8-K
CTO Realty Growth, Inc. (CTO)
8-K
2026-04-28
For: 2026-04-28
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Added on
April 28, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2026
CTO Realty Growth, Inc.
(Exact name of registrant as specified in its charter)
| <br><br> | <br><br> | <br><br> |
|---|---|---|
| Maryland<br><br>(State or other jurisdiction of incorporation) | 001-11350<br><br>(Commission File Number) | 59-0483700<br><br>(IRS Employer Identification No.) |
| 369 N. New York Avenue ,<br><br>Suite 201<br><br>Winter Park , Florida<br><br>(Address of principal executive offices) | 32789<br><br>(Zip Code) |
Registrant’s telephone number, including area code: (407) 904-3324
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| .01 | |||
|---|---|---|---|
| Title of each class: | Trading Symbol | | Name of each exchange on which registered: |
| Common Stock, 0.01 par value per share | CTO | NYSE<br><br> | |
| 6.375% Series A Cumulative Redeemable Preferred Stock, 0.01 par value per share | <br><br>CTO/PA | | <br><br>NYSE |
All values are in US Dollars.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On April 28, 2026, CTO Realty Growth, Inc., a Maryland corporation (the "Company"), issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter ended March 31, 2026. Copies of the press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.
The information in Item 2.02 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 7.01. Regulation FD Disclosure
On April 28, 2026, the Company issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter ended March 31, 2026. Copies of the earnings press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.
The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
The information in Item 7.01 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| |
|---|
| 99.1 Earnings Press Release dated April 28, 2026 |
| 99.2 Investor Presentation dated April 28, 2026 |
| 99.3 Supplemental Disclosure Package |
| 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 28, 2026
CTO Realty Growth, Inc.
By: /s/ Philip R. Mays
Senior Vice President, Chief Financial Officer,
and Treasurer (Principal Financial Officer)
Press
Exhibit 99.1
DRAFT DRATDDD ****
Press Release
| <br><br><br><br> | |
|---|---|
| FOR<br><br>IMMEDIATE<br><br>RELEASE | CTO Realty Growth Reports First Quarter 2026 Operating and Financial Results– Completed an 81.6 Million Acquisition – – 6.2 Million Signed-Not-Open Pipeline at Quarter-End –– Raises 2026 Investment Guidance to 175 Million to 250 Million –– Increases 2026 Core FFO Per Diluted Share Guidance to 2.06 to 2.11 – |
All values are in US Dollars.
WINTER PARK, FL – April 28, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and financial results for the quarter ended March 31, 2026. Net Income attributable to common stockholders was $0.13 per diluted share for the first quarter.
First Quarter 2026 Highlights
◾Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.52 per diluted share.
◾Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.56 per diluted share.
◾Shopping center same-property net operating income (“NOI”) increased by 6.8%. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period.
◾Executed 146,000 square feet of comparable retail leases at a positive cash rent spread of 14%.
◾Acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for $81.6 million.
◾Watters Creek preferred investment of $30.0 million was repaid in full.
Subsequent Event
◾On April 17, 2026, invested $75.0 million of preferred equity in a Class A premier retail property located in the Southwest. The investment generates a 12.0% initial cash yield with a two-year term.
“We’re off to a strong start in 2026 on all fronts, with robust leasing, strong same-center NOI growth, and an acquisition of a high-quality open-air retail center in Texas, one of our core markets,” stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Further, we see meaningful tailwinds in the coming quarters driven by our $6.2 million SNO pipeline, which represents 5.5% of in-place cash ABR. We are particularly pleased with our acquisition of Palms Crossing which aligns well with our strategy to acquire high-quality, well-located retail centers with embedded future rent growth and anchored by strong national retailers.”
Financial Results
| | | | | | | |
|---|---|---|---|---|---|---|
| (in thousands, except per share data) | | 1Q 2026 | | 1Q 2025 | ||
| Net Income | | $ | 6,205 | | $ | 2,261 |
| Net Income per Common Share - Diluted | | $ | 0.13 | | $ | 0.01 |
| | | | | | | |
| Core FFO | | $ | 16,931 | | $ | 14,445 |
| Core FFO per Common Share - Diluted | | $ | 0.52 | | $ | 0.46 |
| | | | | | | |
| AFFO | | $ | 18,238 | | $ | 15,521 |
| AFFO per Common Share - Diluted | | $ | 0.56 | | $ | 0.49 |
Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.
First Quarter Portfolio Performance
Retail Leasing Activity
| ◾ | The Company executed 25 new leases, renewals and extensions totaling 153,000 square feet. On a comparable space basis, the Company executed 146,000 square feet of leases at an average cash rent spread increase of 14%. |
|---|
Same Property NOI
| ◾ | Shopping center same property NOI increased by 6.8% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period. |
|---|---|
| ◾ | Including other/non-core properties, same-property NOI increased by 3.4% for the first quarter. This growth was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, New Mexico property in December 2025, which more than offset the non-recurring recovery benefits recorded in the quarter. As previously announced, this vacancy was leased by the State of New Mexico which is expected to comment paying rent in late 2026. |
| --- | --- |
Occupancy
| ◾ | As of March 31, 2026, total property portfolio leased occupancy was 95.4%, up 160 basis points compared to March 31, 2025, and a decrease of 50 basis points compared to December 31, 2025. |
|---|---|
| ◾ | As of March 31, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 30 basis points compared to March 31, 2025. |
| --- | --- |
First Quarter Investment and Disposition Activity
Investment Activity
| ◾ | The Company acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres, and features two pad sites for potential future development opportunities. |
|---|
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Disposition & Structured Investment Repayment Activity
| ◾ | The Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located in Allen, Texas, was repaid in full for $30.0 million. |
|---|
Balance Sheet and Liquidity
Balance sheet highlights as of March 31, 2026, included:
| ◾ | Total liquidity of $124.3 million, consisting of $116.0 million of undrawn commitments and $8.3 million of cash on hand. |
|---|---|
| ◾ | Total borrowings of $651.8 million at a weighted average interest rate of 4.6%, including $634.0 million of unsecured borrowings and a $17.8 million mortgage payable. |
| --- | --- |
| ◾ | Net Debt to Pro Forma Adjusted EBITDA of 6.4 times. |
| --- | --- |
| ◾ | During the quarter ended March 31, 2026, the Company issued 733,883 common shares under its common stock ATM program at a weighted average gross price of $19.59 per share, for total net proceeds of $14.2 million. |
| --- | --- |
| ◾ | The Company’s only 2026 loan maturity is a $17.8 million mortgage note payable, maturing in August at an interest rate of 4.06%. |
| --- | --- |
| ◾ | Classified Madison Yards located in Atlanta, Georgia as held for sale with an expected close in May. |
| --- | --- |
2026 Outlook
The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange Commission.
The Company has raised its 2026 outlook as follows:
| | | | | |
|---|---|---|---|---|
| (Unaudited) | | Current | | Previous |
| Core FFO per Common Share - Diluted | | $2.06 to $2.11 | | $1.98 to $2.03 |
| AFFO per Common Share - Diluted | | $2.19 to $2.24 | | $2.11 to $2.16 |
Metrics above reflect amounts attributable to common stockholders.
The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions):
| | | | | |
|---|---|---|---|---|
| | | Current | | Previous |
| Investment Volume, Including Commercial Loans & Structured Investments | | $175 to $250 | | $100 to $200 |
| Same-Property NOI Growth for Shopping Centers | | Unchanged | | 3.5% to 4.5% |
| General & Administrative Expenses | | $19.7 to $20.2 | | $19.5 to $20.0 |
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Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:
| | | | | | | |
|---|---|---|---|---|---|---|
| | | Revised 2026 Outlook | ||||
| (Unaudited) | | Low | | High | ||
| Net Income Attributable to the Company per Common Share - Diluted | | $ | 0.53 | | $ | 0.59 |
| Depreciation and Amortization of Real Estate | | | 1.90 | | | 1.90 |
| Provision for Impairment and Adjustment to CECL Reserve ^(1)^ | | | (0.01) | | | (0.01) |
| Realized and Unrealized Loss (Gain) on Investment Securities ^(1)^ | | | (0.06) | | | (0.06) |
| Funds from Operations, per Common Share - Diluted | | $ | 2.36 | | $ | 2.42 |
| Distributions to Preferred Stockholders | | | (0.21) | | | (0.21) |
| Funds From Operations Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.15 | | $ | 2.21 |
| Amortization of Intangibles to Lease Income | | | (0.09) | | | (0.10) |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.06 | | $ | 2.11 |
| Adjustments: | | | | | | |
| Straight-Line Rent Adjustment | | | (0.04) | | | (0.04) |
| Other Depreciation and Amortization | | | - | | | - |
| Amortization of Loan Costs and Capitalized Interest | | | 0.03 | | | 0.03 |
| Non-Cash Compensation | | | 0.14 | | | 0.14 |
| AFFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.19 | | $ | 2.24 |
| ^(1)^ | Provision for Impairment and Adjustment to CECL Reserve and Realized and Unrealized Loss (Gain) on Investment Securities represents the actual adjustment for the three months ended March 31, 2026. 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 first quarter ended March 31, 2026, on Wednesday, April 29, 2026 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/7a2jh3xw
Registration:https://register-conf.media-server.com/register/BI44d0a9de51204a7a9115883fa90899d4
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.
Page 4
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 shopping centers, 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.
Contact:Investor Relations
ir@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 “outlook,” “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 commercial loans and similarly 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 or borrowers 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, 2025 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.
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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 current expected credit losses on commercial loans and investments at the time of origination and repayment, 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 investment securities, in addition to the mark-to-market of the Company’s investment securities. 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. 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 current expected credit losses on commercial loans and investments at the time of origination and repayment, 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, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, 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 investment securities, 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.
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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 current expected credit losses on commercial loans and investments at the time of origination and repayment, 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, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, 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.
