CTO Realty Growth (CTO)
Market Price (6/25/2026): $21.23 | Market Cap: $690.4 MilSector: Real Estate | Industry: Diversified REITs
CTO Realty Growth (CTO)
Market Price (6/25/2026): $21.23Market Cap: $690.4 MilSector: Real EstateIndustry: Diversified REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 10.0% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Weak multi-year price returns3Y Excs Rtn is -6.4% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% Key risksCTO key risks include [1] allegations of securities fraud involving the manipulation of financial metrics and use of sham loans to conceal distress, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 7.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.1%, FCF Yield is 10.0% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 44%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 44% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include Experiential Retail, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns3Y Excs Rtn is -6.4% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 86% |
| Key risksCTO key risks include [1] allegations of securities fraud involving the manipulation of financial metrics and use of sham loans to conceal distress, Show more. |
Qualitative Assessment
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CTO Realty Growth (CTO) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook.
CTO Realty Growth significantly exceeded expectations in its fiscal Q1 2026 (ended March 31, 2026), reporting earnings per share of $0.13, a 1200% beat over the forecasted $0.01, and revenue of $41.17 million, surpassing estimates by 5.86%. Core Funds From Operations (FFO) per diluted share increased 17.4% year-over-year to $0.52. This strong performance led the company to raise its full-year 2026 Core FFO guidance to $2.06-$2.11 per diluted share, representing 11.5% growth at the midpoint from 2025, which positively impacted investor sentiment.
2. Strategic Acquisitions and Proactive Capital Recycling.
CTO Realty Growth executed a key acquisition during the period, purchasing Palms Crossing, a 399,000-square-foot open-air retail center in McAllen, Texas, for $81.6 million in February 2026. This property was 98% leased and acquired below replacement cost. The company also demonstrated a proactive capital recycling strategy by increasing its 2026 investment guidance to $175-$250 million and selling Madison Yards in Atlanta for $73.3 million in June 2026 to fund higher-yielding opportunities, reducing exposure to certain tenants.
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CTO Realty Growth (CTO) stock has gained about 15% since 2/28/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Performance and Upgraded Outlook.
CTO Realty Growth significantly exceeded expectations in its fiscal Q1 2026 (ended March 31, 2026), reporting earnings per share of $0.13, a 1200% beat over the forecasted $0.01, and revenue of $41.17 million, surpassing estimates by 5.86%. Core Funds From Operations (FFO) per diluted share increased 17.4% year-over-year to $0.52. This strong performance led the company to raise its full-year 2026 Core FFO guidance to $2.06-$2.11 per diluted share, representing 11.5% growth at the midpoint from 2025, which positively impacted investor sentiment.
2. Strategic Acquisitions and Proactive Capital Recycling.
CTO Realty Growth executed a key acquisition during the period, purchasing Palms Crossing, a 399,000-square-foot open-air retail center in McAllen, Texas, for $81.6 million in February 2026. This property was 98% leased and acquired below replacement cost. The company also demonstrated a proactive capital recycling strategy by increasing its 2026 investment guidance to $175-$250 million and selling Madison Yards in Atlanta for $73.3 million in June 2026 to fund higher-yielding opportunities, reducing exposure to certain tenants.
3. Robust Operational Metrics and Future Growth Visibility.
The company demonstrated strong operational health with shopping center same-property Net Operating Income (NOI) increasing 6.8% year-over-year in fiscal Q1 2026, or 4.2% excluding non-recurring benefits, aligning with the high end of its guidance. Leasing activity was strong, with 146,000 square feet of comparable retail leases executed at a 14% cash rent spread. Furthermore, a Signed-Not-Open (SNO) pipeline of $6.2 million at the end of Q1, primarily from anchor tenants, provides clear visibility for future revenue growth.
4. Attractive Dividend Yield and Positive Analyst Sentiment.
CTO Realty Growth's declaration of a quarterly cash dividend of $0.38 per common share for Q2 2026, translating to an annualized yield of approximately 7.4%, enhanced its appeal to income-focused investors. This was reinforced by a generally positive outlook from Wall Street analysts, who maintained a "Moderate Buy" to "Buy" consensus rating. Analysts provided an average 12-month price target of $23.00, suggesting an upside potential of over 10% from recent trading levels.
