CTO Realty Growth Inc 2024年度报告

NYSE: CTO Dear Fellow Shareholders, In CTO’s five years as a REIT, we have outperformed the RMZ REIT index every year exceptfor 2023. We hope in2025to continue CTO’s outperformance as welook toaddto ourportfolio of high-quality, large format open-air shopping centerslocated in thesoutheastand southwest portions of the United States wherewe believeretailers are followingpopulation and job growth.In addition to growth,we believe thatthese marketsexhibit amore appealing business-friendly regulatory and tax environment. As ofDecember 31,2024,81%of our annual base rentis derived fromGeorgia, Florida,Texas, and NorthCarolina. In 2024,wemademeaningful progress in our growth by investing over $300million in properties and loans,and bygrowing our equitymarket capitalization by raising$165.2 millionunder our common stock ATM program. As the company grewits portfolio last year, we also added much-neededpersonnel.As ofDecember 31, 2024, we are a proud team of 37 team members managing two publiccompanies and a combined total enterprise value of both companies,of approximately$1.8 billion.This is a far cry from 13 years ago when we had 18 people managing a companywith atotal enterprise value under $200 million. An important addto our management teamwas welcomingPhilipMays as our new ChiefFinancial Officer. Philhasdecades of REIT accounting and CFO experience, andhisexperience is greatly welcomed. We feel very fortunate to have acquired the propertieswepurchased over the past fiveyears as we focused on larger property formats that weren’t yet back in style. We were ableto purchase qualityassets in great locations for large discounts toreplacement cost, andat generous yields.Thosedays may be in the rearview mirror as we are watching assetprices for marketed shopping centersnow attracting institutional capital,which is drivingvalues higher and yields down.This is, however, good for the value of CTO’s existingportfolio. As we wait for better investment opportunities, we are focusing on squeezing more juiceout of the abundant fruitwehave already harvested. We are leasing spaces at higher rentsto tenants with better credits and more on-trend retailers.Additionally, we are looking atbringing more of our property management in-house,whichwe believewilllead tocostsavingsand better service. We believe that ourportfolio of over five million square feet in seven statesafter theacquisition of Ashley Park (Atlanta MSA)onMarch 3, 2025,givesusa very strong platformfor support opportunistic growth. Further, we believe that a larger portfolio,combined withahigher market capitalization,will lead tonew investor interest in the company. Let’s look at some of the highlights from 2024: •Invested over $300 million at a weighted average initial cash yield of over 9%•Grew income property portfolio from approximately 3.7 million square feet as ofDecember 31, 2023, to approximately 4.7 million square feet as of December 31,2024 (5.2 million with the recent addition of Ashley Park)•Issued approximately 8.9 million common shares under our common stock ATMoffering programfor total net proceeds of $165.2 million•Signed 70 leases totaling 452,301 square feet I want to thank our CTO team and our entire board for all their hard work, support, anddedication. Performance Scorecard: John P. AlbrightPresident and Chief Executive Officer CTO PROPERTIES PERFORMANCE SUMMARY Dividends Per Share: UNITED STATES SECURITIES AND EXCHANGE COMMISSION Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☐No☒Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirementsfor the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” inRule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indica