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CTO Realty Growth, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
| | | | | | | |
|---|---|---|---|---|---|---|
| | | As of | ||||
| | | (Unaudited) March 31, 2026 | | December 31, 2025 | ||
| ASSETS | | | | | | |
| Real Estate: | | | | | | |
| Land, at Cost | | $ | 278,594 | | $ | 289,012 |
| Building and Improvements, at Cost | | | 778,031 | | | 766,371 |
| Other Furnishings and Equipment, at Cost | | | 923 | | | 923 |
| Construction in Process, at Cost | | | 4,913 | | | 4,091 |
| Total Real Estate, at Cost | | | 1,062,461 | | | 1,060,397 |
| Less, Accumulated Depreciation | | | (110,422) | | | (107,268) |
| Real Estate—Net | | | 952,039 | | | 953,129 |
| Land and Development Costs | | | — | | | 300 |
| Intangible Lease Assets—Net | | | 86,479 | | | 84,710 |
| Assets Held for Sale | | | 72,126 | | | — |
| Investment in Alpine Income Property Trust, Inc. | | | 44,488 | | | 41,324 |
| Commercial Loans and Investments | | | 80,713 | | | 104,804 |
| Cash and Cash Equivalents | | | 8,282 | | | 6,467 |
| Restricted Cash | | | 10,587 | | | 34,652 |
| Deferred Income Taxes—Net | | | 2,309 | | | 2,309 |
| Other Assets | | | 42,644 | | | 36,207 |
| Total Assets | | $ | 1,299,667 | | $ | 1,263,902 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | |
| Liabilities: | | | | | | |
| Accounts Payable | | $ | 1,852 | | $ | 1,709 |
| Accrued and Other Liabilities | | | 23,386 | | | 28,185 |
| Deferred Revenue | | | 16,911 | | | 18,802 |
| Intangible Lease Liabilities—Net | | | 32,562 | | | 31,486 |
| Income Taxes Payable | | | 61 | | | 29 |
| Long-Term Debt—Net | | | 649,532 | | | 616,345 |
| Total Liabilities | | | 724,304 | | | 696,556 |
| 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 March 31, 2026 and December 31, 2025 | | | 47 | | | 47 |
| Common Stock – 500,000,000 shares authorized; $0.01 par value, 33,293,471 shares issued and outstanding at March 31, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025 | | | 333 | | | 324 |
| Additional Paid-In Capital | | | 396,749 | | | 382,494 |
| Retained Earnings | | | 176,442 | | | 184,886 |
| Accumulated Other Comprehensive Income (Loss) | | | 1,792 | | | (405) |
| Total Stockholders’ Equity | | | 575,363 | | | 567,346 |
| Total Liabilities and Stockholders’ Equity | | $ | 1,299,667 | | $ | 1,263,902 |
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CTO Realty Growth, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except share, per share and dividend data)
| | | | | | | |
|---|---|---|---|---|---|---|
| | | Three Months Ended March 31, | ||||
| | | 2026 | | 2025 | ||
| Revenues | | | | | | |
| Income Properties | | $ | 36,580 | | $ | 31,672 |
| Management Fee Income | | | 1,349 | | | 1,178 |
| Interest Income From Commercial Loans and Investments | | | 3,244 | | | 2,961 |
| Total Revenues | | | 41,173 | | | 35,811 |
| Direct Cost of Revenues | | | | | | |
| Income Properties | | | (10,168) | | | (8,891) |
| Total Direct Cost of Revenues | | | (10,168) | | | (8,891) |
| General and Administrative Expenses | | | (5,077) | | | (4,683) |
| Provision for Impairment and Adjustment to CECL Reserve | | | 321 | | | — |
| Depreciation and Amortization | | | (15,956) | | | (14,364) |
| Total Operating Expenses | | | (30,880) | | | (27,938) |
| Total Operating Income | | | 10,293 | | | 7,873 |
| Investment and Other Income | | | 3,243 | | | 575 |
| Interest Expense | | | (7,271) | | | (6,136) |
| Income Before Income Tax Expense | | | 6,265 | | | 2,312 |
| Income Tax Expense | | | (60) | | | (51) |
| Net Income Attributable to the Company | | | 6,205 | | | 2,261 |
| Distributions to Preferred Stockholders | | | (1,878) | | | (1,878) |
| Net Income Attributable to Common Stockholders | | $ | 4,327 | | $ | 383 |
| | | | | | | |
| Per Share Information: | | | | | | |
| Basic and Diluted Net Income Attributable to Common Stockholders | | $ | 0.13 | | $ | 0.01 |
| | | | | | | |
| Weighted Average Number of Common Shares | | | | | | |
| Basic | | | 32,519,156 | | | 31,552,973 |
| Diluted | | | 32,522,938 | | | 31,595,431 |
| | | | | | | |
| Dividends Declared and Paid - Preferred Stock | | $ | 0.40 | | $ | 0.40 |
| Dividends Declared and Paid - Common Stock | | $ | 0.38 | | $ | 0.38 |
Page 9
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 March 31, | ||||
| | | 2026 | | 2025 | ||
| Net Income Attributable to the Company | | $ | 6,205 | | $ | 2,261 |
| Adjustments: | | | | | | |
| Depreciation and Amortization of Real Estate | | | 15,938 | | | 14,346 |
| Provision for Impairment and Adjustment to CECL Reserve | | | (321) | | | — |
| Realized and Unrealized Loss (Gain) on Investment Securities | | | (2,103) | | | 165 |
| Funds from Operations | | $ | 19,719 | | $ | 16,772 |
| Distributions to Preferred Stockholders | | | (1,878) | | | (1,878) |
| Funds From Operations Attributable to Common Stockholders | | $ | 17,841 | | $ | 14,894 |
| Adjustments: | | | | | | |
| Amortization of Intangibles to Lease Income | | | (910) | | | (449) |
| Core Funds From Operations Attributable to Common Stockholders | | $ | 16,931 | | $ | 14,445 |
| Adjustments: | | | | | | |
| Straight-Line Rent Adjustment | | | (440) | | | (573) |
| Other Depreciation and Amortization | | | — | | | (1) |
| Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest | | | 341 | | | 367 |
| Non-Cash Compensation | | | 1,406 | | | 1,283 |
| Adjusted Funds From Operations Attributable to Common Stockholders | | $ | 18,238 | | $ | 15,521 |
| | | | | | | |
| FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.55 | | $ | 0.47 |
| Core FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.52 | | $ | 0.46 |
| AFFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.56 | | $ | 0.49 |
| | | | | | | |
| Supplemental Disclosure: | | | | | | |
| PIK Interest Earned | | $ | 8 | | $ | — |
| PIK Interest Paid | | | — | | | — |
| PIK Interest Earned in Excess of PIK Interest Paid | | $ | 8 | | $ | — |
Page 10
CTO Realty Growth, Inc.
Non-GAAP Financial Measures
Same-Property NOI Reconciliation
(Unaudited)
(In thousands)
| | | | | | | |
|---|---|---|---|---|---|---|
| | | Three Months Ended March 31, | ||||
| | | 2026 | | 2025 | ||
| Net Income Attributable to the Company | | $ | 6,205 | | $ | 2,261 |
| Provision for Impairment and Adjustment to CECL Reserve | | | (321) | | | — |
| Depreciation and Amortization | | | 15,956 | | | 14,364 |
| Amortization of Intangibles to Lease Income | | | 910 | | | 449 |
| Straight-Line Rent Adjustment | | | 440 | | | 573 |
| Accretion of Tenant Contribution | | | 13 | | | 13 |
| Interest Expense | | | 7,271 | | | 6,136 |
| General and Administrative Expenses | | | 5,077 | | | 4,683 |
| Investment and Other Income | | | (3,243) | | | (575) |
| Income Tax Expense | | | 60 | | | 51 |
| Management Fee Income | | | (1,349) | | | (1,178) |
| Interest Income From Commercial Loans and Investments | | | (3,244) | | | (2,961) |
| Other Non-Recurring Items ^(1)^ | | | (191) | | | (110) |
| Less: Impact of Properties Not Owned for the Full Reporting Period | | | (6,790) | | | (3,596) |
| Same-Property NOI | | $ | 20,794 | | $ | 20,110 |
| Less: Same Property NOI for Other Properties | | | (559) | | | (1,164) |
| Same-Property NOI for Shopping Centers | | $ | 20,235 | | $ | 18,946 |
| (1) | Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. |
|---|
Page 11
CTO Realty Growth, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands)
| | | | | |
|---|---|---|---|---|
| | | Three Months Ended | | |
| | | March 31, 2026 | | |
| Net Income Attributable to the Company | | $ | 6,205 | |
| Depreciation and Amortization of Real Estate | | | 15,938 | |
| Provision for Impairment and Adjustment to CECL Reserve | | | (321) | |
| Unrealized Gain & Realized Loss on Investment Securities | | | (2,103) | |
| Distributions to Preferred Stockholders | | | (1,878) | |
| Amortization of Intangibles to Lease Income | | | (910) | |
| Straight-Line Rent Adjustment | | | (440) | |
| Amortization of Loan Costs and Capitalized Interest | | | 341 | |
| Non-Cash Compensation | | | 1,406 | |
| Other Non-Recurring Items ^(1)^ | | | (601) | |
| Interest Expense, Net of Amortization of Loan Costs | | | 6,930 | |
| Adjusted EBITDA | | $ | 24,567 | |
| | | | | |
| Annualized Adjusted EBITDA | | $ | 98,268 | |
| Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net ^(2)^ | | | 1,585 | |
| Pro Forma Adjusted EBITDA | | $ | 99,853 | |
| | | | | |
| Total Long-Term Debt | | $ | 649,532 | |
| Financing Costs, Net of Accumulated Amortization | | | 2,268 | |
| Cash and Cash Equivalents | | | (8,282) | |
| Net Debt | | $ | 643,518 | |
| | | | | |
| Net Debt to Pro Forma Adjusted EBITDA | | | 6.4 | x |
| ^(1)^ | Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. | |||
| --- | --- | |||
| ^(2)^ | Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended March 31, 2026. | |||
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Page 12
Exhibit 99.2
| Q1 2026<br>Investor Presentation<br>Ashford Lane | Atlanta, GA | |||
|---|---|---|---|---|
| 2 © CTO Realty Growth, Inc. | ctoreit.com<br>$496M<br>$690M<br>$919M $946M<br>$1.3B $1.3B $1.4B<br>12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/2026<br>Highlights<br>Income Properties Revenues<br>Enterprise Value<br>As of March 31, 2026 unless otherwise noted. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent.<br>$0.52 Core FFO Per Share<br>$213 Implied property value per square<br>foot<br>146,000 Square feet of comparable leasing<br>activity<br>14% Comparable leasing spread<br>85% ABR from Georgia, Florida, North<br>Carolina & Texas<br>95.4% Leased Occupancy – 450 bps spread<br>to 90.9% occupancy<br>$6.2M SNO Pipeline – 5.5% of in-place ABR<br>$20.83 Cash ABR PSF<br>6.8%<br>Quarterly same-property NOI growth<br>for shopping centers – 4.2% excluding<br>non-recurring recovery benefits<br>Q1 2026 Highlights<br>$50M $51M<br>$69M<br>$97M<br>$111M<br>$132M<br>$151M<br>2020 2021 2022 2023 2024 2025 Q1 2026 | |||
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| 3 © CTO Realty Growth, Inc. | ctoreit.com<br>Company Highlights<br>Unless otherwise noted, metrics are as of March 31, 2026, and reflect a $18.49 per share common stock price for CTO. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent.<br>1. Based on metrics as of March 31, 2026 except for property value which is based on forward twelve months NOI estimate reduced by forecasted capital expenditures<br>2. Investment and disposition activity includes both properties and structured investments<br>West Broad Village<br>Glen Allen, VA<br>5.9M<br>Square Feet<br>85%<br>Of Portfolio ABR from Georgia, Florida, Texas &<br>North Carolina<br>8.2%<br>Annualized Dividend Yield<br>8.4%<br>Implied Cap Rate 1<br>$0.5 billion<br>Total Disposition Activity: 2020-Present 2<br>$1.5 billion<br>Total Acquisition Activity: 2020-Present 2<br>$644M<br>Net Debt Outstanding<br>$118M<br>Series A Preferred<br>$1.4B<br>Enterprise Value<br>$616M<br>Equity Market Cap<br>Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest | |||
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| 4 © CTO Realty Growth, Inc. | ctoreit.com<br>Transaction Highlights<br>February 2026 Acquisition: Palms Crossing – McAllen, TX<br>▪ $81.6 million purchase price in February 2026<br>▪ Basis of $204 / SF, well-below replacement cost<br>▪ 399,000 square feet across 47 acres<br>▪ 98% leased, anchored by Best Buy, Hobby Lobby, Burlington, Barnes & Noble &<br>Nike<br>▪ Upside potential with two pad sites situated on ~6 acres representing future<br>development opportunities<br>▪ 7.2 million annual visits to Palms Crossing, ranking in the top 3% of shopping<br>centers in Texas<br>▪ McAllen is positioned as the retail epicenter for the Rio Grande Valley, a region<br>with more than 2.3 million people<br>▪ Its proximity to Mexico results in 18 million annual border crossings, creating<br>significant cross-border retail demand<br>▪ In May, we expect to sell a property with proceeds accretively redeployed into<br>Palms Crossing | |||
