CTO Realty Growth Reports Second Quarter 2025 Operating Results

– Signed 190,000 square feet of comparable leases at 22% growth in cash rent spread –

– Reaffirmed 2025 Outlook –

WINTER PARK, Fla., July 29, 2025 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE:CTO) (the "Company" or "CTO"), an owner and operator of retail-based properties located primarily in higher-growth markets, today announced its operating and financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Net Loss attributable to common stockholders of $(0.77) per diluted share.
• Core Funds from Operations ("FFO") attributable to common stockholders, of $0.45 per diluted share.
• Adjusted Funds from Operations ("AFFO") attributable to common stockholders of $0.47 per diluted share.
• Signed 190,027 square feet of comparable leases at a positive cash rent spread of 21.6%.
• Current signed-not-open pipeline represents $4.6 million, or 4.6%, of annual cash base rent in place at quarter end.
• Leased occupancy of 93.9%.
• Fully retired Convertible Senior Notes.
• Reaffirmed full year Core FFO and AFFO guidance per diluted share attributable to common stockholders.

"Our portfolio continues to produce strong leasing activity as we leased 190,000 square feet with significant positive spreads, driving our signed-not-open pipeline to $4.6 million, representing 4.6% of in-place cash ABR. We also made significant progress filling our vacant anchor spaces, with six of the ten now leased with ongoing lease negotiations for the remaining spaces," stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. "We believe that this leasing activity will provide the Company with earnings tailwinds into 2026."

Quarterly Financial Results Highlights

The table below provides a summary of the Company's operating results for the three months ended June 30, 2025, as compared to the three months ended June 30, 2024:

		Three Months Ended
(in thousands, except per share data)		June 30, 2025				June 30, 2024				Variance to Comparable Period in the Prior Year
Net Income (Loss) Attributable to the Company		$	(23,418	)		$	1,183			$	(24,601	)		(2079.5	)%
Net Income (Loss) Attributable to Common Stockholders		$	(25,296	)		$	(688	)		$	(24,608	)		(3576.7	)%
Net Income (Loss) Attributable to Common Stockholders per Common Share - Diluted (1)		$	(0.77	)		$	(0.03	)		$	(0.74	)		(2466.7	)%
Core FFO Attributable to Common Stockholders (2)		$	14,659			$	10,353			$	4,306			41.6	%
Core FFO Attributable to Common Stockholders per Common Share - Diluted (2)		$	0.45			$	0.45			$	—			0.0	%
AFFO Attributable to Common Stockholders (2)		$	15,267			$	11,051			$	4,216			38.2	%
AFFO Attributable to Common Stockholders per Common Share - Diluted (2)		$	0.47			$	0.48			$	(0.01	)		(2.1	)%
Dividends Declared and Paid - Preferred Stock		$	0.40			$	0.40			$	—			0.0	%
Dividends Declared and Paid - Common Stock		$	0.38			$	0.38			$	—			0.0	%

(1)	For the three months ended June 30, 2025 and 2024, the denominator for this measure excludes the impact of 0.2 million and 3.6 million shares, related to the Company's adoption of ASU 2020-06, which requires presentation on an if-converted basis for the Company's 2025 Convertible Senior Notes (the "2025 Notes"), as the impact would be anti-dilutive. The 2025 Notes were settled during the three months ended June 30, 2025 and the Company issued 1,089,555 shares of the Company's common stock in connection with the settlement; therefore, the weighted average impact of the issued shares were included in the denominator for this measure for the three months ended June 30, 2025.
(2)	See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO Attributable to Common Stockholders per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO Attributable to Common Stockholders per Common Share - Diluted, AFFO Attributable to Common Stockholders, and AFFO Attributable to Common Stockholders per Common Share - Diluted. Further, the weighted average shares used to compute per share amounts for Core FFO Attributable to Common Stockholders per Common Share - Diluted and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes, except for the weighted average impact of the 1,089,555 shares actually issued during the three months ended June 30, 2025 in connection with the settlement of the 2025 Notes.

