# CTO Realty Growth, Inc. (CTO)

Informational only - not investment advice.

CIK: 0000023795
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-19
SEC page: https://www.sec.gov/edgar/browse/?CIK=23795
Filing source: https://www.sec.gov/Archives/edgar/data/23795/000110465926017560/cto-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-19 · accession 0001104659-26-017560 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023795.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 149,545,000 USD | 2025 | verified |
| Net income | 10,092,000 USD | 2025 | verified |
| Assets | 1,263,902,000 USD | 2025 | verified |
| Net margin | 6.75% | 2025 | computed |
| Operating margin | 22.75% | 2025 | computed |
| Revenue YoY | +20.10% | 2025 | computed |
| ROE | 1.78% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CTO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 6.7% | 16.8% | 34 | 149 |
| Operating margin | 22.7% | 23.2% | 48 | 66 |
| Revenue growth | 20.1% | 3.7% | 92 | 149 |
| ROE | 1.8% | 5.7% | 30 | 151 |
| ROA | 0.8% | 1.5% | 32 | 155 |
| Liabilities / equity | 1.23 | 1.48 | 44 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 149545000 | USD | 2025 | 2026-02-19 |
| Net income | 10092000 | USD | 2025 | 2026-02-19 |
| Assets | 1263902000 | USD | 2025 | 2026-02-19 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023795.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 65,884,467 |  | 43,658,000 |  |  | 70,272,000 | 82,320,000 | 109,119,000 | 124,519,000 | 149,545,000 |
| Net income | 16,251,248 | 41,719,424 | 37,168,000 | 114,973,000 | 78,509,000 | 29,940,000 | 3,158,000 | 5,530,000 | -1,965,000 | 10,092,000 |
| Operating income | 37,982,344 | 7,744,993 | 31,385,000 | 34,199,000 | 12,280,000 | 23,345,000 | 10,667,000 | 26,506,000 | 17,611,000 | 34,015,000 |
| Gross profit |  |  |  |  |  |  | 59,463,000 | 78,941,000 | 91,297,000 | 111,622,000 |
| Diluted EPS | 2.85 | 7.48 | 6.72 | 23.00 | 5.56 | 1.56 | -0.09 | 0.03 | -0.35 | 0.08 |
| Operating cash flow | 14,288,445 | 57,545,796 | 47,823,000 | 16,411,000 | 16,930,000 | 27,577,000 | 56,097,000 | 46,314,000 | 59,867,000 | 64,600,000 |
| Dividends paid | 682,097 | 997,461 | 1,484,000 | 2,198,000 | 14,470,000 | 23,580,000 | 28,896,000 | 34,266,000 | 40,280,000 | 49,046,000 |
| Share buybacks | 7,431,896 | 7,209,454 | 9,837,000 | 41,096,000 | 4,100,000 | 2,210,000 | 2,792,000 | 6,439,000 | 664,000 | 9,355,000 |
| Assets | 408,623,426 | 466,130,378 | 556,329,872 | 703,286,000 | 666,700,000 | 733,139,000 | 986,545,000 | 989,668,000 | 1,181,644,000 | 1,263,902,000 |
| Liabilities | 260,347,584 | 281,952,170 | 344,568,399 | 417,873,000 | 315,801,000 | 302,659,000 | 481,775,000 | 532,142,000 | 568,846,000 | 696,556,000 |
| Stockholders' equity | 148,275,842 | 184,178,000 | 211,762,000 | 285,413,000 | 350,899,000 | 430,480,000 | 504,770,000 | 457,526,000 | 612,798,000 | 567,346,000 |
| Cash and cash equivalents | 7,327,405 | 6,107,252 | 2,310,000 | 6,475,000 | 4,289,000 | 8,615,000 | 19,333,000 | 10,214,000 | 9,017,000 | 6,467,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 24.67% |  | 85.13% |  |  | 42.61% | 3.84% | 5.07% | -1.58% | 6.75% |
| Operating margin | 57.65% |  | 71.89% |  |  | 33.22% | 12.96% | 24.29% | 14.14% | 22.75% |
| Return on equity | 10.96% | 22.65% | 17.55% | 40.28% | 22.37% | 6.96% | 0.63% | 1.21% | -0.32% | 1.78% |
| Return on assets | 3.98% | 8.95% | 6.68% | 16.35% | 11.78% | 4.08% | 0.32% | 0.56% | -0.17% | 0.80% |
| Liabilities / equity | 1.76 | 1.53 | 1.63 | 1.46 | 0.90 | 0.70 | 0.95 | 1.16 | 0.93 | 1.23 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CTO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000023795.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.00 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 0.19 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.32 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 26,047,000 | 1,800,000 | 0.03 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 28,470,000 | 2,686,000 | 0.07 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 29,885,000 | 7,037,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 28,127,000 | 5,842,000 | 0.20 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 28,845,000 | 1,183,000 | -0.03 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 31,805,000 | 6,227,000 | 0.17 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 35,742,000 | -15,217,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 35,811,000 | 2,261,000 | 0.01 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 37,638,000 | -23,418,000 | -0.77 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 37,757,000 | 2,914,000 | 0.03 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 38,339,000 | 28,335,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 41,173,000 | 6,205,000 | 0.13 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CTO's latest 10-K: [/company/CTO/business/](/company/CTO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CTO's latest 10-K: [/company/CTO/risk-factors/](/company/CTO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/23795/000110465926087549/cto-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