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Stock Movement Drivers
Fundamental Drivers
The 13.3% change in CTO stock from 2/28/2026 to 6/24/2026 was primarily driven by a 34.3% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.75 | 21.25 | 13.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 150 | 155 | 3.6% |
| Net Income Margin (%) | 6.7% | 9.1% | 34.3% |
| P/E Multiple | 59.8 | 49.2 | -17.6% |
| Shares Outstanding (Mil) | 32 | 33 | -1.1% |
| Cumulative Contribution | 13.3% |
Market Drivers
2/28/2026 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CTO | 13.3% | |
| Market (SPY) | 7.2% | 6.4% |
| Sector (XLRE) | 2.2% | 51.4% |
Fundamental Drivers
The 24.7% change in CTO stock from 11/30/2025 to 6/24/2026 was primarily driven by a 17.8% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.04 | 21.25 | 24.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 147 | 155 | 5.4% |
| P/S Multiple | 3.8 | 4.5 | 17.8% |
| Shares Outstanding (Mil) | 33 | 33 | 0.4% |
| Cumulative Contribution | 24.7% |
Market Drivers
11/30/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CTO | 24.7% | |
| Market (SPY) | 7.9% | -0.6% |
| Sector (XLRE) | 8.7% | 42.8% |
Fundamental Drivers
The 27.8% change in CTO stock from 5/31/2025 to 6/24/2026 was primarily driven by a 17.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.63 | 21.25 | 27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 132 | 155 | 17.2% |
| P/S Multiple | 4.0 | 4.5 | 12.4% |
| Shares Outstanding (Mil) | 32 | 33 | -3.0% |
| Cumulative Contribution | 27.8% |
Market Drivers
5/31/2025 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CTO | 27.8% | |
| Market (SPY) | 25.8% | 11.1% |
| Sector (XLRE) | 10.4% | 49.3% |
Fundamental Drivers
The 75.2% change in CTO stock from 5/31/2023 to 6/24/2026 was primarily driven by a 72.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 6242026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.13 | 21.25 | 75.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 90 | 155 | 72.5% |
| P/S Multiple | 3.1 | 4.5 | 45.5% |
| Shares Outstanding (Mil) | 23 | 33 | -30.2% |
| Cumulative Contribution | 75.2% |
Market Drivers
5/31/2023 to 6/24/2026| Return | Correlation | |
|---|---|---|
| CTO | 75.2% | |
| Market (SPY) | 82.4% | 30.2% |
| Sector (XLRE) | 36.9% | 58.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CTO Return | 57% | -4% | 4% | 24% | 2% | 18% | 130% |
| Peers Return | 48% | -19% | -4% | 21% | -9% | 19% | 50% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| CTO Win Rate | 58% | 50% | 58% | 75% | 50% | 67% | |
| Peers Win Rate | 70% | 40% | 42% | 57% | 48% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CTO Max Drawdown | -11% | -21% | -19% | -11% | -21% | -7% | |
| Peers Max Drawdown | -12% | -34% | -33% | -13% | -23% | -11% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WPC, AAT, GOOD, OLP, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/24/2026 (YTD)
How Low Can It Go
| Event | CTO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.9% | -18.8% |
| % Gain to Breakeven | 17.5% | 23.1% |
| Time to Breakeven | 304 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.9% | -6.7% |
| % Gain to Breakeven | 18.8% | 7.1% |
| Time to Breakeven | 217 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -12.3% | -24.5% |
| % Gain to Breakeven | 14.0% | 32.4% |
| Time to Breakeven | 15 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.9% | 50.9% |
| Time to Breakeven | 268 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.6% | -19.2% |
| % Gain to Breakeven | 22.8% | 23.8% |
| Time to Breakeven | 23 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.0% | 13.9% |
| Time to Breakeven | 498 days | 62 days |
In The Past
CTO Realty Growth's stock fell -14.9% during the 2025 US Tariff Shock. Such a loss loss requires a 17.5% gain to breakeven.
