CTO Realty Growth swings to $7.05M loss in Q3 2026
The revised 2026 Core FFO range is $2.11 to $2.14 per diluted share, alongside $472 million in year-to-date investment activity.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
CTO Realty Growth reported third-quarter 2026 revenue of $46.914 million, versus $37.757 million a year earlier, and a GAAP net loss attributable to common stockholders of $7.050 million, versus $1.036 million of income. Core FFO per diluted share was $0.53, compared with $0.48; AFFO was $0.55, compared with $0.50. Shopping-center same-property NOI increased 3.8%; comparable retail leases covered 396,000 square feet at a 7% positive cash rent spread.
Year-to-date investment activity totaled $472 million at a weighted-average yield of 9.4%. CTO acquired the 768,000-square-foot Zona Rosa center for $63.3 million and originated a $37.0 million, two-year loan with a 9.75% initial cash yield. It closed a $1.0 billion amended and restated unsecured credit facility, including $250 million of incremental commitments; the nearest maturity is in September 2029. Under its common stock ATM program, CTO issued 1,271,472 shares at a $21.83 weighted-average gross price, generating $27.3 million in net proceeds. Revised 2026 Core FFO guidance is $2.11 to $2.14 per diluted share, from $2.09 to $2.13; AFFO guidance is $2.22 to $2.25, versus $2.21 to $2.25. Guidance is subject to risks and uncertainties.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue increased to $46.914 million from $37.757 million.
- Moderate pointCore FFO per diluted share rose 10% year over year to $0.53.
Negative
- Moderate pointThird-quarter net loss to common stockholders was $7.050 million, versus $1.036 million income.
Insights
Analyzing...
8-K Event Classification
Key Figures
Key Terms
Core Funds From Operations financial
Adjusted Funds From Operations financial
Same-Property NOI financial
signed-not-open leasing pipeline financial
Earnings Snapshot
2026 Core FFO per diluted share of $2.11 to $2.14, versus the previous range of $2.09 to $2.13; AFFO per diluted share of $2.22 to $2.25, versus the previous range of $2.21 to $2.25.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did CTO perform financially in the third quarter of 2026?
What is CTO's 2026 Core FFO guidance?
How much is CTO's signed-not-open leasing pipeline?
What happened to Carolina Pavilion's vacated anchor space?
How much income did CTO report from Alpine Income Property Trust?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
|
|
|
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
|
|
Title of each class: | | Trading Symbol | | Name of each exchange on which registered: |
|
| |||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On October 27, 2026, CTO Realty Growth, Inc., a Maryland corporation (the "Company"), issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter and nine months ended September 30, 2026. Copies of the press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.
The information in Item 2.02 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 7.01. Regulation FD Disclosure
On October 27, 2026, the Company issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter and nine months ended September 30, 2026. Copies of the earnings press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.
The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
The information in Item 7.01 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1 Earnings Press Release dated October 27, 2026 |
99.2 Investor Presentation dated October 27, 2026 |
99.3 Supplemental Disclosure Package |
104 Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 27, 2026
CTO Realty Growth, Inc.
By: /s/ Philip R. Mays
Senior Vice President, Chief Financial Officer,
and Treasurer (Principal Financial Officer)
Exhibit 99.1
Press Release
FOR IMMEDIATE RELEASE | CTO Realty Growth Reports Third Quarter 2026 Operating and Financial Results – Year-to-Date Investment Activity Totals $472 million – – Enhances Liquidity with $1.0 billion Credit Facility – – Increases 2026 Core FFO Per Diluted Share Guidance to $2.11 to $2.14 – | |
WINTER PARK, FL – October 27, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in the higher growth Southeast and Southwest markets, today announced its operating and financial results for the quarter ended September 30, 2026. Net Loss attributable to common stockholders was $0.19 per diluted share for the third quarter.
Third Quarter 2026 Highlights
Subsequent Events
| ◾ | Subsequent to September 30, 2026, invested an aggregate of $135.8 million comprised primarily of the previously announced $103.0 million acquisition of Summit Woods Crossing in Kansas City, Missouri and a $32.0 million preferred equity investment in a joint venture that owns a portfolio of ten shopping centers. |
| ◾ | Year-to-date investments, reflecting these subsequent events, total $472.3 million at a weighted average yield of 9.4%. |
“We are pleased to deliver another excellent quarter, with Core FFO per diluted share up 10% year-over-year,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We are raising our 2026 Core FFO guidance to reflect our continued leasing momentum and the $472 million we have invested year-to-date at a weighted average yield of 9.4%. With a $5.6 million signed-not-open leasing pipeline, we believe CTO is well positioned to deliver continued earnings growth into 2027.”
Financial Results
(in thousands, except per share data) | | 3Q 2026 | | 3Q 2025 | | YTD 2026 | | YTD 2025 | ||||
Net Income (Loss) | | $ | (7,050) | | $ | 1,036 | | $ | 10,511 | | $ | (23,877) |
Net Income (Loss) per Common Share - Diluted | | $ | (0.19) | | $ | 0.03 | | $ | 0.30 | | $ | (0.74) |
| | | | | | | | | | | | |
Core FFO | | $ | 19,817 | | $ | 15,632 | | $ | 55,186 | | $ | 44,736 |
Core FFO per Common Share - Diluted | | $ | 0.53 | | $ | 0.48 | | $ | 1.57 | | $ | 1.38 |
| | | | | | | | | | | | |
AFFO | | $ | 20,856 | | $ | 16,345 | | $ | 58,229 | | $ | 47,133 |
AFFO per Common Share - Diluted | | $ | 0.55 | | $ | 0.50 | | $ | 1.66 | | $ | 1.46 |
Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.
Portfolio Performance
Retail Leasing Activity
| ◾ | During the three months ended September 30, 2026, the Company executed 38 new leases, renewals and extensions totaling 467,000 square feet. On a comparable space basis, the Company executed 396,000 square feet of leases at an average cash rent spread increase of 7%. |
| ◾ | During the nine months ended September 30, 2026, the Company executed 88 new leases, renewals and extensions totaling 833,000 square feet. On a comparable space basis, the Company executed 726,000 square feet of leases at an average cash rent spread increase of 9%. |
| ◾ | All vacated anchor spaces have now been addressed: |
| o | Under contract to sell 76,500 square feet at Carolina Pavilion formerly leased to Value City Furniture and Jo-Ann Fabrics. Closing is expected late in the fourth quarter, subject to customary closing conditions. |
| o | Subdivided the 40,900 square feet at Carolina Pavilion formerly leased to Conn’s and executed leases with Cavender’s and 2nd & Charles. |
Page 2
Same-Property NOI
| ◾ | During the three months ended September 30, 2026, shopping center same-property NOI increased by 3.8% versus the comparable 2025 period. |
| ◾ | During the nine months ended September 30, 2026, shopping center same-property NOI increased by 6.2% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same-property NOI increased by 5.2% versus the comparable 2025 period. |
| ◾ | Including other/non-core properties, same-property NOI increased by 2.3% for the third quarter and 3.2% for the nine months ended September 30, 2026. This growth was impacted by one tenant vacating 98,000 of our 212,000-square-foot Albuquerque, New Mexico property in December 2025. As previously announced, this vacancy was leased to the State of New Mexico which began paying rent in September 2026. |
Occupancy
| ◾ | As of September 30, 2026, total property portfolio leased occupancy was 92.4%, a decrease of 180 basis points compared to September 30, 2025, driven in part by the acquisition of Zona Rosa, which was 67% leased at acquisition. |
| ◾ | As of September 30, 2026, same-property shopping center portfolio leased occupancy was 95.8%, up 90 basis points compared to September 30, 2025. |
Investment and Disposition Activity
Investment Activity
| ◾ | During the three months ended September 30, 2026, completed $102.3 million of investments at a weighted average yield of 9.1%, consisting of: |
| o | $63.3 million, or $82 per square foot, acquisition of Zona Rosa, a 768,000 square-foot mixed-use center in Kansas City, Missouri. The property is currently 67% leased and anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW. The 64-acre center includes 10 acres of entitled development land and approximately 100,000 square feet of underutilized space for future value-add repositioning. |
| o | $37.0 million loan origination, of which $29.8 million was funded at closing. The investment is secured by a leasehold interest in a mixed-use property located in Austin, Texas, generates a 9.75% initial cash yield, and has a two-year term. |
| o | $2.0 million acquisition of a vacant outparcel at the Carolina Pavilion property located in Charlotte, North Carolina. |
| ◾ | During the nine months ended September 30, 2026, completed $336.5 million of investments at a weighted average yield of 9.4%. |
Disposition and Loan Repayment Activity
| ◾ | During the nine months ended September 30, 2026, completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%, generating aggregate gains of $2.1 million. |
| ◾ | During the nine months ended September 30, 2026, the Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located in Allen, Texas, was repaid in full for $30.0 million. |
Page 3
Subsequent Events
| ◾ | Inclusive of the activity subsequent to September 30, 2026, completed $472.3 million of investments at a weighted average yield of 9.4%: |
| o | On October 5, 2026, acquired Summit Woods Crossing, a 545,000-square-foot open-air power center situated on 57 acres in the Kansas City, Missouri metro area, for $103.0 million, or $189 per square foot, significantly below replacement cost. The property is anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine, with an on-site SuperTarget not owned by the Company. |
| o | On October 14, 2026, acquired a $0.8 million vacant outparcel adjacent to the Company’s existing beachfront restaurants located in Daytona Beach, Florida. |
| o | On October 15, 2026, completed a $32.0 million preferred equity investment in a joint venture that owns a 10-property shopping center portfolio, fully funded at close, with an initial yield of 17.0% (including 7.0% paid-in-kind interest) and a 36-month term. |
| ◾ | Inclusive of the activity closed subsequent to September 30, 2026, property portfolio has increased 1.3 million square feet since June 30, 2026. |
Balance Sheet and Liquidity
Balance sheet highlights as of September 30, 2026, included:
| ◾ | Total liquidity of $254.6 million, consisting of $245.8 million of undrawn commitments, limited by borrowing base restrictions, and $8.8 million of cash on hand. |
| ◾ | Total borrowings of $723.0 million at a weighted average interest rate of 4.7%. |
| ◾ | Net Debt to Pro Forma Adjusted EBITDA was 5.9 times. |
| ◾ | During the quarter ended September 30, 2026, the Company closed a $1.0 billion amended and restated unsecured credit facility (the “Credit Facility”). The Credit Facility increased total commitments by $250 million and extended the weighted average maturity of outstanding debt to 4.3 years from 1.6 years, excluding extension options. Proceeds were used to repay outstanding borrowings under the Company’s previous $300 million revolving credit facility, its $100 million term loan due January 2027, and its $100 million term loan due January 2028. |
| ◾ | During the quarter ended September 30, 2026, the Company repaid its $17.8 million secured mortgage, representing its only secured debt. The Company’s nearest maturity is now September 2029. |
| ◾ | During the quarter ended September 30, 2026, the Company issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million. During the nine months ended September 30, 2026, the Company issued 6,188,971 common shares under its common stock ATM program at a weighted average gross price of $20.52 per share, for total net proceeds of $125.1 million. |
Page 4
2026 Outlook
The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange Commission.
The Company has revised its 2026 outlook as follows:
(Unaudited) | | Current | | Previous |
Core FFO per Common Share - Diluted | | $2.11 to $2.14 | | $2.09 to $2.13 |
AFFO per Common Share - Diluted | | $2.22 to $2.25 | | $2.21 to $2.25 |
Metrics above reflect amounts attributable to common stockholders.
The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions):
| | Current | | Previous |
Investment Volume, Including Commercial Loans & Structured Investments | | $472 | | $300 to $400 |
Same-Property NOI Growth for Shopping Centers | | 5.0% to 6.0% | | 5.0% to 6.0% |
General & Administrative Expenses | | $21.0 to $21.5 | | $20.0 to $20.2 |
Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:
| | Revised 2026 Outlook | ||||
(Unaudited) | | Low | | High | ||
Net Income Attributable to the Company per Common Share - Diluted | | $ | 0.66 | | $ | 0.69 |
Depreciation and Amortization of Real Estate | | | 1.83 | | | 1.83 |
Gain on Disposition of Assets (1) | | | (0.06) | | | (0.06) |
Provision for Impairment and Adjustment to CECL Reserve (1) | | | 0.03 | | | 0.03 |
Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax (1) | | | (0.03) | | | (0.03) |
Funds from Operations, per Common Share - Diluted | | $ | 2.43 | | $ | 2.46 |
Distributions to Preferred Stockholders | | | (0.21) | | | (0.21) |
Funds From Operations Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.22 | | $ | 2.25 |
Amortization of Intangibles to Lease Income | | | (0.12) | | | (0.12) |
Loss on Extinguishment of Debt (1) | | | 0.01 | | | 0.01 |
Core FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.11 | | $ | 2.14 |
Adjustments: | | | | | | |
Straight-Line Rent Adjustment | | | (0.04) | | | (0.04) |
Amortization of Loan Costs and Capitalized Interest | | | 0.02 | | | 0.02 |
Non-Cash Compensation | | | 0.13 | | | 0.13 |
AFFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 2.22 | | $ | 2.25 |
(1) | Gain on Disposition of Assets, Provision for Impairment and Adjustment to CECL Reserve, and Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax, and Loss on Extinguishment of Debt represents the actual adjustment for the nine months ended September 30, 2026. The Company’s outlook excludes projections related to these measures. |
Page 5
Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the third quarter ended September 30, 2026, on Wednesday, October 28, 2026 at 9:00 AM ET.