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| 5 © CTO Realty Growth, Inc. | ctoreit.com<br>KRG<br>KIM BRX<br>UE<br>PECO<br>FRT<br>REG<br>CTO<br>AAT<br>WSR AKR<br>SKT<br> 8.0x<br> 10.0x<br> 12.0x<br> 14.0x<br> 16.0x<br> 18.0x<br> 20.0x<br>– 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%<br>Multiple to 2026 FFO (Midpoint)<br>2026 Guidance FFO Growth (Midpoint)<br>2026 FFO Growth (Midpoint) vs. Valuation<br>2026E FFO multiples are based on the closing stock price on March 31, 2026, and 2026E FFO guidance per company disclosures. Note that FFO reflects NAREIT FFO unless the company discloses: Core FFO, FFO as adjusted, or Real Estate FFO.<br>CTO offers attractive growth at a low multiple relative to retail peers<br>Ashford Lane<br>Atlanta, GA | |||
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| 6 © CTO Realty Growth, Inc. | ctoreit.com<br>Portfolio by Asset Type<br>19%<br>44% if including shadow-anchored assets<br>26% 51%<br>As of March 31, 2026<br>Percentages based on cash ABR excluding the impact of straight-line rent. Excludes 4% of ABR from other assets comprised of mixed-use asset, single tenant retail & office property.<br>Madison Yards | Atlanta, GA Ashford Lane | Atlanta, GA Marketplace at Seminole | Sanford, FL<br>Grocery-Anchored Retail Lifestyle Power Center |
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| 7 © CTO Realty Growth, Inc. | ctoreit.com<br>© GeoNames, Microsoft, TomTom<br>Powered by Bing<br>2%<br>34%<br>Cash ABR %<br>Focused on Southeast & Southwest U.S.<br>Percentages listed based on cash ABR excluding the impact of straight-line rent for the Company’s portfolio as of March 31, 2026. Any differences a result of rounding.<br>Texas:<br>15% of ABR<br>Florida:<br>23% of ABR<br>Georgia:<br>34% of ABR<br>North Carolina:<br>13% of ABR<br>85%<br>Of Portfolio ABR from Georgia, Florida, Texas & North Carolina | |||
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| 8 © CTO Realty Growth, Inc. | ctoreit.com<br>High-Quality Demographics<br>As of March 31, 2026 unless otherwise noted.<br>1. Source: Esri; Portfolio average weighted by the Annualized Cash Base Rent of each property.<br>Rank Market Properties SF (000s) % ABR<br>1 Atlanta, GA 5 1,661 34%<br>2 Richmond, VA 1 392 9%<br>3 Orlando, FL 3 449 8%<br>4 Charlotte, NC 1 694 8%<br>5 Fort Lauderdale, FL 1 509 7%<br>6 McAllen, TX 1 399 6%<br>7 Dallas, TX 1 444 6%<br>8 Raleigh, NC 1 322 5%<br>9 Jacksonville, FL 1 211 5%<br>10 Phoenix, AZ 1 222 4%<br>11 Houston, TX 1 201 3%<br>12 Tampa, FL 2 176 2%<br>13 Albuquerque, NM 1 212 2%<br>14 Daytona, FL 2 12 1%<br>Total 22 5,904 100%<br>Denotes a MSA with over one million people<br>Bold denotes a Top 30 ULI Market<br>82%<br>% of ABR from ULI’s<br>Top 30 Markets 1<br>193,000<br>Portfolio<br>5-Mile Population1<br>$137,000<br>Portfolio Average 5-Mile<br>Household Income1<br>Beaver Creek Crossings | Raleigh, NC | ||
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| 9 © CTO Realty Growth, Inc. | ctoreit.com<br>Signed-Not-Open (SNO) Schedule<br>As of March 31, 2026 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of March 31, 2026.<br>1. ABR Recognition Timing represents the percent of rent within the SNO pipeline that is expected to actually be recognized within each respective period.<br>SNO pipeline delivers tailwinds from executed leasing as leases commence<br>ABR Recognition Timing1<br>$6.2M<br>cash base rent<br>$23.24<br>SNO cash rent PSF<br>5.5%<br>of in-place cash rent<br>69%<br>cash base rent<br>from anchor tenants<br>450 bps<br>leased-to-occupied spread<br>Exchange at Gwinnett | Atlanta, GA<br>$1.8M<br>$6.1M $6.2M<br>2026 2027 2028 | ||
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| 10 © CTO Realty Growth, Inc. | ctoreit.com<br>Historical Leasing Upside Since Acquisition<br>As of March 31, 2026 unless otherwise noted.<br>Beaver Creek<br>Raleigh, NC<br>Collection at Forsyth<br>Atlanta, GA<br>Plaza at Rockwall<br>Dallas, TX<br>Marketplace at Seminole<br>Orlando, FL<br>SF Leased<br>Since Acquisition 225k 342k 148k 128k<br>Comparable SF Leased<br>Since Acquisition 213k 283k 131k 112k<br>Cash Rent Spread 39% 14% 24% 36%<br>Q1 2026<br>Leased Occupancy 100% 94% 100% 100%<br>Occupancy Increase<br>since Acquisition 300 bps 800 bps 500 bps 200 bps | |||
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| 11 © CTO Realty Growth, Inc. | ctoreit.com<br>Significantly Below Replacement Cost • Large MSAs<br>Ashley Park<br>▪ Atlanta, GA<br>▪ 559,000 sf<br>▪ 61 acres<br>▪ 96% Q1 leased occupancy<br>▪ Closed March 2025<br>Recent Acquisitions with Average Basis of $157 per SF<br>As of March 31, 2026 unless otherwise noted.<br>Granada Plaza<br>▪ Tampa, FL<br>▪ 74,000 sf<br>▪ 7 acres<br>▪ 92% Q1 leased occupancy<br>▪ Closed December 2024<br>▪ McAllen, TX<br>▪ 399,000 sf<br>▪ 47 acres<br>▪ 98% Q1 leased occupancy<br>▪ Closed February 2026<br>Palms Crossing<br>Q1 2026 Acquisition<br>Pompano Citi Centre<br>▪ Pompano Beach, FL<br>▪ 509,000 sf<br>▪ 34 acres<br>▪ 93% Q1 leased occupancy<br>▪ Closed December 2025 | |||
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| 12 © CTO Realty Growth, Inc. | ctoreit.com<br>Outparcel Opportunities<br>Shopping Center Market Space<br>Collection at Forsyth<br>10 acres Atlanta, GA Big box – 40k SF & pad<br>Beaver Creek Raleigh, NC Small shops – 15k SF<br>West Broad Village Richmond, VA Big box – 20k SF<br>Plaza at Rockwall Dallas, TX Small shops – 10k SF<br>Ashley Park<br>Lease Executed 2 Atlanta, GA Single tenant – 10k SF<br>Marketplace at Seminole<br>Lease Executed Orlando, FL Drive-through<br>As of March 31, 2026<br>1. Excluding costs to purchase land<br>2. Executed subsequent to quarter end and as such is not included in the SNO pipeline or first quarter leasing statistics<br>The projects listed above are actively underway. There is no guarantee that the Company will complete any or all of these projects, that the net estimated costs or expected NOI yields will be the amounts shown, or that stabilization will occur as anticipated. The net estimated costs,<br>expected NOI yields, and anticipated stabilization dates are management's best estimates based on current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended<br>March 31, 2026.<br>Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost<br>• Average yield on cost of 10-12%1<br>• ~$30 million1 of costs spread across<br>2026 & 2027<br>• Rent to begin commencing in mid-2027<br>• At LOI, lease negotiations or executed<br>leases for all outparcels<br>Ashley Park<br>Outparcel | |||
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| 13 © CTO Realty Growth, Inc. | ctoreit.com<br>Collection at Forsyth to Benefit from Development Activity<br>Originated $40.2 Million First Mortgage Loan for Whole Foods Anchored Development<br>▪ Strategic investment in development located on 35 acres neighboring CTO’s 561,000 SF shopping<br>center, The Collection at Forsyth, in Atlanta, Georgia<br>▪ Planned development is for 80,000 SF of retail anchored by a 35,500 SF Whole Foods Market<br>▪ Loan provides for up to $40.2 million of borrowings, representing 66.5% LTC, with an initial term of 30<br>months and an initial fixed interest rate of 12.15%<br>▪ CTO has a right of first refusal to purchase the new retail center<br>▪ Closed November 7, 2024 with $16.5 million in total funded through March 31, 2026<br>10 Acres Development – Lease<br>Opportunity<br>▪ Since the announcement of the new<br>Whole Foods location adjacent to our 10<br>acres of land, we have received strong<br>leasing interest<br>▪ Currently in discussions with anchor tenant<br>to add an amenity / draw to the Collection<br>at Forsyth<br>broke ground in April 2025<br>The Collection at Forsyth<br>+Adjacent 10 Acres<br>CTO Property/Land CTO Loan | |||
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| 14 © CTO Realty Growth, Inc. | ctoreit.com<br>5%<br>10%<br>19%<br>11%<br>10%<br>13%<br>7%<br>5%<br>6%<br>8%<br>2%<br>4%<br>Contractual Rent Bumps & Lease Rollover Schedule<br>As of March 31, 2026. ABR metrics represent cash ABR excluding the impact of straight-line rent.<br>1. Percent of ABR from tenants or the parents of a tenant. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the<br>National Associated of Insurance Commissioners (NAIC).<br>Lease Rollover Schedule - % ABR<br>Non-Annual Contractual<br>Rent Increases<br>25%<br>Contractual Rent<br>Increases<br>At Extension<br>29%<br>Annual Contractual Rent<br>Increases<br>36%<br>of Leases Have<br>Contractual Rent<br>Increases in the<br>Current Lease Term<br>61%<br>No Contractual Rent<br>Increases<br>10%<br>90% of Leases by ABR<br>Have Contractual Rent Bumps<br>Ashford Lane<br>Atlanta, GA<br>Ashford Lane<br>Atlanta, GA | |||
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| 15 © CTO Realty Growth, Inc. | ctoreit.com<br>Tenant Overview<br>Rank Tenant Credit Rating1<br>Leases SF (000s) ABR %<br>1 AMC CCC+ 3 174 4%<br>2 Best Buy BBB+ 5 187 3%<br>3 Fidelity BBB 2 122 2%<br>4 Ross/dd's Discount A- 7 194 2%<br>5 Burlington BB+ 5 175 2%<br>6 TJ Maxx/HomeGoods/Marshalls A 6 177 2%<br>7 Barnes & Noble NR 4 102 2%<br>8 Dick's Sporting Goods BBB 4 188 2%<br>9 Nordstrom Rack BB 3 106 2%<br>10 Southern University NR 1 60 2%<br>11 Publix NR 2 99 1%<br>12 Whole Foods Market AA- 1 60 1%<br>13 Academy Sports & Outdoors BB+ 2 129 1%<br>14 PetSmart B 4 78 1%<br>15 Hobby Lobby NR 2 110 1%<br>16 Regal Cinemas NR 1 51 1%<br>17 DSW Shoe Warehouse NR 4 69 1%<br>18 Onelife Fitness NR 1 45 1%<br>19 Floor & Decor BB 1 75 1%<br>20 Old Navy BB+ 3 59 1%<br>Top 20 61 2,260 33%<br>As of March 31, 2026<br>ABR metrics represent cash ABR excluding the impact of straight-line rent.<br>1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s<br>Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC).<br>Denotes grocery<br>Ashford Lane | Atlanta, GA<br>The Collection at Forsyth | Cumming, GA | |
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| 16 © CTO Realty Growth, Inc. | ctoreit.com<br>Rank Industry SF (000s) ABR %<br>1 Casual Dining 383 13%<br>2 Off-Price Retail 764 10%<br>3 Entertainment 454 8%<br>4 Apparel 312 6%<br>5 Specialty Retail 274 6%<br>6 Healthcare Services 202 6%<br>7 Beauty & Cosmetics 226 6%<br>8 Health & Fitness 225 5%<br>9 Fast Casual Restaurant 136 5%<br>10 Consumer Electronics 246 5%<br>11 Financial Services 194 4%<br>12 Sporting Goods 383 4%<br>13 Grocery 267 4%<br>14 Home Furnishings 251 3%<br>15 Quick Service Restaurant 76 2%<br>Top 15 4,393 87%<br>Industry Composition<br>As of March 31, 2026<br>ABR represents cash ABR and excludes the effect of non-cash straight line rent<br>The Collection at Forsyth<br>Cumming, GA | |||
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| 17 © CTO Realty Growth, Inc. | ctoreit.com<br>Structured Investments Portfolio<br>Property Type Current Maturity Current Yield<br>Current<br>Amount ($M)<br>Rivana Land Development<br>First Mortgage September 2028 11.54%2 $36.9<br>Founders Square Office<br>First Mortgage March 2027 9.50% $15.0<br>Whole Foods Grocery-Anchored Retail<br>First Mortgage May 2027 12.15% $16.5<br>Series A Preferred Investment 1 Entertainment Real Estate<br>Preferred Equity NA 14.00% $10.0<br>Main Street Retail<br>First Mortgage August 2030 6.50% $5.0<br>Total Structured Investments at Quarter End 11.28% $83.4<br>Northpark Mall Retail<br>Preferred Equity April 2028 12.00% $75.0<br>Total Structured Investments Pro Forma for April 2026 Origination 11.62% $158.4<br>As of March 31, 2026 unless noted otherwise.<br>1. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events<br>2. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.54% represents the weighted average<br>coupon rate as of March 31, 2026 | |||
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| 18 © CTO Realty Growth, Inc. | ctoreit.com<br>© GeoNames, Microsoft, TomTom<br>Powered by Bing<br>– 13%<br>% GAAP ABR<br>PINE Company Profile<br>1. Calculated using annualized Q1 2026 income<br>2. Based on PINE’s $18.00 per share common stock price as of March 31, 2026<br>As of March 31, 2026<br>Dividend Yield2 6.7%<br>Implied Cap Rate 7.8%<br>Number of Properties 125<br>Number of States with a Property 31<br>Total Portfolio Square Feet 4.3M<br>Annualized Base Rent $47.0M<br>% of ABR from Investment Grade Rated Tenants 50%<br>% of ABR from Credit-Rated Tenants 66%<br>CTO Q1 2026 Ann. Income from PINE Investment<br>Management Fee Income<br> Dividend Income<br> Total<br>$5.1M<br>$3.0M<br>$8.1M<br>Diversified Geographic<br>Footprint by ABR<br>High-Quality<br>Top Tenancy<br>14.0%<br>CTO’s Ownership Interest in<br>Alpine Income Property Trust<br>$44.5 Million<br>CTO’s Investment in<br>Alpine Income Property Trust<br>as of March 31, 2026<br>2.47 million shares and units at $18.00 share price<br>CTO generates ~$8.1 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) | |||
