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CTO Realty Growth (CTO)
NYSE:CTO
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Earnings Data
Report Date
Feb 20, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0Last Year’s EPS
$0.25Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: 0.60%
|Next Earnings Date:Feb 20, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a strong quarter with significant investments and leasing successes, leading to increased financial guidance. However, challenges remain in the restaurant sector and uncertainties with certain assets.Company Guidance
During CTO Realty Growth's third quarter 2024 earnings call, the company provided an optimistic guidance for the remainder of the year. They increased their full-year 2024 outlook, raising the core FFO range to $1.83-$1.87 per diluted share and the AFFO range to $1.96-$2 per diluted share, citing strong investment activity and NOI growth. The company completed $274 million in year-to-date investments, with expectations to reach $300-$350 million by year-end. Leasing activity was robust, with over 200,000 square feet leased in Q3 at an average rent of $21.17 per square foot, contributing to a year-to-date total of 385,000 square feet at $23.74 per square foot. The company's strategic acquisitions expanded their portfolio by 20%, and they maintained a healthy balance sheet with net debt to EBITDA of 6.4x and over $200 million in liquidity.Strong Investment Activity
Invested $191.3 million at a weighted average yield of 9.5%, including a $137.5 million acquisition of a 3-property portfolio. Year-to-date investment activity totals almost $275 million with a weighted average yield of 9.1%.
Leasing Success and Occupancy Increase
Signed over 200,000 square feet of new leases, renewals, and extensions with a 12% lease spread in Q3. Year-to-date leasing activity reached 385,000 square feet with a 26% lease spread. Leased occupancy increased to 95.8%, a rise of 120 basis points from the previous quarter.
Strong Balance Sheet and Improved Leverage
Issued approximately 6.9 million shares, generating net proceeds of $125.7 million. Ended the quarter with net debt to EBITDA of 6.4x, a full turn lower than last quarter, and over $200 million of liquidity.
Increased Financial Guidance
Raised full-year 2024 outlook for core FFO to a range of $1.83 to $1.87 per diluted share and AFFO to $1.96 to $2 per diluted share. Investment guidance increased to a new range of $300 million to $350 million.
Positive NOI Growth
Same-property NOI growth of 6.3% for the quarter, driven by growth in key properties like Ashford Lane and The Shops at Legacy.
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CTO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CTO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $19.35 | $19.20 | -0.78% |
| Jul 25, 2024 | $18.25 | $18.86 | +3.34% |
| May 02, 2024 | $16.44 | $16.02 | -2.55% |
| Feb 22, 2024 | $15.27 | $15.84 | +3.73% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does CTO Realty Growth (CTO) report earnings?
CTO Realty Growth (CTO) is schdueled to report earning on Feb 20, 2025, TBA Not Confirmed.
What is CTO Realty Growth (CTO) earnings time?
CTO Realty Growth (CTO) earnings time is at Feb 20, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CTO EPS forecast?
CTO EPS forecast for the fiscal quarter 2024 (Q4) is $0.
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