), a

View Full Filing

View this 10-Q filing on SEC EDGAR