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| Event | CTO | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -42.8% | -33.7% |
| % Gain to Breakeven | 74.9% | 50.9% |
| Time to Breakeven | 268 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.0% | 13.9% |
| Time to Breakeven | 498 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.4% | -6.8% |
| % Gain to Breakeven | 35.8% | 7.3% |
| Time to Breakeven | 592 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -66.1% | -53.4% |
| % Gain to Breakeven | 195.3% | 114.4% |
| Time to Breakeven | 3199 days | 1085 days |
In The Past
CTO Realty Growth's stock fell -14.9% during the 2025 US Tariff Shock. Such a loss loss requires a 17.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CTO Realty Growth (CTO)
CTO Realty Growth, Inc. (NYSE: CTO) is a Florida-based, publicly traded real estate company. Its core business involves the ownership and active management of a diversified portfolio of income-producing properties located across various markets within the United States.
The company's directly owned real estate assets span approximately 2.4 million square feet of commercial properties, primarily generating revenue through rental income from its tenants. Beyond its wholly-owned portfolio, CTO also holds a significant strategic investment: an approximately 23.5% ownership interest in Alpine Income Property Trust, Inc. (NYSE: PINE), which is a publicly traded net lease real estate investment trust.
Through its directly owned properties, CTO serves a wide array of businesses and organizations that lease commercial space in diversified U.S. markets. Its substantial investment in PINE further broadens its exposure to the net lease sector, collectively targeting investors seeking exposure to a diversified portfolio of income-generating real estate assets.
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- It's like a diversified commercial landlord, similar to Federal Realty Investment Trust (FRT), that also holds a significant ownership stake in a net lease real estate company like Realty Income (O).
- Think of it as a broad commercial property owner, somewhat like Regency Centers (REG), that also has a major investment in a specific net lease landlord like W.P. Carey (WPC).
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CTO Realty Growth's major products/services are:
- Income Property Ownership and Management: The company directly owns and manages a diversified portfolio of approximately 2.4 million square feet of income-generating real estate properties across the United States.
- Real Estate Investment Trust (REIT) Equity Investment: The company holds a significant strategic equity interest (approximately 23.5%) in Alpine Income Property Trust, Inc. (PINE), a publicly traded net lease REIT.
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Major Customers of CTO Realty Growth (CTO)
CTO Realty Growth (CTO) is a real estate company that owns a diversified portfolio of income properties, totaling approximately 2.4 million square feet. As such, its customers are the tenants that lease commercial space within these properties across various markets in the United States.
Due to the diversified nature of its tenant base, CTO Realty Growth does not publicly disclose any single tenant that accounts for 10% or more of its total revenues. Therefore, no individual "major customer" companies are named in its public filings. Instead, the company serves a broad range of commercial tenants, which can be categorized as follows:
- Retailers, including various shops, service providers, and potentially larger retail formats depending on the property type.
- Restaurants and other dining establishments.
- Office tenants, encompassing professional service firms (e.g., legal, accounting), financial institutions, and medical offices.
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John P. Albright, President and Chief Executive Officer
Mr. Albright joined CTO Realty Growth in August 2011 as President and Chief Executive Officer. Prior to his tenure at CTO, he served as the Managing Director of Archon Capital, a Goldman Sachs Company, where he was involved with investing on behalf of the Goldman Sachs Real Estate Mezzanine Partners Fund. Before Archon Capital, Mr. Albright held a similar position with Morgan Stanley and Crescent Real Estate Equities. His background includes managing significant real estate investment entities, including those potentially backed by private equity through Goldman Sachs.