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| 19 © CTO Realty Growth, Inc. | ctoreit.com<br>Balance Sheet<br>Exchange at Gwinnett<br>Buford, GA<br>As of March 31, 2026<br>1. As of March 31, 2026, the Company has $116.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $8.3 million of cash on hand<br>2. The Company’s senior unsecured revolving credit facility initially matures in January 2027 and includes a one-year extension option to January 2028, subject to satisfaction of certain conditions.<br>3. Interest rates are comprised of Daily or Term SOFR (plus 10 bps for the Credit Facility, 2027 Term Loan and 2028 Term Loan) and a pricing spread based on leverage as defined in the related credit agreement. Fixed rates reflect SOFR swaps, see the latest Form 10-Q for more details<br>regarding our SOFR swaps.<br>As of 3/31/2026<br>Fixed/Float Initial Loan<br>Maturity2<br>Weighted<br>Average Rate3<br>Principal<br>Price Plaza Mortgage Fixed Aug 2026 4.06% 18<br>Credit Facility Fixed Jan 2027 5.30% 50<br>Credit Facility Floating Jan 2027 5.13% 134<br>2027 Term Loan Fixed Jan 2027 2.80% 100<br>2028 Term Loan Fixed Jan 2028 5.18% 100<br>2029 Term Loan Fixed Sep 2029 4.67% 125<br>2030 Term Loan Fixed Sep 2030 4.69% 125<br>Total /Average 4.59% $652<br>Fully Extended Debt Maturities (in millions) 2<br>$124M<br>liquidity1<br>47%<br>net debt to total enterprise<br>value (TEV)<br>6.4x<br>net debt to pro forma<br>adjusted EBITDA<br>$100 $100 $125 $125 $18<br>$184<br>2026 2027 2028 2029 2030<br>Unsecured Secured Revolving Credit Facility | |||
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| 20 © CTO Realty Growth, Inc. | ctoreit.com<br>2026 Guidance<br>Exchange at Gwinnett<br>Buford, GA $ and shares outstanding in millions, except per share data.<br>1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, in our Earnings Release on page 10.<br>2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions.<br>Current Previous<br>Core FFO Per Diluted Share1<br>$2.06 to $2.11 $1.98 to $2.03<br>Growth at Guidance Mid-Point vs. 2025A 11.5%<br>AFFO Per Diluted Share1<br>$2.19 to $2.24 $2.11 to $2.16<br>Growth at Guidance Mid-Point vs. 2025A 12.4%<br>The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows:<br>The Company’s 2026 guidance includes but is not limited to the following assumptions:<br>Current Previous<br>Investments (in millions) $175 to $250 $100 to $200<br>Same-Property NOI Growth for Shopping Centers 2 Unchanged 3.5% to 4.5%<br>General and Administrative Expenses (in millions) $19.7 to $20.2 $19.5 to $20.0 | |||
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| 21 © CTO Realty Growth, Inc. | ctoreit.com<br>Experienced Management Team<br>Exchange at Gwinnett<br>Buford, GA<br>Yonder Yoga<br>John P. Albright<br>President & Chief Executive Officer<br>▪ Former Co-Head and Managing Director of Archon Capital, a<br>Goldman Sachs Company; Executive Director of Merchant Banking<br>– Investment Management at Morgan Stanley; and Managing<br>Director of Crescent Real Estate (NYSE: CEI)<br>Daniel E. Smith<br>Senior Vice President, General Counsel & Corporate Secretary<br>▪ Former Vice President and Associate General Counsel of Goldman<br>Sachs & Co. and Senior Vice President and General Counsel of<br>Crescent Real Estate (NYSE: CEI)<br>Philip R. Mays<br>Senior Vice President, Chief Financial Officer & Treasurer<br>▪ Former Chief Financial Officer & Treasurer of Shadowbox Studios;<br>EVP, Chief Financial Officer & Treasurer of Cedar Realty; and Vice<br>President and Chief Accounting Officer of Federal Realty (NYSE:<br>FRT)<br>Steven R. Greathouse<br>Senior Vice President & Chief Investment Officer<br>▪ Former Director of Finance for N3 Real Estate; Senior Associate of<br>Merchant Banking – Investment Management at Morgan Stanley;<br>and Senior Associate at Crescent Real Estate (NYSE: CEI)<br>Lisa M. Vorakoun<br>Senior Vice President & Chief Accounting Officer<br>▪ Former Assistant Finance Director of the City of DeLand, Florida<br>and Audit Manager for James Moore & Company, an Accounting<br>and Consulting Firm<br>Matt J. Trau<br>Vice President, Investments<br>▪ Former Senior Director of Transactions at ShopCore Properties;<br>Senior Associate of Transactions at DDR Corp (currently Site<br>Centers NYSE: SITC)<br>Alexander M. Gordon<br>Vice President, Leasing & Investments<br>▪ Former Senior Associate, Brokerage & Retail Advisory Services at<br>CBRE (NYSE: CBRE) | |||
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| 22 © CTO Realty Growth, Inc. | ctoreit.com<br>Forward Looking Statements & Non-GAAP Financial Measures<br>Forward Looking Statements<br>Certain statements contained in this presentation (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<br>the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,”<br>“plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.<br>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<br>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<br>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<br>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 commercial loans<br>and similarly 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<br>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 or<br>borrowers 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<br>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<br>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, 2025 and other risks and uncertainties<br>discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.<br>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<br>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<br>release to reflect subsequently occurring events or circumstances.<br>Non-GAAP Financial Measures<br>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<br>(“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<br>compare the operating performance of REITs.<br>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;<br>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<br>considered in addition to, and not in lieu of, GAAP financial measures.<br>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.<br>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<br>real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination<br>and repayment, 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<br>specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments<br>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. | |||
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| 23 © CTO Realty Growth, Inc. | ctoreit.com<br>Non-GAAP Financial Measures<br>Non-GAAP Financial Measures (continued)<br>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<br>measure of our performance when we formulate corporate goals.<br>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)<br>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 current expected credit losses on commercial<br>loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue,<br>amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as<br>termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary<br>business of the REIT which specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted<br>EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.<br>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<br>gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and<br>investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of<br>deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees,<br>forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit<br>or expense, 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<br>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<br>investments in accordance with GAAP is also used in lieu of the interest income equivalent.<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>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<br>companies. | |||
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| 24 © CTO Realty Growth, Inc. | ctoreit.com<br>References<br>References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include:<br>▪ This presentation was published on April 28, 2026.<br>▪ All information is as of March 31, 2026, unless otherwise noted.<br>▪ Any calculation differences are assumed to be a result of rounding.<br>▪ “2026 Guidance” in this presentation is based on the 2026 Guidance provided in the Company’s First Quarter 2026 Operating Results press release filed on April 28, 2026.<br>▪ “Alpine” or “PINE” refers to Alpine Income Property Trust, a publicly traded net lease REIT traded on the New York Stock Exchange under the ticker symbol PINE.<br>▪ “Annualized Base Rent”, “ABR” or “Rent” and the statistics based on ABR are calculated based on the current portfolio and represent straight-line rent calculated in accordance with GAAP.<br>▪ “Annualized Cash Base Rent”, “Cash ABR” and the statistics based on Cash ABR are calculated based on the current portfolio and represent the annualized cash base rent calculated in accordance<br>with GAAP due from the tenants at a specific point in time.<br>▪ “Credit Rated” is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners<br>(NAIC) (together, the “Major Rating Agencies”). The Company defines an Investment Grade Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s<br>Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings<br>and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant.<br>▪ “Dividend” or “Dividends”, subject to the required dividends to maintain the Company’s qualification as a REIT, are set by the Board of Directors and declared on a quarterly basis and there can be<br>no assurances as to the likelihood or number of dividends in the future.<br>▪ “Investment in Alpine Income Property Trust” or “Alpine Investment” or “PINE Ownership” is calculated based on the 2,471,556 common shares and partnership units CTO owns in PINE and is<br>based on PINE’s closing stock price as of the referenced period on the respective slide.<br>▪ “Leased Occupancy” refers to space that is currently leased but for which rent payments have not yet commenced.<br>▪ “MSA” or “Metropolitan Statistical Area” is a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of<br>Management and Budget. The names of the MSA have been shortened for ease of reference.<br>▪ “Net Debt” is calculated as total long-term debt as presented on the face of the balance sheet; plus financing costs, net of accumulated amortization and unamortized convertible debt discount;<br>less cash, restricted cash and cash equivalents.<br>▪ “Net Operating Income” or “NOI” is revenues from all income properties less operating expense, maintenance expense, real estate taxes and rent expense.<br>▪ “Total Enterprise Value” is calculated as the Company’s Total Common Shares Outstanding multiplied by the common stock price; plus the par value of the Series A perpetual preferred equity<br>outstanding and Net Debt. | |||
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| 25 © CTO Realty Growth, Inc. | ctoreit.com<br>Consolidated Statements of Operations<br>(In thousands, except share, per share and dividend data)<br>(Unaudited)<br>Three Months Ended<br>March 31,<br>2026 2025<br>Revenues<br>Income Properties $ 36,580 $ 31,672<br>Management Fee Income 1,349 1,178<br>Interest Income From Commercial Loans and Investments 3,244 2,961<br>Total Revenues 41,173 35,811<br>Direct Cost of Revenues<br>Income Properties (10,168) (8,891)<br>Total Direct Cost of Revenues (10,168) (8,891)<br>General and Administrative Expenses (5,077) (4,683)<br>Provision for Impairment and Adjustment to CECL Reserve 321 —<br>Depreciation and Amortization (15,956) (14,364)<br>Total Operating Expenses (30,880) (27,938)<br>Total Operating Income 10,293 7,873<br>Investment and Other Income 3,243 575<br>Interest Expense (7,271) (6,136)<br>Income Before Income Tax Expense 6,265 2,312<br>Income Tax Expense (60) (51)<br>Net Income Attributable to the Company 6,205 2,261<br>Distributions to Preferred Stockholders (1,878) (1,878)<br>Net Income Attributable to Common Stockholders $ 4,327 $ 383<br>Per Share Information:<br>Basic and Diluted Net Income Attributable to Common Stockholders $ 0.13 $ 0.01<br>Weighted Average Number of Common Shares<br>Basic 32,519,156 31,552,973<br>Diluted 32,522,938 31,595,431 | |||
