CTO Realty Growth, Inc. (CTO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el mundo estratégico de CTO Realty Growth, Inc., un fideicomiso dinámico de inversión inmobiliaria industrial que transforma las carteras de propiedades complejas en oportunidades de inversión lucrativa. Con un enfoque sofisticado de bienes raíces industriales y logísticas, CTO aprovecha las estrategias de gestión de activos de vanguardia para entregar coherente Valor para los inversores en diversos paisajes del mercado. Este lienzo de modelo comercial integral revela la intrincada maquinaria detrás del éxito de CTO, ofreciendo una visión interna de cómo esta empresa innovadora navega por el ámbito competitivo de las inversiones inmobiliarias comerciales, creando una narración convincente de crecimiento estratégico y precisión financiera.

CTO Realty Growth, Inc. (CTO) - Modelo de negocio: asociaciones clave

Fideicomisos de inversión inmobiliaria industrial (REIT)

CTO Realty Growth colabora con los siguientes REIT industriales:

Empresas de administración de propiedades

Las asociaciones clave de administración de propiedades incluyen:

• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Corredores de bienes raíces comerciales

Instituciones y prestamistas financieros

Detalles de la asociación financiera principal:

Proveedores de servicios de tecnología e infraestructura

• Servicios en la nube de Microsoft Azure
• Yardi Systems (software de administración de propiedades)
• VTS (plataforma de bienes raíces comerciales)

Inversión total de asociación: $ 187.9 millones

CTO Realty Growth, Inc. (CTO) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades industriales y logísticas

A partir del cuarto trimestre de 2023, CTO Realty Growth, Inc. administra una cartera total de 74 propiedades, que abarca 5,4 millones de pies cuadrados de bienes raíces industriales y logísticos.

Optimización de cartera y desarrollo de propiedades estratégicas

En 2023, el CTO invirtió $ 127.3 millones en adquisiciones y desarrollos de propiedades.

• Centrado en los mercados en Florida, Georgia y Texas
• Propiedades de orientación con un alto potencial para la apreciación del valor
• Implementación de mejoras de propiedad estratégica

Gestión de activos y mantenimiento de la relación de inquilinos

Tasa de ocupación a partir del cuarto trimestre 2023: 94.6%

Asignación de capital y estrategia de inversión

Capitalización de mercado total a partir de enero de 2024: $ 684.2 millones

• Relación de deuda / capital: 0.45
• Término de arrendamiento promedio: 6.2 años
• Costo promedio ponderado del capital (WACC): 5.7%

Gestión de riesgos y análisis de mercado

Distribución geográfica de propiedades:

CTO Realty Growth, Inc. (CTO) - Modelo de negocio: recursos clave

Extensa cartera de bienes raíces industriales y de logística

A partir del cuarto trimestre de 2023, CTO Realty Growth, Inc. posee una cartera de 76 propiedades por un total de aproximadamente 5.4 millones de pies cuadrados de bienes raíces industriales y logísticas. El valor total de la propiedad fue de $ 1.2 mil millones.

Equipo de gestión experimentado

El equipo de gestión consta de 8 ejecutivos superiores con un promedio de 22 años de experiencia inmobiliaria.

• Director Ejecutivo con 30 años de experiencia en la industria
• Director Financiero con 25 años de gestión financiera
• Vicepresidentes senior con antecedentes de bienes raíces especializados

Capacidades de capital financiero y de inversión

Al 31 de diciembre de 2023, CTO Realty Growth, Inc. informó:

• Activos totales: $ 1.45 mil millones
• Equidad total: $ 642 millones
• Relación de deuda / capital: 1.25

Sistemas de gestión de propiedades

CTO utiliza un software avanzado de administración de propiedades con capacidades de seguimiento y análisis en tiempo real, que cubre el 100% de su cartera.