When we refer to “we,” “us,” “our,” or “the Company,” we mean CTO Realty Growth, Inc. and its consolidated subsidiaries. References to “Notes to Financial Statements” refer to the Notes to the Consolidated Financial Statements of CTO Realty Growth, Inc. included in this Quarterly Report on Form 10-Q. Some of the comments we make in this section are forward-looking statements within the meaning of the federal securities laws. For a discussion of forward-looking statements, see the section below entitled “Special Note Regarding Forward-Looking Statements.” Certain factors that could cause actual results or events to differ materially from those the Company anticipates or projects are described in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

​

Special Note Regarding Forward-Looking Statements

​

Statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Also, when the Company uses any of the words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, the Company is making forward-looking statements. Management believes the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions. However, the Company’s actual results could differ materially from those set forth in the forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise such forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law. The risks and uncertainties that could cause our actual results to differ materially from those presented in our forward-looking statements, include, but are not limited to, the following:

[[GREPCENT_TABLE]]
[["","\u2022","we are subject to risks related to the ownership of commercial real estate that could affect the performance and value of our properties;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","our business is dependent upon our tenants and borrowers successfully operating their businesses, and their failure to do so could materially and adversely affect us;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","competition that traditional retail tenants face from e-commerce retail sales, or the integration of brick and mortar stores with e-commerce retail operators, could adversely affect our business;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","we operate in a highly competitive market for the acquisition of income properties and more established entities or other investors may be able to compete more effectively for acquisition opportunities than we can;"]]
[[/GREPCENT_TABLE]]

•we may be unable to successfully execute on asset acquisitions or dispositions;

[[GREPCENT_TABLE]]
[["","\u2022","the loss of revenues from our income property portfolio or certain tenants or borrowers would adversely impact our results of operations and cash flows;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","our revenues include receipt of management fees and potentially incentive fees derived from our provision of management services to Alpine Income Property Trust, Inc. (\u201cPINE\u201d) and the loss or failure, or decline in the business or assets, of PINE could substantially reduce our revenues;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","there are various potential conflicts of interest in our relationship with PINE, including our executive officers and/or directors who are also officers and/or directors of PINE, which could result in decisions that are not in the best interest of our stockholders;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","a prolonged downturn in economic conditions could adversely impact our business, particularly with regard to our ability to maintain revenues from our income-producing assets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","a part of our investment strategy is focused on investing in commercial loans and investments which may involve credit risk or the risk that our borrowers or other counterparties will fail to pay scheduled contractual payments to us when due;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","we may suffer losses when a borrower defaults on a loan and the value of the underlying collateral is less than the amount due;"]]
[[/GREPCENT_TABLE]]

•the Company’s real estate investments are generally illiquid;

[[GREPCENT_TABLE]]
[["","\u2022","if we are not successful in utilizing the Section 1031 like-kind exchange structure in deploying the proceeds from dispositions of income properties, or our Section 1031 like-kind exchange transactions are disqualified, we could incur significant taxes and our results of operations and cash flows could be adversely impacted;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","the Company may be unable to obtain debt or equity capital on favorable terms, if at all, or additional borrowings may impact our liquidity or ability to monetize any assets securing such borrowings;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to service or pay our debt;"]]
[[/GREPCENT_TABLE]]

40

Table of Contents

[[GREPCENT_TABLE]]
[["","\u2022","our operations and properties could be adversely affected in the event of natural disasters, pandemics, or other significant disruptions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","we may encounter environmental problems which require remediation or the incurrence of significant costs to resolve, which could adversely impact our financial condition, results of operations, and cash flows;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","failure to remain qualified as a real estate investment trust (\u201cREIT\u201d) for U.S. federal income tax purposes would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distribution to stockholders;"]]
[[/GREPCENT_TABLE]]

•the risk that the REIT requirements could limit our financial flexibility;

[[GREPCENT_TABLE]]
[["","\u2022","our ability to pay dividends consistent with the REIT requirements, and expectations as to timing and amounts of such dividends;"]]
[[/GREPCENT_TABLE]]

