Thu, Jul 25, 8:29 PM (44 days ago)
CTO Realty Growth, Inc. reported a solid financial performance for the quarter ended June 30, 2024. The company saw a 10.7% increase in total revenue to $28.8 million, driven by a 13.7% rise in income from properties due to recent acquisitions and leasing activity. Operating income was $5.4 million, slightly down from $5.7 million a year ago, impacted by higher general and administrative expenses and depreciation. Net income attributable to the company was $1.2 million, a decrease from $1.8 million in the same period last year. The company’s cash flows from operations remained stable at $24.6 million. CTO Realty Growth also sold one mixed-use property for $20 million, realizing a gain of $4.6 million. The company maintains a strong liquidity position with $4.8 million in cash and $150 million undrawn from its credit facility. Future operations should benefit from a robust investment pipeline and ongoing management services income.