Philip R. Mays, Senior Vice President, Chief Financial Officer and Treasurer
Mr. Mays was appointed Senior Vice President, Chief Financial Officer, and Treasurer of CTO Realty Growth, effective June 17, 2024. He most recently held the position of Chief Financial Officer at Shadowbox Studios from September 2021 to February 2024. Before Shadowbox Studios, Mr. Mays served as Chief Financial Officer and Executive Vice President of Cedar Realty Trust, Inc., a NYSE-listed retail REIT, from June 2011 to September 2021. His departure from Cedar Realty Trust coincided with the company's exploration of strategic alternatives and preceded its eventual sale. Earlier in his career, he was Chief Accounting Officer and Vice President of Finance of Federal Realty Investment Trust, another NYSE-listed retail REIT, from May 2005 to June 2011. Mr. Mays also spent seven years as an accountant at Ernst & Young LLP, supervising audits and assisting real estate, construction, and hospitality clients, including public REITs.
Lisa M. Vorakoun, Senior Vice President and Chief Accounting Officer
Ms. Vorakoun has served as CTO Realty Growth's Senior Vice President and Chief Accounting Officer since July 2017. She initially joined the company in 2013 as Controller, managing its accounting and tax functions. Her career began at James Moore & Co., a regional accounting and consulting firm, where she managed audit clients across various industries.
Daniel E. Smith, Senior Vice President, General Counsel and Corporate Secretary
Mr. Smith joined CTO Realty Growth in 2014, serving as the company's general counsel and corporate secretary. Prior to his role at CTO, he was Vice President-Hospitality and Vice President and Associate General Counsel at Goldman Sachs & Co. He also spent ten years at Crescent Real Estate Equities, Ltd., where his most recent position was Senior Vice President and General Counsel.
Steven Robert Greathouse, Senior Vice President and Chief Investment Officer
Mr. Greathouse joined CTO Realty Growth in January 2012, where he is responsible for the acquisition and disposition of income-producing properties and other investment opportunities. Before joining CTO, he was the Director of Finance at N3 Real Estate, a single-tenant triple net property developer. Prior to N3, he worked as a Senior Associate at Morgan Stanley and Crescent Real Estate Equities, focusing on mezzanine loan investments.
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- Dividend Sustainability and Financial Reporting Scrutiny: There are significant concerns regarding the sustainability of CTO's dividend, with analyses suggesting it may be underfunded on a cash basis after accounting for capital expenditures, leading to a payout ratio potentially above 100%. This implies the company might be using its balance sheet or credit facilities to cover dividend payments. Furthermore, a class-action lawsuit has been filed, accusing CTO of misleading investors about dividend sustainability and engaging in deceptive financial practices, including artificially inflating Adjusted Funds from Operations (AFFO) and overstating the true profitability of its Ashford Lane property. This exposes the company to legal and reputational risks, as well as fundamental questions about its financial health.
- Elevated Financial Leverage: CTO operates with an elevated balance sheet leverage, with net debt to Pro Forma Adjusted EBITDA ratios reportedly around 6x or higher. This level of debt is considered high for REITs and limits the company's financial flexibility. A high leverage ratio amplifies the impact of adverse market conditions, increases interest expenses, and reduces the company's ability to withstand unforeseen economic downturns or operational challenges.
- Execution Risks in Portfolio Management and Lease Expirations: The company faces execution risks related to its portfolio recycling strategy, specifically the challenge of achieving sufficiently low capitalization rates on dispositions to fund new acquisitions. Additionally, delays in the opening of signed-not-open (SNO) pipelines can result in lower incremental Net Operating Income (NOI). As a relatively concentrated REIT with 21 properties, CTO also faces material risks from significant upcoming lease expirations in 2026 and 2027. A substantial portion of its Annual Base Rent (ABR) does not come from investment-grade tenants, increasing the risk of increased vacancy rates and the need for significant capital expenditures for re-tenanting if leases are not renewed.
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The addressable market for CTO Realty Growth, Inc.'s main products or services is primarily the U.S. commercial real estate market, as the company owns income properties in diversified markets across the United States. Additionally, its interest in Alpine Income Property Trust, Inc. provides exposure to the net lease real estate market.