Year-to-Date Financial Results Highlights

The table below provides a summary of the Company's operating results for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024:

		Six Months Ended
(in thousands, except per share data)		June 30, 2025				June 30, 2024			Variance to Comparable Period in the Prior Year
Net Income (Loss) Attributable to the Company		$	(21,157	)		$	7,025		$	(28,182	)		(401.2	)%
Net Income (Loss) Attributable to Common Stockholders		$	(24,913	)		$	3,967		$	(28,880	)		(728.0	)%
Net Income (Loss) Attributable to Common Stockholders per Common Share - Diluted (1)		$	(0.78	)		$	0.17		$	(0.95	)		(558.8	)%
Core FFO Attributable to Common Stockholders (2)		$	29,104			$	21,090		$	8,014			38.0	%
Core FFO Attributable to Common Stockholders per Common Share - Diluted (2)		$	0.90			$	0.93		$	(0.03	)		(3.2	)%
AFFO Attributable to Common Stockholders (2)		$	30,788			$	22,699		$	8,089			35.6	%
AFFO Attributable to Common Stockholders per Common Share - Diluted (2)		$	0.96			$	1.00		$	(0.04	)		(4.0	)%
Dividends Declared and Paid - Preferred Stock		$	0.80			$	0.80		$	—			0.0	%
Dividends Declared and Paid - Common Stock		$	0.76			$	0.76		$	—			0.0	%

(1)	For the six months ended June 30, 2025 and 2024, the denominator for this measure excludes the impact of 2.0 million and 3.5 million shares, related to the Company's adoption of ASU 2020-06, which requires presentation on an if-converted basis for the 2025 Notes, as the impact would be anti-dilutive. The 2025 Notes were settled during the six months ended June 30, 2025, and the Company issued 1,089,555 shares of the Company's common stock in connection with the settlement; therefore, the weighted average impact of the issued shares were included in the denominator for this measure for the six months ended June 30, 2025.
(2)	See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) Attributable to the Company to non-GAAP financial measures, including FFO Attributable to Common Stockholders, FFO Attributable to Common Stockholders per Common Share - Diluted, Core FFO Attributable to Common Stockholders, Core FFO Attributable to Common Stockholders per Common Share - Diluted, AFFO Attributable to Common Stockholders, and AFFO Attributable to Common Stockholders per Common Share - Diluted. Further, the weighted average shares used to compute per share amounts for Core FFO Attributable to Common Stockholders per Common Share - Diluted and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes, except for the weighted average impact of the 1,089,555 shares actually issued during the six months ended June 30, 2025 in connection with the settlement of the 2025 Notes.

Portfolio Summary

The Company's income property portfolio consisted of the following as of June 30, 2025:

						Wtd. Avg. Remaining
Asset Type		# of Properties		Square Feet		Lease Term
Single Tenant		6		252		3.6 years
Multi-Tenant		18		5,002		5.0 years
Total / Wtd. Avg.		24		5,254		4.9 years
Square Feet in thousands.

Property Type		# of Properties		Square Feet		% of Cash Base Rent
Retail		19		3,826		69.4	%
Office		1		210		3.7	%
Mixed-Use		4		1,218		26.9	%
Total		24		5,254		100.0	%
Square Feet in thousands.

Leased Occupancy		93.9	%
Occupancy		90.2	%

Same Property Net Operating Income

During the three month period ended June 30, 2025 and 2024, the Company's Same-Property NOI totaled $17.5 million and $17.4 million, respectively, as presented in the following table:

		Three Months Ended
		June 30, 2025			June 30, 2024			Variance to Comparable Period in the Prior Year
Single Tenant		$	1,305		$	1,292		$	13		1.0	%
Multi-Tenant			16,242			16,104			138		0.9	%
Total		$	17,547		$	17,396		$	151		0.9	%

_{$ in thousands.}

During the six month period ended June 30, 2025 and 2024, the Company's Same-Property NOI totaled $33.5 million and $32.7 million, respectively, as presented in the following table:

		Six Months Ended
		June 30, 2025			June 30, 2024			Variance to Comparable Period in the Prior Year
Single Tenant		$	2,476		$	2,439		$	37		1.5	%
Multi-Tenant			31,066			30,291			775		2.6	%
Total		$	33,542		$	32,730		$	812		2.5	%

_{$ in thousands.}

Leasing Activity

During the three months ended June 30, 2025, the Company signed 22 leases totaling 226,732 square feet. On a comparable basis, which excludes vacancy existing at the time of acquisition, CTO signed 14 leases totaling 190,027 square feet at an average cash base rent of $25.54 per square foot compared to a previous average cash base rent of $21.01 per square foot, representing 21.6% comparable growth.

