Form 8-K

8-K — CTO Realty Growth, Inc.

Accession: 0001104659-26-050343

Filed: 2026-04-28

Period: 2026-04-28

CIK: 0000023795

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — cto-20260428x8k.htm (Primary)

EX-99.1 (cto-20260428xex99d1.htm)

EX-99.2 (cto-20260428xex99d2.htm)

EX-99.3 (cto-20260428xex99d3.htm)

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8-K

8-K (Primary)

Filename: cto-20260428x8k.htm · Sequence: 1

CTO Realty Growth, Inc._April 28, 2026

0000023795false0000023795us-gaap:CumulativePreferredStockMember2026-04-282026-04-280000023795us-gaap:CommonStockMember2026-04-282026-04-2800000237952026-04-282026-04-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2026

CTO Realty Growth, Inc.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)

001-11350

(Commission File Number)

59-0483700

(IRS Employer Identification No.)

369 N. New York Avenue,

Suite 201

Winter Park, Florida

(Address of principal executive offices)

32789

(Zip Code)

Registrant’s telephone number, including area code: (407) 904-3324

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

.01

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 par value per share

CTO

NYSE

6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share

CTO/PA

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On April 28, 2026, CTO Realty Growth, Inc., a Maryland corporation (the "Company"), issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter ended March 31, 2026. Copies of the press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 7.01. Regulation FD Disclosure

On April 28, 2026, the Company issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter ended March 31, 2026. Copies of the earnings press release, investor presentation, and supplemental disclosure package are attached hereto as Exhibits 99.1, 99.2 and 99.3, respectively, and are incorporated herein by reference.

The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

The information in Item 7.01 of this Current Report, including Exhibits 99.1, 99.2 and 99.3, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

99.1 Earnings Press Release dated April 28, 2026

99.2 Investor Presentation dated April 28, 2026

99.3 Supplemental Disclosure Package

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: April 28, 2026

CTO Realty Growth, Inc.

By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer,

and Treasurer (Principal Financial Officer)

EX-99.1

Filename: cto-20260428xex99d1.htm · Sequence: 2

Press

Exhibit 99.1

DRAFT DRATDDD

Press Release

First

2024 Operating Results

FOR

IMMEDIATE

RELEASE

CTO Realty Growth Reports First

Quarter 2026 Operating and Financial Results

– Completed an $81.6 Million Acquisition –

– $6.2 Million Signed-Not-Open Pipeline at Quarter-End –

– Raises 2026 Investment Guidance to $175 Million to $250 Million –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.06 to $2.11 –

WINTER PARK, FL – April 28, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and financial results for the quarter ended March 31, 2026. Net Income attributable to common stockholders was $0.13 per diluted share for the first quarter.

First Quarter 2026 Highlights

◾Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.52 per diluted share.

◾Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.56 per diluted share.

◾Shopping center same-property net operating income (“NOI”) increased by 6.8%. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period.

◾Executed 146,000 square feet of comparable retail leases at a positive cash rent spread of 14%.

◾Acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for $81.6 million.

◾Watters Creek preferred investment of $30.0 million was repaid in full.

Subsequent Event

◾On April 17, 2026, invested $75.0 million of preferred equity in a Class A premier retail property located in the Southwest. The investment generates a 12.0% initial cash yield with a two-year term.

“We’re off to a strong start in 2026 on all fronts, with robust leasing, strong same-center NOI growth, and an acquisition of a high-quality open-air retail center in Texas, one of our core markets,” stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “Further, we see meaningful tailwinds in the coming quarters driven by our $6.2 million SNO pipeline, which represents 5.5% of in-place cash ABR. We are particularly pleased with our acquisition of Palms Crossing which aligns well with our strategy to acquire high-quality, well-located retail centers with embedded future rent growth and anchored by strong national retailers.”

Financial Results

(in thousands, except per share data)

1Q 2026

1Q 2025

Net Income

6,205

2,261

Net Income per Common Share - Diluted

0.13

0.01

Core FFO

16,931

14,445

Core FFO per Common Share - Diluted

0.52

0.46

AFFO

18,238

15,521

AFFO per Common Share - Diluted

0.56

0.49

Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail. Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press release.

First Quarter Portfolio Performance

Retail Leasing Activity

◾ The Company executed 25 new leases, renewals and extensions totaling 153,000 square feet. On a comparable space basis, the Company executed 146,000 square feet of leases at an average cash rent spread increase of 14%.

Same Property NOI

◾ Shopping center same property NOI increased by 6.8% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period.

◾ Including other/non-core properties, same-property NOI increased by 3.4% for the first quarter. This growth was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, New Mexico property in December 2025, which more than offset the non-recurring recovery benefits recorded in the quarter. As previously announced, this vacancy was leased by the State of New Mexico which is expected to comment paying rent in late 2026.

Occupancy

◾ As of March 31, 2026, total property portfolio leased occupancy was 95.4%, up 160 basis points compared to March 31, 2025, and a decrease of 50 basis points compared to December 31, 2025.

◾ As of March 31, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 30 basis points compared to March 31, 2025.

First Quarter Investment and Disposition Activity

Investment Activity

◾ The Company acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres, and features two pad sites for potential future development opportunities.

Page 2

Disposition & Structured Investment Repayment Activity

◾ The Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located in Allen, Texas, was repaid in full for $30.0 million.

Balance Sheet and Liquidity

Balance sheet highlights as of March 31, 2026, included:

◾ Total liquidity of $124.3 million, consisting of $116.0 million of undrawn commitments and $8.3 million of cash on hand.

◾ Total borrowings of $651.8 million at a weighted average interest rate of 4.6%, including $634.0 million of unsecured borrowings and a $17.8 million mortgage payable.

◾ Net Debt to Pro Forma Adjusted EBITDA of 6.4 times.

◾ During the quarter ended March 31, 2026, the Company issued 733,883 common shares under its common stock ATM program at a weighted average gross price of $19.59 per share, for total net proceeds of $14.2 million.

◾ The Company’s only 2026 loan maturity is a $17.8 million mortgage note payable, maturing in August at an interest rate of 4.06%.

◾ Classified Madison Yards located in Atlanta, Georgia as held for sale with an expected close in May.

2026 Outlook

The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange Commission.

The Company has raised its 2026 outlook as follows:

(Unaudited)

Current

Core FFO per Common Share - Diluted

$2.06 to $2.11

$1.98 to $2.03

AFFO per Common Share - Diluted

$2.19 to $2.24

$2.11 to $2.16

Metrics above reflect amounts attributable to common stockholders.