•the ability of our board of directors (the “Board”) to revoke our REIT status without stockholder approval;

•our exposure to changes in U.S. federal and state income tax laws, including changes to the REIT requirements;

[[GREPCENT_TABLE]]
[["","\u2022","general business and economic conditions, including unstable macroeconomic conditions due to, among other things, political unrest and economic uncertainty due to terrorism or war, inflation, higher interest rates, tariffs and international trade policies and distress in the banking sector; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u2022","an epidemic or pandemic, and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities implement to address it, may precipitate or materially exacerbate one or more of the above-mentioned and/or other risks and may significantly disrupt or prevent us from operating our business in the ordinary course for an extended period."]]
[[/GREPCENT_TABLE]]

​

The Company describes the risks and uncertainties that could cause actual results and events to differ materially in “Risk Factors” (Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025), “Quantitative and Qualitative Disclosures about Market Risk” (Part I, Item 3 of this Quarterly Report on Form 10-Q), and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (Part I, Item 2 of this Quarterly Report on Form 10-Q).

​

OVERVIEW

​

We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity.

As of June 30, 2026, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in seven states in the United States, comprising 5.8 million square feet of gross leasable space:

Management Services: A fee-based management business that is engaged in managing PINE, as well as a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined), and a portfolio of subsurface interests, as further described in Note 5, “Management Services Business”.

Commercial Loans and Investments: A portfolio of four commercial loan investments and three preferred equity investments which are classified as commercial loan investments.

Investment in PINE: Our business also includes our investment in PINE. As of June 30, 2026, the fair value of our investment totaled $51.3 million, or 13.1% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations.

​

41

Table of Contents

Our strategy for investing in income-producing properties is focused on factors including, but not limited to, long-term real estate fundamentals and target markets, including markets we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth. We employ a methodology for evaluating targeted investments in income-producing properties which includes an evaluation of: (i) the attributes of the real estate (e.g. location, market demographics, comparable properties in the market, etc.); (ii) an evaluation of the existing tenant(s) (e.g. creditworthiness, property level sales, tenant rent levels compared to the market, etc.); (iii) other market-specific conditions (e.g. tenant industry, job and population growth in the market, local economy, etc.); and (iv) considerations relating to the Company’s business and strategy (e.g. strategic fit of the asset type, property management needs, ability to use a Section 1031 like-kind exchange structure, etc.).

We believe investment in income-producing assets provides attractive opportunities for generally stable cash flows and increased returns over the long run through potential capital

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/23795/000110465926017560/cto-20251231x10k.htm
Complete FY 2025 MD&A: /company/CTO/mda/fy2025/

Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization.
Confidence: high
Filing date: 2026-02-19
Report date: 2025-12-31

ITEM 7.              MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

​

Forward-Looking Statements

​

When the Company uses any words such as “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,” or similar expressions, the Company is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon current expectations and reasonable assumptions, the Company’s actual results could differ materially from those set forth in the forward-looking statements. Certain factors or risks that could cause actual results or events to differ materially from those the Company anticipates or projects are described in “Item 1A. Risk Factors” of this Annual Report on Form 10-K. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K or any document incorporated herein by reference. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K.

Our Business

We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity.

As of December 31, 2025, we own and manage, sometimes utilizing third-party property management companies, 21 commercial real estate properties in 7 states in the United States, comprising 5.5 million square feet of gross leasable space. In addition to our income property portfolio, as of December 31, 2025, our business included the following:

Management Services: A fee-based management business that is engaged in managing PINE, as well as: (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, “Management Services Business” in the notes to the consolidated financial statements in Item 8.  

Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments.

Real Estate Operations: There were no significant transactions within the Company’s real estate operations during the year ended December 31, 2025. During the year ended December 31, 2024, the Company sold its remaining mitigation credits. These credits were produced by the Company’s formerly owned mitigation bank. During the year ended December 31, 2024, the Company sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”), as further described in Note 6, “Real Estate Operations”. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services (the “Subsurface Management Agreement”).

Our business also includes our investment in PINE. As of December 31, 2025, the fair value of our investment totaled $41.3 million, or 15.4% of PINE’s outstanding common equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends

46

Table of Contents

received from PINE are included in investment and other income on the accompanying consolidated statements of operations.

​

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations.

​

REIT Conversion and Merger

As of December 31, 2020, the Company had completed certain internal reorganization transactions necessary to begin operating in compliance with the requirements for qualification and taxation as a REIT for U.S. federal income tax purposes, commencing with the taxable year ended December 31, 2020. See Item 1, “Business” for information related to the Company’s REIT conversion and related transactions. On January 29, 2021, in connection with the REIT conversion, the Company completed the Merger in order to reincorporate in Maryland and facilitate its ongoing compliance with the REIT requirements.