The U.S. commercial real estate market was valued at $22.5 trillion as of the fourth quarter of 2023. Another estimate places the current size of the U.S. investable commercial real estate universe at approximately $19 trillion. These figures represent the total asset value of commercial real estate in the United States.
Within this broader market, the U.S. net-lease investment volume reached $51.4 billion in 2025. This represents the annual transaction volume within the net lease segment of the commercial real estate market in the United States.
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CTO Realty Growth (NYSE: CTO) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic property acquisitions, continued strong leasing activity leading to increased occupancy and rental rates, monetization of its "signed-not-open" lease pipeline, and development of outparcels within its portfolio.
Here are the key drivers:
- Strategic Acquisitions of High-Quality Retail Properties: CTO Realty Growth plans to continue expanding its portfolio through targeted acquisitions of high-quality retail properties, primarily in higher-growth markets in the Southeast and Southwest United States. The company closed $165.9 million in investments in 2025 at a weighted average initial cash yield of 9.0%. For 2026, CTO projects an investment volume between $100 million and $200 million, targeting a weighted average initial cash yield of 8.0% to 8.5%. Recent examples include the acquisition of Palms Crossing for $81.6 million in March 2026, which was 98% leased at the time, and being under contract to acquire another Texas shopping center for $83 million, expected to close in 2026.
- Increased Occupancy and Rental Rate Growth: The company anticipates revenue growth from its existing portfolio through robust leasing activity, which is increasing occupancy and driving higher rental rates. In 2025, CTO signed comparable retail leases that resulted in a record 24% increase in cash base rent, with fourth-quarter 2025 comparable leases achieving an even higher 31% increase in cash rent spread. This strong leasing performance contributed to a record high leased occupancy of 95.9% by the end of 2025. The company forecasts shopping center same-property net operating income (NOI) growth of approximately 3.5% to 4.5% for 2026, indicating continued organic growth from its properties.
- Monetization of "Signed-Not-Open" Lease Pipeline: CTO has a significant "signed-not-open" lease pipeline, valued at $6.1 million, which represents 5.8% of its in-place annualized base rent (ABR). Approximately half of this pipeline is expected to be recognized as revenue in 2026, with the remainder contributing to growth in 2027, as these new leases commence. This pipeline provides a clear, near-term source of additional revenue.
- Outparcel Development: CTO Realty Growth has identified six outparcels within its existing properties for potential development. These projects are expected to require an average of $5 million in capital each and are targeting low double-digit yields. The development of these outparcels represents an opportunity to add new leasable space and generate incremental revenue from its current asset base.
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Share Repurchases
- In September 2025, CTO Realty Growth completed a $5 million common stock repurchase program, under which approximately $4.3 million of common stock was repurchased.
- The Board of Directors approved a new $10 million common stock repurchase program in September 2025.
- For the full year 2025, the company repurchased $9.3 million of common stock.
Share Issuance
- During the three months ended June 30, 2025, CTO Realty Growth issued 1,089,555 shares of common stock in connection with the settlement of its 2025 Convertible Senior Notes.
Outbound Investments
- CTO Realty Growth's total investment activity for 2025 reached $165.9 million, with a weighted average initial cash yield of 9.0%.
- In 2025, the company acquired two shopping centers in Atlanta and South Florida for a total of $144.9 million.
- The company originated $21.0 million in structured investment commitments in 2025, including a $5.0 million seller financing arrangement.
Capital Expenditures
- The company has development plans for six outparcels, with capital expected to be invested over 2026 and 2027.