A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details.
Event Details:
Webcast:https://edge.media-server.com/mmc/p/fu529fsr
Registration:https://register-conf.media-server.com/register/BI7d08c73e0701499d94825c3c59fee239
We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.ctoreit.com.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.
We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.
Contact:Investor Relations
ir@ctoreit.com
Page 6
Safe Harbor
Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “guidance,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.
Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.
There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT.
Page 7
NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.
To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.
To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company’s assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use
Page 8
Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses (“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent performance measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other companies.
Page 9
CTO Realty Growth, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
| | As of | ||||
| | (Unaudited) | | December 31, 2025 | ||
ASSETS | | | | | | |
Real Estate: | | | | | | |
Land, at Cost | | $ | 318,401 | | $ | 289,012 |
Building and Improvements, at Cost | | | 844,484 | | | 766,371 |
Other Furnishings and Equipment, at Cost | | | 937 | | | 923 |
Construction in Process, at Cost | | | 5,386 | | | 4,091 |
Total Real Estate, at Cost | | | 1,169,208 | | | 1,060,397 |
Less, Accumulated Depreciation | | | (129,699) | | | (107,268) |
Real Estate—Net | | | 1,039,509 | | | 953,129 |
Land and Development Costs | | | — | | | 300 |
Intangible Lease Assets—Net | | | 97,092 | | | 84,710 |
Investment in Alpine Income Property Trust, Inc. | | | 42,881 | | | 41,324 |
Commercial Loans and Investments | | | 222,480 | | | 104,804 |
Cash and Cash Equivalents | | | 8,815 | | | 6,467 |
Restricted Cash | | | 12,266 | | | 34,652 |
Deferred Income Taxes—Net | | | 2,050 | | | 2,309 |
Other Assets | | | 70,243 | | | 36,207 |
Total Assets | | $ | 1,495,336 | | $ | 1,263,902 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | |
Liabilities: | | | | | | |
Accounts Payable | | $ | 2,710 | | $ | 1,709 |
Accrued and Other Liabilities | | | 37,491 | | | 28,185 |
Deferred Revenue | | | 21,347 | | | 18,802 |
Intangible Lease Liabilities—Net | | | 34,784 | | | 31,486 |
Income Taxes Payable | | | 52 | | | 29 |
Long-Term Debt—Net | | | 717,621 | | | 616,345 |
Total Liabilities | | | 814,005 | | | 696,556 |
Commitments and Contingencies | | | | | | |
Stockholders’ Equity: | | | | | | |
Preferred Stock – 100,000,000 shares authorized; $0.01 par value per share, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at September 30, 2026 and December 31, 2025 | | | 47 | | | 47 |
Common Stock – 500,000,000 shares authorized; $0.01 par value per share, 38,756,926 shares issued and outstanding at September 30, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025 | | | 388 | | | 324 |
Additional Paid-In Capital | | | 509,513 | | | 382,494 |
Retained Earnings | | | 153,656 | | | 184,886 |
Accumulated Other Comprehensive Income (Loss) | | | 17,727 | | | (405) |
Total Stockholders’ Equity | | | 681,331 | | | 567,346 |
Total Liabilities and Stockholders’ Equity | | $ | 1,495,336 | | $ | 1,263,902 |
Page 10
CTO Realty Growth, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except share, per share and dividend data)
| | Three Months Ended | | Nine Months Ended | ||||||||
| | | | | | | | | | | | |
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenues | | | | | | | | | | | | |
Income Properties | | $ | 38,451 | | $ | 33,439 | | $ | 112,167 | | $ | 98,486 |
Management Fee Income | | | 1,521 | | | 1,176 | | | 4,336 | | | 3,601 |
Interest Income From Commercial Loans and Investments | | | 6,942 | | | 3,142 | | | 15,415 | | | 9,119 |
Total Revenues | | | 46,914 | | | 37,757 | | | 131,918 | | | 111,206 |
Direct Cost of Revenues | | | | | | | | | | | | |
Income Properties | | | (11,581) | | | (9,274) | | | (32,875) | | | (28,343) |
Total Direct Cost of Revenues | | | (11,581) | | | (9,274) | | | (32,875) | | | (28,343) |
General and Administrative Expenses | | | (5,806) | | | (4,780) | | | (15,513) | | | (13,911) |
Provision for Impairment and Adjustment to CECL Reserve | | | (354) | | | (68) | | | (1,117) | | | (68) |
Depreciation and Amortization | | | (17,393) | | | (14,929) | | | (49,196) | | | (44,587) |
Total Operating Expenses | | | (35,134) | | | (29,051) | | | (98,701) | | | (86,909) |
Gain on Disposition of Assets | | | — | | | 1,373 | | | 2,107 | | | 1,373 |
Loss on Extinguishment of Debt | | | (211) | | | (53) | | | (211) | | | (20,449) |
Other Gain (Loss) | | | (211) | | | 1,320 | | | 1,896 | | | (19,076) |
Total Operating Income | | | 11,569 | | | 10,026 | | | 35,113 | | | 5,221 |
Investment and Other Income (Loss) | | | (9,419) | | | (221) | | | 4,589 | | | (3,333) |
Interest Expense | | | (7,934) | | | (6,833) | | | (22,988) | | | (19,828) |
Income (Loss) Before Income Tax Expense | | | (5,784) | | | 2,972 | | | 16,714 | | | (17,940) |
Income Tax Benefit (Expense) | | | 612 | | | (58) | | | (569) | | | (303) |
Net Income (Loss) Attributable to the Company | | | (5,172) | | | 2,914 | | | 16,145 | | | (18,243) |
Distributions to Preferred Stockholders | | | (1,878) | | | (1,878) | | | (5,634) | | | (5,634) |
Net Income (Loss) Attributable to Common Stockholders | | $ | (7,050) | | $ | 1,036 | | $ | 10,511 | | $ | (23,877) |
| | | | | | | | | | | | |
Per Share Information: | | | | | | | | | | | | |
Basic and Diluted Net Income (Loss) Attributable to Common Stockholders | | $ | (0.19) | | $ | 0.03 | | $ | 0.30 | | $ | (0.74) |
| | | | | | | | | | | | |
Weighted Average Number of Common Shares | | | | | | | | | | | | |
Basic | | | 37,537,899 | | | 32,651,101 | | | 35,033,606 | | | 32,298,304 |
Diluted | | | 37,621,472 | | | 32,682,775 | | | 35,081,726 | | | 32,313,895 |
| | | | | | | | | | | | |
Dividends Declared and Paid - Preferred Stock | | $ | 0.40 | | $ | 0.40 | | $ | 1.20 | | $ | 1.20 |
Dividends Declared and Paid - Common Stock | | $ | 0.38 | | $ | 0.38 | | $ | 1.14 | | $ | 1.14 |
Page 11
CTO Realty Growth, Inc.
Non-GAAP Financial Measures
Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations
Attributable to Common Stockholders
(Unaudited)
(In thousands, except per share data)
| | Three Months Ended | | Nine Months Ended | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Net Income (Loss) Attributable to the Company | | $ | (5,172) | | $ | 2,914 | | $ | 16,145 | | $ | (18,243) |
Adjustments: | | | | | | | | | | | | |
Depreciation and Amortization of Real Estate | | | 17,376 | | | 14,913 | | | 49,145 | | | 44,536 |
Gain on Disposition of Assets | | | — | | | (1,373) | | | (2,107) | | | (1,373) |
Provision for Impairment and Adjustment to CECL Reserve | | | 354 | | | 68 | | | 1,117 | | | 68 |
Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax | | | 9,805 | | | 1,115 | | | (1,203) | | | 5,829 |
Funds from Operations | | $ | 22,363 | | $ | 17,637 | | $ | 63,097 | | $ | 30,817 |
Distributions to Preferred Stockholders | | | (1,878) | | | (1,878) | | | (5,634) | | | (5,634) |
Funds From Operations Attributable to Common Stockholders | | $ | 20,485 | | $ | 15,759 | | $ | 57,463 | | $ | 25,183 |
Adjustments: | | | | | | | | | | | | |
Loss on Extinguishment of Debt | | | 211 | | | 53 | | | 211 | | | 20,449 |
Amortization of Intangibles to Lease Income | | | (879) | | | (180) | | | (2,488) | | | (896) |
Core Funds From Operations Attributable to Common Stockholders | | $ | 19,817 | | $ | 15,632 | | $ | 55,186 | | $ | 44,736 |
Adjustments: | | | | | | | | | | | | |
Straight-Line Rent Adjustment | | | (277) | | | (405) | | | (1,140) | | | (1,690) |
Other Depreciation and Amortization | | | (32) | | | 1 | | | (34) | | | (1) |
Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest | | | 227 | | | 181 | | | 574 | | | 866 |
Non-Cash Compensation | | | 1,121 | | | 936 | | | 3,643 | | | 3,222 |
Adjusted Funds From Operations Attributable to Common Stockholders | | $ | 20,856 | | $ | 16,345 | | $ | 58,229 | | $ | 47,133 |
| | | | | | | | | | | | |
FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.54 | | $ | 0.48 | | $ | 1.64 | | $ | 0.78 |
Core FFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.53 | | $ | 0.48 | | $ | 1.57 | | $ | 1.38 |
AFFO Attributable to Common Stockholders per Common Share - Diluted | | $ | 0.55 | | $ | 0.50 | | $ | 1.66 | | $ | 1.46 |
| | | | | | | | | | | | |
Supplemental Disclosure: | | | | | | | | | | | | |
PIK Interest Earned | | $ | 224 | | $ | — | | $ | 357 | | $ | — |
PIK Interest Paid | | | — | | | — | | | — | | | — |
PIK Interest Earned in Excess of PIK Interest Paid | | $ | 224 | | $ | — | | $ | 357 | | $ | — |
Page 12
CTO Realty Growth, Inc.
