Consolidated Tomoka Land Company Stock Earnings Reports

CTO Realty Growth reported a strong start to 2026 driven by leasing, NOI growth and opportunistic investments. Leasing/occupancy: executed 153k sq ft of leases/renewals/extensions in Q1 with an average cash rent increase of 14%; portfolio occupancy was 95.4% at quarter end; Signed‑Not‑Open pipeline equals $6.2M of annual base rent (~5.5% of in‑place ABR). Same‑store shopping center NOI rose 6.8% year‑over‑year (4.2% excluding nonrecurring tenant recoveries). Financial results: Q1 core FFO was $16.9M ($0.52/share) vs. $14.4M ($0.46) prior year; AFFO was $18.2M ($0.56/share) vs. $15.5M ($0.49). Balance sheet and liquidity: total debt $651.8M with a weighted average rate of 4.6%, ~ $125M liquidity, leverage ~6.4x net debt / pro forma adj. EBITDA; issued ~733.9k shares via ATM for ~$14.2M proceeds. Transactions and portfolio management: acquired Palms Crossing (McAllen, TX) for $81.6M (399k sq ft, 98% leased), increasing Texas to the company’s third largest state by ABR; Madison Yards (Atlanta) is under contract for sale (nonrefundable deposit) expected to close in May; structured investments rose (including a post‑quarter $75M preferred yielding 12%), raising structured portfolio to ~$158M at a weighted average yield ~11.6%. Capital deployment / pipeline: continuing work on 6 outparcels (target ~$30M of investment, low‑double‑digit unlevered yields, earnings contribution mainly 2027 with full benefit 2028); management expects continued recycling of stabilized assets into higher‑yield or value‑add opportunities. Guidance: raised 2026 outlook — core FFO to $2.06–$2.11/share and AFFO to $2.19–$2.24/share (midpoint implies ~12% growth); guidance assumptions include $175M–$250M of structured investments, shopping center same‑property NOI growth of 3.5%–4.5%, and G&A of $19.7M–$20.2M. Key risks and timing notes: certain lease commencements (large national tenants) can be slow (John noted conservatively ~3 months to sign, ~9 months to commence); one shopping center remains below 90% (Carolina Pavilion at 83%); some nonrecurring tenant recoveries impacted Q1 NOI growth.