CTO Realty Growth (CTO) Q2 2026 earnings summary

Executive summary

• Achieved net income attributable to common stockholders of $13.2 million for Q2 2026, reversing a loss of $25.3 million in Q2 2025, and $17.6 million for the six months ended June 30, 2026.

• Core FFO per diluted share rose to $0.53 and AFFO per diluted share increased to $0.55, both up year-over-year.

• Closed $153 million of investments at a 10.2% initial yield and completed $90.7 million of property dispositions at a 6.7% cap rate.

• Portfolio leased occupancy was 95.4% as of June 30, 2026, up 150 bps year-over-year, with a $6.3 million signed-not-open pipeline.

• Focused on open-air shopping centers in high-growth Southeast and Southwest MSAs, with 87% of ABR from Georgia, Florida, Texas, and North Carolina.

Financial highlights

• Q2 2026 revenue was $43.8 million (up from $37.6 million in Q2 2025); net income attributable to common stockholders was $13.2 million for Q2 2026.

• Core FFO for Q2 2026 was $18.4 million ($0.53/share), up from $14.7 million ($0.45/share) in Q2 2025.

• AFFO for Q2 2026 was $19.1 million ($0.55/share), up from $15.3 million ($0.47/share) in Q2 2025.

• Same-property NOI for shopping centers increased 10.1% year-over-year in Q2 2026.

• Income properties revenues reached $149 million annualized, up 22% CAGR since 2020.

Outlook and guidance

• 2026 Core FFO per diluted share guidance raised to $2.09–$2.13 and AFFO to $2.21–$2.25.

• Investment volume guidance for 2026 increased to $300–$400 million.

• Same-property NOI growth for shopping centers expected at 5.0%–6.0% for 2026.

• General and administrative expenses projected at $20–$20.2 million.

• Management expects sufficient liquidity for operations, capital requirements, and debt service over the next twelve months.