Non-GAAP Financial Measures
Same-Property NOI Reconciliation
(Unaudited)
(In thousands)
| | Three Months Ended | | Nine Months Ended | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Net Income (Loss) Attributable to the Company | | $ | (5,172) | | $ | 2,914 | | $ | 16,145 | | $ | (18,243) |
Gain on Disposition of Assets | | | — | | | (1,373) | | | (2,107) | | | (1,373) |
Loss on Extinguishment of Debt | | | 211 | | | 53 | | | 211 | | | 20,449 |
Provision for Impairment and Adjustment to CECL Reserve | | | 354 | | | 68 | | | 1,117 | | | 68 |
Depreciation and Amortization | | | 17,393 | | | 14,929 | | | 49,196 | | | 44,587 |
Amortization of Intangibles to Lease Income | | | 879 | | | 180 | | | 2,488 | | | 896 |
Straight-Line Rent Adjustment | | | 277 | | | 405 | | | 1,140 | | | 1,690 |
Accretion of Tenant Contribution | | | 45 | | | 13 | | | 71 | | | 39 |
Interest Expense | | | 7,934 | | | 6,833 | | | 22,988 | | | 19,828 |
General and Administrative Expenses | | | 5,806 | | | 4,780 | | | 15,513 | | | 13,911 |
Investment and Other Income | | | 9,419 | | | 221 | | | (4,589) | | | 3,333 |
Income Tax Expense (Benefit) | | | (612) | | | 58 | | | 569 | | | 303 |
Management Fee Income | | | (1,521) | | | (1,176) | | | (4,336) | | | (3,601) |
Interest Income From Commercial Loans and Investments | | | (6,942) | | | (3,142) | | | (15,415) | | | (9,119) |
Other Non-Recurring Items (1) | | | 349 | | | (519) | | | (416) | | | (726) |
Less: Impact of Properties Not Owned for the Full Reporting Period | | | (6,970) | | | (3,283) | | | (25,347) | | | (16,607) |
Same-Property NOI | | $ | 21,450 | | $ | 20,961 | | $ | 57,228 | | $ | 55,435 |
Less: Same Property NOI for Other Properties | | | (1,016) | | | (1,277) | | | (2,277) | | | (3,683) |
Same-Property NOI for Shopping Centers | | $ | 20,434 | | $ | 19,684 | | $ | 54,951 | | $ | 51,752 |
| (1) | Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. |
Page 13
CTO Realty Growth, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands)
| | Three Months Ended | | |
| | September 30, 2026 | | |
Net Loss Attributable to the Company | | $ | (5,172) | |
Depreciation and Amortization of Real Estate | | | 17,376 | |
Provision for Impairment and Adjustment to CECL Reserve | | | 354 | |
Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax | | | 9,805 | |
Distributions to Preferred Stockholders | | | (1,878) | |
Loss on Extinguishment of Debt | | | 211 | |
Amortization of Intangibles to Lease Income | | | (879) | |
Straight-Line Rent Adjustment | | | (277) | |
Other Depreciation and Amortization | | | (32) | |
Amortization of Loan Costs and Capitalized Interest | | | 227 | |
Non-Cash Compensation | | | 1,121 | |
Other Non-Recurring Items (1) | | | 349 | |
Interest Expense, Net of Amortization of Loan Costs | | | 7,708 | |
Adjusted EBITDA | | $ | 28,913 | |
| | | | |
Annualized Adjusted EBITDA | | $ | 115,652 | |
Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) | | | 4,799 | |
Pro Forma Adjusted EBITDA | | $ | 120,451 | |
| | | | |
Total Long-Term Debt | | $ | 717,621 | |
Financing Costs, Net of Accumulated Amortization | | | 5,379 | |
Cash and Cash Equivalents | | | (8,815) | |
Net Debt | | $ | 714,185 | |
| | | | |
Net Debt to Pro Forma Adjusted EBITDA | | | 5.9 | x |
(1) | Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. |
(2) | Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended September 30, 2026. |
Page 14
Exhibit 99.2
| Third Quarter 2026 Investor Presentation Zona Rosa | Kansas City, MO |
| 2 © CTO Realty Growth, Inc. | ctoreit.com $50M $51M $70M $97M $111M $132M $154M 2020 2021 2022 2023 2024 2025 Q3 2026 $496M $690M $919M $946M $1.3B $1.3B $1.6B 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/2026 Highlights Income Properties Revenues Enterprise Value As of September 30, 2026 unless otherwise noted. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent. $0.53 Core FFO Per Share 3.8% Quarterly same-property NOI growth for shopping centers 7% Comparable leasing spread 78% ABR from Georgia, Florida, Texas & North Carolina 92.4% Leased Occupancy – 250 bps spread to 89.9% occupancy $5.6M SNO Pipeline – 4.6% of in-place ABR $20.57 Cash ABR PSF $200 Implied property value per square foot 396,000 Square feet of comparable leasing activity Q3 2026 Highlights Annualized |
| 3 © CTO Realty Growth, Inc. | ctoreit.com Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest Company Overview Unless otherwise noted, metrics are as of September 30, 2026, and reflect a $20.49 per share common stock price for CTO. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent. 1. Based on metrics as of September 30, 2026 except for property value which is based on forward twelve months NOI estimate reduced by forecasted capital expenditures 2. Investment and disposition activity includes both properties and structured investments Collection at Forsyth Atlanta, GA 6.6M Square Feet 78% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina 7.4% Annualized Dividend Yield 8.4% Implied Cap Rate 1 $0.6 billion Total Disposition Activity: 2020-Present 2 $1.8 billion Total Acquisition Activity: 2020-Present 2 $714M Net Debt Outstanding $118M Series A Preferred $1.6B Enterprise Value $794M Equity Market Cap |
| 4 © CTO Realty Growth, Inc. | ctoreit.com Q3 2026 Acquisition – Zona Rosa ▪ $63 . 3 million purchase price in September 2026 ▪ Basis of $82 / SF , well -below replacement cost ▪ 768 ,000 -square foot mixed -use center situated across 64 acres ▪ Multi -phase revitalization opportunity providing compelling initial yield and long -term return ▪ Embedded upside from leasing (67 % leased) ▪ Future value -add repositioning opportunities from 10 acres of entitled development land and 100 ,000 square feet of underutilized space ▪ Located near Kansas City International Airport in one of Kansas City’s fastest -growing neighborhoods with strong demographics Featured Tenants Transaction Highlights Note: Zona Rosa was acquired on September 11, 2026 and is included in all portfolio metrics as of September 30, 2026. Grey area indicates unowned parcels |
| 5 © CTO Realty Growth, Inc. | ctoreit.com Subsequent Event – Summit Woods Acquisition ▪ $103.0 million purchase price in October 2026 ▪ Basis of $189 / SF, a discount to replacement cost ▪ 545,000-square foot power center on 57 acres; 99% occupied ▪ Anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine, and shadow-anchored by SuperTarget ▪ Summit Woods reflects what we look for in an investment: a purchase price well below replacement cost, an attractive yield, and below market leases. ▪ Located in Lee’s Summit which is consistently ranked as one of the best places to live in America, offering superior quality life, a vibrant downtown, and award-winning schools. Featured Tenants Transaction Highlights Note: Summit Woods Crossing was acquired in October 2026, after September 30, 2026; all metrics in the presentation except for these two slides exclude the acquisition of Summit Woods Crossing. |
| 6 © CTO Realty Growth, Inc. | ctoreit.com Kansas City: Two Distinct Submarkets Note: Zona Rosa was acquired in September 2026 and is included in portfolio metrics as of September 30, 2026. Summit Woods Crossing was acquired in October 2026 and is excluded from all other metrics in this presentation. Submarket shading is illustrative. NORTHLAND Six miles from Kansas City International Airport LEE’S SUMMIT ~20 miles southeast of downtown Located on opposite sides of the Kansas City MSA, the two centers benefit from unique trade areas Zona Rosa Northland | Mixed-use lifestyle center 5.5M Annual visits ~$124K 5-mile avg. household income Six miles from Kansas City International Airport, which recently completed a $1.5 billion new terminal ~100K 5-mile population Summit Woods Crossing Lee’s Summit | Power center 7.3M Annual visits ~$123K 5-mile avg. household income Over $1B of nearby mixed-use developments support continued growth in the area ~113K 5-mile population Zona Rosa Summit Woods |
| 7 © CTO Realty Growth, Inc. | ctoreit.com Carolina Pavilion: Value Creation Since Acquisition As of September 30, 2026 unless otherwise noted; at acquisition reflects September 30, 2024. Cash ABR excludes straight-line rent. (1) Current stats represent information as of September 30, 2026 and exclude the two boxes (76,500 SF) under contract to sell, subject to customary closing conditions. Re-leased three vacated anchor boxes (one of which was subdivided into 2) to Cavender’s, 2nd & Charles, Bob’s Discount Furniture and Slick City Annual cash base rent increased ~$900k Under contract to sell the former Value City Furniture and Jo-Ann boxes (76,500 SF) to a national retailer for $20.7M ($271/SF) Sale price represents greater price per square foot than original purchase of the center for $137/SF 81% → 91% Occupancy 300 bps 12% Growth(1) since Acquisition (3Q 2024) 94% → 97% Leased Occupancy $14.58 → $16.28 In-Place Cash Rent PSF 1,000 bps In September 2026, acquired vacant outparcel (6k SF) |
| 8 © CTO Realty Growth, Inc. | ctoreit.com Pompano Citi Centre Update 365 new apartments next door (not owned by CTO). Recently completed construction. Subsequent Leasing Activity ▪ Subsequent to quarter end, Amped Fitness signed a lease to expand by 19,000 square feet, bringing this immersive, experience-driven fitness destination to 53,000 square feet. ▪ An Amped affiliate also leased 56,000 square feet for research, development and testing of gym equipment and experiential rooms, as well as office operations. ▪ This space is part of the 62,000 square feet of unfinished second-floor shell space identified as upside. ▪ This leasing activity increases leased occupancy by 200 bps to 94% from 92% at acquisition First Floor Shown Only 365 Residential Units |
| 9 © CTO Realty Growth, Inc. | ctoreit.com Multiple Avenues of Earnings Growth As of September 30, 2026 unless otherwise noted. Contractual Rent Growth ~1.7% Estimated annual portfolio average Property Recycling >100 bps History of recycling capital out of low cap rate, stabilized assets and into higher-yielding investment opportunities Outparcel Developments 10-12% Low double-digit return on capital expected for 6 outparcel developments Structured Investments 11.4% Weighted average yield for structured investments portfolio representing ~14% of undepreciated assets Signed-Not-Open (SNO) Pipeline $5.6M Primarily recognized in 2027. New comparable leases historically signed at double digit rent spreads Management & Investment of NYSE: PINE $9.0M Of annual income and dividends from managing PINE |
| 10 © CTO Realty Growth, Inc. | ctoreit.com KRG KIM BRX UE PECO FRT REG CTO IVT AKR 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x – 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Multiple to Consensus 2026E FFO Consensus 2026E FFO Growth vs. 2025A 2026 FFO Growth vs. Valuation 2026E FFO multiples are based on the closing stock price on September 30, 2026, and consensus 2026E FFO estimates per FactSet. Dividend yield is based on the closing stock price on September 30, 2026 and current quarter dividend annualized. 7.4% 5.0% 4.8% 4.5% 4.3% 4.3% 4.3% 4.2% 3.7% 3.3% CTO KIM KRG BRX UE FRT AKR REG PECO IVT Low Valuation Multiple, High FFO Growth Highest Dividend Yield |
| 11 © CTO Realty Growth, Inc. | ctoreit.com Shopping Center Trailing Twelve-Month Total Return Source: S&P Cap IQ as of October 26, 2026 Ashford Lane Atlanta, GA (20.0%) (10.0%) – 10.0% 20.0% 30.0% 40.0% CTO KIM IVT KRG PECO UE BRX FRT AKR REG CTO 20.0% PECO 10.9% FRT 8.4% KRG 7.7% KIM 6.3% IVT 4.4% REG 1.4% BRX 0.3% AKR (4.8%) UE (5.8%) |
| 12 © CTO Realty Growth, Inc. | ctoreit.com © GeoNames, Microsoft, TomTom Powered by Bing 3% 28% Cash ABR % Focused on Southeast & Southwest U.S. Percentages listed based on cash ABR excluding the impact of straight-line rent for the Company’s portfolio as of September 30, 2026. Any differences a result of rounding. Texas: 17% of ABR Florida: 20% of ABR Georgia: 28% of ABR North Carolina: 13% of ABR 78% Of Portfolio ABR from Georgia, Florida, Texas & North Carolina 8% 7% 4% 3% |