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| 26 © CTO Realty Growth, Inc. | ctoreit.com<br>Non-GAAP Financial Measures<br>(In thousands, except share, per share and dividend data)<br>(Unaudited)<br>Three Months Ended<br>March 31,<br>2026 2025<br>Net Income Attributable to the Company $ 6,205 $ 2,261<br>Adjustments:<br>Depreciation and Amortization of Real Estate 15,938 14,346<br>Provision for Impairment and Adjustment to CECL Reserve (321) —<br>Realized and Unrealized Loss (Gain) on Investment Securities (2,103) 165<br>Funds from Operations $ 19,719 $ 16,772<br>Distributions to Preferred Stockholders (1,878) (1,878)<br>Funds From Operations Attributable to Common Stockholders $ 17,841 $ 14,894<br>Adjustments:<br>Amortization of Intangibles to Lease Income (910) (449)<br>Core Funds From Operations Attributable to Common Stockholders $ 16,931 $ 14,445<br>Adjustments:<br>Straight-Line Rent Adjustment (440) (573)<br>Other Depreciation and Amortization — (1)<br>Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 341 367<br>Non-Cash Compensation 1,406 1,283<br>Adjusted Funds From Operations Attributable to Common Stockholders $ 18,238 $ 15,521<br>FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ 0.47<br>Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.52 $ 0.46<br>AFFO Attributable to Common Stockholders per Common Share - Diluted $ 0.56 $ 0.49<br>Supplemental Disclosure:<br>PIK Interest Earned $ 8 $ —<br>PIK Interest Paid — —<br>PIK Interest Earned in Excess of PIK Interest Paid $ 8 $ — | |||
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| 27 © CTO Realty Growth, Inc. | ctoreit.com<br>Same-Property NOI Reconciliation<br>1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.<br>(In thousands)<br>(Unaudited)<br>Three Months Ended<br>March 31,<br>2026 2025<br>Net Income Attributable to the Company $ 6,205 $ 2,261<br>Provision for Impairment and Adjustment to CECL Reserve (321) —<br>Depreciation and Amortization 15,956 14,364<br>Amortization of Intangibles to Lease Income 910 449<br>Straight-Line Rent Adjustment 440 573<br>Accretion of Tenant Contribution 13 13<br>Interest Expense 7,271 6,136<br>General and Administrative Expenses 5,077 4,683<br>Investment and Other Income (3,243) (575)<br>Income Tax Expense 60 51<br>Management Fee Income (1,349) (1,178)<br>Interest Income From Commercial Loans and Investments (3,244) (2,961)<br>Other Non-Recurring Items (1) (191) (110)<br>Less: Impact of Properties Not Owned for the Full Reporting Period (6,790) (3,596)<br>Same-Property NOI $ 20,794 $ 20,110<br>Less: Same Property NOI for Other Properties (559) (1,164)<br>Same-Property NOI for Shopping Centers $ 20,235 $ 18,946 | |||
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| 28 © CTO Realty Growth, Inc. | ctoreit.com<br>Net Debt to Pro Forma Adjusted EBITDA<br>1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.<br>2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended March 31, 2026.<br>(In thousands)<br>(Unaudited)<br>Three Months Ended<br>March 31, 2026<br>Net Income Attributable to the Company $ 6,205<br>Depreciation and Amortization of Real Estate 15,938<br>Provision for Impairment and Adjustment to CECL Reserve (321)<br>Unrealized Gain & Realized Loss on Investment Securities (2,103)<br>Distributions to Preferred Stockholders (1,878)<br>Amortization of Intangibles to Lease Income (910)<br>Straight-Line Rent Adjustment (440)<br>Amortization of Loan Costs and Capitalized Interest 341<br>Non-Cash Compensation 1,406<br>Other Non-Recurring Items (1) (601)<br>Interest Expense, Net of Amortization of Loan Costs 6,930<br>Adjusted EBITDA $ 24,567<br>Annualized Adjusted EBITDA $ 98,268<br>Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 1,585<br>Pro Forma Adjusted EBITDA $ 99,853<br>Total Long-Term Debt $ 649,532<br>Financing Costs, Net of Accumulated Amortization 2,268<br>Cash and Cash Equivalents (8,282)<br>Net Debt $ 643,518<br>Net Debt to Pro Forma Adjusted EBITDA 6.4 x | |||
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| Investor Inquiries: ir@ctoreit.com | ||||
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Exhibit 99.3
| 8<br>CTO Realty Growth<br>Quarterly Supplemental<br>1<br>st Quarter 2026<br>Investor Relations<br>ir@ctoreit.com<br>369 N New York Ave., Suite 201<br>Winter Park, FL 32789<br>https://www.ctoreit.com/<br>Ashley Park<br>Atlanta, GA<br>1 | |
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| © CTO Realty Growth, Inc. | ctoreit.com 9<br>Table of Contents<br>March 31, 2026<br>Press Release<br>First Quarter 2026 Earnings Press Release 3<br>Financial Summary<br>Results Overview & Guidance 10<br>Consolidated Balance Sheets 11<br>Consolidated Statements of Operations 12<br>Funds from Operations 13<br>Supplemental Schedule of Same-Property Net Operating Income 14<br>Adjusted EBITDA 15<br>Market Capitalization, Debt Ratios and Liquidity 16<br>Debt Summary 17<br>Real Estate Portfolio Capital Investments 18<br>Leasing Summary<br>Top Tenant Summary 19<br>Retail Leasing Activity 20<br>Lease Expiration Schedule 21<br>Portfolio & Investment Summary<br>Investments, Dispositions & Structured Investment Repayments 22<br>Portfolio Summary 23<br>Geographic Diversification 24<br>Other Investments 25<br>Additional Disclosures<br>2026 Guidance 26<br>Contact Information & Research Coverage 27<br>2 |
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| Page 3<br>DRAFT DRATDDD<br>Press Release<br>FIRST<br>2024 OPERATING RESULTS<br>FOR<br>IMMEDIATE<br>RELEASE CTO REALTY GROWTH REPORTS FIRST<br>QUARTER 2026 OPERATING AND FINANCIAL RESULTS<br>– Completed an $81.6 Million Acquisition –<br>– $6.2 Million Signed-Not-Open Pipeline at Quarter-End –<br>– Raises 2026 Investment Guidance to $175 Million to $250 Million –<br>– Increases 2026 Core FFO Per Diluted Share Guidance to $2.06 to $2.11 –<br>WINTER PARK, FL – April 28, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an<br>owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and<br>financial results for the quarter ended March 31, 2026. Net Income attributable to common stockholders was $0.13 per<br>diluted share for the first quarter.<br>First Quarter 2026 Highlights<br>▪ Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.52 per diluted share.<br>▪ Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.56 per diluted share.<br>▪ Shopping center same-property net operating income (“NOI”) increased by 6.8%. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025<br>period.<br>▪ Executed 146,000 square feet of comparable retail leases at a positive cash rent spread of 14%.<br>▪ Acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for $81.6<br>million.<br>▪ Watters Creek preferred investment of $30.0 million was repaid in full.<br>Subsequent Event<br>▪ On April 17, 2026, invested $75.0 million of preferred equity in a Class A premier retail property located in the<br>Southwest. The investment generates a 12.0% initial cash yield with a two-year term.<br>“We’re off to a strong start in 2026 on all fronts, with robust leasing, strong same-center NOI growth, and an acquisition<br>of a high-quality open-air retail center in Texas, one of our core markets,” stated John P. Albright, President and Chief<br>Executive Officer of CTO Realty Growth. “Further, we see meaningful tailwinds in the coming quarters driven by our<br>$6.2 million SNO pipeline, which represents 5.5% of in-place cash ABR. We are particularly pleased with our<br>acquisition of Palms Crossing which aligns well with our strategy to acquire high-quality, well-located retail centers<br>with embedded future rent growth and anchored by strong national retailers.” | |
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| Page 4<br>Financial Results<br>(in thousands, except per share data) 1Q 2026 1Q 2025<br>Net Income $ 6,205 $ 2,261<br>Net Income per Common Share - Diluted $ 0.13 $ 0.01<br>Core FFO $ 16,931 $ 14,445<br>Core FFO per Common Share - Diluted $ 0.52 $ 0.46<br>AFFO $ 18,238 $ 15,521<br>AFFO per Common Share - Diluted $ 0.56 $ 0.49<br>Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail.<br>Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press<br>release.<br>First Quarter Portfolio Performance<br>Retail Leasing Activity<br>▪ The Company executed 25 new leases, renewals and extensions totaling 153,000 square feet. On a comparable<br>space basis, the Company executed 146,000 square feet of leases at an average cash rent spread increase of<br>14%.<br>Same Property NOI<br>▪ Shopping center same property NOI increased by 6.8% versus the comparable 2025 period. Excluding certain<br>non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable<br>2025 period.<br>▪ Including other/non-core properties, same-property NOI increased by 3.4% for the first quarter. This growth<br>was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, New Mexico property in<br>December 2025, which more than offset the non-recurring recovery benefits recorded in the quarter. As<br>previously announced, this vacancy was leased by the State of New Mexico which is expected to comment<br>paying rent in late 2026.<br>Occupancy<br>▪ As of March 31, 2026, total property portfolio leased occupancy was 95.4%, up 160 basis points compared to<br>March 31, 2025, and a decrease of 50 basis points compared to December 31, 2025.<br>▪ As of March 31, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 30 basis points<br>compared to March 31, 2025.<br>First Quarter Investment and Disposition Activity<br>Investment Activity<br>▪ The Company acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas,<br>for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby<br>Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres, and features<br>two pad sites for potential future development opportunities. | |
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| Page 5<br>Disposition & Structured Investment Repayment Activity<br>▪ The Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located<br>in Allen, Texas, was repaid in full for $30.0 million.<br>Balance Sheet and Liquidity<br>Balance sheet highlights as of March 31, 2026, included:<br>▪ Total liquidity of $124.3 million, consisting of $116.0 million of undrawn commitments and $8.3 million of<br>cash on hand.<br>▪ Total borrowings of $651.8 million at a weighted average interest rate of 4.6%, including $634.0 million of<br>unsecured borrowings and a $17.8 million mortgage payable.<br>▪ Net Debt to Pro Forma Adjusted EBITDA of 6.4 times.<br>▪ During the quarter ended March 31, 2026, the Company issued 733,883 common shares under its common<br>stock ATM program at a weighted average gross price of $19.59 per share, for total net proceeds of $14.2<br>million.<br>▪ The Company’s only 2026 loan maturity is a $17.8 million mortgage note payable, maturing in August at an<br>interest rate of 4.06%.<br>▪ Classified Madison Yards located in Atlanta, Georgia as held for sale with an expected close in May.<br>2026 Outlook<br>The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of<br>assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more<br>fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange<br>Commission.<br>The Company has raised its 2026 outlook as follows:<br>(Unaudited) Current Previous<br>Core FFO per Common Share - Diluted $2.06 to $2.11 $1.98 to $2.03<br>AFFO per Common Share - Diluted $2.19 to $2.24 $2.11 to $2.16<br>Metrics above reflect amounts attributable to common stockholders.<br>The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions):<br>Current Previous<br>Investment Volume, Including Commercial Loans & Structured Investments $175 to $250 $100 to $200<br>Same-Property NOI Growth for Shopping Centers Unchanged 3.5% to 4.5%<br>General & Administrative Expenses $19.7 to $20.2 $19.5 to $20.0 | |