A summary of the Company's overall leasing activity for the quarter ended June 30, 2025, is as follows:

				Wtd. Avg.		Cash Rent per			Tenant			Leasing
		Square Feet		Lease Term		Square Foot			Improvements			Commissions
New Leases		112		9.7 years		$	20.85		$	3,685		$	1,408
Renewals & Extensions		115		6.1 years			29.91			—			—
Total / Wtd. Avg.		227		7.6 years		$	25.43		$	3,685		$	1,408

_{In thousands except for per square foot and weighted average lease term data. Comparable leases compare leases signed on a space for which there was previously a tenant.}

During the six months ended June 30, 2025, the Company signed 40 leases totaling 339,317 square feet. On a comparable basis, which excludes vacancy existing at the time of acquisition, CTO signed 31 leases totaling 299,429 square feet at an average cash base rent of $24.96 per square foot compared to a previous average cash base rent of $19.72 per square foot, representing 26.6% comparable growth.

A summary of the Company's overall leasing activity for the six months ended June 30, 2025, is as follows:

				Wtd. Avg.		Cash Rent per			Tenant			Leasing
		Square Feet		Lease Term		Square Foot			Improvements			Commissions
New Leases		178		9.6 years		$	21.56		$	5,077		$	2,091
Renewals & Extensions		161		5.8 years			28.79			26			23
Total / Wtd. Avg.		339		7.1 years		$	25.00		$	5,103		$	2,114

_{In thousands except for per square foot and weighted average lease term data. Comparable leases compare leases signed on a space for which there was previously a tenant.}

Capital Markets and Balance Sheet

Our balance sheet as of June 30, 2025, included the following long-term debt and liquidity:

• As of June 30, 2025, the Company has $76.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $8.6 million of cash on hand.
• The 2025 Notes were settled during the three months ended June 30, 2025. On April 3, 2025, the Company completed separate, privately-negotiated transactions with holders of $35,208,000 in aggregate principal amount of the 2025 Notes in which the holders exchanged their 2025 Notes with the Company for an aggregate of 1,089,555 shares of the Company's common stock, and aggregate cash payments of $29.0 million including $0.6 million representing accrued interest. The 2025 Notes received by the Company were retired. At maturity on April 15, 2025, the Company completed the payoff of the remaining 2025 Notes in an aggregate principal amount of $15,826,000 for an aggregate cash payment of $22.0 million including $0.3 million representing accrued interest.

The following table provides a summary of the Company's long-term debt, as of June 30, 2025:

Component of Long-Term Debt			Principal		Maturity Date		Interest Rate			Wtd. Avg. Rate
2026 Term Loan (1)		$	65.0 million		March 2026		SOFR + 10 bps + [1.25% - 2.20%]			2.72	%
Mortgage Note (2)			17.8 million		August 2026		4.060%			4.06	%
Revolving Credit Facility (3)			224.0 million		January 2027		SOFR + 10 bps + [1.25% - 2.20%]			5.26	%
2027 Term Loan (4)			100.0 million		January 2027		SOFR + 10 bps + [1.25% - 2.20%]			2.80	%
2028 Term Loan (5)			100.0 million		January 2028		SOFR + 10 bps + [1.20% - 2.15%]			5.18	%
2029 Term Loan (6)			100.0 million		September 2029		SOFR + 0.10% + [1.20% - 2.15%]			4.68	%
Total Long-Term Debt		$	606.8 million							4.44	%

(1)	The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread.
(2)	Mortgage note assumed in connection with the acquisition of Price Plaza Shopping Center located in Katy, Texas.
(3)	The Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a fixed swap rate of 3.50% plus the 10 bps SOFR adjustment plus the applicable spread. Two interest rate swaps on $100.0 million of the Credit Facility balance were effective on April 30, 2025 at a weighted average fixed swap rate of 3.32% plus the 10 bps SOFR adjustment plus the applicable spread.
(4)	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.
(5)	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.
(6)	The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.