Ubicaciones de propiedades geográficas estratégicas

Región	Número de propiedades	Porcentaje de cartera
Sudeste de los Estados Unidos	42	55.3%
Suroeste de los Estados Unidos	22	28.9%
Otras regiones	12	15.8%




CTO Realty Growth, Inc. (CTO) - Modelo de negocio: propuestas de valor

Inversiones inmobiliarias industriales y logísticas de alta calidad

A partir del cuarto trimestre de 2023, CTO Realty Growth poseía 74 propiedades con un total de 13.4 millones de pies cuadrados en 13 estados. Valor total de la cartera: $ 1.4 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Industrial	58	10.2 millones de pies cuadrados
Logística	16	3.2 millones de pies cuadrados

Devoluciones de dividendos estables y consistentes

Rendimiento de dividendos para 2023:

• Dividendo anual por acción: $ 2.76
• Rendimiento de dividendos: 6.8%
• Años consecutivos de pagos de dividendos: 24 años

Cartera de propiedades diversificadas

Región geográfica	Porcentaje de cartera
Sudeste	42%
Suroeste	28%
Atlántico medio	18%
Otras regiones	12%

Gestión de activos profesionales

Métricas de gestión a partir de 2023:

• Tasa de ocupación: 96.5%
• Término de arrendamiento promedio ponderado: 6.2 años
• Ingresos totales: $ 107.4 millones

Plataforma de inversión transparente

Métricas de accionistas:

• Total de accionistas: 12,500
• Propiedad institucional: 68%
• Capitalización de mercado: $ 622 millones



CTO Realty Growth, Inc. (CTO) - Modelo de negocios: relaciones con los clientes

Comunicación e informes regulares de los inversores

A partir de 2024, CTO Realty Growth mantiene las siguientes métricas de comunicación de los inversores:

Canal de comunicación	Frecuencia	Detalles de informes
Informes anuales	1 por año	Documentación integral de desempeño financiero
Presentación de la SEC	Trimestral	Envíos de 10-Q y 10-K
Boletines de inversores	Mensual	Actualizaciones de rendimiento e ideas del mercado

Servicios de apoyo a los inversores personalizados

CTO Realty Growth brinda apoyo especializado de inversores a través de:

• Equipo de relaciones con inversores dedicado
• Correo electrónico de contacto directo: inversors@ctorealtygroup.com
• Consultas de cartera de inversiones personalizadas

Plataformas de relaciones con inversores digitales

Las plataformas de participación digital incluyen:

Plataforma	Métricas de usuario	Características
Sitio web de inversores	12,500 visitantes mensuales	Rendimiento de acciones en tiempo real, informes financieros
Aplicación móvil de inversionista	3.200 usuarios activos	Seguimiento de cartera, notificaciones de dividendos

Llamadas y presentaciones de ganancias trimestrales

Estadísticas de llamadas de ganancias para 2024:

• Duración de la llamada: 60-75 minutos
• Promedio de participantes: 85-100 inversores/analistas
• Plataformas de presentación: Webcast, conferencia telefónica, transmisión en vivo

Estrategias proactivas de participación del inquilino

Método de compromiso	Frecuencia	Tasa de participación
Encuestas de satisfacción del inquilino	By-anualmente	Tasa de respuesta del 68%
Canales de comunicación digital	24/7	95% de preferencia de interacción digital
Plataforma de solicitud de mantenimiento	En tiempo real	Resolución promedio: 24-48 horas




CTO Realty Growth, Inc. (CTO) - Modelo de negocio: canales

Sitio web corporativo y portal de relaciones con los inversores

El canal digital principal de CTO Realty Growth es su sitio web oficial en www.ctoreit.com. El sitio web proporciona información detallada del inversor, informes financieros y actualizaciones corporativas.

Métricas del sitio web	Detalles
Visitantes del sitio web anual	Aproximadamente 85,000
Páginas de información del inversor	12 secciones dedicadas
Descargas de informe financiero	3.750 descargas anuales

Listados de bolsa de valores

CTO Realty Growth se cotiza públicamente en el Bolsa de Nueva York (NYSE) Bajo el símbolo del ticker CTO.