Selected Historical Financial Information

The following table summarizes our selected historical financial information for each of the last five fiscal years (in thousands except per share amounts). The selected financial information has been derived from our audited consolidated financial statements. Additional data for fiscal years 2025, 2024, and 2023 is included elsewhere in this report.

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","\u200b","Fiscal Years Ended"],["\u200b","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","2023","\u200b \u200b \u200b","2022","\u200b \u200b \u200b","2021"],["Total Revenues","\u200b","$","149,545","\u200b","$","124,519","\u200b","$","109,119","\u200b","$","82,320","\u200b","$","70,272"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Operating Income","\u200b","$","34,015","\u200b","$","17,611","\u200b","$","26,506","\u200b","$","10,667","\u200b","$","23,345"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net Income (Loss) Attributable to the Company","\u200b","$","10,092","\u200b","$","(1,965)","\u200b","$","5,530","\u200b","$","3,158","\u200b","$","29,940"],["Distributions to Preferred Stockholders","\u200b","\u200b","(7,512)","\u200b","\u200b","(6,814)","\u200b","\u200b","(4,772)","\u200b","\u200b","(4,781)","\u200b","\u200b","(2,325)"],["Net Income (Loss) Attributable to Common Stockholders","\u200b","$","2,580","\u200b","$","(8,779)","\u200b","$","758","\u200b","$","(1,623)","\u200b","$","27,615"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Per Share Information:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Basic and Diluted:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Net Income (Loss) Attributable to Common Stockholders","\u200b","$","0.08","\u200b","$","(0.35)","\u200b","$","0.03","\u200b","$","(0.09)","\u200b","$","1.56"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Dividends Declared and Paid - Preferred Stock","\u200b","$","1.59","\u200b","$","1.59","\u200b","$","1.59","\u200b","$","1.59","\u200b","$","0.77"],["Dividends Declared and Paid - Common Stock","\u200b","$","1.52","\u200b","$","1.52","\u200b","$","1.52","\u200b","$","1.49","\u200b","$","1.33"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Summary of Financial Position:","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Real Estate\u2014Net","\u200b","$","953,129","\u200b","$","901,338","\u200b","$","734,463","\u200b","$","734,721","\u200b","$","494,695"],["Total Assets","\u200b","$","1,263,902","\u200b","$","1,181,644","\u200b","$","989,668","\u200b","$","986,545","\u200b","$","733,139"],["Stockholders\u2019 Equity","\u200b","$","567,346","\u200b","$","612,798","\u200b","$","457,526","\u200b","$","504,770","\u200b","$","430,480"],["Long-Term Debt","\u200b","$","616,345","\u200b","$","518,993","\u200b","$","495,370","\u200b","$","445,583","\u200b","$","278,273"]]
[[/GREPCENT_TABLE]]

​

​

47

Table of Contents

Non-U.S. GAAP Financial Measures

Our reported results are presented in accordance with U.S. GAAP. We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), and Adjusted Funds From Operations (“AFFO”), each of which are non-U.S. GAAP financial measures. We believe these non-U.S. 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, and AFFO 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, U.S. 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 U.S. 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 implementation of current expected credit losses (“CECL”) on commercial loans and investments at the time of origination, 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 mitigation credits, subsurface sales, investment securities, and land sales, in addition to the mark-to-market of the Company’s investment securities and interest related to the 2025 Notes, if the effect is dilutive. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to U.S. 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, as well as adding back the interest related to the 2025 Notes, if the effect is dilutive. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to U.S. 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 bu

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CTO/mda/fy2025/
All MD&A years: /company/CTO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CTO/mda/fy2024/): filed 2025-02-20; accession 0001558370-25-001229 (https://www.sec.gov/Archives/edgar/data/23795/000155837025001229/cto-20241231x10k.htm)
- [FY 2023 MD&A](/company/CTO/mda/fy2023/): filed 2024-02-22; accession 0001558370-24-001534 (https://www.sec.gov/Archives/edgar/data/23795/000155837024001534/cto-20231231x10k.htm)
- [FY 2022 MD&A](/company/CTO/mda/fy2022/): filed 2023-02-23; accession 0001558370-23-001933 (https://www.sec.gov/Archives/edgar/data/23795/000155837023001933/cto-20221231x10k.htm)
- [FY 2021 MD&A](/company/CTO/mda/fy2021/): filed 2022-02-24; accession 0001558370-22-001966 (https://www.sec.gov/Archives/edgar/data/23795/000155837022001966/cto-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CTO.md · JSON record: /company/CTO.json · verified financials: /company/CTO/financials.json / /company/CTO/financials.csv · machine TOC for the whole site: /llms.txt