The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions):

Current

Investment Volume, Including Commercial Loans & Structured Investments

$175 to $250

$100 to $200

Same-Property NOI Growth for Shopping Centers

Unchanged

3.5% to 4.5%

General & Administrative Expenses

$19.7 to $20.2

$19.5 to $20.0

Page 3

Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:

Revised 2026 Outlook

(Unaudited)

Low

High

Net Income Attributable to the Company per Common Share - Diluted

0.53

0.59

Depreciation and Amortization of Real Estate

1.90

Provision for Impairment and Adjustment to CECL Reserve (1)

(0.01)

Realized and Unrealized Loss (Gain) on Investment Securities (1)

(0.06)

Funds from Operations, per Common Share - Diluted

2.36

2.42

Distributions to Preferred Stockholders

(0.21)

Funds From Operations Attributable to Common Stockholders per Common Share - Diluted

2.15

2.21

Amortization of Intangibles to Lease Income

(0.09)

(0.10)

Core FFO Attributable to Common Stockholders per Common Share - Diluted

2.06

2.11

Adjustments:

Straight-Line Rent Adjustment

(0.04)

Other Depreciation and Amortization

Amortization of Loan Costs and Capitalized Interest

0.03

Non-Cash Compensation

0.14

AFFO Attributable to Common Stockholders per Common Share - Diluted

2.19

2.24

(1)

Provision for Impairment and Adjustment to CECL Reserve and Realized and Unrealized Loss (Gain) on Investment Securities represents the actual adjustment for the three months ended March 31, 2026. The Company’s outlook excludes projections related to these measures.

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the first quarter ended March 31, 2026, on Wednesday, April 29, 2026 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com or at the link provided in the event details below. To access the call by phone, please go to the registration link provided in the event details below and you will be provided with dial-in details.

Event Details:

Webcast:https://edge.media-server.com/mmc/p/7a2jh3xw

Registration:https://register-conf.media-server.com/register/BI44d0a9de51204a7a9115883fa90899d4

We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.ctoreit.com.

Page 4

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality shopping centers, located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

We encourage you to review our most recent investor presentation and supplemental financial information, which is available on our website at www.ctoreit.com.

Contact:Investor Relations

ir@ctoreit.com

Safe Harbor

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.

Although forward-looking statements are made based upon management’s present expectations and beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Page 5

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT.

NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

Page 6

To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company’s assets that are presented as commercial loans and investments in accordance with GAAP is also used in lieu of the interest income equivalent.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses (“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent performance measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other companies.

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CTO Realty Growth, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of

(Unaudited)

March 31, 2026

December 31, 2025

ASSETS

Real Estate:

Land, at Cost

278,594

289,012

Building and Improvements, at Cost

778,031

766,371

Other Furnishings and Equipment, at Cost

923

Construction in Process, at Cost

4,913

4,091

Total Real Estate, at Cost

1,062,461

1,060,397

Less, Accumulated Depreciation

(110,422)

(107,268)

Real Estate—Net

952,039

953,129

Land and Development Costs

—

300

Intangible Lease Assets—Net

86,479

84,710

Assets Held for Sale

72,126

—

Investment in Alpine Income Property Trust, Inc.

44,488

41,324

Commercial Loans and Investments

80,713

104,804

Cash and Cash Equivalents

8,282

6,467

Restricted Cash

10,587

34,652

Deferred Income Taxes—Net

2,309

Other Assets

42,644

36,207

Total Assets

1,299,667

1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

1,852

1,709

Accrued and Other Liabilities

23,386

28,185

Deferred Revenue

16,911

18,802

Intangible Lease Liabilities—Net

32,562

31,486

Income Taxes Payable

Long-Term Debt—Net

649,532

616,345

Total Liabilities

724,304

696,556

Commitments and Contingencies

Stockholders’ Equity:

Preferred Stock – 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at March 31, 2026 and December 31, 2025

Common Stock – 500,000,000 shares authorized; $0.01 par value, 33,293,471 shares issued and outstanding at March 31, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025

333

324

Additional Paid-In Capital

396,749

382,494

Retained Earnings

176,442

184,886

Accumulated Other Comprehensive Income (Loss)

1,792

(405)

Total Stockholders’ Equity

575,363

567,346

Total Liabilities and Stockholders’ Equity

1,299,667

1,263,902

Page 8

CTO Realty Growth, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except share, per share and dividend data)

Three Months Ended

March 31,

2026

2025

Revenues

Income Properties

36,580

31,672

Management Fee Income

1,349

1,178

Interest Income From Commercial Loans and Investments

3,244

2,961

Total Revenues

41,173

35,811

Direct Cost of Revenues

Income Properties

(10,168)

(8,891)

Total Direct Cost of Revenues

(10,168)

(8,891)

General and Administrative Expenses

(5,077)

(4,683)

Provision for Impairment and Adjustment to CECL Reserve

321

—

Depreciation and Amortization

(15,956)

(14,364)

Total Operating Expenses

(30,880)

(27,938)

Total Operating Income

10,293

7,873

Investment and Other Income

3,243

575

Interest Expense

(7,271)

(6,136)

Income Before Income Tax Expense

6,265

2,312

Income Tax Expense

(60)

(51)

Net Income Attributable to the Company

6,205

2,261

Distributions to Preferred Stockholders

(1,878)

Net Income Attributable to Common Stockholders

4,327

383

Per Share Information:

Basic and Diluted Net Income Attributable to Common Stockholders

0.13

0.01

Weighted Average Number of Common Shares

Basic

32,519,156

31,552,973

Diluted

32,522,938

31,595,431

Dividends Declared and Paid - Preferred Stock

0.40

Dividends Declared and Paid - Common Stock

0.38

Page 9

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Funds from Operations, Core Funds from Operations, and Adjusted Funds from Operations

Attributable to Common Stockholders

(Unaudited)

(In thousands, except per share data)

Three Months Ended

March 31,

2026

2025

Net Income Attributable to the Company

6,205

2,261

Adjustments:

Depreciation and Amortization of Real Estate

15,938

14,346

Provision for Impairment and Adjustment to CECL Reserve

(321)

—

Realized and Unrealized Loss (Gain) on Investment Securities

(2,103)

165

Funds from Operations

19,719

16,772

Distributions to Preferred Stockholders

(1,878)