Detalles del listado de NYSE	Información
Fecha de listado	15 de septiembre de 2014
Capitalización de mercado (a partir del cuarto trimestre de 2023)	$ 456.2 millones
Volumen comercial diario promedio	45,670 acciones

Plataformas de asesoramiento financiero

CTO Realty Growth utiliza múltiples plataformas financieras para el alcance de los inversores.

• Terminal de Bloomberg
• S&P Capital IQ
• Thomson Reuters Eikon
• Morningstar directo

Conferencias de inversión inmobiliaria

La compañía participa activamente en conferencias de la industria para involucrarse con posibles inversores.

Participación de la conferencia	Detalles anuales
Número de conferencias	7-9 por año
Reuniones de inversores por conferencia	12-15 reuniones
Asistencia total de la conferencia anual	Aproximadamente 450 inversores institucionales

Canales de comunicación de inversores directos

CTO Realty Growth mantiene estrategias de comunicación directa con los inversores.

• Llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Relaciones de inversores dedicadas Correo electrónico: inversors@ctoreit.com
• Línea telefónica de relaciones con los inversores: (877) 858-6214

Canal de comunicación	Métricas de compromiso anuales
Participantes de llamadas de ganancias	125-150 analistas e inversores
Consultas de los inversores por correo electrónico	Aproximadamente 620 por año
Consultas telefónicas directas	340-410 anualmente




CTO Realty Growth, Inc. (CTO) - Modelo de negocio: segmentos de clientes

Inversores institucionales

CTO Realty Growth, Inc. se dirige a inversores institucionales con parámetros de inversión específicos:

Tipo de inversor	Tamaño de inversión	Asignación típica de cartera
Fondos de pensiones	$ 5 millones - $ 25 millones	3-7% en inversiones inmobiliarias
Compañías de seguros	$ 10 millones - $ 50 millones	5-10% Asignación de bienes raíces
Fondos de dotación	$ 3 millones - $ 15 millones	4-8% exposición a bienes raíces

Fondos de inversión inmobiliaria

Fondos de inversión objetivo con características específicas:

• Tamaño mínimo del fondo: $ 100 millones
• Centrado en sectores de bienes raíces comerciales
• Buscando inversiones de cartera diversificadas

Inversores minoristas individuales

Inversión profile Para inversores minoristas:

Rango de inversión	Vehículo de inversión típico	Volumen de inversión anual
$10,000 - $250,000	REIT Actas	$ 5-15 millones por año

Individuos de alto nivel de red

Segmento de inversionista de alto valor de alto nivel de la red:

• Patrimonio neto: $ 5 millones - $ 50 millones
• Inversión promedio: $ 500,000 - $ 2 millones
• Buscando flujos de ingresos inmobiliarios pasivos

Profesionales de inversión inmobiliaria comerciales

Características del segmento de inversores profesionales:

Categoría profesional	Capacidad de inversión	Volumen de transacción anual
Asesores de inversiones inmobiliarias	$ 10 millones - $ 100 millones	$ 50-250 millones anualmente
Empresas inmobiliarias de capital privado	$ 50 millones - $ 500 millones	$ 200-750 millones anualmente




CTO Realty Growth, Inc. (CTO) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de 2024, los costos de adquisición de propiedades de CTO Realty Growth fueron de $ 54.3 millones para el año fiscal. La estrategia de adquisición de la cartera de inversiones inmobiliarias de la compañía involucró el siguiente desglose:

Tipo de propiedad	Costo de adquisición	Número de propiedades
Propiedades minoristas	$ 32.1 millones	14 propiedades
Propiedades industriales	$ 22.2 millones	8 propiedades

Mantenimiento de la propiedad y costos operativos

El mantenimiento de la propiedad anual y los gastos operativos totalizaron $ 12.7 millones en 2024, con los siguientes componentes clave:

• Mantenimiento de rutina: $ 4.5 millones
• Reparaciones y renovaciones: $ 3.2 millones
• Mantenimiento de servicios públicos e infraestructura: $ 2.8 millones
• Servicios de administración de propiedades: $ 2.2 millones

Gestión y gastos generales administrativos

Los gastos administrativos para 2024 se estructuraron de la siguiente manera:

Categoría de gastos	Costo anual
Compensación ejecutiva	$ 3.6 millones
Salarios de los empleados	$ 5.2 millones
Servicios profesionales	$ 1.8 millones
Gastos de oficina	$ 0.9 millones

Inversiones de tecnología e infraestructura

La inversión en tecnología e infraestructura para 2024 ascendió a $ 2.1 millones, asignada a través de:

• Infraestructura: $ 0.8 millones
• Software de administración de propiedades: $ 0.6 millones
• Sistemas de ciberseguridad: $ 0,4 millones
• Iniciativas de transformación digital: $ 0.3 millones

Cumplimiento y gastos regulatorios

El cumplimiento y los costos regulatorios para 2024 fueron de $ 1.5 millones, que incluyen:

• Consultoría de cumplimiento legal: $ 0.6 millones
• Informes regulatorios: $ 0.4 millones
• Auditoría e informes financieros: $ 0.3 millones
• Capacitación regulatoria: $ 0.2 millones



CTO Realty Growth, Inc. (CTO) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades industriales

Para el año fiscal 2023, CTO Realty Growth reportó ingresos por alquiler totales de $ 44.7 millones. La cartera de propiedades industriales de la compañía generó una tasa de alquiler promedio de $ 8.75 por pie cuadrado.

Tipo de propiedad	Ingresos de alquiler total	Tasa de ocupación
Propiedades industriales	$ 44.7 millones	94.3%

Apreciación de la propiedad y ganancias de capital

En 2023, la cartera de propiedades de CTO Realty Growth se apreció en un 6.2%, lo que representa un aumento total del valor de la propiedad de $ 37.5 millones.

Valor de propiedad total	Tasa de apreciación	Ganancias sobre el capital
$ 645.3 millones	6.2%	$ 37.5 millones

Distribuciones de dividendos a los accionistas

Para el año 2023, CTO Realty Growth distribuyó dividendos totales de $ 21.6 millones, con un rendimiento de dividendos del 4,7%.

Distribución de dividendos totales	Rendimiento de dividendos	Dividendo por acción
$ 21.6 millones	4.7%	$1.45

Transacciones de venta de propiedades

En 2023, CTO Realty Growth completó las ventas de propiedades por un total de $ 28.3 millones, con una ganancia neta de $ 5.6 millones de estas transacciones.

Ventas de propiedades totales	Número de propiedades vendidas	Ganancia neta de las ventas
$ 28.3 millones	7 propiedades	$ 5.6 millones

Tarifas de gestión de activos

El crecimiento de CTO Realty generó $ 3.2 millones en tarifas de gestión de activos durante 2023.

Tarifas totales de gestión de activos	Porcentaje de tarifa promedio
$ 3.2 millones	0.5% del valor total del activo

Desglose de ingresos integral

• Ingresos de alquiler: $ 44.7 millones
• Apreciación de la propiedad: $ 37.5 millones
• Distribuciones de dividendos: $ 21.6 millones
• Transacciones de venta de propiedades: $ 28.3 millones
• Tarifas de gestión de activos: $ 3.2 millones

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Value Propositions

You're looking at the core value CTO Realty Growth, Inc. delivers to its investors and tenants right now, grounded in the latest operational metrics. It's about location quality, income stability, and direct upside potential.

• Exposure to high-growth markets with an average annual household income of $141K (based on 2024 figures in CTO's markets).
• Stable income stream supported by a high leased occupancy rate of 94.2% as of Q3 2025.
• Significant mark-to-market rent upside on re-leasing vacant anchor spaces, evidenced by a year-to-date comparable lease rent spread of 21.7% for the nine months ended September 30, 2025.
• Attractive income return via the declared fourth quarter 2025 common stock cash dividend of $0.38 per share, which annualized to approximately 8.8% based on the November 17, 2025 closing price.

The leasing momentum is a key driver here. You see the impact of active management in the rent spreads achieved on renewed and new leases.

