CTO signed 189,000 sq ft of leases in Q4, including 167,000 sq ft of comparable deals with a 31% cash rent increase. For full-year 2025, the REIT achieved a record 671,000 sq ft of leasing, including 592,000 sq ft of comparables at a 24% rent uplift, and ended the year with 95.9% leased occupancy. Its Signed, Not Open pipeline stands at $6.1 million or 5.8% of annual cash base rents, with nearly half recognized in 2026 and all by 2027. Management backfilled seven anchor spaces totaling 177,000 sq ft last year and targets a 60% positive cash rent spread on new anchor deals.

Core FFO for Q4 rose to $15.8 million ($0.49 per diluted share) from $14.2 million ($0.46), while full-year Core FFO increased to $60.5 million ($1.87 per share) versus $47.9 million ($1.88). Net debt to EBITDA was reduced by a full turn in late 2024, and same-property NOI grew 1.1% in Q4, excluding non-core assets impacted by office and restaurant vacancies. The company entered Q4 after securing a $150 million term-loan facility to support growth initiatives and maintain liquidity.

In December, CTO acquired Pompano Citi Centre in South Florida for $65.2 million, a 509,000 sq ft center with 92% occupancy and 62,000 sq ft of shell for future leasing. The REIT sold Shops at Legacy North for $78 million at a low 5% exit cap rate and is under contract to buy a 384,000 sq ft Texas shopping center for about $83 million, expected to close in Q1 2026. Additionally, six outparcel developments averaging $5 million each are poised to deliver low double-digit yields starting in late 2027.