Funds From Operations Attributable to Common Stockholders

17,841

14,894

Adjustments:

Amortization of Intangibles to Lease Income

(910)

(449)

Core Funds From Operations Attributable to Common Stockholders

16,931

14,445

Adjustments:

Straight-Line Rent Adjustment

(440)

(573)

Other Depreciation and Amortization

—

(1)

Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest

341

367

Non-Cash Compensation

1,406

1,283

Adjusted Funds From Operations Attributable to Common Stockholders

18,238

15,521

FFO Attributable to Common Stockholders per Common Share - Diluted

0.55

0.47

Core FFO Attributable to Common Stockholders per Common Share - Diluted

0.52

0.46

AFFO Attributable to Common Stockholders per Common Share - Diluted

0.56

0.49

Supplemental Disclosure:

PIK Interest Earned

—

PIK Interest Paid

—

PIK Interest Earned in Excess of PIK Interest Paid

—

Page 10

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Same-Property NOI Reconciliation

(Unaudited)

(In thousands)

Three Months Ended

March 31,

2026

2025

Net Income Attributable to the Company

6,205

2,261

Provision for Impairment and Adjustment to CECL Reserve

(321)

—

Depreciation and Amortization

15,956

14,364

Amortization of Intangibles to Lease Income

910

449

Straight-Line Rent Adjustment

440

573

Accretion of Tenant Contribution

Interest Expense

7,271

6,136

General and Administrative Expenses

5,077

4,683

Investment and Other Income

(3,243)

(575)

Income Tax Expense

Management Fee Income

(1,349)

(1,178)

Interest Income From Commercial Loans and Investments

(3,244)

(2,961)

Other Non-Recurring Items (1)

(191)

(110)

Less: Impact of Properties Not Owned for the Full Reporting Period

(6,790)

(3,596)

Same-Property NOI

20,794

20,110

Less: Same Property NOI for Other Properties

(559)

(1,164)

Same-Property NOI for Shopping Centers

20,235

18,946

(1) Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

Page 11

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Reconciliation of Net Debt to Pro Forma Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended

March 31, 2026

Net Income Attributable to the Company

6,205

Depreciation and Amortization of Real Estate

15,938

Provision for Impairment and Adjustment to CECL Reserve

(321)

Unrealized Gain & Realized Loss on Investment Securities

(2,103)

Distributions to Preferred Stockholders

(1,878)

Amortization of Intangibles to Lease Income

(910)

Straight-Line Rent Adjustment

(440)

Amortization of Loan Costs and Capitalized Interest

341

Non-Cash Compensation

1,406

Other Non-Recurring Items (1)

(601)

Interest Expense, Net of Amortization of Loan Costs

6,930

Adjusted EBITDA

24,567

Annualized Adjusted EBITDA

98,268

Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2)

1,585

Pro Forma Adjusted EBITDA

99,853

Total Long-Term Debt

649,532

Financing Costs, Net of Accumulated Amortization

2,268

Cash and Cash Equivalents

(8,282)

Net Debt

643,518

Net Debt to Pro Forma Adjusted EBITDA

6.4

(1)

Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

(2)

Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended March 31, 2026.

Page 12

EX-99.2

Filename: cto-20260428xex99d2.htm · Sequence: 3

Exhibit 99.2

Q1 2026

Investor Presentation

Ashford Lane | Atlanta, GA

2 © CTO Realty Growth, Inc. | ctoreit.com

$496M

$690M

$919M $946M

$1.3B $1.3B $1.4B

12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 3/31/2026

Highlights

Income Properties Revenues

Enterprise Value

As of March 31, 2026 unless otherwise noted. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent.

$0.52 Core FFO Per Share

$213 Implied property value per square

foot

146,000 Square feet of comparable leasing

activity

14% Comparable leasing spread

85% ABR from Georgia, Florida, North

Carolina & Texas

95.4% Leased Occupancy – 450 bps spread

to 90.9% occupancy

$6.2M SNO Pipeline – 5.5% of in-place ABR

$20.83 Cash ABR PSF

6.8%

Quarterly same-property NOI growth

for shopping centers – 4.2% excluding

non-recurring recovery benefits

Q1 2026 Highlights

$50M $51M

$69M

$97M

$111M

$132M

$151M

2020 2021 2022 2023 2024 2025 Q1 2026

3 © CTO Realty Growth, Inc. | ctoreit.com

Company Highlights

Unless otherwise noted, metrics are as of March 31, 2026, and reflect a $18.49 per share common stock price for CTO. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent.

1. Based on metrics as of March 31, 2026 except for property value which is based on forward twelve months NOI estimate reduced by forecasted capital expenditures

2. Investment and disposition activity includes both properties and structured investments

West Broad Village

Glen Allen, VA

5.9M

Square Feet

85%

Of Portfolio ABR from Georgia, Florida, Texas &

North Carolina

8.2%

Annualized Dividend Yield

8.4%

Implied Cap Rate 1

$0.5 billion

Total Disposition Activity: 2020-Present 2

$1.5 billion

Total Acquisition Activity: 2020-Present 2

$644M

Net Debt Outstanding

$118M

Series A Preferred

$1.4B

Enterprise Value

$616M

Equity Market Cap

Shopping center REIT focused on open-air centers in fast growing MSAs in the Southeast and Southwest

4 © CTO Realty Growth, Inc. | ctoreit.com

Transaction Highlights

February 2026 Acquisition: Palms Crossing – McAllen, TX

▪ $81.6 million purchase price in February 2026

▪ Basis of $204 / SF, well-below replacement cost

▪ 399,000 square feet across 47 acres

▪ 98% leased, anchored by Best Buy, Hobby Lobby, Burlington, Barnes & Noble &

Nike

▪ Upside potential with two pad sites situated on ~6 acres representing future

development opportunities

▪ 7.2 million annual visits to Palms Crossing, ranking in the top 3% of shopping

centers in Texas

▪ McAllen is positioned as the retail epicenter for the Rio Grande Valley, a region

with more than 2.3 million people

▪ Its proximity to Mexico results in 18 million annual border crossings, creating

significant cross-border retail demand

▪ In May, we expect to sell a property with proceeds accretively redeployed into

Palms Crossing

5 © CTO Realty Growth, Inc. | ctoreit.com

KRG

KIM BRX

PECO

FRT

REG

CTO

AAT

WSR AKR

SKT

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

– 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

Multiple to 2026 FFO (Midpoint)

2026 Guidance FFO Growth (Midpoint)

2026 FFO Growth (Midpoint) vs. Valuation

2026E FFO multiples are based on the closing stock price on March 31, 2026, and 2026E FFO guidance per company disclosures. Note that FFO reflects NAREIT FFO unless the company discloses: Core FFO, FFO as adjusted, or Real Estate FFO.