| 13 © CTO Realty Growth, Inc. | ctoreit.com Signed-Not-Open (SNO) Pipeline As of September 30, 2026 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of September 30, 2026. All incremental to revenue (does not include upside to recovery income). 1. ABR Recognition Timing represents the percent of rent within the SNO pipeline that is expected to actually be recognized within each respective period. 2. Same-Store Pool is representative of quarterly pool. SNO pipeline delivers tailwinds from executed leasing as leases commence ABR Recognition Timing1 $5.6M cash base rent $26.27 SNO cash rent PSF 4.6% of in-place cash rent 37% cash base rent from anchor tenants 250 bps leased-to-occupied spread SNO Breakdown by % ABR2 Within Shopping Center Same-Property Pool 91% Within Non-Same Property Pool 9% $0.1M $3.2M $5.5M $5.6M 2026 2027 2028 2029 |
| 14 © CTO Realty Growth, Inc. | ctoreit.com Outparcel Opportunities Shopping Center Market Space Collection at Forsyth 10 acres Atlanta, GA Big box – 40k SF & pad Beaver Creek 3 Leases Executed: 8k SF Raleigh, NC Small shops – 15k SF West Broad Village Richmond, VA Single tenant – 20k SF Plaza at Rockwall 1 Lease Executed: 3.5k SF Dallas, TX Small shops – 10k SF Ashley Park Lease Executed Atlanta, GA Single tenant – 10k SF Marketplace at Seminole Lease Executed Orlando, FL Drive-through As of September 30, 2026 1. Excluding costs to purchase land The projects listed above are actively underway. There is no guarantee that the Company will complete any or all of these projects, that the net estimated costs or expected NOI yields will be the amounts shown, or that stabilization will occur as anticipated. The net estimated costs, expected NOI yields, and anticipated stabilization dates are management's best estimates based on current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026. Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost • Average yield on cost of 10-12%1 • ~$30 million1 of costs spread across 2026 & 2027 • Rent to begin commencing in mid-2027 • At LOI, lease negotiations or executed leases for all outparcels Ashley Park Outparcel |
| 15 © CTO Realty Growth, Inc. | ctoreit.com Portfolio by Asset Type 12% 35% if including shadow-anchored assets 33% 51% As of September 30, 2026 Percentages based on cash ABR excluding the impact of straight-line rent. Excludes 12% of ABR from other assets comprised of mixed-use assets, single tenant retail & office property. Exchange at Gwinnett | Atlanta, GA Collection at Forsyth | Atlanta, GA Marketplace at Seminole | Orlando, FL Grocery-Anchored Retail Lifestyle Power Center |
| 16 © CTO Realty Growth, Inc. | ctoreit.com High-Quality Demographics As of September 30, 2026 unless otherwise noted. 1. Source: Esri; Portfolio average weighted by the Annualized Cash Base Rent of each property. Rank Market Properties SF (000s) % ABR 1 Atlanta, GA 4 1,499 28% 2 Dallas, TX 2 596 8% 3 Kansas City, MO 1 768 8% 4 Charlotte, NC 1 700 8% 5 Richmond, VA 1 392 7% 6 Orlando, FL 3 452 7% 7 Fort Lauderdale, FL 1 509 6% 8 McAllen, TX 1 399 6% 9 Raleigh, NC 1 322 5% 10 Jacksonville, FL 1 211 5% 11 Phoenix, AZ 1 222 4% 12 Albuquerque, NM 1 212 3% 13 Houston, TX 1 201 3% 14 Tampa, FL 1 102 1% 15 Daytona Beach, FL 2 12 1% Total 22 6,597 100% Denotes an MSA with over one million people Bold denotes a Top 30 ULI Market 76% % of ABR from ULI’s Top 30 Markets 1 181,000 Portfolio 5-Mile Population1 $135,000 Portfolio Average 5-Mile Household Income1 Beaver Creek Crossings | Raleigh, NC |
| 17 © CTO Realty Growth, Inc. | ctoreit.com Tenant Overview Rank Tenant Credit Rating1 Leases SF (000s) ABR % 1 Dick's Sporting Goods BBB 6 351 4% 2 Best Buy BBB+ 5 187 2% 3 AMC CCC+ 2 134 2% 4 Fidelity BBB 2 122 2% 5 Ross/dd's Discount A- 7 194 2% 6 Burlington BB+ 6 195 2% 7 Nordstrom Rack BB 4 145 2% 8 Barnes & Noble NR 5 132 2% 9 TJ Maxx/HomeGoods/Marshalls A 6 177 2% 10 State of New Mexico AA 1 98 2% 11 Southern University NR 1 60 1% 12 Whole Foods Market AA- 1 60 1% 13 Old Navy BB+ 4 76 1% 14 Academy Sports & Outdoors BB+ 2 129 1% 15 DSW Shoe Warehouse NR 5 95 1% 16 PetSmart B+ 4 78 1% 17 Hobby Lobby NR 2 110 1% 18 Regal Cinemas NR 1 51 1% 19 Bob's Discount Furniture NR 2 86 1% 20 Onelife Fitness NR 1 45 1% Top 20 67 2,526 32% As of September 30, 2026 ABR metrics represent cash ABR excluding the impact of straight-line rent. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). Ashford Lane | Atlanta, GA The Collection at Forsyth | Atlanta, GA |
| 18 © CTO Realty Growth, Inc. | ctoreit.com Rank Industry SF (000s) ABR % 1 Casual Dining 405 12% 2 Off-Price Retail 828 10% 3 Specialty Retail 428 7% 4 Sporting Goods 546 7% 5 Apparel 399 7% 6 Entertainment 418 6% 7 Beauty & Cosmetics 251 6% 8 Healthcare Services 196 5% 9 Fast Casual Restaurant 142 5% 10 Health & Fitness 226 4% 11 Consumer Electronics 250 4% 12 Financial Services 190 4% 13 Home Furnishings 255 4% 14 Miscellaneous 202 3% 15 Grocery 169 3% Top 15 4,905 87% Industry Composition As of September 30, 2026 ABR represents cash ABR and excludes the effect of non-cash straight line rent The Collection at Forsyth Atlanta, GA |
| 19 © CTO Realty Growth, Inc. | ctoreit.com 1% 6% 18% 10% 8% 14% 10% 6% 7% 6% 14% Contractual Rent Bumps & Lease Rollover Schedule As of September 30, 2026. ABR metrics represent cash ABR excluding the impact of straight-line rent. 1. Percent of ABR from tenants or the parents of a tenant. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Associated of Insurance Commissioners (NAIC). Lease Rollover Schedule - % ABR Non-Annual Contractual Rent Increases 28% Contractual Rent Increases At Extension 26% Annual Contractual Rent Increases 34% of Leases Have Contractual Rent Increases in the Current Lease Term 62% No Contractual Rent Increases 12% 88% of Leases by ABR Have Contractual Rent Bumps Ashford Lane Atlanta, GA Ashford Lane Atlanta, GA |
| 20 © CTO Realty Growth, Inc. | ctoreit.com Historical Leasing Upside Since Acquisition As of September 30, 2026 unless otherwise noted. Beaver Creek Raleigh, NC Collection at Forsyth Atlanta, GA Plaza at Rockwall Dallas, TX Marketplace at Seminole Orlando, FL SF Leased Since Acquisition 312k 454k 238k 158k Comparable SF Leased Since Acquisition 292k 381k 217k 155k Cash Rent Spread 30% 13% 19% 46% Q3 2026 Leased Occupancy 100% 94% 100% 100% Occupancy Increase since Acquisition 300 bps 800 bps 500 bps 200 bps |
| 21 © CTO Realty Growth, Inc. | ctoreit.com Structured Investments Portfolio Property Type Current Maturity Current Yield Current Face Amount ($M) Southwest Class A Retail Center Retail Preferred Equity April 2028 12.00% $75.8 Rivana Land Development First Mortgage September 2028 11.65%2 $48.9 Mixed-Use Property Mixed-Use First Mortgage July 2028 9.75% $29.8 Whole Foods Development – Forsyth, GA Grocery-Anchored Retail First Mortgage May 2027 12.15% $21.8 Whole Foods Development – Northeast Grocery-Anchored Retail Preferred Equity October 2027 12.00%3 $21.6 Founders Square Office First Mortgage March 2027 9.50% $15.0 Series A Preferred Investment Entertainment Real Estate Preferred Equity NA 1 14.00% $10.0 Main Street Retail First Mortgage August 2030 6.50% $5.0 Total Structured Investments at Quarter End 11.45% $227.9 10-Property Portfolio (October 2026) Retail Preferred Equity October 2029 17.00%3 $32.0 Total Structured Investments Pro Forma for October 2026 Origination 12.13% $259.9 As of September 30, 2026 unless noted otherwise. 1. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. 2. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate represents the weighted average coupon rate. 3. Coupon rate for Whole Foods development includes 3.00% paid-in-kind interest; coupon rate for 10-Property Portfolio investment includes 7.0% paid-in-kind interest. |
| 22 © CTO Realty Growth, Inc. | ctoreit.com © Australian Bureau of Statistics, GeoNames, Microsoft, Navinfo, Open Places, OpenStreetMap, Overture Maps Fundation, TomTom, Zenrin Powered by Bing – 12% % GAAP ABR PINE Company Profile 1. Calculated using Q4 2026 run-rate 2. Based on PINE’s $17.35 per share common stock price as of September 30, 2026. As of September 30, 2026 Dividend Yield2 7.4% Implied Cap Rate 8.1% Number of Properties 130 Number of States with a Property 31 Total Portfolio Square Feet 4.8M Annualized Base Rent $53.9M % of ABR from Investment Grade Rated Tenants 56% % of ABR from Credit-Rated Tenants 68% CTO Income from PINE Investment Q4 2026 Run-Rate Management Fee Income Dividend Income Total $5.8M $3.2M $9.0M Diversified Geographic Footprint by ABR High-Quality Top Tenancy 12.9% CTO’s Ownership Interest in Alpine Income Property Trust $42.9 Million CTO’s Investment in Alpine Income Property Trust as of September 30, 2026 2.47 million shares and units at $17.35 share price CTO generates ~$9.0 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE) |
| 23 © CTO Realty Growth, Inc. | ctoreit.com Balance Sheet Exchange at Gwinnett Buford, GA As of September 30, 2026 1. As of September 30, 2026, the Company has $245.8 million of undrawn commitments, limited by borrowing base restrictions, on our Revolving Credit Facility, and $8.8 million of cash on hand. 2. The Company’s senior unsecured revolving credit facility initially matures in September 2030 and includes two six-month extension options to September 2031, subject to satisfaction of certain conditions. 3. Interest rates are comprised of Daily or Term SOFR and a pricing spread based on leverage as defined in the related credit agreement. Fixed rates reflect SOFR swaps, see the latest Form 10-Q for more details regarding our SOFR swaps. Additionally, includes a facility fee on the $400.0 million of capacity which ranges from 0.15% to 0.30% depending on the applicable Tier on the pricing grid. As of 9/30/2026 Fixed/Float Initial Loan Maturity2 Weighted Average Rate3 Principal Credit Facility Floating Sep 2030 4.95% $123 2029 Term Loan Fixed Sep 2029 5.35% 150 2030 Term Loan Fixed Sep 2030 4.93% 150 2031 Term Loan Fixed Sep 2031 4.76% 150 2032 Term Loan Fixed Mar 2032 3.43% 150 Total /Average 4.67% $723 Fully Extended Debt Maturities (in millions) 2 $255M liquidity1 44% net debt to total enterprise value (TEV) 5.9x net debt to pro forma adjusted EBITDA - - - $150 $150 $150 $150 - - - - - - - - - - - - $123 - 2026 2027 2028 2029 2030 2031 2032 Unsecured Secured Revolving Credit Facility |
| 24 © CTO Realty Growth, Inc. | ctoreit.com 2026 Guidance Exchange at Gwinnett Buford, GA $ and shares outstanding in millions, except per share data. 1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, in our Earnings Release on page 5. 2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions. Current Previous Core FFO Per Diluted Share1 $2.11 to $2.14 $2.09 to $2.13 Growth at Guidance Mid-Point vs. 2025A 13.6% AFFO Per Diluted Share1 $2.22 to $2.25 $2.21 to $2.25 Growth at Guidance Mid-Point vs. 2025A 13.5% The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows: The Company’s 2026 guidance includes but is not limited to the following assumptions: Current Previous Investments (in millions) $472 $300 to $400 Same-Property NOI Growth for Shopping Centers 2 5.0% to 6.0% 5.0% to 6.0% General and Administrative Expenses (in millions) $21.0 to $21.5 $20.0 to $20.2 |
| 25 © CTO Realty Growth, Inc. | ctoreit.com Experienced Management Team Exchange at Gwinnett Buford, GA John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan Stanley; and Managing Director of Crescent Real Estate (NYSE: CEI) Daniel E. Smith Senior Vice President, General Counsel & Corporate Secretary ▪ Former Vice President and Associate General Counsel of Goldman Sachs & Co. and Senior Vice President and General Counsel of Crescent Real Estate (NYSE: CEI) Philip R. Mays Senior Vice President, Chief Financial Officer & Treasurer ▪ Former Chief Financial Officer & Treasurer of Shadowbox Studios; EVP, Chief Financial Officer & Treasurer of Cedar Realty; and Vice President and Chief Accounting Officer of Federal Realty (NYSE: FRT) Steven R. Greathouse Senior Vice President & Chief Investment Officer ▪ Former Director of Finance for N3 Real Estate; Senior Associate of Merchant Banking – Investment Management at Morgan Stanley; and Senior Associate at Crescent Real Estate (NYSE: CEI) Lisa M. Vorakoun Senior Vice President & Chief Accounting Officer ▪ Former Assistant Finance Director of the City of DeLand, Florida and Audit Manager for James Moore & Company, an Accounting and Consulting Firm Matt J. Trau Vice President, Investments ▪ Former Senior Director of Transactions at ShopCore Properties; Senior Associate of Transactions at DDR Corp (currently Site Centers NYSE: SITC) Alexander M. Gordon Vice President, Leasing & Investments ▪ Former Senior Associate, Brokerage & Retail Advisory Services at CBRE (NYSE: CBRE) Aaron M. Johnson Vice President, Investments ▪ Former Senior Vice President, Transactions at Westwood Financial; Managing Principal, Investment Properties Group at SRS Real Estate Partners; and Director, Capital Markets at HFF/JLL (NYSE: JLL) |