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 24.23 |
| Mkt Cap | 1.1 |
| Rev LTM | 302 |
| Op Inc LTM | 80 |
| FCF LTM | 90 |
| FCF 3Y Avg | 89 |
| CFO LTM | 129 |
| CFO 3Y Avg | 126 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.0% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 13.4% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 9.4% |
| Op Mgn LTM | 35.6% |
| Op Mgn 3Y Avg | 35.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 48.9% |
| CFO/Rev 3Y Avg | 44.3% |
| FCF/Rev LTM | 48.9% |
| FCF/Rev 3Y Avg | 44.3% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Income Properties | 132 | 111 | 97 | 69 | 51 |
| Commercial Loans and Investments | 13 | 7 | 4 | 4 | 3 |
| Management Services | 5 | 5 | 4 | 4 | 3 |
| Real Estate Operations | 2 | 4 | 5 | 13 | |
| Total | 150 | 125 | 109 | 82 | 70 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Income Properties | 56 | 18 | 68 | 48 | 37 |
| Commercial Loans and Investments | 12 | 7 | 4 | 4 | |
| Management Services | 5 | 5 | 4 | 4 | 3 |
| Depreciation and Amortization - Other | -0 | -0 | |||
| General and Administrative Expenses | -19 | -16 | -58 | -42 | -32 |
| Loss on Extinguishment of Debt | -20 | 0 | -3 | ||
| Real Estate Operations | 5 | 2 | 3 | 5 | |
| Gain (Loss) on Disposition of Assets | 8 | -7 | 28 | ||
| Provision for Impairment | -2 | -18 | |||
| Interest Income From Commercial Loans and Investments | 3 | ||||
| Total | 34 | 18 | 27 | 11 | 23 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Income Properties | 1,103 | 1,039 | 887 | 902 | 631 |
| Commercial Loans and Investments | 118 | 106 | 39 | ||
| Corporate and Other | 40 | 34 | 36 | 46 | 35 |
| Management Services | 2 | 1 | 1 | 1 | 2 |
| Real Estate Operations | 0 | 1 | 2 | 4 | 27 |
| Interest Income From Commercial Loans and Investments | 62 | 32 | |||
| Total | 1,264 | 1,182 | 990 | 987 | 733 |
Price Behavior
| Market Price | $21.25 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 09/08/1992 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $20.03 | $17.75 |
| DMA Trend | up | up |
| Distance from DMA | 6.1% | 19.7% |
| 3M | 1YR | |
| Volatility | 18.1% | 20.0% |
| Downside Capture | -66.28 | -1.15 |
| Upside Capture | 18.40 | 28.05 |
| Correlation (SPY) | -3.8% | 9.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.03 | 0.08 | 0.27 | 0.10 | 0.27 | 0.45 |
| Up Beta | 0.58 | 0.14 | 0.08 | -0.01 | 0.32 | 0.40 |
| Down Beta | 0.84 | 2.00 | 0.82 | 0.54 | 0.29 | 0.57 |
| Up Capture | -7% | 24% | 29% | 17% | 24% | 18% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 22 | 32 | 65 | 132 | 406 |
| Down Capture | -75% | -124% | 8% | -31% | 17% | 61% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 19 | 30 | 56 | 113 | 329 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTO | |
|---|---|---|---|---|
| CTO | 26.1% | 20.1% | 1.04 | - |
| Sector ETF (XLRE) | 8.6% | 14.1% | 0.35 | 49.3% |
| Equity (SPY) | 23.3% | 12.5% | 1.40 | 9.0% |
| Gold (GLD) | 17.7% | 27.7% | 0.57 | -4.4% |
| Commodities (DBC) | 18.2% | 18.6% | 0.76 | -6.8% |
