NYSE$CTO
CTO Realty Growth Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
CTO Realty Growth's operating results were reported for the quarter ended June 30, 2023
CTO Realty Growth reported a net income per diluted share of $0.03, core FFO per diluted share of $0.43, and AFFO per diluted share of $0.48 for the second quarter of 2023. The company invested $72.5 million in retail property acquisitions and sold one property for $2.1 million. Same-property NOI decreased by 2.5% compared to the prior year period.
- Net Income per diluted share attributable to common stockholders was $0.03.
- Core FFO per diluted share attributable to common stockholders was $0.43.
- AFFO per diluted share attributable to common stockholders was $0.48.
- Invested $72.5 million into three multi-tenant retail property acquisitions.
Headline financials
Revenue & EPS history
CTO · Revenue · Quarterly
$26M
Revenue by segment
CTO · $23.9M total across 2 segments · Q2 2023
- Income Properties$22.8M—95.4%
- Management Fee Income$1.1M—4.6%
Forward guidance
The Company has maintained its Core FFO and AFFO outlook for 2023 and has revised certain assumptions to take into account the Company’s year-to-date performance and revised expectations regarding the Company’s operational and investment activities and forecasted capital markets transactions.
Tailwinds
- Same-Property NOI growth of 1% to 4%, including the impact of elevated bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults
- General and administrative expense within a range of $14 million to $15 million
- Weighted average diluted shares outstanding of approximately 22.5 million shares
- Year-end 2023 leased occupancy projected to be within a range of 94% to 95% before any adjustments related to 2023 income property acquisitions and dispositions
- Investment in income producing assets, including structured investments, between $95 million and $150 million at a weighted average initial cash yield between 8.00% and 8.25%
Headwinds
- Disposition of assets between $15 million and $75 million at a weighted average exit cash yield between 6.00% and 7.50%
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.7%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+1.4%
Avg return
30 days after
60%
38 / 63 earnings
Positive
+9.5%
Q4 2014
Best reaction
-5.9%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.5% | +3.2% | +4.3% | |
| Q4 2025 | +4.5% | +1.8% | -4.4% | |
| Q3 2025 | +0.9% | +3.7% | +10.9% | |
| Q1 2025 | +0.3% | -1.8% | +1.8% | |
| Q4 2024 | -5.9% | -7.5% | -6.6% | |
| Q3 2024 | +0.1% | -1.7% | +1.3% | |
| Q2 2024 | +3.3% | +6.1% | -0.5% | |
| Q1 2024 | -2.0% | -0.7% | +2.2% | |
| Q4 2023 | +4.4% | +3.6% | +1.4% | |
| Q3 2023 | +0.6% | +2.9% | +6.2% | |
| Q2 2023 | -2.9% | -1.6% | -3.8% | |
| Q1 2023 | +1.0% | -1.8% | -4.7% | |
| Q4 2022 | -5.5% | -5.9% | -11.5% | |
| Q3 2022 | +2.2% | +2.0% | +2.2% | |
| Q2 2022 | -2.1% | -0.8% | -0.8% | |
| Q1 2022 | -0.5% | -2.6% | +3.4% | |
| Q4 2021 | +6.6% | +8.3% | +10.0% | |
| Q3 2021 | -1.0% | -0.4% | +1.5% | |
| Q2 2021 | +2.9% | -0.5% | +1.3% | |
| Q1 2021 | +0.4% | -4.0% | +0.1% | |
| Q4 2020 | +0.6% | +1.7% | +6.2% | |
| Q3 2020 | +6.6% | +8.4% | +17.8% | |
| Q2 2020 | +4.5% | +4.9% | +12.7% | |
| Q1 2020 | +6.8% | +0.3% | +6.2% | |
| Q4 2019 | +3.2% | +1.5% | -18.4% | |
| Q3 2019 | +4.5% | +5.2% | +4.6% | |
| Q2 2019 | +7.4% | +4.0% | +2.9% | |
| Q1 2019 | +2.5% | +3.2% | +0.8% | |
| Q4 2018 | -0.8% | +0.4% | -3.1% | |
| Q3 2018 | -2.8% | -1.3% | -8.7% | |
| Q2 2018 | +0.6% | +1.1% | +7.6% | |
| Q1 2018 | +6.1% | +1.4% | +4.7% | |
| Q4 2017 | +1.0% | +1.0% | +3.1% | |
| Q3 2017 | +2.7% | -0.4% | +3.7% | |
| Q2 2017 | +2.0% | -2.3% | -3.4% | |
| Q1 2017 | -1.8% | -0.4% | +0.7% | |
| Q4 2016 | -1.9% | -1.5% | -7.0% | |
| Q3 2016 | -0.4% | +1.8% | +10.2% | |
| Q2 2016 | -2.3% | -1.8% | +0.3% | |
| Q1 2016 | +1.2% | — | — | |
| Q4 2015 | +0.1% | — | — | |
| Q3 2015 | +0.2% | — | — | |
| Q2 2015 | +0.0% | — | — | |
| Q1 2015 | -0.5% | — | — | |
| Q4 2014 | +9.5% | — | — | |
| Q3 2014 | +0.9% | — | — | |
| Q2 2014 | +0.9% | — | — | |
| Q1 2014 | -2.1% | — | — | |
| Q4 2013 | +3.3% | — | — | |
| Q3 2013 | +1.6% | — | — | |
| Q2 2013 | -2.6% | — | — | |
| Q1 2013 | -1.0% | — | — | |
| Q4 2012 | +1.3% | — | — | |
| Q3 2012 | -1.4% | — | — | |
| Q2 2012 | +1.4% | — | — | |
| Q1 2012 | -0.2% | — | — | |
| Q4 2011 | -4.3% | — | — | |
| Q3 2011 | -4.5% | — | — | |
| Q4 2010 | -2.4% | — | — | |
| Q2 2011 | -2.4% | — | — | |
| Q1 2011 | +0.9% | — | — | |
| Q3 2010 | -0.9% | — | — | |
| Q2 2010 | +0.8% | — | — |
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