| 26 © CTO Realty Growth, Inc. | ctoreit.com Forward Looking Statements & Non-GAAP Financial Measures Forward Looking Statements Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “guidance,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances. Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items. |
| 27 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures Non-GAAP Financial Measures (continued) To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities. To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company’s assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses (“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent performance measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other companies. |
| 28 © CTO Realty Growth, Inc. | ctoreit.com References References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include: ▪ This presentation was published on October 27, 2026. ▪ All information is as of September 30, 2026, unless otherwise noted. ▪ Any calculation differences are assumed to be a result of rounding. ▪ “2026 Guidance” in this presentation is based on the 2026 Guidance provided in the Company’s Third Quarter 2026 Operating Results press release filed on October 27, 2026. ▪ “Alpine” or “PINE” refers to Alpine Income Property Trust, a publicly traded net lease REIT traded on the New York Stock Exchange under the ticker symbol PINE. ▪ “Annualized Base Rent”, “ABR” or “Rent” and the statistics based on ABR are calculated based on the current portfolio and represent straight-line rent calculated in accordance with GAAP. ▪ “Annualized Cash Base Rent”, “Cash ABR” and the statistics based on Cash ABR are calculated based on the current portfolio and represent the annualized cash base rent calculated in accordance with GAAP due from the tenants at a specific point in time. ▪ “Credit Rated” is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC) (together, the “Major Rating Agencies”). The Company defines an Investment Grade Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. ▪ “Dividend” or “Dividends”, subject to the required dividends to maintain the Company’s qualification as a REIT, are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or number of dividends in the future. ▪ “Investment in Alpine Income Property Trust” or “Alpine Investment” or “PINE Ownership” is calculated based on the 2,471,556 common shares and partnership units CTO owns in PINE and is based on PINE’s closing stock price as of the referenced period on the respective slide. ▪ “Leased Occupancy” refers to space that is currently leased but for which rent payments have not yet commenced. ▪ “MSA” or “Metropolitan Statistical Area” is a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of Management and Budget. The names of the MSA have been shortened for ease of reference. ▪ “Net Debt” is calculated as total long-term debt as presented on the face of the balance sheet; plus financing costs, net of accumulated amortization and unamortized convertible debt discount; less cash, restricted cash and cash equivalents. ▪ “Net Operating Income” or “NOI” is revenues from all income properties less operating expense, maintenance expense, real estate taxes and rent expense. ▪ “Total Enterprise Value” is calculated as the Company’s Total Common Shares Outstanding multiplied by the common stock price; plus the par value of the Series A perpetual preferred equity outstanding and Net Debt. |
| 29 © CTO Realty Growth, Inc. | ctoreit.com Consolidated Statements of Operations (Unaudited, in thousands, except share, per share and dividend data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Income Properties $ 38,451 $ 33,439 $ 112,167 $ 98,486 Management Fee Income 1,521 1,176 4,336 3,601 Interest Income From Commercial Loans and Investments 6,942 3,142 15,415 9,119 Total Revenues 46,914 37,757 131,918 111,206 Direct Cost of Revenues Income Properties (11,581) (9,274) (32,875) (28,343) Total Direct Cost of Revenues (11,581) (9,274) (32,875) (28,343) General and Administrative Expenses (5,806) (4,780) (15,513) (13,911) Provision for Impairment and Adjustment to CECL Reserve (354) (68) (1,117) (68) Depreciation and Amortization (17,393) (14,929) (49,196) (44,587) Total Operating Expenses (35,134) (29,051) (98,701) (86,909) Gain on Disposition of Assets — 1,373 2,107 1,373 Loss on Extinguishment of Debt (211) (53) (211) (20,449) Other Gain (Loss) (211) 1,320 1,896 (19,076) Total Operating Income 11,569 10,026 35,113 5,221 Investment and Other Income (Loss) (9,419) (221) 4,589 (3,333) Interest Expense (7,934) (6,833) (22,988) (19,828) Income (Loss) Before Income Tax Expense (5,784) 2,972 16,714 (17,940) Income Tax Benefit (Expense) 612 (58) (569) (303) Net Income (Loss) Attributable to the Company (5,172) 2,914 16,145 (18,243) Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634) Net Income (Loss) Attributable to Common Stockholders $ (7,050) $ 1,036 $ 10,511 $ (23,877) Per Share Information: Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $ (0.19) $ 0.03 $ 0.30 $ (0.74) Weighted Average Number of Common Shares Basic 37,537,899 32,651,101 35,033,606 32,298,304 Diluted 37,621,472 32,682,775 35,081,726 32,313,895 Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 1.20 $ 1.20 Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 1.14 $ 1.14 |
| 30 © CTO Realty Growth, Inc. | ctoreit.com Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Adjustments: Depreciation and Amortization of Real Estate 17,376 14,913 49,145 44,536 Gain on Disposition of Assets — (1,373) (2,107) (1,373) Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68 Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax 9,805 1,115 (1,203) 5,829 Funds from Operations $ 22,363 $ 17,637 $ 63,097 $ 30,817 Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634) Funds From Operations Attributable to Common Stockholders $ 20,485 $ 15,759 $ 57,463 $ 25,183 Adjustments: Loss on Extinguishment of Debt 211 53 211 20,449 Amortization of Intangibles to Lease Income (879) (180) (2,488) (896) Core Funds From Operations Attributable to Common Stockholders $ 19,817 $ 15,632 $ 55,186 $ 44,736 Adjustments: Straight-Line Rent Adjustment (277) (405) (1,140) (1,690) Other Depreciation and Amortization (32) 1 (34) (1) Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 227 181 574 866 Non-Cash Compensation 1,121 936 3,643 3,222 Adjusted Funds From Operations Attributable to Common Stockholders $ 20,856 $ 16,345 $ 58,229 $ 47,133 FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.54 $ 0.48 $ 1.64 $ 0.78 Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.53 $ 0.48 $ 1.57 $ 1.38 AFFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ 0.50 $ 1.66 $ 1.46 Supplemental Disclosure: PIK Interest Earned $ 224 $ — $ 357 $ — PIK Interest Paid — — — — PIK Interest Earned in Excess of PIK Interest Paid $ 224 $ — $ 357 $ — |
| 31 © CTO Realty Growth, Inc. | ctoreit.com Same-Property NOI Reconciliation 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. (Unaudited, in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Gain on Disposition of Assets — (1,373) (2,107) (1,373) Loss on Extinguishment of Debt 211 53 211 20,449 Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68 Depreciation and Amortization 17,393 14,929 49,196 44,587 Amortization of Intangibles to Lease Income 879 180 2,488 896 Straight-Line Rent Adjustment 277 405 1,140 1,690 Accretion of Tenant Contribution 45 13 71 39 Interest Expense 7,934 6,833 22,988 19,828 General and Administrative Expenses 5,806 4,780 15,513 13,911 Investment and Other Income 9,419 221 (4,589) 3,333 Income Tax Expense (Benefit) (612) 58 569 303 Management Fee Income (1,521) (1,176) (4,336) (3,601) Interest Income From Commercial Loans and Investments (6,942) (3,142) (15,415) (9,119) Other Non-Recurring Items (1) 349 (519) (416) (726) Less: Impact of Properties Not Owned for the Full Reporting Period (6,970) (3,283) (25,347) (16,607) Same-Property NOI $ 21,450 $ 20,961 $ 57,228 $ 55,435 Less: Same Property NOI for Other Properties (1,016) (1,277) (2,277) (3,683) Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752 |
| 32 © CTO Realty Growth, Inc. | ctoreit.com Net Debt to Pro Forma Adjusted EBITDA 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. 2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended September 30, 2026. (Unaudited, in thousands) Three Months Ended September 30, 2026 Net Loss Attributable to the Company $ (5,172) Depreciation and Amortization of Real Estate 17,376 Provision for Impairment and Adjustment to CECL Reserve 354 Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax 9,805 Distributions to Preferred Stockholders (1,878) Loss on Extinguishment of Debt 211 Amortization of Intangibles to Lease Income (879) Straight-Line Rent Adjustment (277) Other Depreciation and Amortization (32) Amortization of Loan Costs and Capitalized Interest 227 Non-Cash Compensation 1,121 Other Non-Recurring Items (1) 349 Interest Expense, Net of Amortization of Loan Costs 7,708 Adjusted EBITDA $ 28,913 Annualized Adjusted EBITDA $ 115,652 Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 4,799 Pro Forma Adjusted EBITDA $ 120,451 Total Long-Term Debt $ 717,621 Financing Costs, Net of Accumulated Amortization 5,379 Cash and Cash Equivalents (8,815) Net Debt $ 714,185 Net Debt to Pro Forma Adjusted EBITDA 5.9 x |
| Investor Inquiries: ir@ctoreit.com |
Exhibit 99.3
| 10 CTO Realty Growth Quarterly Supplemental Third Quarter 2026 Investor Relations ir@ctoreit.com 369 N New York Ave., Suite 201 Winter Park, FL 32789 https://www.ctoreit.com/ Zona Rosa Kansas City, MO 1 |
| © CTO Realty Growth, Inc. | ctoreit.com 11 Table of Contents September 30, 2026 Press Release Third Quarter 2026 Earnings Press Release 3 Financial Summary Results Overview & Guidance 12 Consolidated Balance Sheets 13 Consolidated Statements of Operations 14 Funds from Operations 15 Supplemental Schedule of Same-Property Net Operating Income 16 Pro Forma Adjusted EBITDA 17 Market Capitalization, Debt Ratios and Liquidity 18 Debt Summary 19 Real Estate Portfolio Capital Investments 20 Leasing Summary Top Tenant Summary 21 Retail Leasing Activity 22 Lease Expiration Schedule 23 Portfolio & Investment Summary Investments, Dispositions & Structured Investment Repayment Activity 24 Portfolio Summary 25 Geographic Diversification 26 Other Investments 27 Additional Disclosures 2026 Guidance 28 Contact Information & Research Coverage 29 2 |
| Page 3 Press Release FIRST 2024 OPERATING RESULTS FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS THIRD QUARTER 2026 OPERATING AND FINANCIAL RESULTS – Year-to-Date Investment Activity Totals $472 million – – Enhances Liquidity with $1.0 billion Credit Facility – – Increases 2026 Core FFO Per Diluted Share Guidance to $2.11 to $2.14 – WINTER PARK, FL – October 27, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in the higher growth Southeast and Southwest markets, today announced its operating and financial results for the quarter ended September 30, 2026. Net Loss attributable to common stockholders was $0.19 per diluted share for the third quarter. Third Quarter 2026 Highlights ▪ Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.53 per diluted share. ▪ Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.55 per diluted share. ▪ Executed 396,000 square feet of comparable retail leases at a positive cash rent spread of 7%. ▪ Signed-not-open leasing pipeline totals $5.6 million as of September 30, 2026. ▪ Shopping center same-property NOI increased 3.8% versus the third quarter of 2025 and 6.2% year-to-date. ▪ Secured $250 million of incremental commitments with the closing of a $1.0 billion amended and restated unsecured credit facility with the nearest maturity now in September 2029. ▪ Issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million. ▪ Income from Alpine Income Property Trust (NYSE: PINE) for the quarter was $2.2 million, consisting of $1.4 million in management fees and $0.8 million in dividend income. The annualized run-rate for income from PINE is $9.0 million as of September 30, 2026. ▪ Addressed the last 117,400 square feet of vacated anchor space at Carolina Pavilion, including a contract to sell 76,500 square feet and new leases with Cavender’s and 2nd & Charles for the remaining 40,900 square feet. ▪ Acquired Zona Rosa, a 768,000 square foot mixed-use center located in Kansas City, Missouri, anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW, for $63.3 million. ▪ Originated a $37.0 million loan secured by a leasehold interest in a mixed-use property located in Austin, Texas. The investment generates a 9.75% initial cash yield, and has a two-year term. |