| Real Estate (VNQ) | 11.6% | 13.8% | 0.56 | 52.5% |
| Bitcoin (BTCUSD) | -40.6% | 42.4% | -1.11 | 4.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTO | |
|---|---|---|---|---|
| CTO | 11.8% | 22.9% | 0.45 | - |
| Sector ETF (XLRE) | 3.2% | 19.1% | 0.07 | 57.4% |
| Equity (SPY) | 13.2% | 17.1% | 0.60 | 39.7% |
| Gold (GLD) | 16.4% | 18.3% | 0.73 | 5.8% |
| Commodities (DBC) | 6.9% | 19.5% | 0.26 | 9.8% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 60.1% |
| Bitcoin (BTCUSD) | 10.4% | 54.1% | 0.39 | 18.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CTO | |
|---|---|---|---|---|
| CTO | 11.3% | 27.0% | 0.43 | - |
| Sector ETF (XLRE) | 6.9% | 20.4% | 0.30 | 48.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 43.1% |
| Gold (GLD) | 11.5% | 16.1% | 0.59 | 3.0% |
| Commodities (DBC) | 5.7% | 18.0% | 0.24 | 16.5% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 52.0% |
| Bitcoin (BTCUSD) | 57.2% | 66.5% | 0.97 | 14.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 3.7% | 4.5% | 5.8% |
| 2/19/2026 | 3.8% | 1.8% | -2.5% |
| 10/28/2025 | 1.3% | 4.3% | 11.0% |
| 7/29/2025 | -6.8% | -6.0% | -2.3% |
| 5/1/2025 | 0.2% | -2.4% | 1.8% |
| 2/20/2025 | -5.9% | -7.5% | -4.7% |
| 10/24/2024 | -0.8% | -1.9% | 0.5% |
| 7/25/2024 | 3.3% | 5.7% | -0.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 15 |
| # Negative | 14 | 11 | 9 |
| Median Positive | 2.1% | 4.5% | 3.1% |
| Median Negative | -1.5% | -2.8% | -2.4% |
| Max Positive | 3.8% | 7.2% | 19.1% |
| Max Negative | -6.8% | -7.5% | -10.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/28/2026 | 3.7% | 4.5% | 5.8% |
| 2/19/2026 | 3.8% | 1.8% | -2.5% |
| 10/28/2025 | 1.3% | 4.3% | 11.0% |
| 7/29/2025 | -6.8% | -6.0% | -2.3% |
| 5/1/2025 | 0.2% | -2.4% | 1.8% |
| 2/20/2025 | -5.9% | -7.5% | -4.7% |
| 10/24/2024 | -0.8% | -1.9% | 0.5% |
| 7/25/2024 | 3.3% | 5.7% | -0.4% |
| 5/2/2024 | -2.6% | -1.3% | 2.2% |
| 2/22/2024 | 3.7% | 2.7% | 3.0% |
| 10/26/2023 | 0.4% | 5.6% | 6.6% |
| 7/27/2023 | -1.3% | 0.3% | -2.2% |
| 4/27/2023 | -0.8% | -3.7% | -6.3% |
| 2/23/2023 | -6.5% | -7.3% | -10.5% |
| 10/27/2022 | 1.8% | 0.1% | 0.8% |
| 7/28/2022 | -3.6% | -2.6% | -2.4% |
| 4/28/2022 | -2.0% | -5.0% | 1.9% |
| 2/25/2022 | 0.5% | 6.4% | 5.4% |
| 10/28/2021 | -0.8% | 0.4% | 3.1% |
| 7/29/2021 | 2.4% | -1.1% | 0.9% |
| 4/29/2021 | -0.1% | -2.8% | -0.5% |
| 2/19/2021 | -0.1% | 4.7% | 3.9% |
| 10/29/2020 | -1.7% | 7.2% | 19.1% |
| 7/30/2020 | -0.9% | 5.3% | 8.8% |
| SUMMARY STATS | |||
| # Positive | 10 | 13 | 15 |
| # Negative | 14 | 11 | 9 |
| Median Positive | 2.1% | 4.5% | 3.1% |
| Median Negative | -1.5% | -2.8% | -2.4% |
| Max Positive | 3.8% | 7.2% | 19.1% |
| Max Negative | -6.8% | -7.5% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 10/24/2024 | 10-Q |
| 06/30/2024 | 07/25/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/06/2020 | 10-K |
| 09/30/2019 | 10/23/2019 | 10-Q |
| 06/30/2019 | 07/31/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per Common Share - Diluted | 2.06 | 2.08 | 2.11 | 4.0% | Raised | Guidance: 2 for 2026 | |