CTO offers attractive growth at a low multiple relative to retail peers

Ashford Lane

Atlanta, GA

6 © CTO Realty Growth, Inc. | ctoreit.com

Portfolio by Asset Type

19%

44% if including shadow-anchored assets

26% 51%

As of March 31, 2026

Percentages based on cash ABR excluding the impact of straight-line rent. Excludes 4% of ABR from other assets comprised of mixed-use asset, single tenant retail & office property.

Madison Yards | Atlanta, GA Ashford Lane | Atlanta, GA Marketplace at Seminole | Sanford, FL

Grocery-Anchored Retail Lifestyle Power Center

7 © CTO Realty Growth, Inc. | ctoreit.com

34%

Cash ABR %

Focused on Southeast & Southwest U.S.

Percentages listed based on cash ABR excluding the impact of straight-line rent for the Company’s portfolio as of March 31, 2026. Any differences a result of rounding.

Texas:

15% of ABR

Florida:

23% of ABR

Georgia:

34% of ABR

North Carolina:

13% of ABR

85%

Of Portfolio ABR from Georgia, Florida, Texas & North Carolina

8 © CTO Realty Growth, Inc. | ctoreit.com

High-Quality Demographics

As of March 31, 2026 unless otherwise noted.

1. Source: Esri; Portfolio average weighted by the Annualized Cash Base Rent of each property.

Rank Market Properties SF (000s) % ABR

1 Atlanta, GA 5 1,661 34%

2 Richmond, VA 1 392 9%

3 Orlando, FL 3 449 8%

4 Charlotte, NC 1 694 8%

5 Fort Lauderdale, FL 1 509 7%

6 McAllen, TX 1 399 6%

7 Dallas, TX 1 444 6%

8 Raleigh, NC 1 322 5%

9 Jacksonville, FL 1 211 5%

10 Phoenix, AZ 1 222 4%

11 Houston, TX 1 201 3%

12 Tampa, FL 2 176 2%

13 Albuquerque, NM 1 212 2%

14 Daytona, FL 2 12 1%

Total 22 5,904 100%

Denotes a MSA with over one million people

Bold denotes a Top 30 ULI Market

82%

% of ABR from ULI’s

Top 30 Markets 1

193,000

Portfolio

5-Mile Population1

$137,000

Portfolio Average 5-Mile

Household Income1

Beaver Creek Crossings | Raleigh, NC

9 © CTO Realty Growth, Inc. | ctoreit.com

Signed-Not-Open (SNO) Schedule

As of March 31, 2026 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of March 31, 2026.

1. ABR Recognition Timing represents the percent of rent within the SNO pipeline that is expected to actually be recognized within each respective period.

SNO pipeline delivers tailwinds from executed leasing as leases commence

ABR Recognition Timing1

$6.2M

cash base rent

$23.24

SNO cash rent PSF

5.5%

of in-place cash rent

69%

cash base rent

from anchor tenants

450 bps

leased-to-occupied spread

Exchange at Gwinnett | Atlanta, GA

$1.8M

$6.1M $6.2M

2026 2027 2028

10 © CTO Realty Growth, Inc. | ctoreit.com

Historical Leasing Upside Since Acquisition

As of March 31, 2026 unless otherwise noted.

Beaver Creek

Raleigh, NC

Collection at Forsyth

Atlanta, GA

Plaza at Rockwall

Dallas, TX

Marketplace at Seminole

Orlando, FL

SF Leased

Since Acquisition 225k 342k 148k 128k

Comparable SF Leased

Since Acquisition 213k 283k 131k 112k

Cash Rent Spread 39% 14% 24% 36%

Q1 2026

Leased Occupancy 100% 94% 100% 100%

Occupancy Increase

since Acquisition 300 bps 800 bps 500 bps 200 bps

11 © CTO Realty Growth, Inc. | ctoreit.com

Significantly Below Replacement Cost • Large MSAs

Ashley Park

▪ Atlanta, GA

▪ 559,000 sf

▪ 61 acres

▪ 96% Q1 leased occupancy

▪ Closed March 2025

Recent Acquisitions with Average Basis of $157 per SF

As of March 31, 2026 unless otherwise noted.

Granada Plaza

▪ Tampa, FL

▪ 74,000 sf

▪ 7 acres

▪ 92% Q1 leased occupancy

▪ Closed December 2024

▪ McAllen, TX

▪ 399,000 sf

▪ 47 acres

▪ 98% Q1 leased occupancy

▪ Closed February 2026

Palms Crossing

Q1 2026 Acquisition

Pompano Citi Centre

▪ Pompano Beach, FL

▪ 509,000 sf

▪ 34 acres

▪ 93% Q1 leased occupancy

▪ Closed December 2025

12 © CTO Realty Growth, Inc. | ctoreit.com

Outparcel Opportunities

Shopping Center Market Space

Collection at Forsyth

10 acres Atlanta, GA Big box – 40k SF & pad

Beaver Creek Raleigh, NC Small shops – 15k SF

West Broad Village Richmond, VA Big box – 20k SF

Plaza at Rockwall Dallas, TX Small shops – 10k SF

Ashley Park

Lease Executed 2 Atlanta, GA Single tenant – 10k SF

Marketplace at Seminole

Lease Executed Orlando, FL Drive-through

As of March 31, 2026

1. Excluding costs to purchase land

2. Executed subsequent to quarter end and as such is not included in the SNO pipeline or first quarter leasing statistics

The projects listed above are actively underway. There is no guarantee that the Company will complete any or all of these projects, that the net estimated costs or expected NOI yields will be the amounts shown, or that stabilization will occur as anticipated. The net estimated costs,

expected NOI yields, and anticipated stabilization dates are management's best estimates based on current information and may change over time. For more information, please refer to the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q for the quarter ended

March 31, 2026.

