CTO Realty Growth, Inc. reported a significant increase in financial performance for the first quarter of 2026, with total revenues reaching $41.2 million, a 15% increase from $35.8 million in the same period last year. The growth was primarily driven by a 15.5% rise in income property revenues, which amounted to $36.6 million, compared to $31.7 million in the prior year. The company also saw an increase in management fee income and interest income from commercial loans, contributing to the overall revenue growth.
The company's net income attributable to common stockholders surged to $4.3 million, or $0.13 per share, up from $383,000, or $0.01 per share, in the first quarter of 2025. This increase in profitability was attributed to higher revenues from recent acquisitions and improved leasing activity across its portfolio. Additionally, the company recorded a net income of $6.2 million for the quarter, compared to $2.3 million in the previous year, reflecting a strong operational performance.
Strategically, CTO Realty Growth completed the acquisition of Palms Crossing, an open-air shopping center in McAllen, Texas, for $81.8 million during the quarter. This acquisition added approximately 399,000 square feet to the company's portfolio, which now includes 22 commercial properties across seven states, totaling 5.9 million square feet of gross leasable space. The company continues to focus on expanding its presence in business-friendly markets with strong job and population growth.
Operationally, the company reported a cash flow from operating activities of $14.6 million, an increase from $10.3 million in the prior year. The total cash and cash equivalents stood at $8.3 million, with restricted cash at $10.6 million. The company also maintained a strong balance sheet, with total assets of $1.3 billion as of March 31, 2026, up from $1.26 billion at the end of 2025. Long-term debt increased to $649.5 million, reflecting the financing of recent acquisitions.
Looking ahead, CTO Realty Growth anticipates continued growth in its income-producing properties, with a projected investment range of $175 million to $250 million for 2026. The company plans to fund these investments through a combination of cash on hand, cash from operations, and proceeds from the sale of properties under the 1031 like-kind exchange structure. The management remains optimistic about the company's ability to navigate market conditions and capitalize on opportunities in the commercial real estate sector.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. is a self-managed REIT specializing in owning, managing, and repositioning high-quality retail and mixed-use properties across the U.S. It focuses on faster-growing, business-friendly markets with strong demographic trends, primarily through fee simple ownership, commercial loans, and preferred equity. The company generates income from leasing, property management, and real estate investments, emphasizing long-term leases and strategic asset diversification.
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