CTO Realty Growth Reports Strong Q2 Results and Raises Full-Year Guidance
CTO Realty Growth reported strong second-quarter results with Core FFO rising to $18.4 million, or $0.53 per share, up from $14.7 million a year earlier. The company saw shopping-center same-property NOI grow by 10.1%, and portfolio occupancy increased to 95.4%. CTO expanded its investment activity with the acquisition of a Dallas power center for $53.3 million and originated $96.4 million in preferred-equity investments. The structured-investment portfolio reached approximately $222 million, yielding an average of about 11.5%, while leverage declined to 5.8 times adjusted EBITDA. CTO raised its full-year outlook for Core FFO and AFFO per share and expects between $300 million–$400 million in investments with same-property NOI growth projected at 5%–6%. The company also completed significant leasing activity, adding 213,000 square feet of new leases during the quarter.
Topics: acquisitions ffo growth real estate structured investments