| Page 4 Subsequent Events ▪ Subsequent to September 30, 2026, invested an aggregate of $135.8 million comprised primarily of the previously announced $103.0 million acquisition of Summit Woods Crossing in Kansas City, Missouri and a $32.0 million preferred equity investment in a joint venture that owns a portfolio of ten shopping centers. ▪ Year-to-date investments, reflecting these subsequent events, total $472.3 million at a weighted average yield of 9.4%. “We are pleased to deliver another excellent quarter, with Core FFO per diluted share up 10% year-over-year,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We are raising our 2026 Core FFO guidance to reflect our continued leasing momentum and the $472 million we have invested year-to-date at a weighted average yield of 9.4%. With a $5.6 million signed-not-open leasing pipeline, we believe CTO is well positioned to deliver continued earnings growth into 2027.” Financial Results (in thousands, except per share data) 3Q 2026 3Q 2025 YTD 2026 YTD 2025 Net Income (Loss) $ (7,050) $ 1,036 $ 10,511 $ (23,877) Net Income (Loss) per Common Share - Diluted $ (0.19) $ 0.03 $ 0.30 $ (0.74) Core FFO $ 19,817 $ 15,632 $ 55,186 $ 44,736 Core FFO per Common Share - Diluted $ 0.53 $ 0.48 $ 1.57 $ 1.38 AFFO $ 20,856 $ 16,345 $ 58,229 $ 47,133 AFFO per Common Share - Diluted $ 0.55 $ 0.50 $ 1.66 $ 1.46 Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release. Portfolio Performance Retail Leasing Activity ▪ During the three months ended September 30, 2026, the Company executed 38 new leases, renewals and extensions totaling 467,000 square feet. On a comparable space basis, the Company executed 396,000 square feet of leases at an average cash rent spread increase of 7%. ▪ During the nine months ended September 30, 2026, the Company executed 88 new leases, renewals and extensions totaling 833,000 square feet. On a comparable space basis, the Company executed 726,000 square feet of leases at an average cash rent spread increase of 9%. ▪ All vacated anchor spaces have now been addressed: o Under contract to sell 76,500 square feet at Carolina Pavilion formerly leased to Value City Furniture and Jo-Ann Fabrics. Closing is expected late in the fourth quarter, subject to customary closing conditions. o Subdivided the 40,900 square feet at Carolina Pavilion formerly leased to Conn’s and executed leases with Cavender’s and 2nd & Charles. |
| Page 5 Same-Property NOI ▪ During the three months ended September 30, 2026, shopping center same-property NOI increased by 3.8% versus the comparable 2025 period. ▪ During the nine months ended September 30, 2026, shopping center same-property NOI increased by 6.2% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same-property NOI increased by 5.2% versus the comparable 2025 period. ▪ Including other/non-core properties, same-property NOI increased by 2.3% for the third quarter and 3.2% for the nine months ended September 30, 2026. This growth was impacted by one tenant vacating 98,000 of our 212,000-square-foot Albuquerque, New Mexico property in December 2025. As previously announced, this vacancy was leased to the State of New Mexico which began paying rent in September 2026. Occupancy ▪ As of September 30, 2026, total property portfolio leased occupancy was 92.4%, a decrease of 180 basis points compared to September 30, 2025, driven in part by the acquisition of Zona Rosa, which was 67% leased at acquisition. ▪ As of September 30, 2026, same-property shopping center portfolio leased occupancy was 95.8%, up 90 basis points compared to September 30, 2025. Investment and Disposition Activity Investment Activity ▪ During the three months ended September 30, 2026, completed $102.3 million of investments at a weighted average yield of 9.1%, consisting of: o $63.3 million, or $82 per square foot, acquisition of Zona Rosa, a 768,000 square-foot mixed-use center in Kansas City, Missouri. The property is currently 67% leased and anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW. The 64-acre center includes 10 acres of entitled development land and approximately 100,000 square feet of underutilized space for future value-add repositioning. o $37.0 million loan origination, of which $29.8 million was funded at closing. The investment is secured by a leasehold interest in a mixed-use property located in Austin, Texas, generates a 9.75% initial cash yield, and has a two-year term. o $2.0 million acquisition of a vacant outparcel at the Carolina Pavilion property located in Charlotte, North Carolina. ▪ During the nine months ended September 30, 2026, completed $336.5 million of investments at a weighted average yield of 9.4%. Disposition and Loan Repayment Activity ▪ During the nine months ended September 30, 2026, completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%, generating aggregate gains of $2.1 million. ▪ During the nine months ended September 30, 2026, the Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located in Allen, Texas, was repaid in full for $30.0 million. |
| Page 6 Subsequent Events ▪ Inclusive of the activity subsequent to September 30, 2026, completed $472.3 million of investments at a weighted average yield of 9.4%: o On October 5, 2026, acquired Summit Woods Crossing, a 545,000-square-foot open-air power center situated on 57 acres in the Kansas City, Missouri metro area, for $103.0 million, or $189 per square foot, significantly below replacement cost. The property is anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine, with an on-site SuperTarget not owned by the Company. o On October 14, 2026, acquired a $0.8 million vacant outparcel adjacent to the Company’s existing beachfront restaurants located in Daytona Beach, Florida. o On October 15, 2026, completed a $32.0 million preferred equity investment in a joint venture that owns a 10-property shopping center portfolio, fully funded at close, with an initial yield of 17.0% (including 7.0% paid-in-kind interest) and a 36-month term. ▪ Inclusive of the activity closed subsequent to September 30, 2026, property portfolio has increased 1.3 million square feet since June 30, 2026. Balance Sheet and Liquidity Balance sheet highlights as of September 30, 2026, included: ▪ Total liquidity of $254.6 million, consisting of $245.8 million of undrawn commitments, limited by borrowing base restrictions, and $8.8 million of cash on hand. ▪ Total borrowings of $723.0 million at a weighted average interest rate of 4.7%. ▪ Net Debt to Pro Forma Adjusted EBITDA was 5.9 times. ▪ During the quarter ended September 30, 2026, the Company closed a $1.0 billion amended and restated unsecured credit facility (the “Credit Facility”). The Credit Facility increased total commitments by $250 million and extended the weighted average maturity of outstanding debt to 4.3 years from 1.6 years, excluding extension options. Proceeds were used to repay outstanding borrowings under the Company’s previous $300 million revolving credit facility, its $100 million term loan due January 2027, and its $100 million term loan due January 2028. ▪ During the quarter ended September 30, 2026, the Company repaid its $17.8 million secured mortgage, representing its only secured debt. The Company’s nearest maturity is now September 2029. ▪ During the quarter ended September 30, 2026, the Company issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million. During the nine months ended September 30, 2026, the Company issued 6,188,971 common shares under its common stock ATM program at a weighted average gross price of $20.52 per share, for total net proceeds of $125.1 million. |
| Page 7 2026 Outlook The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange Commission. The Company has revised its 2026 outlook as follows: (Unaudited) Current Previous Core FFO per Common Share - Diluted $2.11 to $2.14 $2.09 to $2.13 AFFO per Common Share - Diluted $2.22 to $2.25 $2.21 to $2.25 Metrics above reflect amounts attributable to common stockholders. The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions): Current Previous Investment Volume, Including Commercial Loans & Structured Investments $472 $300 to $400 Same-Property NOI Growth for Shopping Centers 5.0% to 6.0% 5.0% to 6.0% General & Administrative Expenses $21.0 to $21.5 $20.0 to $20.2 Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share: Revised 2026 Outlook (Unaudited) Low High Net Income Attributable to the Company per Common Share - Diluted $ 0.66 $ 0.69 Depreciation and Amortization of Real Estate 1.83 1.83 Gain on Disposition of Assets (1) (0.06) (0.06) Provision for Impairment and Adjustment to CECL Reserve (1) 0.03 0.03 Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax (1) (0.03) (0.03) Funds from Operations, per Common Share - Diluted $ 2.43 $ 2.46 Distributions to Preferred Stockholders (0.21) (0.21) Funds From Operations Attributable to Common Stockholders per Common Share - Diluted $ 2.22 $ 2.25 Amortization of Intangibles to Lease Income (0.12) (0.12) Loss on Extinguishment of Debt (1) 0.01 0.01 Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 2.11 $ 2.14 Adjustments: Straight-Line Rent Adjustment (0.04) (0.04) Amortization of Loan Costs and Capitalized Interest 0.02 0.02 Non-Cash Compensation 0.13 0.13 AFFO Attributable to Common Stockholders per Common Share - Diluted $ 2.22 $ 2.25 (1) Gain on Disposition of Assets, Provision for Impairment and Adjustment to CECL Reserve, and Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax, and Loss on Extinguishment of Debt represents the actual adjustment for the nine months ended September 30, 2026. The Company’s outlook excludes projections related to these measures. |
| Page 8 Earnings Conference Call & Webcast The Company will host a conference call to present its operating results for the third quarter ended September 30, 2026, on Wednesday, October 28, 2026 at 9:00 AM ET. A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details. Event Details: Webcast: https://edge.media-server.com/mmc/p/fu529fsr Registration: https://register-conf.media-server.com/register/BI7d08c73e0701499d94825c3c59fee239 We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.ctoreit.com. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT. We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com. Contact: Investor Relations ir@ctoreit.com |
| Page 9 Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “guidance,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Non-GAAP Financial Measures Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. |
| Page 10 NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities (which are presented net of income tax expense or benefit, if applicable), in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities. To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company’s assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use |
| Page 11 Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses (“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent performance measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other companies. |
