CTO Realty Growth, Inc.
ctoreit.comWhat Do They Do?
Owns and leases shopping centers and other retail and mixed-use properties to business tenants, and makes commercial real estate loans and preferred equity investments.
10-K for FY2025, filed Feb 19, 2026We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and…View ↗
Our business plan is primarily focused on investing in shopping centers. We believe that focusing on shopping centers will allow us to…View ↗
Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified…View ↗
How Do They Make Money?
Tenants pay rent under longer-term leases, and shopping-center tenants typically cover their share of operating costs. The company also earns management fees and interest income from commercial loans and investments.
10-K for FY2025, filed Feb 19, 2026Our investments in income-producing properties are typically subject to longer-term leases. For shopping centers, each tenant typically…View ↗
Related Party Management of PINE. Our business plan includes generating revenue from managing PINE. Pursuant to the management agreement…View ↗
The following is a summary of financial information regarding the Company’s business segments for the years ended December 31, 2025, 2024…View ↗
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10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$149.5M
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10-K for FY2025, filed Feb 19, 2026
$149.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Income Properties
Recurring
10-K for FY2025, filed Feb 19, 2026 |
88%
FY2022: 84%
|
Income Properties, FY2025
$132.2M Sources
|
Recurring |
|
Management Services
Recurring
|
3.2%
FY2022: 4.7%
|
Management Services, FY2025
$4.8M Sources
|
Recurring |
|
Interest Income From Commercial Loans and Investments
Recurring
|
8.4%
FY2022: 5.1%
|
Interest Income From Commercial Loans and Investments, FY2025
$12.5M Sources
|
Recurring |
Who Are Their Customers?
Businesses rent space in the company's properties. It manages assets for PINE and under agreements covering third-party portfolios, and lends to commercial real estate borrowers.
10-K for FY2025, filed Feb 19, 2026Our investments in income-producing properties are typically subject to longer-term leases. For shopping centers, each tenant typically…View ↗
Management Services: A fee-based management business that is engaged in managing PINE, as well as: (i) a portfolio of assets pursuant to…View ↗
Portfolio Management Agreement. On December 4, 2023, the Company entered into an asset management agreement with a third party to manage a…View ↗
Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 7 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 19, 2026
How Are They Changing?
- Net income
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Sources
10-Q for Q3 FY2026, filed Oct 27, 2026
−$5.2MView ↗
- ▼ Now a loss
- vs $2.9M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 27, 2026
Open tableView ↗
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Jul 28, 2026
Raised 2026 investment and Core FFO guidance
Raised 2026 investment-volume guidance to $300 to $400 million and Core FFO guidance to $2.09 to $2.13 per diluted share.
Sources
8-K, filed Jul 28, 2026
(Unaudited) Current Previous Core FFO per Common Share - Diluted $2.09 to $2.13 $2.06 to $2.11 AFFO per Common Share -…View ↗
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Apr 28, 2026
Raised 2026 investment and Core FFO guidance
Raised investment-volume guidance to $175 to $250 million and Core FFO guidance to $2.06 to $2.11 per diluted share.
Sources
8-K, filed Apr 28, 2026
(Unaudited) Current Previous Core FFO per Common Share - Diluted $2.06 to $2.11 $1.98 to $2.03 AFFO per Common Share -…View ↗
Growing. Revenue grew 2.1x in 4 years, from $70.3M in FY2021 to $149.5M in FY2025, about 21% a year.
Shopping-center focus
The stated focus shifts from multi-tenant, primarily retail income-producing properties to shopping centers; the latest report also says the PINE agreement generally prevents investment in single-tenant net-lease properties.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026
Broader management services
Management services extend beyond managing PINE to a third-party asset portfolio and management of the buyer's former subsurface interests.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026A fee-based management business that is engaged in managing PINE, see Note 5, “Related Party Management Services Business” in the notes to…View ↗
Management Services: A fee-based management business that is engaged in managing PINE, as well as: (i) a portfolio of assets pursuant to…View ↗
Portfolio Management Agreement. On December 4, 2023, the Company entered into an asset management agreement with a third party to manage a…View ↗
Asset Management Agreement. On February 16, 2024, the Company entered into the Subsurface Management Agreement with a third party in…View ↗
Exited former asset categories
The company sold its subsurface mineral-interest portfolio and remaining mitigation credits, which the older report described as assets it held or had in inventory.
10-K for FY2022, filed Feb 23, 2023 10-K for FY2025, filed Feb 19, 2026Real Estate Operations: There were no significant transactions within the Company’s real estate operations during the year ended December…View ↗
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