The following is a summary of the CTO Realty Growth, Inc. (CTO) Q2 2024 Earnings Call Transcript:
Financial Performance:
CTO Realty reported strong financials with Q2 2024 revenue largely driven by significant leasing activities and upticks in physical and leased occupancy rates.
Core FFO for the quarter was $0.45 per share, showing a 5% increase year-over-year, while AFFO stood consistent at $0.48 per share.
The company raised its 2024 core FFO guidance by 12% to a range of $1.81 to $1.86 per share, reflecting strong operational performance.
Business Progress:
CTO signed 79,000 square feet of new leases and renewals at an average rent of $25.87 per square foot.
The company is actively engaged in filling significant retail spaces and investing in its property portfolio, including planned acquisitions in strategic markets.
Plans for the development of newly purchased land and the anticipated opening of a key tenant in 2025 underline ongoing growth and optimization of asset utilization.
Opportunities:
There is a strategic focus on acquisitions intended to close in the third quarter, particularly in geographic areas with favorable demographics and strong tenant demand.
The company plans to leverage its strong financial position to engage in higher-yield investments and capitalize on market conditions.
Risks:
No explicit risks detected.
More details: CTO Realty Growth IR
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