CTO Realty Growth, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $37.8 million for the quarter, a 18.7% increase from $31.8 million in the same period last year. For the nine months, revenue rose to $111.2 million, up 25.3% from $88.8 million in 2024. The growth in revenue was primarily driven by increased income from recent property acquisitions and improved performance from existing properties. The company’s income properties segment generated $33.4 million in revenue for the quarter, reflecting a 17.2% increase year-over-year, while management fee income rose to $1.2 million, and interest income from commercial loans surged by 94.6% to $3.1 million.
Despite the revenue growth, CTO Realty Growth reported a net loss attributable to the company of $18.2 million for the nine months ended September 30, 2025, compared to a net income of $13.3 million for the same period in 2024. This significant decline was largely due to a $20.4 million loss on extinguishment of debt related to the settlement of the 2025 Notes, alongside a reduction in gains from asset dispositions. The company recorded a net income of $2.9 million for the third quarter, down from $6.2 million in the prior year, attributed to increased interest expenses and a decrease in unrealized gains from its investment in Alpine Income Property Trust, Inc. (PINE).
Operationally, CTO Realty Growth managed 21 commercial properties across seven states, totaling 5.2 million square feet of gross leasable space as of September 30, 2025. The company completed the acquisition of Ashley Park, a multi-tenant property in Georgia, for $80 million during the nine months, while also selling three single-tenant properties for $7.1 million. The company’s total assets increased to $1.22 billion, up from $1.18 billion at the end of 2024, with real estate assets net of depreciation valued at $944.2 million.
The company’s long-term debt rose to $604.2 million as of September 30, 2025, compared to $519.0 million at the end of 2024, reflecting increased borrowing to support acquisitions. CTO Realty Growth maintained a strong liquidity position with $9.3 million in cash and $8.3 million in restricted cash. The company also reported cash flows from operating activities of $57.7 million for the nine months, an increase from $45.8 million in the prior year, indicating improved operational efficiency.
Looking ahead, CTO Realty Growth anticipates continued investment in income-producing properties, with a target range of $100 million to $200 million for acquisitions in 2025. The company plans to utilize cash on hand, operational cash flows, and proceeds from property dispositions to fund these investments. The management remains focused on diversifying its portfolio and enhancing shareholder value through strategic acquisitions and effective capital management.
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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