CTO Realty Growth Sees 95.9% Occupancy, $6.1M Pipeline Ramping by 2027
CTO Realty Growth reported Q4 Core FFO of $0.49 per share, up from $0.46, record leased occupancy of 95.9%, and 4.3% same-property NOI growth. Signed, Not Open pipeline stood at $6.1 million, with 50% expected to ratably recognized in 2026 and full recognition by 2027.
1. Leasing and Pipeline Recognition
CTO reported record leased occupancy of 95.9% at year-end and 4.3% same-property NOI growth in Q4. The Signed, Not Open pipeline totaled $6.1 million, with management modeling roughly 50% rent commencement in late 2026 and full pipeline recognition by 2027.
2. Anchor Backfill and Rent Spreads
The REIT resolved seven anchor spaces totaling 177,000 square feet in 2025 and continues negotiating three remaining anchors plus Carolina Pavilion space. Anchor backfill efforts are projected to achieve a 60% positive cash rent spread, at the upper end of targeted ranges.
3. Acquisitions and Dispositions
In December, CTO acquired Pompano Citi Centre for $65.2 million with 92% occupancy and future leasing upside on 62,000 square feet of shell space. The company sold Shops at Legacy North for $78 million at a low 5% cap rate and plans a $83 million Texas shopping center purchase in early 2026.
4. Earnings Results and Balance Sheet
Fourth-quarter Core FFO rose to $15.8 million ($0.49 per share) from $14.2 million ($0.46), while full-year 2025 Core FFO reached $60.5 million. The REIT reduced net debt-to-EBITDA by a full turn, secured a $150 million term loan, and maintains liquidity for development and acquisitions.