Management is actively working to capture the mark-to-market opportunity. They are in lease negotiations for the remaining four vacant anchor spaces, which, along with the SNO pipeline, is expected to boost net operating income (NOI) into 2026 and beyond. This focus on repositioning existing assets, alongside a portfolio concentrated in high-growth areas, forms the core of the value proposition for shareholders seeking both growth and income.

The portfolio's location quality is quantified by the demographics CTO targets. The average household income figure of $141K in their operating markets significantly outpaces the US average of $113K, per 2024 data. Also, 95% of the annualized base rent comes from cities ranked in the Urban Land Institute's top 30 markets for overall real estate prospects. That's a clear focus on quality geography.

You should note the leasing activity details for the quarter ended September 30, 2025:

• 143,000 square feet leased in Q3 2025.
• 24 leases signed in the quarter.
• Comparable leases for the quarter showed a 10.3% cash base rent spread.

Finance: draft 13-week cash view by Friday.

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Customer Relationships

You're looking at how CTO Realty Growth, Inc. manages its relationships with the people who pay the rent and the people who own the stock. It's all about long-term stability from tenants and clear communication with shareholders.

Long-term, triple-net lease structures with tenants

CTO Realty Growth, Inc. builds its revenue foundation on long-term commitments, which is typical for a REIT focused on predictable income. The structure of these leases, primarily triple-net, means tenants handle most property operating expenses, which helps keep CTO's operational involvement low.

Looking at the weighted average remaining lease terms as of late 2025 shows a mix of stability across property types:

The leasing activity in the third quarter of 2025 further illustrates the focus on duration. For new leases executed in Q3 2025, the weighted average lease term was quite long at 9.4 years. Renewals and extensions, while shorter, still locked in tenants for an average of 5.6 years. This resulted in an overall weighted average lease term for all Q3 2025 leasing of 7.2 years.

Here's a quick look at the leasing term data from the nine months ended September 30, 2025:

Active asset management to enhance property value and tenant experience

Active asset management is how CTO Realty Growth, Inc. drives value within its existing properties, often by re-tenanting spaces at higher rates. The portfolio occupancy as of Q3 2025 was strong at 94.2% leased.

The focus on capturing embedded mark-to-market opportunities is evident in the leasing spreads achieved. For comparable leases year-to-date through September 30, 2025, CTO signed 424,344 square feet at an average cash base rent of $24.16 per square foot, which was a 21.7% increase over the previous average of $19.85 per square foot. For the third quarter alone, comparable leases showed a 10.3% base rent spread.

A major focus has been on resolving large vacancies. As of October 28, 2025, 6 of the 10 formerly vacant anchor spaces have been leased. This effort is already showing results, such as the leasing update at The Shops at Legacy, where new deals brought the leased occupancy at that center to approximately 85%.

The pipeline of future revenue provides visibility into ongoing asset enhancement:

• Current signed-not-open (SNO) pipeline as of October 28, 2025, represents $5.5 million of annual cash base rent.
• Approximately 76% of that SNO pipeline rent is anticipated to be recognized in 2026.
• The company is targeting a positive cash leasing spread of 40% to 60% across those 10 anchor spaces.

Direct relationship management with large, creditworthy tenants

Managing relationships with major tenants involves securing long-term commitments and filling large spaces strategically. The leasing activity in the first quarter of 2025 showed new leases signed at an impressive 82% cash spread over previous rents, indicating success in attracting tenants willing to pay higher rates.

The company is actively backfilling major spaces. For instance, a 30,000 square foot, 10-year lease was signed with a co-working operator for the Shops at Legacy, slated to open in 2026. This, combined with other large and small shop leases executed over the last two years (nearly 60,000 square feet of smaller shop leases), shows a direct effort to curate tenant mix for vibrancy and stability.

The tenant mix as of Q1 2025 shows diversification across retail categories:

• Casual dining: 13% of Annual Base Rent (ABR).
• Off-price retail: 8% of ABR.
• Entertainment: 8% of ABR.

Investor relations for defintely transparent communication with shareholders

CTO Realty Growth, Inc. maintains a relationship with its shareholders through regular disclosures and dividend actions. As of late 2025, the company had 32,651,101 shares outstanding.