| 2026 AFFO per Common Share - Diluted | 2.19 | 2.21 | 2.24 | 3.8% | Raised | Guidance: 2.13 for 2026 | |
| 2026 Investment Volume | 175.00 Mil | 212.50 Mil | 250.00 Mil | 41.7% | Raised | Guidance: 150.00 Mil for 2026 | |
| 2026 General & Administrative Expenses | 19.70 Mil | 19.95 Mil | 20.20 Mil | 1.0% | Raised | Guidance: 19.75 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Core FFO per Common Share - Diluted | 1.98 | 2 | 2.03 | 8.1% | Higher New | Actual: 1.85 for 2025 | |
| 2026 AFFO per Common Share - Diluted | 2.11 | 2.13 | 2.16 | 8.1% | Higher New | Actual: 1.98 for 2025 | |
| 2026 Investment volume | 100.00 Mil | 150.00 Mil | 200.00 Mil | 0 | Same New | Actual: 150.00 Mil for 2025 | |
| 2026 Same-Property NOI growth | 3.5% | 4.0% | 4.5% | 60.0% | 1.5% | Higher New | Actual: 2.5% for 2025 |
| 2026 General and administrative expenses | 19.50 Mil | 19.75 Mil | 20.00 Mil | 8.2% | Higher New | Actual: 18.25 Mil for 2025 | |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Albright, John P | PRESIDENT & CEO | Direct | Buy | 9162025 | 16.38 | 2,000 | 32,760 | 10,393,880 | Form |
| 2 | Vorakoun, Lisa | SVP & CHIEF ACCOUNTING OFFICER | Direct | Buy | 9122025 | 16.59 | 750 | 12,446 | 775,966 | Form |
| 3 | Greathouse, Steven Robert | SVP & CHIEF INVESTMENT OFFICER | Direct | Buy | 9122025 | 16.70 | 600 | 10,020 | 3,087,646 | Form |
| 4 | Mays, Philip | SVP, CFO & Treasurer | Direct | Buy | 9112025 | 16.61 | 1,000 | 16,607 | 246,460 | Form |
| 5 | Smith, Daniel Earl | SVP, GEN COUNSEL & CORP SECRET | Direct | Buy | 9112025 | 16.50 | 1,000 | 16,500 | 3,209,184 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Albright, John P | PRESIDENT & CEO | Direct | Buy | 9162025 | 16.38 | 2,000 | 32,760 | 10,393,880 | Form |
| 2 | Vorakoun, Lisa | SVP & CHIEF ACCOUNTING OFFICER | Direct | Buy | 9122025 | 16.59 | 750 | 12,446 | 775,966 | Form |
| 3 | Greathouse, Steven Robert | SVP & CHIEF INVESTMENT OFFICER | Direct | Buy | 9122025 | 16.70 | 600 | 10,020 | 3,087,646 | Form |
| 4 | Mays, Philip | SVP, CFO & Treasurer | Direct | Buy | 9112025 | 16.61 | 1,000 | 16,607 | 246,460 | Form |
| 5 | Smith, Daniel Earl | SVP, GEN COUNSEL & CORP SECRET | Direct | Buy | 9112025 | 16.50 | 1,000 | 16,500 | 3,209,184 | Form |
| 6 | Albright, John P | PRESIDENT & CEO | Direct | Buy | 9112025 | 16.53 | 4,200 | 69,443 | 10,458,532 | Form |
| 7 | Mays, Philip | SVP, CFO & Treasurer | Direct | Buy | 6262025 | 17.29 | 1,000 | 17,290 | 239,311 | Form |
| 8 | Brokaw, George R | Direct | Buy | 6262025 | 16.94 | 2,000 | 33,880 | 1,553,415 | Form | |
| 9 | Smith, Daniel Earl | SVP, GEN COUNSEL & CORP SECRET | Direct | Buy | 6262025 | 17.00 | 1,000 | 17,002 | 3,289,722 | Form |
| 10 | Albright, John P | PRESIDENT & CEO | Direct | Buy | 6262025 | 17.05 | 3,800 | 64,808 | 10,716,332 | Form |
| 11 | Smith, Daniel Earl | SVP, GEN COUNSEL & CORP SECRET | Direct | Buy | 4252025 | 16.00 | 1,000 | 16,000 | 3,079,936 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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