CTO Realty Growth, Inc. announced its operating results for the third quarter ended September 30, 2024, reporting Funds From Operations (FFO) of $13.1 million, or $0.51 per share, surpassing the average analyst estimate of $0.48 per share. The company also reported net income of $4.3 million, or $0.17 per share, on revenues of $31.8 million.
The company's investment activity included $191.3 million invested during the quarter, contributing to a year-to-date total of $273.8 million at a weighted average yield of 9.1%. Leasing activity was robust, with 20 leases signed totaling 201,806 square feet, and comparable leases showing a 12.0% cash rent growth.
CTO also updated its full-year 2024 outlook, increasing its Core FFO guidance to a range of $1.96 to $2.00 per share. The company ended the quarter with $213 million of available liquidity and a net debt to Pro Forma Adjusted EBITDA of 6.4 times, reflecting disciplined capital management.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.