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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