| © CTO Realty Growth, Inc. | ctoreit.com 12 Quarter Ended Nine Months Ended September 30, 2026 September 30, 2026 Financial Results Total Revenues (page 14) $ 46,914 $ 131,918 Net Income (Loss) Attributable to Common Stockholders $ (7,050) $ 10,511 Net Income (Loss) per Diluted Share (Page 14) $ (0.19) $ 0.30 Funds from Operations (FFO) (page 15) $ 20,485 $ 57,463 FFO per Diluted Share $ 0.54 $ 1.64 Core FFO (page 15) $ 19,817 $ 55,186 Core FFO per Diluted Share $ 0.53 $ 1.57 AFFO (page 15) $ 20,856 $ 58,229 AFFO per Diluted Share $ 0.55 $ 1.66 Same Property NOI for Shopping Centers (page 16) $ 20,434 $ 54,951 % Growth 3.8% 6.2% Preferred Dividend Declared per Share $ 0.40 $ 1.20 Common Dividends Declared per Share $ 0.38 $ 1.14 Q3 2026 Core FFO Payout Ratio 71.7% 72.6% Q3 2026 AFFO Payout Ratio 69.1% 68.7% Weighted Average Diluted Shares 37,621,472 35,081,726 Debt Metrics Net Debt to Pro Forma Adjusted EBITDA 5.9x Net Debt to Enterprise Value 43.9% Fixed Charge Coverage 3.1x Property Data Number of Properties 22 Square Footage 6,597,271 Cash Rent PSF $ 20.57 Leased Occupancy 92.4% Occupancy 89.9% 2026 Guidance Core FFO per Diluted Share $2.11-$2.14 AFFO per Diluted Share $2.22-$2.25 Same Property NOI Growth for Shopping Centers 5.0%-6.0% Results Overview & Guidance For the three and nine months ended September 30, 2026 (unaudited; in thousands, except share, per share and per square foot amounts) These metrics should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange Commission |
| © CTO Realty Growth, Inc. | ctoreit.com 13 Consolidated Balance Sheets As of September 30, 2026 and December 31, 2025 (in thousands, except share and per share data) As of (Unaudited) September 30, 2026 December 31, 2025 ASSETS Real Estate: Land, at Cost $ 318,401 $ 289,012 Building and Improvements, at Cost 844,484 766,371 Other Furnishings and Equipment, at Cost 937 923 Construction in Process, at Cost 5,386 4,091 Total Real Estate, at Cost 1,169,208 1,060,397 Less, Accumulated Depreciation (129,699) (107,268) Real Estate—Net 1,039,509 953,129 Land and Development Costs — 300 Intangible Lease Assets—Net 97,092 84,710 Investment in Alpine Income Property Trust, Inc. 42,881 41,324 Commercial Loans and Investments 222,480 104,804 Cash and Cash Equivalents 8,815 6,467 Restricted Cash 12,266 34,652 Deferred Income Taxes—Net 2,050 2,309 Other Assets 70,243 36,207 Total Assets $ 1,495,336 $ 1,263,902 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Accounts Payable $ 2,710 $ 1,709 Accrued and Other Liabilities 37,491 28,185 Deferred Revenue 21,347 18,802 Intangible Lease Liabilities—Net 34,784 31,486 Income Taxes Payable 52 29 Long-Term Debt—Net 717,621 616,345 Total Liabilities 814,005 696,556 Stockholders’ Equity: Preferred Stock 47 47 Common Stock 388 324 Additional Paid-In Capital 509,513 382,494 Retained Earnings 153,656 184,886 Accumulated Other Comprehensive Income (Loss) 17,727 (405) Total Stockholders’ Equity 681,331 567,346 Total Liabilities and Stockholders’ Equity $ 1,495,336 $ 1,263,902 These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange Commission |
| © CTO Realty Growth, Inc. | ctoreit.com 14 Consolidated Statements of Operations For the three and nine months ended September 30, 2026 and 2025 (unaudited; in thousands, except share, per share and dividend data) These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange Commission Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues Income Properties $ 38,451 $ 33,439 $ 112,167 $ 98,486 Management Fee Income 1,521 1,176 4,336 3,601 Interest Income From Commercial Loans and Investments 6,942 3,142 15,415 9,119 Total Revenues 46,914 37,757 131,918 111,206 Direct Cost of Revenues Income Properties (11,581) (9,274) (32,875) (28,343) Total Direct Cost of Revenues (11,581) (9,274) (32,875) (28,343) General and Administrative Expenses (5,806) (4,780) (15,513) (13,911) Provision for Impairment and Adjustment to CECL (354) (68) (1,117) (68) Depreciation and Amortization (17,393) (14,929) (49,196) (44,587) Total Operating Expenses (35,134) (29,051) (98,701) (86,909) Gain on Disposition of Assets — 1,373 2,107 1,373 Loss on Extinguishment of Debt (211) (53) (211) (20,449) Other Gain (Loss) (211) 1,320 1,896 (19,076) Total Operating Income 11,569 10,026 35,113 5,221 Investment and Other Income (Loss) (9,419) (221) 4,589 (3,333) Interest Expense (7,934) (6,833) (22,988) (19,828) Income (Loss) Before Income Tax Expense (5,784) 2,972 16,714 (17,940) Income Tax Benefit (Expense) 612 (58) (569) (303) Net Income (Loss) Attributable to the Company (5,172) 2,914 16,145 (18,243) Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634) Net Income (Loss) Attributable to Common Stockholders $ (7,050) $ 1,036 $ 10,511 $ (23,877) Per Share Information: Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $ (0.19) $ 0.03 $ 0.30 $ (0.74) Weighted Average Number of Common Shares Basic 37,537,899 32,651,101 35,033,606 32,298,304 Diluted 37,621,472 32,682,775 35,081,726 32,313,895 Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 1.20 $ 1.20 Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 1.14 $ 1.14 |
| © CTO Realty Growth, Inc. | ctoreit.com 15 Funds from Operations For the three and nine months ended September 30, 2026 and 2025 (unaudited; in thousands, except per share data) This schedule of Funds from Operations should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange Commission Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634) Adjustments: Depreciation and Amortization of Real Estate 17,376 14,913 49,145 44,536 Gain on Disposition of Assets — (1,373) (2,107) (1,373) Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68 Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax 9,805 1,115 (1,203) 5,829 FFO $ 20,485 $ 15,759 $ 57,463 $ 25,183 Loss on Extinguishment of Debt 211 53 211 20,449 Amortization of Intangibles to Lease Income (879) (180) (2,488) (896) Core FFO $ 19,817 $ 15,632 $ 55,186 $ 44,736 Adjustments: Straight-Line Rent Adjustment (277) (405) (1,140) (1,690) Other Depreciation and Amortization (32) 1 (34) (1) Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 227 181 574 866 Non-Cash Compensation 1,121 936 3,643 3,222 AFFO $ 20,856 $ 16,345 $ 58,229 $ 47,133 Per Common Diluted Share: FFO $ 0.54 $ 0.48 $ 1.64 $ 0.78 Core FFO $ 0.53 $ 0.48 $ 1.57 $ 1.38 AFFO $ 0.55 $ 0.50 $ 1.66 $ 1.46 |
| © CTO Realty Growth, Inc. | ctoreit.com 16 Supplemental Schedule of Same-Property Net Operating Income For the three and nine months ended September 30, 2026 and 2025 (unaudited; in thousands) 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. Same-Property NOI for Shopping Centers Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Base Rents $ 21,703 $ 21,269 $ 57,850 $ 55,739 Expense Recoveries 5,980 5,127 16,540 15,232 Other Income 496 473 1,421 1,212 Total Revenues 28,179 26,869 75,811 72,183 Operating Expenses (7,744) (7,184) (20,859) (20,430) Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752 Same-Property NOI Growth for Shopping Centers 3.8% 6.2% Same-Property Occupancy 92.7% 91.5% 92.1% 91.4% Same-Property Leased Occupancy 95.8% 94.9% 95.6% 94.8% Cash ABR per Square Foot $21.07 $20.74 $21.67 $21.34 Number of Same Properties 14 13 Same-Property NOI Reconciliation Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243) Gain on Disposition of Assets — (1,373) (2,107) (1,373) Loss on Extinguishment of Debt 211 53 211 20,449 Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68 Depreciation and Amortization 17,393 14,929 49,196 44,587 Amortization of Intangibles to Lease Income 879 180 2,488 896 Straight-Line Rent Adjustment 277 405 1,140 1,690 Accretion of Tenant Contribution 45 13 71 39 Interest Expense 7,934 6,833 22,988 19,828 General and Administrative Expenses 5,806 4,780 15,513 13,911 Investment and Other Income 9,419 221 (4,589) 3,333 Income Tax Expense (Benefit) (612) 58 569 303 Management Fee Income (1,521) (1,176) (4,336) (3,601) Interest Income From Commercial Loans and Investments (6,942) (3,142) (15,415) (9,119) Other Non-Recurring Items (1) 349 (519) (416) (726) Less: Impact of Properties Not Owned for the Full Reporting Period (6,970) (3,283) (25,347) (16,607) Same-Property NOI $ 21,450 $ 20,961 $ 57,228 $ 55,435 Less: Same Property NOI for Other Properties (1,016) (1,277) (2,277) (3,683) Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752 |
| © CTO Realty Growth, Inc. | ctoreit.com 17 Pro Forma Adjusted EBITDA Three Months Ended September 30, 2026 (unaudited; in thousands) Three Months Ended September 30, 2026 Net Income Attributable to the Company $ (5,172) Depreciation and Amortization of Real Estate 17,376 Provision for Impairment and Adjustment to CECL Reserve 354 Realized and Unrealized Loss on Investment Securities, Net of Income Tax 9,805 Distributions to Preferred Stockholders (1,878) Loss on Extinguishment of Debt 211 Amortization of Intangibles to Lease Income (879) Straight-Line Rent Adjustment (277) Other Depreciation and Amortization (32) Amortization of Loan Costs and Capitalized Interest 227 Non-Cash Compensation 1,121 Other Non-Recurring Items (1) 349 Interest Expense, Net of Amortization of Loan Costs 7,708 Adjusted EBITDA $ 28,913 Annualized Adjusted EBITDA $ 115,652 Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 4,799 Pro Forma Adjusted EBITDA $ 120,451 Total Long-Term Debt $ 717,621 Financing Costs, Net of Accumulated Amortization 5,379 Cash and Cash Equivalents (8,815) Net Debt $ 714,185 Net Debt to Pro Forma Adjusted EBITDA 5.9 x 1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items. 2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended September 30, 2026. |
| © CTO Realty Growth, Inc. | ctoreit.com 18 Market Capitalization, Debt Ratios and Liquidity As of September 30, 2026 (unaudited; in thousands, except per share amounts and market price) Any differences are a result of rounding. 1. Net debt to Pro Forma Adjusted EBITDA is calculated based on third quarter 2026 annualized Pro Forma Adjusted EBITDA. September 30, 2026 Common Share Price $ 20.49 Common Shares Outstanding 38,757 Total Common Equity Market Capitalization $ 794,127 Series A Preferred Par Value Per Share $ 25.00 Series A Preferred Shares Outstanding 4,713 Series A Preferred Par Value $ 117,827 Total Equity Capitalization $ 911,954 Total Debt Outstanding $ 723,000 Cash and Cash Held in Like-Kind Exchange Escrow Accounts (8,815) Net Debt $ 714,185 Total Enterprise Value $ 1,626,139 Net Debt to Pro Forma Adjusted EBITDA1 5.9 x Net Debt to Total Enterprise Value 43.9% Fixed Charge Coverage Ratio 3.1 x Cash and Cash Held in Like-Kind Exchange Escrow Accounts $ 8,815 Available under Unsecured Credit Facility 245,784 Total Liquidity $ 254,599 |
| © CTO Realty Growth, Inc. | ctoreit.com 19 Debt Summary As of September 30, 2026 (unaudited; dollars in thousands) Any differences are a result of rounding. 1. Interest rate is calculated as SOFR + pricing tier based on leverage within the range of 1.00%-1.60%. Additionally, includes a facility fee on the $400.0 million of capacity which ranges from 0.15% to 0.30% depending on the applicable Tier on the pricing grid. 2. Interest rate is calculated as SOFR + pricing tier based on leverage within the range of 1.15%-1.75% Indebtedness Outstanding Face Value Weighted Avg. Rate Initial Maturity Date Type Revolving Credit Facility 1 $123,000 4.95% Sep. 2030 Floating 2029 Term Loan 2 150,000 5.35% Sep. 2029 Fixed 2030 Term Loan 2 150,000 4.93% Sep. 2030 Fixed 2031 Term Loan 2 150,000 4.76% Sep. 2031 Fixed 2032 Term Loan 2 150,000 3.43% Mar. 2032 Fixed Total / Weighted Average $723,000 4.67% Year Outstanding Weighted Average Rate % of Debt Maturing Cumulative % of Debt Maturing 2026 — — — — 2027 — — — — 2028 — — — — 2029 150,000 5.35% 21% 21% 2030 273,000 4.94% 38% 59% 2031 150,000 4.76% 21% 79% 2032 150,000 3.43% 21% 100% Total / Weighted Average $723,000 4.67% 100% |
| © CTO Realty Growth, Inc. | ctoreit.com 20 Real Estate Portfolio Capital Investments For the three and nine months ended September 30, 2026 and 2025 (unaudited; dollars in thousands) Any differences are a result of rounding. Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Leasing & Maintenance Capital Expenditures Capital Expenditures $ 1,113 $ 234 $ 3,035 $ 882 Tenant Improvement Allowances 1,360 3,799 3,667 4,926 Leasing Commissions 1,272 713 2,715 1,602 Total Leasing & Maintenance Capital Expenditures $ 3,745 $ 4,746 $ 9,416 $ 7,409 Value Enhancing & Other Capital Expenditures Acquired Vacancy $ 286 $ 612 $ 1,388 $ 820 Anchor Repositioning 686 1,325 2,027 1,569 Outparcel Developments 136 51 541 160 Property Repositioning & Other 5,317 153 11,059 301 |