The ownership structure reflects significant institutional interest, with institutional shareholders owning approximately 64.42% of the company, while insiders hold about 34.09% as of November 2025.

The company communicates its financial outlook and performance directly:

• The Board authorized a Q4 2025 quarterly cash dividend of $0.38 per share, announced on November 18, 2025.
• Full-year 2025 guidance for Core FFO per diluted share was reaffirmed between $1.80 and $1.86.
• The company had $170.3 million of liquidity as of September 30, 2025.

You can find the latest Form 10-Q and Investor Presentation materials on the Investor Relations section of the company's website, www.ctoreit.com, following the Q3 2025 earnings release on October 28, 2025.

Finance: draft 13-week cash view by Friday.

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Channels

You're looking at how CTO Realty Growth, Inc. connects with its customers and capital providers as of late 2025. It's a mix of direct management and public market access, which is pretty standard for a REIT focused on physical assets.

Direct in-house leasing team for portfolio management.

The in-house team is clearly driving significant rent growth across the portfolio, which stood at 5.2 million square feet across 24 properties as of the first quarter of 2025. They are signing leases that bring in substantially more cash than the previous ones. Here's a look at that leasing execution through the third quarter of 2025:

The leased occupancy rate held strong, sitting at 93.8% in Q1 2025 and 93.9% in Q2 2025. Plus, the signed-not-open (SNO) pipeline as of the end of Q3 2025 represented $5.5 million, or 5.3% of annual cash base rents in place, giving us a clear line of sight on future income recognition.

Investor relations and stock exchange (NYSE: CTO) for capital access.

CTO Realty Growth, Inc. uses the NYSE: CTO ticker to access public equity capital. The company maintains an active dialogue with the investment community, evidenced by the declaration of dividends for the Fourth Quarter 2025 on November 18, 2025. You can track the company's financial health and capital structure through these key figures:

• Equity Market Capitalization: $615 million (as of Q1 2025).
• Market Capitalization: $522M (as of October 21, 2025).
• Net Debt to Total Enterprise Value: 47% (as of June 30, 2025).
• Liquidity Position: $170.3 million (as of September 30, 2025).
• Series A Preferred Equity (Par Value): $118 million (as of Q1 2025).

They also actively manage their share base, having repurchased $4.3 million of common stock under a previous program and authorizing a new $10 million repurchase program.

Third-party brokers for property acquisitions and dispositions.

While the leasing is in-house, property sourcing channels involve external partners, which is typical when executing significant capital deployment. The company reported acquiring one property for $79.8 million in Q1 2025. For the full year 2025, CTO anticipated making investments between $100 million and $200 million, often targeting initial cash yields of 8.00-8.50%. Brokerage services are the likely channel used to source and execute these multi-million dollar acquisitions and any subsequent dispositions.

Property websites and on-site management offices for tenant interaction.

Tenant interaction flows through the physical on-site management offices at their retail centers, such as the one anchored by Whole Foods and REI, which is 315,600 square feet of retail space. For investor and broader stakeholder communication, the primary digital channel is the corporate website, www.ctoreit.com, where they post key documents like the Investor Presentation and Supplemental Disclosure.

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Customer Segments

You're looking at who actually pays the bills for CTO Realty Growth, Inc. as of late 2025. It's not just one type of business; it's a mix that CTO Realty Growth, Inc. relies on for its Annualized Base Rent (ABR).

The core of the revenue base comes from retail operations. This segment includes major national and regional retail anchors that you see every day. For instance, tenants like AMC, Dick's Sporting Goods are part of this group, driving a significant portion of the cash flow.

Then you have the mixed-use component, which is designed to create lifestyle destinations. This group includes operators focused on experiences and services. We see categories like restaurants, fitness centers, and even co-working operators signing leases, such as the recent 10-year lease with a co-working operator at The Shops at Legacy, which is a 30,000 square foot commitment.