As of June 30, 2025, the Company's net debt to Pro Forma Adjusted EBITDA was 6.9 times, and as defined in the Company's credit agreement, the Company's fixed charge coverage ratio was 4.1 times. As of June 30, 2025, the Company's net debt to total enterprise value was 46.6%. The Company calculates total enterprise value as the sum of net debt, par value of its 6.375% Series A preferred equity, and the market value of the Company's outstanding common shares.

Dividends

On May 27, 2025, the Company announced a cash dividend on its common stock and Series A Preferred Stock for the second quarter of 2025 of $0.38 per share and $0.40 per share, respectively, payable on June 30, 2025 to stockholders of record as of the close of business on June 12, 2025. The second quarter 2025 common stock cash dividend represented a payout ratio of 84.4% and 80.9% of the Company's second quarter 2025 Core FFO Attributable to Common Stockholders per Common Share - Diluted and AFFO Attributable to Common Stockholders per Common Share - Diluted, respectively.

2025 Outlook

The Company has reaffirmed its Core FFO and AFFO outlook for 2025 as well as the assumptions detailed below based on current plans and assumptions. The Company's 2025 outlook is subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission.

The Company's outlook for 2025 is as follows:

		Outlook Range for 2025
(Unaudited)		Low			High
Core FFO per Common Share - Diluted (1)		$	1.80	to	$	1.86
AFFO per Common Share - Diluted (1)		$	1.93	to	$	1.98

(1)	Attributable to Common Stockholders

The Company's 2025 outlook includes but is not limited to the following assumptions for the year ending December 31, 2025: 

• Investments, including structured investments, between $100.0 million and $200.0 million at a weighted average initial cash yield between 8.0% and 8.5%. 
• Same-Property NOI growth of approximately 1%, as compared to the year ended December 31, 2024, including the estimated impact associated with announced and anticipated store closings. 
• General and administrative expenses within a range of $17.5 million to $18.0 million. 
  
  

The following table provides a reconciliation of the outlook range of the Company's estimated Net Loss Attributable to the Company per Common Share – Diluted for the year ending December 31, 2025 to the Company's estimated Core FFO Attributable to Common Stockholders per Common Share – Diluted and AFFO Attributable to Common Stockholders per Common Share – Diluted for the year ending December 31, 2025:

		Outlook Range for 2025
(Unaudited)		Low				High
Net Loss Attributable to the Company per Common Share - Diluted		$	(0.61	)		$	(0.57	)
Depreciation and Amortization of Real Estate			1.89				1.91
Gain on Disposition of Assets (1)			-				-
Gain on Disposition of Other Assets (1)			-				-
Provision for Impairment (1)			-				-
Realized and Unrealized Loss on Investment Securities (1)			0.15				0.15
Funds from Operations, per Common Share - Diluted		$	1.43			$	1.49
Distributions to Preferred Stockholders			(0.23	)			(0.23	)
Funds From Operations Attributable to Common Stockholders per Common Share - Diluted		$	1.20			$	1.26
Amortization of Intangibles to Lease Income			(0.03	)			(0.03	)
Loss on Extinguishment of Debt (1)			0.63				0.63
Core FFO Attributable to Common Stockholders per Common Share - Diluted		$	1.80			$	1.86
Adjustments:
Straight-Line Rent Adjustment			(0.05	)			(0.06	)
Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest			0.04				0.04
Non-Cash Compensation			0.14				0.14
AFFO Attributable to Common Stockholders per Common Share - Diluted		$	1.93			$	1.98

(1)	Gain on Disposition of Assets, Gain on Disposition of Other Assets, Provision for Impairment, Realized and Unrealized Loss on Investment Securities, and Loss on Extinguishment of Debt represents the actual adjustment for the six months ended June 30, 2025. The Company's outlook excludes projections related to these measures.

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the quarter ended June 30, 2025, on Wednesday, July 30, 2025 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company's website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details.

Event Details:

Webcast:	https://edge.media-server.com/mmc/p/kxmvcnqy
Registration:	https://register-conf.media-server.com/register/BIdbee849d58b84ae5b18284ab33284a79

We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company's website at www.ctoreit.com.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE:PINE), a publicly traded net lease REIT.