Six Outparcel Development Opportunities to Generate Blended Low Double-Digit Yield on Cost

• Average yield on cost of 10-12%1

• ~$30 million1 of costs spread across

2026 & 2027

• Rent to begin commencing in mid-2027

• At LOI, lease negotiations or executed

leases for all outparcels

Ashley Park

Outparcel

13 © CTO Realty Growth, Inc. | ctoreit.com

Collection at Forsyth to Benefit from Development Activity

Originated $40.2 Million First Mortgage Loan for Whole Foods Anchored Development

▪ Strategic investment in development located on 35 acres neighboring CTO’s 561,000 SF shopping

center, The Collection at Forsyth, in Atlanta, Georgia

▪ Planned development is for 80,000 SF of retail anchored by a 35,500 SF Whole Foods Market

▪ Loan provides for up to $40.2 million of borrowings, representing 66.5% LTC, with an initial term of 30

months and an initial fixed interest rate of 12.15%

▪ CTO has a right of first refusal to purchase the new retail center

▪ Closed November 7, 2024 with $16.5 million in total funded through March 31, 2026

10 Acres Development – Lease

Opportunity

▪ Since the announcement of the new

Whole Foods location adjacent to our 10

acres of land, we have received strong

leasing interest

▪ Currently in discussions with anchor tenant

to add an amenity / draw to the Collection

at Forsyth

broke ground in April 2025

The Collection at Forsyth

+Adjacent 10 Acres

CTO Property/Land CTO Loan

14 © CTO Realty Growth, Inc. | ctoreit.com

10%

19%

11%

10%

13%

Contractual Rent Bumps & Lease Rollover Schedule

As of March 31, 2026. ABR metrics represent cash ABR excluding the impact of straight-line rent.

1. Percent of ABR from tenants or the parents of a tenant. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the

National Associated of Insurance Commissioners (NAIC).

Lease Rollover Schedule - % ABR

Non-Annual Contractual

Rent Increases

25%

Contractual Rent

Increases

At Extension

29%

Annual Contractual Rent

Increases

36%

of Leases Have

Contractual Rent

Increases in the

Current Lease Term

61%

No Contractual Rent

Increases

10%

90% of Leases by ABR

Have Contractual Rent Bumps

Ashford Lane

Atlanta, GA

Ashford Lane

Atlanta, GA

15 © CTO Realty Growth, Inc. | ctoreit.com

Tenant Overview

Rank Tenant Credit Rating1

Leases SF (000s) ABR %

1 AMC CCC+ 3 174 4%

2 Best Buy BBB+ 5 187 3%

3 Fidelity BBB 2 122 2%

4 Ross/dd's Discount A- 7 194 2%

5 Burlington BB+ 5 175 2%

6 TJ Maxx/HomeGoods/Marshalls A 6 177 2%

7 Barnes & Noble NR 4 102 2%

8 Dick's Sporting Goods BBB 4 188 2%

9 Nordstrom Rack BB 3 106 2%

10 Southern University NR 1 60 2%

11 Publix NR 2 99 1%

12 Whole Foods Market AA- 1 60 1%

13 Academy Sports & Outdoors BB+ 2 129 1%

14 PetSmart B 4 78 1%

15 Hobby Lobby NR 2 110 1%

16 Regal Cinemas NR 1 51 1%

17 DSW Shoe Warehouse NR 4 69 1%

18 Onelife Fitness NR 1 45 1%

19 Floor & Decor BB 1 75 1%

20 Old Navy BB+ 3 59 1%

Top 20 61 2,260 33%

As of March 31, 2026

ABR metrics represent cash ABR excluding the impact of straight-line rent.

1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s

Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC).

Denotes grocery

Ashford Lane | Atlanta, GA

The Collection at Forsyth | Cumming, GA

16 © CTO Realty Growth, Inc. | ctoreit.com

Rank Industry SF (000s) ABR %

1 Casual Dining 383 13%

2 Off-Price Retail 764 10%

3 Entertainment 454 8%

4 Apparel 312 6%

5 Specialty Retail 274 6%

6 Healthcare Services 202 6%

7 Beauty & Cosmetics 226 6%

8 Health & Fitness 225 5%

9 Fast Casual Restaurant 136 5%

10 Consumer Electronics 246 5%

11 Financial Services 194 4%

12 Sporting Goods 383 4%

13 Grocery 267 4%

14 Home Furnishings 251 3%

15 Quick Service Restaurant 76 2%

Top 15 4,393 87%

Industry Composition

As of March 31, 2026

ABR represents cash ABR and excludes the effect of non-cash straight line rent

The Collection at Forsyth

Cumming, GA

17 © CTO Realty Growth, Inc. | ctoreit.com

Structured Investments Portfolio

Property Type Current Maturity Current Yield

Current

Amount ($M)

Rivana Land Development

First Mortgage September 2028 11.54%2 $36.9

Founders Square Office

First Mortgage March 2027 9.50% $15.0

Whole Foods Grocery-Anchored Retail

First Mortgage May 2027 12.15% $16.5

Series A Preferred Investment 1 Entertainment Real Estate

Preferred Equity NA 14.00% $10.0

Main Street Retail

First Mortgage August 2030 6.50% $5.0

Total Structured Investments at Quarter End 11.28% $83.4

Northpark Mall Retail

Preferred Equity April 2028 12.00% $75.0

Total Structured Investments Pro Forma for April 2026 Origination 11.62% $158.4

As of March 31, 2026 unless noted otherwise.

1. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events

2. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including 10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.54% represents the weighted average

coupon rate as of March 31, 2026

18 © CTO Realty Growth, Inc. | ctoreit.com

– 13%

% GAAP ABR

PINE Company Profile

1. Calculated using annualized Q1 2026 income

2. Based on PINE’s $18.00 per share common stock price as of March 31, 2026

As of March 31, 2026

Dividend Yield2 6.7%

Implied Cap Rate 7.8%

Number of Properties 125

Number of States with a Property 31

Total Portfolio Square Feet 4.3M

Annualized Base Rent $47.0M

% of ABR from Investment Grade Rated Tenants 50%

% of ABR from Credit-Rated Tenants 66%

CTO Q1 2026 Ann. Income from PINE Investment

Management Fee Income

Dividend Income

Total

$5.1M

$3.0M

$8.1M

Diversified Geographic

Footprint by ABR

High-Quality

Top Tenancy

14.0%

CTO’s Ownership Interest in

Alpine Income Property Trust

$44.5 Million

CTO’s Investment in

Alpine Income Property Trust

as of March 31, 2026

2.47 million shares and units at $18.00 share price

CTO generates ~$8.1 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE)

19 © CTO Realty Growth, Inc. | ctoreit.com

Balance Sheet

Exchange at Gwinnett

Buford, GA

As of March 31, 2026

1. As of March 31, 2026, the Company has $116.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $8.3 million of cash on hand

2. The Company’s senior unsecured revolving credit facility initially matures in January 2027 and includes a one-year extension option to January 2028, subject to satisfaction of certain conditions.

