CTO Realty Growth — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net loss attributable to common stockholders was $0.19 per diluted share for the quarter, compared to a net income of $0.03 per diluted share in the third quarter of 2025.
• Core FFO attributable to common stockholders was $0.53 per diluted share for the quarter, up 10% year-over-year from $0.48 per share; year-to-date Core FFO was $1.57 per share versus $1.38 per share in 2025.
• Adjusted Funds from Operations (AFFO) attributable to common stockholders was $0.55 per diluted share for the quarter, up from $0.50 per share in the prior year period; year-to-date AFFO was $1.66 per share versus $1.46 per share in 2025.
• Total revenues for the quarter were $46.9 million, up from $37.8 million in the prior year period.
• Net income (loss) for the nine months ended September 30, 2026, was $10.5 million, compared to a net loss of $23.9 million in the same period of 2025.
• Same-property NOI for shopping centers increased 3.8% in the third quarter of 2026 versus the third quarter of 2025 and 6.2% year-to-date.
• Total borrowings were $723.0 million at a weighted average interest rate of 4.7% as of September 30, 2026.
• Net Debt to Pro Forma Adjusted EBITDA was 5.9 times as of September 30, 2026.
• Total liquidity was $254.6 million, consisting of $245.8 million in undrawn commitments and $8.8 million in cash on hand.

Guidance and Future Outlook:

• Raised 2026 Core FFO per diluted share guidance to $2.11 to $2.14, up from the previous range of $2.09 to $2.13.
• Raised 2026 AFFO per diluted share guidance to $2.22 to $2.25, up from the previous range of $2.21 to $2.25.
• Revised 2026 investment volume guidance to $472 million, up from the previous range of $300 to $400 million.
• Revised 2026 General & Administrative Expenses guidance to $21.0 to $21.5 million, up from the previous range of $20.0 to $20.2 million.
• Maintained 2026 same-property NOI growth guidance for shopping centers at 5.0% to 6.0%.
• Management expects continued earnings growth into 2027 driven by leasing momentum and investment activity.

Business Segments and Product Lines:

• Executed 396,000 square feet of comparable retail leases in the third quarter at a positive cash rent spread of 7%.
• Signed-not-open leasing pipeline totaled $5.6 million as of September 30, 2026.
• Acquired Zona Rosa, a 768,000 square-foot mixed-use center in Kansas City, Missouri, for $63.3 million, anchored by Dick's Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW.
• Originated a $37.0 million loan secured by a leasehold interest in a mixed-use property in Austin, Texas, generating a 9.75% initial cash yield with a two-year term.
• Addressed 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.
• Income from Alpine Income Property Trust (PINE) was $2.2 million for the quarter, consisting of $1.4 million in management fees and $0.8 million in dividend income, with an annualized run-rate of $9.0 million.
• Issued 1,271,472 common shares under the ATM program for net proceeds of $27.3 million during the quarter.

Market and Competitive Landscape:

• The company operates shopping centers primarily in higher growth Southeast and Southwest markets.
• Total property portfolio leased occupancy was 92.4% as of September 30, 2026, a decrease of 180 basis points from the prior year, driven by the acquisition of Zona Rosa which was 67% leased at acquisition.
• Same-property shopping center portfolio leased occupancy was 95.8% as of September 30, 2026, up 90 basis points compared to September 30, 2025.
• Year-to-date investments totaled $472.3 million (including subsequent events) at a weighted average yield of 9.4%.

Risks and Challenges:

• Total property portfolio occupancy decreased due to the acquisition of a lower-leased property (Zona Rosa).
• A 98,000-square-foot vacancy at an Albuquerque, New Mexico property, which was leased to the State of New Mexico in September 2026, impacted overall same-property NOI growth.
• Forward-looking statements are subject to risks including adverse economic conditions, interest rate volatility, tenant bankruptcy, and regulatory changes affecting REIT status.

Management Commentary and Tone:

• John P. Albright, President and CEO, stated the company delivered an "excellent quarter" with Core FFO per diluted share up 10% year-over-year.
• Management expressed confidence in delivering continued earnings growth into 2027, citing leasing momentum and $472 million in year-to-date investments at a 9.4% weighted average yield.
• The tone reflects optimism regarding the $5.6 million signed-not-open leasing pipeline and the strategic positioning of the company.

Other Key Points:

• Secured a $1.0 billion amended and restated unsecured credit facility with $250 million in incremental commitments; the nearest maturity is now September 2029.
• Repaid the last secured mortgage of $17.8 million, leaving the company with no secured debt.
• Subsequent to September 30, 2026, invested $135.8 million, including the $103.0 million acquisition of Summit Woods Crossing in Kansas City and a $32.0 million preferred equity investment in a 10-property joint venture.
• Completed $90.7 million of property dispositions year-to-date, generating aggregate gains of $2.1 million.
• Preferred investment in Watters Creek Village was repaid in full for $30.0 million.
• The company's nearest debt maturity is September 2029 following the refinancing and repayment activities.