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| Page 6<br>Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted<br>Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to<br>Common Stockholders per Diluted Share:<br>Revised 2026 Outlook<br>(Unaudited) Low High<br>Net Income Attributable to the Company per Common Share - Diluted $ 0.53 $ 0.59<br>Depreciation and Amortization of Real Estate 1.90 1.90<br>Provision for Impairment and Adjustment to CECL Reserve (1) (0.01) (0.01)<br>Realized and Unrealized Loss (Gain) on Investment Securities (1) (0.06) (0.06)<br>Funds from Operations, per Common Share - Diluted $ 2.36 $ 2.42<br>Distributions to Preferred Stockholders (0.21) (0.21)<br>Funds From Operations Attributable to Common Stockholders per<br>Common Share - Diluted $ 2.15 $ 2.21<br>Amortization of Intangibles to Lease Income (0.09) (0.10)<br>Core FFO Attributable to Common Stockholders per Common Share -<br>Diluted $ 2.06 $ 2.11<br>Adjustments:<br>Straight-Line Rent Adjustment (0.04) (0.04)<br>Other Depreciation and Amortization - -<br>Amortization of Loan Costs and Capitalized Interest 0.03 0.03<br>Non-Cash Compensation 0.14 0.14<br>AFFO Attributable to Common Stockholders per Common Share -<br>Diluted $ 2.19 $ 2.24<br>(1) Provision for Impairment and Adjustment to CECL Reserve and Realized and Unrealized Loss (Gain) on Investment Securities represents the actual<br>adjustment for the three months ended March 31, 2026. The Company’s outlook excludes projections related to these measures.<br>Earnings Conference Call & Webcast<br>The Company will host a conference call to present its operating results for the first quarter ended March 31, 2026, on<br>Wednesday, April 29, 2026 at 9:00 AM ET.<br>A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com<br>or at the link provided in the event details below. To access the call by phone, please go to the registration link provided<br>in the event details below and you will be provided with dial-in details.<br>Event Details:<br>Webcast: https://edge.media-server.com/mmc/p/7a2jh3xw<br>Registration: https://register-conf.media-server.com/register/BI44d0a9de51204a7a9115883fa90899d4<br>We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled<br>start time. A replay of the earnings call will be archived and available online through the Investor Relations section of<br>the Company’s website at www.ctoreit.com. | |
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| Page 7<br>About CTO Realty Growth, Inc.<br>CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality shopping centers, located primarily in higher growth markets in the United States. CTO also externally manages<br>and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.<br>We encourage you to review our most recent investor presentation and supplemental financial information, which is<br>available on our website at www.ctoreit.com.<br>Contact: Investor Relations<br>ir@ctoreit.com<br>Safe Harbor<br>Certain statements contained in this press release (other than statements of historical fact) are forward-looking<br>statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the<br>Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such<br>as “outlook,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,”<br>“potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.<br>Although forward-looking statements are made based upon management’s present expectations and beliefs concerning<br>future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual<br>results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not<br>limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state<br>income tax law changes, including changes to the REIT requirements; general adverse economic and real estate<br>conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate<br>volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk<br>associated with the Company investing in commercial loans and similarly structured investments; the ultimate<br>geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that<br>may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative<br>impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the<br>inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a<br>general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of<br>1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and<br>criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing<br>conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual<br>Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from<br>time to time in the Company’s filings with the U.S. Securities and Exchange Commission.<br>There can be no assurance that future developments will be in accordance with management’s expectations or that the<br>effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to<br>place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The<br>Company undertakes no obligation to update the information contained in this press release to reflect subsequently<br>occurring events or circumstances. | |
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| Page 8<br>Non-GAAP Financial Measures<br>Our reported results are presented in accordance with accounting principles generally accepted in the United States of<br>America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”),<br>Adjusted Funds From Operations (“AFFO”), Pro Forma Earnings Before Interest, Taxes, Depreciation and<br>Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”),<br>each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to<br>investors because they are widely accepted industry measures used by analysts and investors to compare the operating<br>performance of REITs.<br>FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from<br>operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they<br>should not be considered alternatives to net income as a performance measure or cash flows from operating activities<br>as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in<br>lieu of, GAAP financial measures.<br>We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of<br>Real Estate Investment Trusts, or NAREIT.<br>NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization,<br>as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets,<br>impairment write-downs associated with depreciable real estate assets and impairments associated with the current<br>expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro<br>rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales<br>of assets incidental to the primary business of the REIT which specifically include the sales of investment securities, in<br>addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT<br>computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the<br>extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable<br>market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO<br>and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as<br>straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term<br>fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use<br>AFFO as one measure of our performance when we formulate corporate goals.<br>To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude<br>real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain<br>or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate<br>assets, impairments associated with the current expected credit losses on commercial loans and investments at the time<br>of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash<br>revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses<br>recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation,<br>other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items,<br>and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental<br>to the primary business of the REIT which specifically include the sales of investment securities, in addition to the<br>mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma<br>Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and<br>other similar activities. | |
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| Page 9<br>To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate<br>related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss<br>from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets,<br>impairments associated with the current expected credit losses on commercial loans and investments at the time of<br>origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash<br>revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses<br>recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation,<br>other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items,<br>and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other<br>income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans<br>and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove<br>the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental<br>income received under the leases pertaining to the Company’s assets that are presented as commercial loans and<br>investments in accordance with GAAP is also used in lieu of the interest income equivalent.<br>FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance<br>between periods and among our peers primarily because it excludes the effect of real estate depreciation and<br>amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value<br>of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe<br>that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help<br>them to better assess our operating performance without the distortions created by other non-cash revenues or expenses.<br>We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to<br>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<br>Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important<br>measurement used by management, investors and analysts because it includes all property-level revenues from the<br>Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses<br>(“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior<br>year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of<br>properties during the particular period presented, and therefore provides a more comparable and consistent performance<br>measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and<br>Same-Property NOI may not be comparable to similarly titled measures employed by other companies. | |
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| © CTO Realty Growth, Inc. | ctoreit.com 10<br>Results Overview & Guidance<br>For the quarter ended March 31, 2026<br>(unaudited; in thousands, except share, per share and per square foot amounts)<br>Quarter ended<br>March 31, 2026<br>Financial Results<br>Total Revenues (page 12) $ 41,173<br>Net Income Attributable to Common Shareholders (Page 12) $ 4,327<br>Net Income per Diluted Share $ 0.13<br>Funds from Operations (FFO) (page 13) $ 17,840<br>FFO per Diluted Share $ 0.55<br>Core FFO (page 13) $ 16,931<br>Core FFO per Diluted Share $ 0.52<br>AFFO (page 13) $ 18,238<br>AFFO per Diluted Share $ 0.56<br>Same Property NOI for Shopping Centers (page 14) $ 20,235<br>% Growth 6.8%<br>Preferred Dividend Declared per Share $ 0.40<br>Common Dividends Declared per Share $ 0.38<br>Q1 2026 Core FFO Payout Ratio 73.1%<br>Q1 2026 AFFO Payout Ratio 67.9%<br>Weighted Average Diluted Shares 32,522,938<br>Debt Metrics<br>Net Debt to Pro Forma Adjusted EBITDA 6.4x<br>Net Debt to Enterprise Value 46.7%<br>Fixed Charge Coverage 3.0x<br>Property Data<br>Number of Properties 22<br>Square Footage 5,904,026<br>Cash Rent PSF $ 20.83<br>Leased Occupancy 95.4%<br>Occupancy 90.9%<br>2026 Guidance<br>Core FFO per Diluted Share $2.06 - $2.11<br>AFFO per Diluted Share $2.19 - $2.24<br>Same Property NOI Growth for Shopping Centers 3.5% - 4.5%<br>These metrics should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange<br>Commission |