We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.

Safe Harbor 

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions, as well as variations or negatives of these words. 

Although forward-looking statements are made based upon management's present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company's actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company's ability to remain qualified as a REIT; the Company's exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company's financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company's investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. 

There can be no assurance that future developments will be in accordance with management's expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. 

Non-GAAP Financial Measures 

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Funds From Operations ("FFO"), Core Funds From Operations ("Core FFO"), Adjusted Funds From Operations ("AFFO"), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization ("Pro Forma Adjusted EBITDA"), and Same-Property Net Operating Income ("Same-Property NOI"), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. 

FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. 

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT.  

NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities and interest related to the 2025 Notes, if the effect is dilutive. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items, as well as adding back the interest related to the 2025 Notes, if the effect is dilutive. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. 

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and certain adjustments to reconciliation estimates related to reimbursable revenue for recently acquired properties, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company's investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities. 

To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and certain adjustments to reconciliation estimates related to reimbursable revenue for recently acquired properties, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, real estate operations revenues and direct cost of revenues, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company's assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent. 

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company's capital structure on our operating performance. We use Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company's properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses ("Net Operating Income" or "NOI") of properties that have been owned and stabilized for the entire current and prior year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent performance measure for the comparison of the Company's properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other companies.

CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data)
		As of
		(Unaudited) June 30, 2025				December 31, 2024
ASSETS
Real Estate:
Land, at Cost		$	283,759			$	257,748
Building and Improvements, at Cost			764,952				720,480
Other Furnishings and Equipment, at Cost			911				883
Construction in Process, at Cost			2,597				5,091
Total Real Estate, at Cost			1,052,219				984,202
Less, Accumulated Depreciation			(100,206	)			(82,864	)
Real Estate—Net			952,013				901,338
Land and Development Costs			300				300
Intangible Lease Assets—Net			81,548				79,198
Investment in Alpine Income Property Trust, Inc.			34,752				39,666
Commercial Loans and Investments			106,128				105,043
Cash and Cash Equivalents			8,551				9,017
Restricted Cash			10,291				8,344
Refundable Income Taxes			-				70
Deferred Income Taxes—Net			2,472				2,467
Other Assets			37,171				36,201
Total Assets		$	1,233,226			$	1,181,644
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts Payable		$	2,228			$	3,278
Accrued and Other Liabilities			23,054				21,268
Deferred Revenue			12,512				10,183
Intangible Lease Liabilities—Net			16,005				15,124
Deferred Income Taxes—Net			14				—
Long-Term Debt—Net			605,351				518,993
Total Liabilities			659,164				568,846
Commitments and Contingencies
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 June 30, 2025 and 4,713,069 shares issued and outstanding at December 31, 2024			47				47
Common Stock – 500,000,000 shares authorized; $0.01 par value, 32,934,716 shares issued and outstanding at June 30, 2025 and 31,673,479 shares issued and outstanding at December 31, 2024			329				317
Additional Paid-In Capital			390,003				367,828
Retained Earnings			182,362				232,089
Accumulated Other Comprehensive Income			1,321				12,517
Total Stockholders' Equity			574,062				612,798
Total Liabilities and Stockholders' Equity		$	1,233,226			$	1,181,644