3. Interest rates are comprised of Daily or Term SOFR (plus 10 bps for the Credit Facility, 2027 Term Loan and 2028 Term Loan) and a pricing spread based on leverage as defined in the related credit agreement. Fixed rates reflect SOFR swaps, see the latest Form 10-Q for more details

regarding our SOFR swaps.

As of 3/31/2026

Fixed/Float Initial Loan

Maturity2

Weighted

Average Rate3

Principal

Price Plaza Mortgage Fixed Aug 2026 4.06% 18

Credit Facility Fixed Jan 2027 5.30% 50

Credit Facility Floating Jan 2027 5.13% 134

2027 Term Loan Fixed Jan 2027 2.80% 100

2028 Term Loan Fixed Jan 2028 5.18% 100

2029 Term Loan Fixed Sep 2029 4.67% 125

2030 Term Loan Fixed Sep 2030 4.69% 125

Total /Average 4.59% $652

Fully Extended Debt Maturities (in millions) 2

$124M

liquidity1

47%

net debt to total enterprise

value (TEV)

6.4x

net debt to pro forma

adjusted EBITDA

$100 $100 $125 $125 $18

$184

2026 2027 2028 2029 2030

Unsecured Secured Revolving Credit Facility

20 © CTO Realty Growth, Inc. | ctoreit.com

2026 Guidance

Exchange at Gwinnett

Buford, GA $ and shares outstanding in millions, except per share data.

1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, in our Earnings Release on page 10.

2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential impact from income producing acquisitions and dispositions.

Current Previous

Core FFO Per Diluted Share1

$2.06 to $2.11 $1.98 to $2.03

Growth at Guidance Mid-Point vs. 2025A 11.5%

AFFO Per Diluted Share1

$2.19 to $2.24 $2.11 to $2.16

Growth at Guidance Mid-Point vs. 2025A 12.4%

The Company’s estimated Core FFO per diluted share and AFFO per diluted share for 2026 is as follows:

The Company’s 2026 guidance includes but is not limited to the following assumptions:

Current Previous

Investments (in millions) $175 to $250 $100 to $200

Same-Property NOI Growth for Shopping Centers 2 Unchanged 3.5% to 4.5%

General and Administrative Expenses (in millions) $19.7 to $20.2 $19.5 to $20.0

21 © CTO Realty Growth, Inc. | ctoreit.com

Experienced Management Team

Exchange at Gwinnett

Buford, GA

Yonder Yoga

John P. Albright

President & Chief Executive Officer

▪ Former Co-Head and Managing Director of Archon Capital, a

Goldman Sachs Company; Executive Director of Merchant Banking

– Investment Management at Morgan Stanley; and Managing

Director of Crescent Real Estate (NYSE: CEI)

Daniel E. Smith

Senior Vice President, General Counsel & Corporate Secretary

▪ Former Vice President and Associate General Counsel of Goldman

Sachs & Co. and Senior Vice President and General Counsel of

Crescent Real Estate (NYSE: CEI)

Philip R. Mays

Senior Vice President, Chief Financial Officer & Treasurer

▪ Former Chief Financial Officer & Treasurer of Shadowbox Studios;

EVP, Chief Financial Officer & Treasurer of Cedar Realty; and Vice

President and Chief Accounting Officer of Federal Realty (NYSE:

FRT)

Steven R. Greathouse

Senior Vice President & Chief Investment Officer

▪ Former Director of Finance for N3 Real Estate; Senior Associate of

Merchant Banking – Investment Management at Morgan Stanley;

and Senior Associate at Crescent Real Estate (NYSE: CEI)

Lisa M. Vorakoun

Senior Vice President & Chief Accounting Officer

▪ Former Assistant Finance Director of the City of DeLand, Florida

and Audit Manager for James Moore & Company, an Accounting

and Consulting Firm

Matt J. Trau

Vice President, Investments

▪ Former Senior Director of Transactions at ShopCore Properties;

Senior Associate of Transactions at DDR Corp (currently Site

Centers NYSE: SITC)

Alexander M. Gordon

Vice President, Leasing & Investments

▪ Former Senior Associate, Brokerage & Retail Advisory Services at

CBRE (NYSE: CBRE)

22 © CTO Realty Growth, Inc. | ctoreit.com

Forward Looking Statements & Non-GAAP Financial Measures

Forward Looking Statements

Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of

the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “outlook,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,”

“plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.

the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s

exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; macroeconomic and geopolitical factors, including but not

limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in commercial loans

and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that may be taken by governmental authorities to contain

or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants or

borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of 1031 exchange

transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing

conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties

discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press

release to reflect subsequently occurring events or circumstances.

Non-GAAP Financial Measures

(“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”), each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to

compare the operating performance of REITs.

accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be

considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT.

real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the current expected credit losses on commercial loans and investments at the time of origination

and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which

specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT computation of FFO to include other adjustments

to GAAP net income related to gains and losses recognized on the extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable market- or transaction-driven non-cash items.

23 © CTO Realty Growth, Inc. | ctoreit.com

Non-GAAP Financial Measures

Non-GAAP Financial Measures (continued)

To derive AFFO, we further modify the NAREIT computation of FFO and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one

measure of our performance when we formulate corporate goals.

such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial

loans and investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue,

amortization of deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as

termination fees, forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental to the primary

business of the REIT which specifically include the sales of investment securities, in addition to the mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma Adjusted

EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets, impairments associated with the current expected credit losses on commercial loans and

investments at the time of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of

deferred financing costs, gains and losses recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-recurring items such as termination fees,

forfeitures of tenant security deposits, and other non-recurring items, and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other income or loss, income tax benefit

or expense, management fee income, and interest income from commercial loans and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove the impact of

properties that were not owned for the full current and prior year reporting periods presented. Cash rental income received under the leases pertaining to the Company’s assets that are presented as commercial loans and

investments in accordance with GAAP is also used in lieu of the interest income equivalent.

and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market

conditions. We believe that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help them to better assess our operating performance without the distortions

created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating

performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use Same-Property NOI to compare the operating

performance of our assets between periods. It is an accepted and important measurement used by management, investors and analysts because it includes all property-level revenues from the Company’s properties, less

operating and maintenance expenses, real estate taxes and other property-specific expenses (“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior year

reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of properties during the particular period presented, and therefore provides a more comparable and consistent

performance measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI may not be comparable to similarly titled measures employed by other

companies.