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| © CTO Realty Growth, Inc. | ctoreit.com 11<br>Consolidated Balance Sheets<br>As of March 31, 2026 and December 31, 2025<br>(in thousands, except share and per share data)<br>As of<br>(Unaudited)<br>March 31, 2026<br>December 31,<br>2025<br>ASSETS<br>Real Estate:<br>Land, at Cost $ 278,594 $ 289,012<br>Building and Improvements, at Cost 778,031 766,371<br>Other Furnishings and Equipment, at Cost 923 923<br>Construction in Process, at Cost 4,913 4,091<br>Total Real Estate, at Cost 1,062,461 1,060,397<br>Less, Accumulated Depreciation (110,422) (107,268)<br>Real Estate—Net 952,039 953,129<br>Land and Development Costs — 300<br>Intangible Lease Assets—Net 86,479 84,710<br>Assets Held for Sale 72,126 —<br>Investment in Alpine Income Property Trust, Inc. 44,488 41,324<br>Commercial Loans and Investments 80,713 104,804<br>Cash and Cash Equivalents 8,282 6,467<br>Restricted Cash 10,587 34,652<br>Deferred Income Taxes—Net 2,309 2,309<br>Other Assets 42,644 36,207<br>Total Assets $ 1,299,667 $ 1,263,902<br>LIABILITIES AND STOCKHOLDERS’ EQUITY<br>Liabilities:<br>Accounts Payable $ 1,852 $ 1,709<br>Accrued and Other Liabilities 23,386 28,185<br>Deferred Revenue 16,911 18,802<br>Intangible Lease Liabilities—Net 32,562 31,486<br>Income Taxes Payable 61 29<br>Long-Term Debt—Net 649,532 616,345<br>Total Liabilities 724,304 696,556<br>Stockholders’ Equity:<br>Preferred Stock 47 47<br>Common Stock 333 324<br>Additional Paid-In Capital 396,749 382,494<br>Retained Earnings 176,442 184,886<br>Accumulated Other Comprehensive Income (Loss) 1,792 (405)<br>Total Stockholders’ Equity 575,363 567,346<br>Total Liabilities and Stockholders’ Equity $ 1,299,667 $ 1,263,902<br>These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and<br>Exchange Commission |
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| © CTO Realty Growth, Inc. | ctoreit.com 12<br>Three Months Ended<br>March 31,<br>2026 2025<br>Revenues<br>Income Properties $ 36,580 $ 31,672<br>Management Fee Income 1,349 1,178<br>Interest Income From Commercial Loans and Investments 3,244 2,961<br>Total Revenues 41,173 35,811<br>Direct Cost of Revenues<br>Income Properties (10,168) (8,891)<br>Total Direct Cost of Revenues (10,168) (8,891)<br>General and Administrative Expenses (5,077) (4,683)<br>Provision for Impairments and Adjustment to CECL Reserve 321 —<br>Depreciation and Amortization (15,956) (14,364)<br>Total Operating Expenses (30,880) (27,938)<br>Total Operating Income 10,293 7,873<br>Investment and Other Income 3,243 575<br>Interest Expense (7,271) (6,136)<br>Income Before Income Tax Expense 6,265 2,312<br>Income Tax Expense (60) (51)<br>Net Income Attributable to the Company 6,205 2,261<br>Distributions to Preferred Stockholders (1,878) (1,878)<br>Net Income Attributable to Common Stockholders $ 4,327 $ 383<br>Per Share Information:<br>Basic and Diluted Net Income Attributable to Common Stockholders $ 0.13 $ 0.01<br>Weighted Average Number of Common Shares<br>Basic 32,519,156 31,552,973<br>Diluted 32,522,938 31,595,431<br>Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40<br>Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38<br>Consolidated Statements of Operations<br>For the quarters ended March 31, 2026 and 2025<br>(unaudited; in thousands, except share, per share and dividend data)<br>These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q filed with the<br>Securities and Exchange Commission |
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| © CTO Realty Growth, Inc. | ctoreit.com 13<br>Funds from Operations<br>For the quarters ended March 31, 2026 and 2025<br>(unaudited; in thousands, except per share data)<br>This schedule of Funds from Operations should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange<br>Commission<br>Three Months Ended<br>March 31,<br>2026 2025<br>Net Income Attributable to the Company $ 6,205 $ 2,261<br>Distributions to Preferred Stockholders (1,878) (1,878)<br>Adjustments:<br>Depreciation and Amortization of Real Estate 15,938 14,346<br>Provision for Impairment and Adjustment to CECL Reserve (321) —<br>Realized and Unrealized Loss (Gain) on Investment Securities (2,103) 165<br>FFO $ 17,841 $ 14,894<br>Amortization of Intangibles to Lease Income (910) (449)<br>Core FFO $ 16,931 $ 14,445<br>Adjustments:<br>Straight-Line Rent Adjustment (440) (573)<br>Other Depreciation and Amortization — (1)<br>Amortization of Loan Costs, Discount on Convertible Debt, and<br>Capitalized Interest 341 367<br>Non-Cash Compensation 1,406 1,283<br>AFFO $ 18,238 $ 15,521<br>Per Common Diluted Share:<br>FFO $ 0.55 $ 0.47<br>Core FFO $ 0.52 $ 0.46<br>AFFO $ 0.56 $ 0.49<br>Supplemental Disclosure:<br>PIK Interest Earned $ 8 $ —<br>PIK Interest Paid — —<br>PIK Interest Earned in Excess of PIK Interest Paid $ 8 $ — |
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| © CTO Realty Growth, Inc. | ctoreit.com 14<br>Supplemental Schedule of Same-Property Net Operating Income<br>For the quarters ended March 31, 2026 and 2025<br>(unaudited; in thousands)<br>1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.<br>2. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period.<br>Same-Property NOI for Shopping Centers Three Months Ended<br>March 31,<br>2026 2025<br>Base Rents $ 20,665 $ 19,695<br>Expense Recoveries 6,246 5,828<br>Other Income 662 566<br>Total Revenues 27,573 26,088<br>Operating Expenses (7,338) (7,143)<br>Same-Property NOI for Shopping Centers $ 20,235 $ 18,946<br>Same-Property NOI Growth for Shopping Centers (1) 6.8%<br>Same-Property Occupancy 91.6% 92.2%<br>Same-Property Leased Occupancy 95.0% 94.7%<br>Cash ABR per Square Foot $21.92 $21.38<br>Number of Same Properties 15<br>Same-Property NOI Reconciliation Three Months Ended<br>March 31,<br>2026 2025<br>Net Income Attributable to the Company $ 6,205 2,261<br>Provision for Impairment and Adjustment to CECL Reserve (321) —<br>Depreciation and Amortization 15,956 14,364<br>Amortization of Intangibles to Lease Income 910 449<br>Straight-Line Rent Adjustment 440 573<br>Accretion of Tenant Contribution 13 13<br>Interest Expense 7,271 6,136<br>General and Administrative Expenses 5,077 4,683<br>Investment and Other Income (3,243) (575)<br>Income Tax Expense 60 51<br>Management Fee Income (1,349) (1,178)<br>Interest Income From Commercial Loans and Investments (3,244) (2,961)<br>Other Non-Recurring Items (2)<br>(191) (110)<br>Less: Impact of Properties Not Owned for the Full Reporting Period (6,790) (3,596)<br>Same-Property NOI $ 20,794 20,110<br>Less: Same Property NOI for Other Properties (559) (1,164)<br>Same-Property NOI for Shopping Centers $ 20,235 18,946 |
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| © CTO Realty Growth, Inc. | ctoreit.com 15<br>Pro Forma Adjusted EBITDA<br>Three Months Ended March 31, 2026<br>(unaudited; in thousands)<br>Three Months Ended<br>March 31, 2026<br>Net Income Attributable to the Company $ 6,205<br>Depreciation and Amortization of Real Estate 15,938<br>Provision for Impairment and Adjustment to CECL Reserve (321)<br>Unrealized Gain & Realized Loss on Investment Securities (2,103)<br>Distributions to Preferred Stockholders (1,878)<br>Amortization of Intangibles to Lease Income (910)<br>Straight-Line Rent Adjustment (440)<br>Amortization of Loan Costs and Capitalized Interest 341<br>Non-Cash Compensation 1,406<br>Other Non-Recurring Items (1) (601)<br>Interest Expense, Net of Amortization of Loan Costs 6,930<br>Adjusted EBITDA $ 24,567<br>Annualized Adjusted EBITDA $ 98,268<br>Pro Forma Annualized Impact of Current Quarter Investments and<br>Dispositions, Net (2) 1,585<br>Pro Forma Adjusted EBITDA $ 99,853<br>Total Long-Term Debt $ 649,532<br>Financing Costs, Net of Accumulated Amortization 2,268<br>Cash and Cash Equivalents (8,282)<br>Net Debt $ 643,518<br>Net Debt to Pro Forma Adjusted EBITDA 6.4 x<br>1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.<br>2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months<br>ended March 31, 2026. |
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| © CTO Realty Growth, Inc. | ctoreit.com 16<br>Market Capitalization, Debt Ratios and Liquidity<br>As of March 31, 2026<br>(unaudited; in thousands, except per share amounts and market price)<br>Any differences are a result of rounding.<br>1. Net debt to Pro Forma Adjusted EBITDA is calculated based on first quarter 2026 annualized Adjusted EBITDA.<br>March 31, 2026<br>Common Share Price $ 18.49<br>Common Shares Outstanding 33,293<br>Total Common Equity Market Capitalization $ 615,596<br>Series A Preferred Par Value Per Share $ 25.00<br>Series A Preferred Shares Outstanding 4,713<br>Series A Preferred Par Value $ 117,827<br>Total Equity Capitalization $ 733,423<br>Total Debt Outstanding $ 651,800<br>Cash and Cash Held in Like-Kind Exchange Escrow Accounts (8,281)<br>Net Debt $ 643,519<br>Total Enterprise Value $ 1,372,502<br>Net Debt to Pro Forma Adjusted EBITDA1 6.4 x<br>Net Debt to Total Enterprise Value 46.7%<br>Fixed Charge Coverage Ratio 3.0 x<br>Cash and Cash Held in Like-Kind Exchange Escrow Accounts $ 8,281<br>Available under Unsecured Credit Facility 116,000<br>Total Liquidity $ 124,281 |
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| © CTO Realty Growth, Inc. | ctoreit.com 17<br>Debt Summary<br>As of March 31, 2026<br>(unaudited; dollars in thousands)<br>Any differences are a result of rounding.<br>1. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.25%-2.20%<br>2. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.20%-2.15%<br>3. Interest rate is calculated as 30-day SOFR + pricing tier based on leverage within the range of 1.20%-2.15%<br>Indebtedness Outstanding Face Value<br>Weighted Avg.<br>Rate<br>Initial Maturity<br>Date Type<br>Mortgage Note $17,800 4.06% Aug. 2026 Fixed<br>Revolving Credit Facility 1 134,000 5.13% Jan. 2027 Floating<br>Revolving Credit Facility 1 50,000 5.30% Jan. 2027 Fixed<br>2027 Term Loan 1 100,000 2.80% Jan. 2027 Fixed<br>2028 Term Loan 2 100,000 5.18% Jan. 2028 Fixed<br>2029 Term Loan 3 125,000 4.67% Sep. 2029 Fixed<br>2030 Term Loan 3 125,000 4.69% Sep. 2030 Fixed<br>Total / Weighted Average $651,800 4.59%<br>Year Outstanding<br>Weighted<br>Average Rate<br>% of Debt<br>Maturing<br>Cumulative % of<br>Debt Maturing<br>2026 $17,800 4.06% 3% 3%<br>2027 284,000 4.34% 44% 46%<br>2028 100,000 5.18% 15% 62%<br>2029 125,000 4.67% 19% 81%<br>2030 125,000 4.69% 19% 100%<br>Total / Weighted Average $651,800 4.59% 100% |
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| © CTO Realty Growth, Inc. | ctoreit.com 18<br>Real Estate Portfolio Capital Investments<br>For the quarters ended March 31, 2026 and 2025<br>(unaudited; dollars in thousands)<br>Any differences are a result of rounding.<br>Three Months Ended<br>March 31,<br>2026 2025<br>Leasing & Maintenance Capital Expenditures<br>Capital Expenditures $ 924 $ 432<br>Tenant Improvement Allowances 247 270<br>Leasing Commissions 863 384<br>Total Leasing & Maintenance Capital Expenditures $ 2,034 $ 1,086<br>Value Enhancing & Other Capital Expenditures<br>Acquired Vacancy $ 905 $ 73<br>Anchor Repositioning 55 4<br>Outparcel Developments 286 10<br>Property Repositioning & Other 1,197 16 |
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| © CTO Realty Growth, Inc. | ctoreit.com 19<br>Top Tenant Summary<br>As of March 31, 2026<br>(unaudited, dollars and square feet in thousands)<br>Any differences are a result of rounding.<br>1. Credit Rating is the available rating from S&P Global Ratings as of March 31, 2026. “NR” indicates the company is not rated.<br>2. Excludes leases not yet commenced.<br>Tenant/Concept<br>Credit<br>Rating1 Leases2<br>Leased<br>Square Feet2 % of Total Cash ABR % of Total<br>AMC CCC+ 3 174 2.9% $4,118 3.7%<br>Best Buy BBB+ 5 187 3.2% 3,038 2.7%<br>Fidelity BBB 2 122 2.1% 2,583 2.3%<br>Ross/dd's Discount A- 7 194 3.3% 2,513 2.2%<br>Burlington BB+ 5 175 3.0% 2,193 2.0%<br>TJ Maxx/HomeGoods/Marshalls A 6 177 3.0% 2,161 1.9%<br>Barnes & Noble NR 4 102 1.7% 1,887 1.7%<br>Dick's Sporting Goods BBB 4 188 3.2% 1,806 1.6%<br>Nordstrom Rack BB 3 106 1.8% 1,779 1.6%<br>Southern University NR 1 60 1.0% 1,715 1.5%<br>Publix NR 2 99 1.7% 1,659 1.5%<br>Whole Foods Market AA- 1 60 1.0% 1,633 1.5%<br>Academy Sports & Outdoors BB+ 2 129 2.2% 1,497 1.3%<br>PetSmart B 4 78 1.3% 1,302 1.2%<br>Hobby Lobby NR 2 110 1.9% 1,279 1.1%<br>Regal Cinemas NR 1 51 0.9% 1,210 1.1%<br>DSW Shoe Warehouse NR 4 69 1.2% 1,164 1.0%<br>Onelife Fitness NR 1 45 0.8% 1,120 1.0%<br>Floor & Decor BB 1 75 1.3% 1,047 0.9%<br>Old Navy BB+ 3 59 1.0% 904 0.8%<br>Other 582 3,104 52.6% 75,138 67.2%<br>Total Occupied 643 5,364 90.9% $111,745 100.0%<br>Vacant - 540 9.1%<br>Total 643 5,904 100.0% |