CTO Realty Growth, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data)
		Three Months Ended								Six Months Ended
		June 30,				June 30,				June 30,				June 30,
		2025				2024				2025				2024
Revenues
Income Properties		$	33,375			$	25,878			$	65,047			$	50,501
Management Fee Income			1,247				1,131				2,425				2,236
Interest Income From Commercial Loans and Investments			3,016				1,441				5,977				2,792
Real Estate Operations			—				395				—				1,443
Total Revenues			37,638				28,845				73,449				56,972
Direct Cost of Revenues
Income Properties			(10,178	)			(8,080	)			(19,069	)			(14,833	)
Real Estate Operations			—				(259	)			—				(1,078	)
Total Direct Cost of Revenues			(10,178	)			(8,339	)			(19,069	)			(15,911	)
General and Administrative Expenses			(4,448	)			(3,459	)			(9,131	)			(7,675	)
Provision for Impairment			—				(67	)			—				(115	)
Depreciation and Amortization			(15,294	)			(11,549	)			(29,658	)			(22,480	)
Total Operating Expenses			(29,920	)			(23,414	)			(57,858	)			(46,181	)
Gain on Disposition of Assets			—				—				—				9,163
Loss on Extinguishment of Debt			(20,396	)			—				(20,396	)			—
Other Gain (Loss)			(20,396	)			—				(20,396	)			9,163
Total Operating Income (Loss)			(12,678	)			5,431				(4,805	)			19,954
Investment and Other Income (Loss)			(3,687	)			1,429				(3,112	)			(1,830	)
Interest Expense			(6,859	)			(5,604	)			(12,995	)			(11,133	)
Income (Loss) Before Income Tax Benefit (Expense)			(23,224	)			1,256				(20,912	)			6,991
Income Tax Benefit (Expense)			(194	)			(73	)			(245	)			34
Net Income (Loss) Attributable to the Company			(23,418	)			1,183				(21,157	)			7,025
Distributions to Preferred Stockholders			(1,878	)			(1,871	)			(3,756	)			(3,058	)
Net Income (Loss) Attributable to Common Stockholders		$	(25,296	)		$	(688	)		$	(24,913	)		$	3,967
Per Share Information:
Basic and Diluted Net Income (Loss) Attributable to Common Stockholders		$	(0.77	)		$	(0.03	)		$	(0.78	)		$	0.17
Weighted Average Number of Common Shares
Basic			32,678,771				22,787,252				32,118,982				22,669,246
Diluted			32,727,831				22,828,148				32,174,574				22,674,796
Dividends Declared and Paid - Preferred Stock		$	0.40			$	0.40			$	0.80			$	0.80
Dividends Declared and Paid - Common Stock		$	0.38			$	0.38			$	0.76			$	0.76

CTO Realty Growth, Inc. Non-GAAP Financial Measures Same-Property NOI Reconciliation (Unaudited) (In thousands)
		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net Income (Loss) Attributable to the Company		$	(23,418	)		$	1,183			$	(21,157	)		$	7,025
Gain on Disposition of Assets			—				—				—				(9,163	)
Loss on Extinguishment of Debt			20,396				—				20,396				—
Provision for Impairment			—				67				—				115
Depreciation and Amortization			15,294				11,549				29,658				22,480
Amortization of Intangibles to Lease Income			267				(244	)			716				(718	)
Straight-Line Rent Adjustment			712				346				1,285				1,039
Accretion of Tenant Contribution			13				13				26				26
Interest Expense			6,859				5,604				12,995				11,133
General and Administrative Expenses			4,448				3,459				9,131				7,675
Investment and Other Loss (Income)			3,687				(1,429	)			3,112				1,830
Income Tax Expense (Benefit)			194				73				245				(34	)
Real Estate Operations Revenues			—				(395	)			—				(1,443	)
Real Estate Operations Direct Cost of Revenues			—				259				—				1,078
Management Fee Income			(1,247	)			(1,131	)			(2,425	)			(2,236	)
Interest Income From Commercial Loans and Investments			(3,016	)			(1,441	)			(5,977	)			(2,792	)
Other Non-Recurring Items (1)			(97	)			(303	)			(207	)			(553	)
Less: Impact of Properties Not Owned for the Full Reporting Period			(6,545	)			(214	)			(14,256	)			(2,732	)
Same-Property NOI		$	17,547			$	17,396			$	33,542			$	32,730

(1)	Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to estimates related to recently acquired property CAM reconciliations.