24 © CTO Realty Growth, Inc. | ctoreit.com

References

References and terms used in this presentation that are in addition to terms defined in the Non-GAAP Financial Measures include:

▪ This presentation was published on April 28, 2026.

▪ All information is as of March 31, 2026, unless otherwise noted.

▪ Any calculation differences are assumed to be a result of rounding.

▪ “2026 Guidance” in this presentation is based on the 2026 Guidance provided in the Company’s First Quarter 2026 Operating Results press release filed on April 28, 2026.

▪ “Alpine” or “PINE” refers to Alpine Income Property Trust, a publicly traded net lease REIT traded on the New York Stock Exchange under the ticker symbol PINE.

▪ “Annualized Base Rent”, “ABR” or “Rent” and the statistics based on ABR are calculated based on the current portfolio and represent straight-line rent calculated in accordance with GAAP.

▪ “Annualized Cash Base Rent”, “Cash ABR” and the statistics based on Cash ABR are calculated based on the current portfolio and represent the annualized cash base rent calculated in accordance

with GAAP due from the tenants at a specific point in time.

▪ “Credit Rated” is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners

(NAIC) (together, the “Major Rating Agencies”). The Company defines an Investment Grade Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s

Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings

and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant.

▪ “Dividend” or “Dividends”, subject to the required dividends to maintain the Company’s qualification as a REIT, are set by the Board of Directors and declared on a quarterly basis and there can be

no assurances as to the likelihood or number of dividends in the future.

▪ “Investment in Alpine Income Property Trust” or “Alpine Investment” or “PINE Ownership” is calculated based on the 2,471,556 common shares and partnership units CTO owns in PINE and is

based on PINE’s closing stock price as of the referenced period on the respective slide.

▪ “Leased Occupancy” refers to space that is currently leased but for which rent payments have not yet commenced.

▪ “MSA” or “Metropolitan Statistical Area” is a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Office of

Management and Budget. The names of the MSA have been shortened for ease of reference.

▪ “Net Debt” is calculated as total long-term debt as presented on the face of the balance sheet; plus financing costs, net of accumulated amortization and unamortized convertible debt discount;

less cash, restricted cash and cash equivalents.

▪ “Net Operating Income” or “NOI” is revenues from all income properties less operating expense, maintenance expense, real estate taxes and rent expense.

▪ “Total Enterprise Value” is calculated as the Company’s Total Common Shares Outstanding multiplied by the common stock price; plus the par value of the Series A perpetual preferred equity

outstanding and Net Debt.

25 © CTO Realty Growth, Inc. | ctoreit.com

Consolidated Statements of Operations

(In thousands, except share, per share and dividend data)

(Unaudited)

Three Months Ended

March 31,

2026 2025

Revenues

Income Properties $ 36,580 $ 31,672

Management Fee Income 1,349 1,178

Interest Income From Commercial Loans and Investments 3,244 2,961

Total Revenues 41,173 35,811

Direct Cost of Revenues

Income Properties (10,168) (8,891)

Total Direct Cost of Revenues (10,168) (8,891)

General and Administrative Expenses (5,077) (4,683)

Provision for Impairment and Adjustment to CECL Reserve 321 —

Depreciation and Amortization (15,956) (14,364)

Total Operating Expenses (30,880) (27,938)

Total Operating Income 10,293 7,873

Investment and Other Income 3,243 575

Interest Expense (7,271) (6,136)

Income Before Income Tax Expense 6,265 2,312

Income Tax Expense (60) (51)

Net Income Attributable to the Company 6,205 2,261

Distributions to Preferred Stockholders (1,878) (1,878)

Net Income Attributable to Common Stockholders $ 4,327 $ 383

Per Share Information:

Basic and Diluted Net Income Attributable to Common Stockholders $ 0.13 $ 0.01

Weighted Average Number of Common Shares

Basic 32,519,156 31,552,973

Diluted 32,522,938 31,595,431

26 © CTO Realty Growth, Inc. | ctoreit.com

Non-GAAP Financial Measures

(In thousands, except share, per share and dividend data)

(Unaudited)

Three Months Ended

March 31,

2026 2025

Net Income Attributable to the Company $ 6,205 $ 2,261

Adjustments:

Depreciation and Amortization of Real Estate 15,938 14,346

Provision for Impairment and Adjustment to CECL Reserve (321) —

Realized and Unrealized Loss (Gain) on Investment Securities (2,103) 165

Funds from Operations $ 19,719 $ 16,772

Distributions to Preferred Stockholders (1,878) (1,878)

Funds From Operations Attributable to Common Stockholders $ 17,841 $ 14,894

Adjustments:

Amortization of Intangibles to Lease Income (910) (449)

Core Funds From Operations Attributable to Common Stockholders $ 16,931 $ 14,445

Adjustments:

Straight-Line Rent Adjustment (440) (573)

Other Depreciation and Amortization — (1)

Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 341 367

Non-Cash Compensation 1,406 1,283

Adjusted Funds From Operations Attributable to Common Stockholders $ 18,238 $ 15,521

FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ 0.47

Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.52 $ 0.46

AFFO Attributable to Common Stockholders per Common Share - Diluted $ 0.56 $ 0.49

Supplemental Disclosure:

PIK Interest Earned $ 8 $ —

PIK Interest Paid — —

PIK Interest Earned in Excess of PIK Interest Paid $ 8 $ —

27 © CTO Realty Growth, Inc. | ctoreit.com

Same-Property NOI Reconciliation

1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

(In thousands)

(Unaudited)

Three Months Ended

March 31,

2026 2025

Net Income Attributable to the Company $ 6,205 $ 2,261

Provision for Impairment and Adjustment to CECL Reserve (321) —

Depreciation and Amortization 15,956 14,364

Amortization of Intangibles to Lease Income 910 449

Straight-Line Rent Adjustment 440 573

Accretion of Tenant Contribution 13 13

Interest Expense 7,271 6,136

General and Administrative Expenses 5,077 4,683

Investment and Other Income (3,243) (575)

Income Tax Expense 60 51

Management Fee Income (1,349) (1,178)

Interest Income From Commercial Loans and Investments (3,244) (2,961)

Other Non-Recurring Items (1) (191) (110)

Less: Impact of Properties Not Owned for the Full Reporting Period (6,790) (3,596)

Same-Property NOI $ 20,794 $ 20,110

Less: Same Property NOI for Other Properties (559) (1,164)

Same-Property NOI for Shopping Centers $ 20,235 $ 18,946

28 © CTO Realty Growth, Inc. | ctoreit.com

Net Debt to Pro Forma Adjusted EBITDA

1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months ended March 31, 2026.