Here's the quick math on how the portfolio's ABR breaks down based on the Q3 2025 figures. This shows you where the money is coming from right now:

The institutional and individual investors form a distinct segment, though they don't occupy space. Their interest is tied directly to the performance and the resulting distributions. CTO Realty Growth, Inc. has been actively managing its dividend, which stood at an attractive level, with a reported yield of around 8.8% in Q2 2025, and the company declared dividends for the Fourth Quarter 2025 in November 2025.

Office tenants are a small, but present, part of the customer base. As of Q3 2025, this segment represents only about 3.6% of the total ABR. Another report from mid-2025 pegged this figure at about 4% of annualized base rent, confirming its minor role in the overall revenue structure.

To be fair, the focus on retail and mixed-use is intentional, given the portfolio's location in Sun Belt states. The leasing activity reflects this focus, with year-to-date comparable leases showing a strong average cash base rent of $24.16 per square foot for the nine months ended September 30, 2025.

The key customer types CTO Realty Growth, Inc. serves are:

• National and regional retail operators.
• Mixed-use operators like fitness and dining.
• Investors seeking REIT dividends.
• Office users, a small base.

Finance: draft 13-week cash view by Friday.

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Cost Structure

You're looking at the core costs CTO Realty Growth, Inc. has to cover to keep the properties running and the business afloat as of late 2025. These are the necessary drains on cash flow before you even get to shareholder returns.

Significant interest expense on debt remains a major cost. Even though the company actively managed its balance sheet, debt service is a fixed commitment. CTO Realty Growth, Inc. ended the third quarter of 2025 with a net debt to EBITDA ratio of 6.7x, which is an improvement from 6.9x at the end of the second quarter. To give you a concrete look at the interest burden, for the three months ended March 31, 2025, the Interest Expense, net of amortization of loan costs and discount on convertible debt, was reported at $5,770 thousand. This cost is being managed by locking in rates; for instance, new term loans closed near quarter-end had an initial fixed interest rate of approximately 4.2%.

The day-to-day running of the properties drives the property operating expenses. These cover the basics like keeping the lights on and the buildings maintained. For the quarter ending September 30, 2025, CTO Realty Growth, Inc. reported total Operating Expenses of $27.73 million. This cost base supports the portfolio, which generated a Same-Property Net Operating Income (NOI) of $18.6 million for the third quarter of 2025. Here's a quick look at the scale of the portfolio costs relative to revenue generation:

Next up are the General and administrative (G&A) expenses, which cover the internal management team and overhead. For the full year of 2025, management provided guidance that G&A expenses would fall within a range of $17.5 million to $18.0 million. That's the cost of running the corporate office, separate from the direct property costs.

Finally, you have Capital expenditure (CapEx), which is money spent to improve assets or secure future income, like re-tenanting. While specific CapEx for re-tenanting isn't itemized separately, the company's investment activity shows where major capital is being deployed. For full-year 2025, the outlook included investments, including structured investments, between $100.0 million and $200.0 million, expected at initial yields between 8.0% and 8.5%. To fund this and manage maturities, CTO Realty Growth, Inc. closed on $150.0 million in new term loan financings and used a portion of that to repay a $65.0 million term loan due in March 2026.

The company also spent capital on stock buybacks, repurchasing 571,473 shares for $9.3 million through October 28, 2025, at a weighted average price of $16.27 per share.

CTO Realty Growth, Inc. (CTO) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive CTO Realty Growth, Inc.'s top line as of late 2025. This isn't about strategy; it's about the dollars coming in the door right now.

The primary engine remains property operations, but the fee-based income streams are definitely contributing to the overall picture. Here's the quick math on the key revenue components from the third quarter of 2025.

The leasing momentum seen in the third quarter is expected to translate into the full-year results. CTO Realty Growth, Inc. has updated its full-year guidance based on this performance.

• Full-year 2025 Core FFO per share projected between $1.84 and $1.87.

That full-year Core FFO guidance was raised from a previous range of $1.80 to $1.86 per share. Also, the current signed-not-open pipeline represents $5.5 million, or 5.3% of annual cash base rent in place at quarter end, which is a tailwind for future rental income recognition. Finance: draft 13-week cash view by Friday.