CTO Realty Growth, Inc. Non-GAAP Financial Measures Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations Attributable to Common Stockholders (Unaudited) (In thousands, except per share data)
		Three Months Ended								Six Months Ended
		June 30, 2025				June 30, 2024				June 30, 2025				June 30, 2024
Net Income (Loss) Attributable to the Company		$	(23,418	)		$	1,183			$	(21,157	)		$	7,025
Add Back: Effect of Dilutive Interest Related to 2025 Notes (1)			—				—				—				—
Net Income (Loss) Attributable to the Company, If-Converted		$	(23,418	)		$	1,183			$	(21,157	)		$	7,025
Depreciation and Amortization of Real Estate			15,277				11,532				29,623				22,447
Gain on Disposition of Assets			—				—				—				(9,163	)
Gain on Disposition of Other Assets			—				(139	)			—				(370	)
Provision for Impairment			—				67				—				115
Realized and Unrealized Loss (Gain) on Investment Securities			4,549				(663	)			4,714				3,376
Funds from Operations		$	(3,592	)		$	11,980			$	13,180			$	23,430
Distributions to Preferred Stockholders			(1,878	)			(1,871	)			(3,756	)			(3,058	)
Funds From Operations Attributable to Common Stockholders		$	(5,470	)		$	10,109			$	9,424			$	20,372
Loss on Extinguishment of Debt			20,396				—				20,396				—
Amortization of Intangibles to Lease Income			(267	)			244				(716	)			718
Less: Effect of Dilutive Interest Related to 2025 Notes (1)			—				—				—				—
Core Funds From Operations Attributable to Common Stockholders		$	14,659			$	10,353			$	29,104			$	21,090
Adjustments:
Straight-Line Rent Adjustment			(712	)			(346	)			(1,285	)			(1,039	)
Other Depreciation and Amortization			(1	)			(3	)			(2	)			(7	)
Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest			318				297				685				518
Non-Cash Compensation			1,003				750				2,286				2,137
Adjusted Funds From Operations Attributable to Common Stockholders		$	15,267			$	11,051			$	30,788			$	22,699
FFO Attributable to Common Stockholders per Common Share - Diluted (1)		$	(0.17	)		$	0.44			$	0.29			$	0.90
Core FFO Attributable to Common Stockholders per Common Share - Diluted (1)		$	0.45			$	0.45			$	0.90			$	0.93
AFFO Attributable to Common Stockholders per Common Share - Diluted (1)		$	0.47			$	0.48			$	0.96			$	1.00

(1)	For the three and six months ended June 30, 2025 and June 30, 2024, interest related to the 2025 Notes was excluded from net income (loss) attributable to the Company to derive FFO, as the impact to net income (loss) attributable to common stockholders would be anti-dilutive. Further, the weighted average shares used to compute per share amounts for FFO Attributable to Common Stockholders per Common Share – Diluted, Core FFO Attributable to Common Stockholders per Common Share - Diluted, and AFFO Attributable to Common Stockholders per Common Share - Diluted do not reflect any dilution related to the ultimate settlement of the 2025 Notes, other than as described below.
	The 2025 Notes were settled during the six months ended June 30, 2025 and the Company issued 1,089,555 shares of the Company's common stock in connection with the settlement, therefore the weighted average impact of the issued shares were included in the denominator for this measure for the three and six months ended June 30, 2025.

CTO Realty Growth, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands)
		Three Months Ended
		June 30, 2025
Net Loss Attributable to the Company		$	(23,418	)
Depreciation and Amortization of Real Estate			15,277
Unrealized Loss & Realized Gain on Investment Securities			4,549
Distributions to Preferred Stockholders			(1,878	)
Loss on Extinguishment of Debt			20,396
Amortization of Intangibles to Lease Income			(267	)
Straight-Line Rent Adjustment			(712	)
Other Depreciation and Amortization			(1	)
Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest			318
Non-Cash Compensation			1,003
Other Non-Recurring Items (1)			(97	)
Interest Expense, Net of Amortization of Loan Costs and Discount on Convertible Debt			6,542
Adjusted EBITDA		$	21,712
Annualized Adjusted EBITDA		$	86,848
Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2)			—
Pro Forma Adjusted EBITDA		$	86,848
Total Long-Term Debt		$	605,351
Financing Costs, Net of Accumulated Amortization			1,449
Cash and Cash Equivalents			(8,551	)
Net Debt		$	598,249
Net Debt to Pro Forma Adjusted EBITDA			6.9		x

(1)	Includes non-recurring items including termination fees, forfeitures of tenant security deposits, and certain adjustments to estimates related to recently acquired property CAM reconciliations.
(2)	Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investments and disposition activity during the three months ended June 30, 2025.

Contact:
Investor Relations
[email protected]