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| © CTO Realty Growth, Inc. | ctoreit.com 20<br>Retail Leasing Activity<br>For the twelve months ended March 31, 2026<br>(unaudited, dollars and square feet in thousands, except per square foot data)<br>Any differences are a result of rounding.<br>Comparable leases compare retail leases signed on a space for which there was previously a tenant. Does not include lease termination agreements or lease<br>amendments related to tenant bankruptcy proceedings, or office leases. New rent per sq. ft. represents the minimum cash rent under the new lease for the first<br>12 months of the term. Prior rent per sq. ft. represents the minimum in-place cash rent under the prior lease. Tenant improvements include landlord work.<br>Leases<br>Signed<br>Square<br>Feet<br>New<br>Rent<br>Per SF<br>Prior<br>Rent<br>Per SF<br>Cash Basis<br>% Change<br>Avg<br>Lease<br>Term (Yrs)<br>Tenant<br>Improvements<br>Per SF<br>Total Comparable Leases<br>Q1 2026 22 146 $24.08 $21.09 14.2% 6.3 $11.52<br>Q4 2025 20 167 $23.68 $18.09 30.9% 6.5 $29.67<br>Q3 2025 21 125 $22.24 $20.16 10.3% 6.2 $3.39<br>Q2 2025 14 190 $25.54 $21.01 21.6% 7.2 $13.58<br>Total / Wtd. Avg. 77 628 $24.05 $20.08 19.7% 6.6 $15.36<br>New Leases – Comparable<br>Q1 2026 4 22 $32.80 $20.55 59.6% 10.0 $77.31<br>Q4 2025 4 46 $29.54 $14.41 105.0% 10.6 $108.01<br>Q3 2025 6 14 $47.21 $46.14 2.3% 9.3 $29.53<br>Q2 2025 4 75 $18.90 $10.52 79.6% 10.0 $34.19<br>Total / Wtd. Avg. 18 157 $26.50 $16.28 62.7% 10.1 $61.23<br>Renewals & Extensions – Comparable<br>Q1 2026 18 125 $22.57 $21.19 6.5% 5.4 $0.12<br>Q4 2025 16 121 $21.45 $19.48 10.1% 4.3 -<br>Q3 2025 15 111 $18.99 $16.78 13.2% 5.3 -<br>Q2 2025 10 115 $29.91 $27.91 7.2% 6.1 -<br>Total / Wtd. Avg. 59 471 $23.23 $21.35 8.8% 5.3 $0.03<br>Total Comparable and Non-Comparable<br>Q1 2026 25 153 $24.72 NA NA 6.6 $12.61<br>Q4 2025 23 189 $24.14 NA NA 6.8 $44.72<br>Q3 2025 24 142 $23.00 NA NA 6.6 $7.80<br>Q2 2025 22 227 $25.43 NA NA 7.6 $16.25<br>Total / Wtd. Avg. 94 711 $24.45 NA NA 7.0 $21.35 |
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| © CTO Realty Growth, Inc. | ctoreit.com 21<br>Lease Expiration Schedule<br>As of March 31, 2026<br>(unaudited, dollars and square feet in thousands, except per square foot data)<br>Any differences are a result of rounding.<br>Anchor Tenants (>10,000 Square Feet)<br>Year<br>Leases<br>Expiring Expiring SF % of Total Cash ABR % of Total<br>Cash ABR<br>PSF<br>2026 4 111 2.1% 2,503 2.2% $22.63<br>2027 11 403 7.5% 4,588 4.1% $11.38<br>2028 21 827 15.4% 13,264 11.9% $16.04<br>2029 14 558 10.4% 5,586 5.0% $10.02<br>2030 8 218 4.1% 3,285 2.9% $15.10<br>2031 17 504 9.4% 8,355 7.5% $16.57<br>2032 9 246 4.6% 3,250 2.9% $13.21<br>2033 4 76 1.4% 1,360 1.2% $17.84<br>2034 7 173 3.2% 2,798 2.5% $16.16<br>2035 12 255 4.8% 5,766 5.2% $22.61<br>Thereafter 8 259 4.8% 4,698 4.2% $18.14<br>Total 115 3,630 67.7% $55,452 49.6% $15.28<br>Small Shop Tenants<br>Year<br>Leases<br>Expiring Expiring SF % of Total Cash ABR % of Total<br>Cash ABR<br>PSF<br>2026 45 118 2.2% 3,590 3.2% $30.39<br>2027 71 217 4.0% 6,342 5.7% $29.26<br>2028 69 240 4.5% 7,936 7.1% $33.02<br>2029 61 199 3.7% 6,345 5.7% $31.95<br>2030 74 246 4.6% 7,941 7.1% $32.28<br>2031 56 195 3.6% 5,831 5.2% $29.90<br>2032 38 131 2.4% 4,555 4.1% $34.75<br>2033 37 123 2.3% 4,298 3.8% $34.99<br>2034 26 91 1.7% 3,591 3.2% $39.45<br>2035 30 85 1.6% 2,995 2.7% $35.08<br>Thereafter 21 89 1.7% 2,868 2.6% $32.25<br>Total 528 1,734 32.3% $56,293 50.4% $32.46<br>Total<br>Year<br>Leases<br>Expiring Expiring SF % of Total Cash ABR % of Total<br>Cash ABR<br>PSF<br>2026 49 229 4.3% 6,094 5.5% $26.63<br>2027 82 620 11.6% 10,930 9.8% $17.63<br>2028 90 1,067 19.9% 21,201 19.0% $19.86<br>2029 75 756 14.1% 11,931 10.7% $15.78<br>2030 82 464 8.6% 11,226 10.0% $24.22<br>2031 73 699 13.0% 14,186 12.7% $20.29<br>2032 47 377 7.0% 7,805 7.0% $20.69<br>2033 41 199 3.7% 5,658 5.1% $28.42<br>2034 33 264 4.9% 6,388 5.7% $24.19<br>2035 42 340 6.3% 8,761 7.8% $25.73<br>Thereafter 29 348 6.5% 7,566 6.8% $21.75<br>Total 643 5,364 100.0% $111,745 100.0% $20.83 |
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| © CTO Realty Growth, Inc. | ctoreit.com 22<br>Year-to-Date Investment, Disposition & Structured Investment Repayment Activity<br>For the quarter ended March 31, 2026<br>(unaudited, dollars and square feet in thousands)<br>Any differences are a result of rounding.<br>Investments Type Date<br>Square<br>Feet<br>Price /<br>Commitment<br>Palms Crossing – McAllen, TX Power Center Feb. 2026 399 81,600<br>Total Property Acquisitions 399 $81,600<br>Structured Investment Repayments Date Repaid Coupon Price<br>Watters Creek at Montgomery Farm Mar. 2026 9.50% 30,000<br>Total Investment Repayments 9.50% $30,000 |
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| © CTO Realty Growth, Inc. | ctoreit.com 23<br>Portfolio Summary<br>As of March 31, 2026<br>(unaudited, square feet in thousands)<br>Any differences are a result of rounding.<br>1. Formerly referred to as “Fidelity Building”<br>Market / Property Market<br>Year Built<br>/ Updated Acreage SF % Occupied % Leased<br>Cash<br>ABR PSF<br>Arizona<br>Crossroads Town Center Phoenix 2005 31 222 94.6% 100.0% $19.75<br>Florida<br>Pompano Citi Centre Fort Lauderdale 1971/2006 34 509 91.4% 93.1% $17.15<br>The Strand at St. Johns<br>Town Center Jacksonville 2017 52 211 100.0% 100.0% $26.75<br>Marketplace at Seminole<br>Towne Center Orlando 2006 41 320 84.9% 100.0% $21.28<br>Millenia Crossing Orlando 2009 11 100 87.3% 93.3% $25.70<br>Lake Brandon Village Tampa 1998 8 102 100.0% 100.0% $13.87<br>Granada Plaza Tampa 1985 7 74 91.8% 91.8% $16.22<br>Total / Weighted Average 153 1,317 91.6% 96.4% $20.05<br>Georgia<br>The Collection at Forsyth Atlanta 2006 70 565 89.6% 94.0% $23.45<br>Ashford Lane Atlanta 2005 44 277 96.6% 96.6% $32.72<br>Madison Yards Atlanta 2019 10 163 99.0% 99.0% $32.98<br>The Exchange at Gwinnett Atlanta 2021/2023 16 97 97.1% 100.0% $37.88<br>Ashley Park Atlanta 2004 60 559 95.7% 96.3% $16.56<br>Total / Weighted Average 200 1,661 94.2% 96.1% $24.53<br>North Carolina<br>Carolina Pavilion Charlotte 1995 72 694 76.7% 82.9% $16.32<br>Beaver Creek Crossings Raleigh 2005 52 322 99.3% 100.0% $18.83<br>Total / Weighted Average 124 1,016 83.8% 88.3% $17.27<br>Texas<br>Plaza at Rockwall Dallas 2007 42 444 99.7% 100.0% $14.62<br>Price Plaza Houston 1999 23 201 100.0% 100.0% $17.14<br>Palms Crossing McAllen 2007 47 399 93.8% 97.6% $18.45<br>Total / Weighted Average 112 1,044 97.5% 99.1% $16.52<br>Virginia<br>West Broad Village Richmond 2007 33 392 91.7% 91.7% $26.64<br>Total Shopping Centers 653 5,652 92.1% 95.1% $20.70<br>Albuquerque Office 1 Albuquerque 2009 25 212 53.8% 100.0% $18.02<br>Winter Park Office Orlando 1982 2 28 100.0% 100.0% $30.69<br>Daytona Beach Restaurants Daytona 2017/ 2018 6 12 100.0% 100.0% $84.09<br>Total Portfolio 686 5,904 90.9% 95.4% $20.83 |
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| © CTO Realty Growth, Inc. | ctoreit.com 24<br>Geographic Diversification<br>As of March 31, 2026<br>(cash ABR and square feet in thousands)<br>Any differences are a result of rounding. Demographic information sourced from Esri. Market, state and portfolio averages weighted by the Annualized Cash<br>Base Rent of each property.<br>States Properties<br>Square<br>Feet<br>% of<br>Total Cash ABR<br>% of<br>Total<br>5-Mile<br>2025 Avg.<br>Household<br>Income<br>5-Mile<br>2025 Total<br>Population<br>Georgia 5 1,661 28% $38,383 34% $156,394 192,304<br>Florida 9 1,357 23% 26,058 23% 105,322 209,587<br>Texas 3 1,044 18% 16,816 15% 115,703 180,109<br>North Carolina 2 1,016 17% 14,704 13% 155,151 176,989<br>Virginia 1 392 7% 9,584 9% 154,649 178,579<br>Arizona 1 222 4% 4,141 4% 163,525 320,413<br>New Mexico 1 212 4% 2,058 2% 73,504 50,473<br>Total 22 5,904 100% $111,745 100% $136,785 193,442<br>Markets Properties<br>Square<br>Feet<br>% of<br>Total Cash ABR<br>% of<br>Total<br>5-Mile<br>2025 Avg.<br>Household<br>Income<br>5-Mile<br>2025 Total<br>Population<br>Atlanta, GA 5 1,661 28% $38,383 34% $156,394 192,304<br>Richmond, VA 1 392 7% 9,584 9% 154,649 178,579<br>Orlando, FL 3 449 8% 8,896 8% 112,487 180,902<br>Charlotte, NC 1 694 12% 8,681 8% 149,924 202,342<br>Pompano Beach, FL 1 509 9% 7,981 7% 105,521 250,967<br>McAllen, TX 1 399 7% 6,909 6% 85,156 199,512<br>Dallas, TX 1 444 8% 6,469 6% 145,379 103,989<br>Raleigh, NC 1 322 5% 6,023 5% 162,683 140,451<br>Jacksonville, FL 1 211 3% 5,649 5% 100,232 203,742<br>Phoenix, AZ 1 222 4% 4,141 4% 163,525 320,413<br>Houston, TX 1 201 3% 3,438 3% 121,250 284,337<br>Tampa, FL 2 176 3% 2,520 2% 104,743 232,638<br>Albuquerque, NM 1 212 3% 2,058 2% 73,504 50,473<br>Daytona Beach, FL 2 12 0% 1,013 1% 70,646 110,699<br>Total 22 5,904 100% $111,745 100% $136,785 193,442 |
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| © CTO Realty Growth, Inc. | ctoreit.com 25<br>Other Investments<br>As of March 31, 2026<br>(dollars in thousands, except for per share data)<br>Any differences are a result of rounding.<br>1. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including<br>10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.54% represents the weighted average coupon rate as of March 31, 2026<br>2. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events<br>Investment Securities<br>Shares & Operating<br>Partnership Units<br>Owned Share Price Value<br>Annualized<br>Dividend Per<br>Share<br>Q1 2026<br>Annualized<br>Dividend Income<br>Alpine Income<br>Property Trust 2,472 $18.00 $44,488 $1.20 $2,966<br>Structured Investments<br>Origination<br>Date<br>Maturity<br>Date<br>Original<br>Loan<br>Amount<br>Amount<br>Outstanding<br>Interest<br>Rate<br>Rivana Sept. 2024 Sept. 2028 $59,450 $36,907 11.54% 1<br>Founders Square Mar. 2023 Mar. 2027 15,000 15,000 9.50%<br>Whole Foods Nov. 2024 May 2027 40,200 16,509 12.15%<br>Series A Preferred Investment Jul. 2024 NA2 10,000 10,000 14.00%<br>Main Street Aug. 2025 Aug. 2030 5,000 5,000 6.50%<br>Total Structured Investments $129,650 $83,416 11.28% |
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| © CTO Realty Growth, Inc. | ctoreit.com 26<br>2026 Guidance<br>1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, on page 13.<br>2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential<br>impact from income producing acquisitions and dispositions.<br>Current Previous<br>Core FFO Per Diluted Share1<br>$2.06 to $2.11 $1.98 to $2.03<br>AFFO Per Diluted Share1<br>$2.19 to $2.24 $2.11 to $2.16<br>The Company has raised its 2026 outlook as follows:<br>The Company’s 2026 guidance includes but is not limited to the following assumptions:<br>Current Previous<br>Investments (in millions) $175 to $250 $100 to $200<br>Same-Property NOI Growth for Shopping Centers2 Unchanged 3.5% to 4.5%<br>General and Administrative Expenses (in millions) $19.7 to $20.2 $19.5 to $20.0 |
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| © CTO Realty Growth, Inc. | ctoreit.com 27<br>Contact Information & Research Coverage<br>Contact Information<br>Corporate Office Locations Investor Relations<br>New York<br>Stock Exchange<br>369 N. New York Ave., Suite 201<br>Winter Park, FL 32789<br>1140 N. Williamson Blvd., Suite 140<br>Daytona Beach, FL 32114<br>ir@ctoreit.com Ticker Symbol: CTO<br>Series A Preferred<br>Ticker Symbol: CTO/PA<br>www.ctoreit.com<br>Research Analyst Coverage<br>Institution Coverage Analyst Email<br>Alliance Global Partners Gaurav Mehta gmehta@allianceg.com<br>B. Riley John Massocca jmassocca@brileyfin.com<br>Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com<br>Jones Research Jason Weaver jweaver@jonestrading.com<br>Lucid Capital Markets Craig Kucera ckucera@lucidcm.com<br>Raymond James RJ Milligan rjmilligan@raymondjames.com |
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