| © CTO Realty Growth, Inc. | ctoreit.com 21 Top Tenant Summary As of September 30, 2026 (unaudited, dollars and square feet in thousands) Any differences are a result of rounding. 1. Credit Rating is the available rating from S&P Global Ratings as of September 30, 2026. “NR” indicates the company is not rated. 2. Excludes leases not yet commenced. Tenant/Concept Credit Rating1 Leases2 Leased Square Feet2 % of Total Cash ABR % of Total Dick's Sporting Goods BBB 6 351 5.3% $5,261 4.3% Best Buy BBB+ 5 187 2.8% 3,038 2.5% AMC CCC+ 2 134 2.0% 3,015 2.5% Fidelity BBB 2 122 1.8% 2,583 2.1% Ross/dd's Discount A- 7 194 2.9% 2,513 2.1% Burlington BB+ 6 195 3.0% 2,509 2.1% Nordstrom Rack BB 4 145 2.2% 2,468 2.0% Barnes & Noble NR 5 132 2.0% 2,402 2.0% TJ Maxx/HomeGoods/Marshalls A 6 177 2.7% 2,174 1.8% State of New Mexico AA 1 98 1.5% 2,020 1.7% Southern University NR 1 60 0.9% 1,715 1.4% Whole Foods Market AA- 1 60 0.9% 1,633 1.3% Old Navy BB+ 4 76 1.2% 1,522 1.2% Academy Sports & Outdoors BB+ 2 129 2.0% 1,497 1.2% DSW Shoe Warehouse NR 5 95 1.4% 1,439 1.2% PetSmart B+ 4 78 1.2% 1,316 1.1% Hobby Lobby NR 2 110 1.7% 1,292 1.1% Regal Cinemas NR 1 51 0.8% 1,210 1.0% Bob's Discount Furniture NR 2 86 1.3% 1,206 1.0% Onelife Fitness NR 1 45 0.7% 1,120 0.9% Other 617 3,406 51.6% 80,077 65.6% Total Occupied 684 5,932 89.9% $122,010 100.0% Vacant - 665 10.1% Total 684 6,597 100.0% |
| © CTO Realty Growth, Inc. | ctoreit.com 22 Retail Leasing Activity For the trailing twelve months ended September 30, 2026 (unaudited, dollars and square feet in thousands, except per square foot data) Any differences are a result of rounding. Comparable leases compare retail leases signed on a space for which there was previously a tenant. Does not include lease termination agreements or lease amendments related to tenant bankruptcy proceedings, or office leases. New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum in-place cash rent under the prior lease. Tenant improvements include landlord work. Leases Signed Square Feet New Rent Per SF Prior Rent Per SF Cash Basis % Change Avg Lease Term (Yrs) Tenant Improvements Per SF Total Comparable Leases Q3 2026 27 396 $16.62 $15.47 7.4% 6.7 $1.49 Q2 2026 19 184 $16.85 $15.82 6.5% 5.8 $2.26 Q1 2026 22 146 $24.08 $21.09 14.2% 6.3 $11.52 Q4 2025 20 167 $23.68 $18.09 30.9% 6.5 $29.67 Total / Wtd. Avg. 88 894 $19.21 $16.95 13.3% 6.4 $8.56 New Leases – Comparable Q3 2026 6 70 $24.63 $23.05 6.8% 12.5 $8.43 Q2 2026 3 4 $45.11 $39.79 13.4% 10.0 $32.08 Q1 2026 4 22 $32.80 $20.55 59.6% 10.0 $77.31 Q4 2025 4 46 $29.54 $14.41 105.0% 10.6 $108.01 Total / Wtd. Avg. 17 142 $28.11 $20.40 37.8% 11.3 $51.94 Renewals & Extensions – Comparable Q3 2026 21 326 $14.90 $13.85 7.7% 4.7 - Q2 2026 16 180 $16.15 $15.23 6.1% 5.5 $1.53 Q1 2026 18 125 $22.57 $21.19 6.5% 5.4 $0.12 Q4 2025 16 121 $21.45 $19.48 10.1% 4.3 - Total / Wtd. Avg. 71 752 $17.53 $16.30 7.5% 4.9 $0.39 Total Comparable and Non-Comparable Q3 2026 38 467 $17.75 NA NA 7.4 $13.57 Q2 2026 25 213 $19.91 NA NA 7.4 $27.93 Q1 2026 25 153 $24.72 NA NA 6.6 $12.61 Q4 2025 23 189 $24.14 NA NA 6.8 $44.72 Total / Wtd. Avg. 111 1,022 $20.43 NA NA 7.1 $22.18 |
| © CTO Realty Growth, Inc. | ctoreit.com 23 Lease Expiration Schedule As of September 30, 2026 (unaudited, dollars and square feet in thousands, except per square foot data) Any differences are a result of rounding. Anchor Tenants (>10,000 Square Feet) Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 - - - - - - 2027 6 100 1.7% 1,656 1.4% $16.61 2028 21 817 13.8% 13,228 10.8% $16.18 2029 15 596 10.0% 6,229 5.1% $10.45 2030 8 218 3.7% 3,285 2.7% $15.10 2031 22 629 10.6% 9,832 8.1% $15.64 2032 16 588 9.9% 6,829 5.6% $11.62 2033 6 124 2.1% 2,342 1.9% $18.96 2034 9 251 4.2% 4,900 4.0% $19.51 2035 9 175 3.0% 3,673 3.0% $20.95 Thereafter 16 537 9.0% 10,600 8.7% $19.75 Total 128 4,034 68.0% $62,575 51.3% $15.51 Small Shop Tenants Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 19 50 0.8% 1,425 1.2% $28.44 2027 83 252 4.3% 5,898 4.8% $23.39 2028 80 282 4.7% 8,578 7.0% $30.44 2029 62 210 3.5% 6,569 5.4% $31.30 2030 66 229 3.9% 6,990 5.7% $30.50 2031 72 247 4.2% 7,721 6.3% $31.20 2032 47 166 2.8% 5,795 4.7% $35.01 2033 40 147 2.5% 4,909 4.0% $33.49 2034 26 92 1.5% 3,631 3.0% $39.59 2035 30 98 1.7% 3,660 3.0% $37.38 Thereafter 31 126 2.1% 4,258 3.5% $33.82 Total 556 1,898 32.0% $59,435 48.7% $31.31 Total Year Leases Expiring Expiring SF % of Total Cash ABR % of Total Cash ABR PSF 2026 19 50 0.8% 1,425 1.2% $28.44 2027 89 352 5.9% 7,554 6.2% $21.47 2028 101 1,099 18.5% 21,806 17.9% $19.84 2029 77 806 13.6% 12,798 10.5% $15.88 2030 74 447 7.5% 10,275 8.4% $23.00 2031 94 876 14.8% 17,552 14.4% $20.03 2032 63 753 12.7% 12,623 10.3% $16.75 2033 46 270 4.6% 7,252 5.9% $26.84 2034 35 343 5.8% 8,532 7.0% $24.88 2035 39 273 4.6% 7,333 6.0% $26.83 Thereafter 47 663 11.2% 14,858 12.2% $22.43 Total 684 5,932 100.0% $122,010 100.0% $20.57 |
| © CTO Realty Growth, Inc. | ctoreit.com 24 Year-to-Date Investment, Disposition & Structured Investment Repayment Activity For the nine months ended September 30, 2026 (unaudited, dollars and square feet in thousands) Any differences are a result of rounding. 1. Coupon rate for Whole Foods development includes 3.00% paid-in-kind interest. Investments Type Date Square Feet Price / Commitment Palms Crossing – McAllen, TX Power Center Feb. 2026 399 81,600 343 & 345 S. Atlanta Ave – Daytona Beach, FL Land Apr. 2026 NA 3,000 Gallery on the Parkway – Dallas, TX Power Center Jun. 2026 152 53,250 Zona Rosa – Kansas City, MO Mixed-Use Sep. 2026 768 63,300 Vacant Outparcel – Charlotte, NC Retail Sep. 2026 6 2,000 Total Property Acquisitions 1,325 $203,150 Investments Type Date Coupon Commitment Southwest Class A Retail Center Pref. Equity Apr. 2026 12.00% 75,000 Whole Foods Development (1) Pref. Equity May 2026 12.00% 21,400 Mixed-Use Property Redevelopment First Mortgage Jul. 2026 9.75% 37,000 Total Structured Investments 11.4% $133,400 Grand Total Investments $336,550 Dispositions Date Square Feet Price Madison Yards – Atlanta, GA Jun. 2026 163 73,300 Granada Plaza – Tampa, FL Jun. 2026 74 17,400 Total Property Dispositions 237 $90,700 Structured Investment Repayments Date Repaid Coupon Price Watters Creek at Montgomery Farm Mar. 2026 9.50% 30,000 Total Investment Repayments 9.50% $30,000 |
| © CTO Realty Growth, Inc. | ctoreit.com 25 Portfolio Summary As of September 30, 2026 (unaudited, square feet in thousands) Any differences are a result of rounding. 1. Formerly referred to as “Fidelity Building” Market / Property Market Year Built / Updated Acreage SF % Occupied % Leased Cash ABR PSF Arizona Crossroads Town Center Phoenix 2005 31 222 100.0% 100.0% $20.08 Florida Pompano Citi Centre Fort Lauderdale 1971/2006 34 509 90.5% 93.1% $17.18 The Strand at St. Johns Town Center Jacksonville 2017 52 211 100.0% 100.0% $26.82 Marketplace at Seminole Towne Center Orlando 2006 41 320 84.3% 100.0% $21.14 Millenia Crossing Orlando 2009 11 103 84.8% 97.3% $25.85 Lake Brandon Village Tampa 1998 8 102 100.0% 100.0% $14.10 Total / Weighted Average 146 1,246 90.8% 96.9% $20.32 Georgia The Collection at Forsyth Atlanta 2006 69 565 90.4% 93.9% $24.19 Ashford Lane Atlanta 2005 44 277 95.3% 96.8% $33.80 The Exchange at Gwinnett Atlanta 2021/2023 16 97 100.0% 100.0% $38.99 Ashley Park Atlanta 2004 61 559 96.3% 97.2% $16.99 Total / Weighted Average 190 1,499 94.2% 96.1% $24.26 Missouri Zona Rosa Kansas City 2006 64 768 66.3% 67.1% $18.24 North Carolina Carolina Pavilion Charlotte 1995 72 700 80.7% 86.7% $16.28 Beaver Creek Crossings Raleigh 2005 52 322 100.0% 100.0% $19.21 Total / Weighted Average 124 1,022 86.8% 90.9% $17.34 Texas Plaza at Rockwall Dallas 2007 42 444 99.7% 100.0% $14.73 Price Plaza Houston 1999 23 201 98.4% 98.4% $17.04 Gallery on the Parkway Dallas 1995/2026 12 152 100.0% 100.0% $24.85 Palms Crossing McAllen 2007 47 399 93.5% 94.5% $18.50 Total / Weighted Average 124 1,196 97.4% 97.9% $17.65 Virginia West Broad Village Richmond 2007 33 392 90.2% 91.5% $25.78 Total Shopping Centers 713 6,345 89.5% 92.1% $20.43 Albuquerque Office 1 Albuquerque 2009 25 212 100.0% 100.0% $19.20 Winter Park Office Orlando 1982 2 28 100.0% 100.0% $31.20 Daytona Beach Restaurants Daytona 2017/2018 6 12 100.0% 100.0% $84.72 Total Portfolio 745 6,597 89.9% 92.4% $20.57 |
| © CTO Realty Growth, Inc. | ctoreit.com 26 Geographic Diversification As of September 30, 2026 (cash ABR and square feet in thousands) Any differences are a result of rounding. Demographic information sourced from Esri. Market, state and portfolio averages weighted by the Annualized Cash Base Rent of each property. States Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2025 Avg. Household Income 5-Mile 2025 Total Population Georgia 4 1,499 23% $34,240 28% $158,165 161,287 Florida 8 1,286 19% 24,887 20% 105,115 208,799 Texas 4 1,196 18% 20,567 17% 121,291 214,156 North Carolina 2 1,022 15% 15,387 13% 155,056 177,449 Missouri 1 768 12% 9,282 8% 123,984 100,252 Virginia 1 392 6% 9,119 7% 154,649 178,579 Arizona 1 222 3% 4,451 4% 163,525 320,413 New Mexico 1 212 3% 4,078 3% 73,504 50,473 Total 22 6,597 100% $122,010 100% $135,239 180,679 Markets Properties Square Feet % of Total Cash ABR % of Total 5-Mile 2025 Avg. Household Income 5-Mile 2025 Total Population Atlanta, GA 4 1,499 23% $34,240 28% $158,165 161,287 Dallas, TX 2 596 9% 10,301 8% 145,509 201,041 Kansas City, MO 1 768 12% 9,282 8% 123,984 100,252 Charlotte, NC 1 700 11% 9,198 8% 149,924 202,342 Richmond, VA 1 392 6% 9,119 7% 154,649 178,579 Orlando, FL 3 452 7% 8,846 7% 112,409 181,610 Fort Lauderdale, FL 1 509 8% 7,918 6% 105,521 250,967 McAllen, TX 1 399 6% 6,900 6% 85,156 199,512 Raleigh, NC 1 322 5% 6,189 5% 162,683 140,451 Jacksonville, FL 1 211 3% 5,664 5% 100,232 203,742 Phoenix, AZ 1 222 3% 4,451 4% 163,525 320,413 Albuquerque, NM 1 212 3% 4,078 3% 73,504 50,473 Houston, TX 1 201 3% 3,365 3% 121,250 284,337 Tampa, FL 1 102 1% 1,439 1% 101,705 233,394 Daytona Beach, FL 2 12 0% 1,020 1% 70,646 110,696 Total 22 6,597 100% $122,010 100% $135,239 180,679 |
| © CTO Realty Growth, Inc. | ctoreit.com 27 Other Investments As of September 30, 2026 (dollars in thousands, except for per share data) Any differences are a result of rounding. 1. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate represents the weighted average coupon rate as of September 30, 2026. 2. Whole Foods Development – Northeast represents 9.00% cash coupon plus 3.00% paid-in-kind interest. 3. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. Investment Securities Shares & Operating Partnership Units Owned Share Price Value Annualized Dividend Per Share Q3 2026 Annualized Dividend Income Alpine Income Property Trust 2,472 $17.35 $42,881 $1.28 $3,164 Structured Investments Origination Date Maturity Date Original Face Amount Current Face Amount Interest Rate Southwest Class A Retail Center Apr. 2026 Apr. 2028 $75,750 $75,750 12.00% Rivana 1 Sep. 2024 Sep. 2028 59,450 48,937 11.65% Mixed-Use Property Redevelopment Jul. 2026 Jul. 2028 37,000 29,793 9.75% Whole Foods Development – Forsyth, GA Nov. 2024 May 2027 40,200 21,844 12.15% Whole Foods Development – Northeast 2 May. 2026 Oct. 2027 21,363 21,621 12.00% Founders Square Mar. 2023 Mar. 2027 15,000 15,000 9.50% Series A Preferred Investment Jul. 2024 NA3 10,000 10,000 14.00% Main Street Aug. 2025 Aug. 2030 5,000 5,000 6.50% Total Structured Investments $263,763 $227,945 11.45% |
| © CTO Realty Growth, Inc. | ctoreit.com 28 2026 Guidance 1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, on page 7. 2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions. Current Previous Core FFO Per Diluted Share1 $2.11 to $2.14 $2.09 to $2.13 AFFO Per Diluted Share1 $2.22 to $2.25 $2.21 to $2.25 The Company has raised its 2026 outlook as follows: The Company’s 2026 guidance includes but is not limited to the following assumptions: Current Previous Investments (in millions) $472 $300 to $400 Same-Property NOI Growth for Shopping Centers2 5.0% to 6.0% 5.0% to 6.0% General and Administrative Expenses (in millions) $21.0 to $21.5 $20.0 to $20.2 |
| © CTO Realty Growth, Inc. | ctoreit.com 29 Contact Information & Research Coverage Contact Information Corporate Office Locations Investor Relations New York Stock Exchange 369 N. New York Ave., Suite 201 Winter Park, FL 32789 1140 N. Williamson Blvd., Suite 140 Daytona Beach, FL 32114 ir@ctoreit.com Ticker Symbol: CTO Series A Preferred Ticker Symbol: CTO/PA www.ctoreit.com Research Analyst Coverage Institution Coverage Analyst Email Alliance Global Partners Gaurav Mehta gmehta@allianceg.com B. Riley John Massocca jmassocca@brileyfin.com Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com Huntington Rob Stevenson robert.stevenson@huntington.com Jones Research Jason Weaver jweaver@jonestrading.com Lucid Capital Markets Craig Kucera ckucera@lucidcm.com Raymond James RJ Milligan rjmilligan@raymondjames.com |
