CTO Realty Growth, Inc. CTO
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:
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $149.5M | $124.5M | $109.1M | $82.3M | $13.4M | $650.0K | $852.0K | $3.0M | $5.2M | $65.9M |
| Cost of revenue | $37.9M | $33.2M | $30.2M | $22.9M | $22.4M | $15.2M | $7.1M | $8.8M | $8.3M | $20.3M |
| Gross profit | $111.6M | $91.3M | $78.9M | $59.5M | -$9.0M | -$14.6M | -$6.3M | -$5.8M | -$3.1M | $45.6M |
| SG&A | $18.5M | $16.3M | $14.2M | $12.9M | $11.2M | $11.6M | $9.8M | $9.8M | $10.3M | $10.3M |
| Total operating expenses | — | — | — | — | — | — | — | $45.2M | $47.1M | $40.7M |
| Operating income | $34.0M | $17.6M | $26.5M | $10.7M | $23.3M | $12.3M | $34.2M | $31.4M | $7.7M | $38.0M |
| Interest expense | — | — | — | — | — | — | — | — | $8.5M | $8.8M |
| Pre-tax income | $10.5M | -$2.3M | $6.1M | $328.0K | $26.9M | -$5.0M | $22.1M | $21.0M | -$740.2K | $28.7M |
| Income tax | $446.0K | $339.0K | $604.0K | $2.8M | $3.1M | $83.5M | $5.5M | $6.0M | $22.5M | $12.1M |
| Net income | $2.6M | -$8.8M | $758.0K | -$1.6M | $27.6M | $78.5M | $115.0M | $37.2M | $41.7M | $16.3M |
| EPS, basic | 0.08 | -0.35 | 0.03 | -0.09 | 1.56 | 5.56 | 23.03 | 6.76 | 7.53 | 2.86 |
| EPS, diluted | 0.08 | -0.35 | 0.03 | -0.09 | 1.56 | 5.56 | 23.00 | 6.72 | 7.48 | 2.85 |
| Shares, diluted (wtd. avg.) | $32.3M | $25.4M | $22.5M | $18.5M | $17.7M | $14.1M | $5.0M | $5.5M | $5.6M | $5.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.5M | $9.0M | $10.2M | $21.2M | $31.3M | $33.8M | $134.9M | $21.2M | $12.6M | $17.2M |
| Property, plant and equipment | — | — | — | — | — | $442.4M | $370.6M | $368.8M | $342.6M | $267.6M |
| Other intangibles | $84.7M | $79.2M | $97.1M | $116.0M | $79.5M | $50.2M | $49.0M | $43.6M | $38.8M | $34.7M |
| Total assets | $1.26B | $1.18B | $989.7M | $986.5M | $733.1M | $666.7M | $703.3M | $556.3M | $466.1M | $408.6M |
| Short-term debt | — | — | — | — | — | $23.2M | $75.0M | — | — | — |
| Long-term debt | $616.3M | $519.0M | $495.4M | $445.6M | $278.3M | $273.8M | $287.2M | $247.6M | $195.8M | $166.2M |
| Total liabilities | $696.6M | $568.8M | $532.1M | $481.8M | $302.7M | $315.8M | $417.9M | $344.6M | $282.0M | $260.3M |
| Retained earnings | $184.9M | $232.1M | $281.9M | $316.3M | $343.5M | $339.9M | $326.1M | $213.3M | $177.6M | $136.9M |
| Total equity | $567.3M | $612.8M | $457.5M | $504.8M | $430.5M | $350.9M | $285.4M | $211.8M | $184.2M | $148.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $64.6M | $59.9M | $46.3M | $56.1M | $27.6M | $16.9M | $16.4M | $47.8M | $57.5M | $14.3M |
| Depreciation and amortisation | $60.0M | $65.0M | $44.2M | $28.9M | $20.6M | $19.1M | $15.8M | $15.8M | $12.3M | $7.9M |
| Stock-based compensation | $4.2M | $3.6M | $3.7M | $3.2M | $3.2M | $2.8M | $2.7M | $1.9M | $1.4M | $3.2M |
| Capital expenditure | — | — | — | $385.2M | $256.9M | $196.0M | $187.5M | $113.8M | — | $92.6M |
| Investing cash flow | -$71.5M | -$232.7M | -$52.5M | -$267.6M | -$103.0M | -$91.1M | $103.1M | -$77.9M | -$82.6M | -$27.6M |
| Financing cash flow | $30.7M | $172.3M | $2.8M | $201.4M | $72.9M | -$26.9M | -$5.8M | $38.7M | $20.5M | $12.8M |
| Dividends paid | $49.0M | $40.3M | $34.3M | $28.9M | $23.6M | $14.5M | $2.2M | $1.5M | $997.5K | $682.1K |
| Buybacks | $9.4M | $664.0K | $6.4M | $2.8M | $2.2M | $4.1M | $41.1M | $9.8M | $7.2M | $7.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050405.
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