(In thousands)

(Unaudited)

Three Months Ended

March 31, 2026

Net Income Attributable to the Company $ 6,205

Depreciation and Amortization of Real Estate 15,938

Provision for Impairment and Adjustment to CECL Reserve (321)

Unrealized Gain & Realized Loss on Investment Securities (2,103)

Distributions to Preferred Stockholders (1,878)

Amortization of Intangibles to Lease Income (910)

Straight-Line Rent Adjustment (440)

Amortization of Loan Costs and Capitalized Interest 341

Non-Cash Compensation 1,406

Other Non-Recurring Items (1) (601)

Interest Expense, Net of Amortization of Loan Costs 6,930

Adjusted EBITDA $ 24,567

Annualized Adjusted EBITDA $ 98,268

Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 1,585

Pro Forma Adjusted EBITDA $ 99,853

Total Long-Term Debt $ 649,532

Financing Costs, Net of Accumulated Amortization 2,268

Cash and Cash Equivalents (8,282)

Net Debt $ 643,518

Net Debt to Pro Forma Adjusted EBITDA 6.4 x

Investor Inquiries: ir@ctoreit.com

EX-99.3

Filename: cto-20260428xex99d3.htm · Sequence: 4

Exhibit 99.3

CTO Realty Growth

Quarterly Supplemental

st Quarter 2026

Investor Relations

ir@ctoreit.com

369 N New York Ave., Suite 201

Winter Park, FL 32789

https://www.ctoreit.com/

Ashley Park

Atlanta, GA

Table of Contents

March 31, 2026

Press Release

First Quarter 2026 Earnings Press Release 3

Financial Summary

Results Overview & Guidance 10

Consolidated Balance Sheets 11

Consolidated Statements of Operations 12

Funds from Operations 13

Supplemental Schedule of Same-Property Net Operating Income 14

Adjusted EBITDA 15

Market Capitalization, Debt Ratios and Liquidity 16

Debt Summary 17

Real Estate Portfolio Capital Investments 18

Leasing Summary

Top Tenant Summary 19

Retail Leasing Activity 20

Lease Expiration Schedule 21

Portfolio & Investment Summary

Investments, Dispositions & Structured Investment Repayments 22

Portfolio Summary 23

Geographic Diversification 24

Other Investments 25

Additional Disclosures

2026 Guidance 26

Contact Information & Research Coverage 27

Page 3

DRAFT DRATDDD

Press Release

FIRST

2024 OPERATING RESULTS

FOR

IMMEDIATE

RELEASE CTO REALTY GROWTH REPORTS FIRST

QUARTER 2026 OPERATING AND FINANCIAL RESULTS

– Completed an $81.6 Million Acquisition –

– $6.2 Million Signed-Not-Open Pipeline at Quarter-End –

– Raises 2026 Investment Guidance to $175 Million to $250 Million –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.06 to $2.11 –

WINTER PARK, FL – April 28, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an

owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and

financial results for the quarter ended March 31, 2026. Net Income attributable to common stockholders was $0.13 per

diluted share for the first quarter.

First Quarter 2026 Highlights

▪ Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.52 per diluted share.

▪ Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.56 per diluted share.

▪ Shopping center same-property net operating income (“NOI”) increased by 6.8%. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025

period.

▪ Executed 146,000 square feet of comparable retail leases at a positive cash rent spread of 14%.

▪ Acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas, for $81.6

million.

▪ Watters Creek preferred investment of $30.0 million was repaid in full.

Subsequent Event

▪ On April 17, 2026, invested $75.0 million of preferred equity in a Class A premier retail property located in the

Southwest. The investment generates a 12.0% initial cash yield with a two-year term.

“We’re off to a strong start in 2026 on all fronts, with robust leasing, strong same-center NOI growth, and an acquisition

of a high-quality open-air retail center in Texas, one of our core markets,” stated John P. Albright, President and Chief

Executive Officer of CTO Realty Growth. “Further, we see meaningful tailwinds in the coming quarters driven by our

$6.2 million SNO pipeline, which represents 5.5% of in-place cash ABR. We are particularly pleased with our

acquisition of Palms Crossing which aligns well with our strategy to acquire high-quality, well-located retail centers

with embedded future rent growth and anchored by strong national retailers.”

Page 4

Financial Results

(in thousands, except per share data) 1Q 2026 1Q 2025

Net Income $ 6,205 $ 2,261

Net Income per Common Share - Diluted $ 0.13 $ 0.01

Core FFO $ 16,931 $ 14,445

Core FFO per Common Share - Diluted $ 0.52 $ 0.46

AFFO $ 18,238 $ 15,521

AFFO per Common Share - Diluted $ 0.56 $ 0.49

Metrics reflect amounts attributable to common stockholders. Refer to “Non-GAAP Financial Measures” for definitions and additional detail.

Reconciliations of non-GAAP measures to the most directly comparable GAAP measure are provided in the tables accompanying this press

release.

First Quarter Portfolio Performance

Retail Leasing Activity

▪ The Company executed 25 new leases, renewals and extensions totaling 153,000 square feet. On a comparable

space basis, the Company executed 146,000 square feet of leases at an average cash rent spread increase of

14%.

Same Property NOI

▪ Shopping center same property NOI increased by 6.8% versus the comparable 2025 period. Excluding certain

non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable

2025 period.

▪ Including other/non-core properties, same-property NOI increased by 3.4% for the first quarter. This growth

was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, New Mexico property in

December 2025, which more than offset the non-recurring recovery benefits recorded in the quarter. As

previously announced, this vacancy was leased by the State of New Mexico which is expected to comment

paying rent in late 2026.

Occupancy

▪ As of March 31, 2026, total property portfolio leased occupancy was 95.4%, up 160 basis points compared to

March 31, 2025, and a decrease of 50 basis points compared to December 31, 2025.

▪ As of March 31, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 30 basis points

compared to March 31, 2025.

First Quarter Investment and Disposition Activity

Investment Activity

▪ The Company acquired Palms Crossing, a 399,000 square foot open-air retail center located in McAllen, Texas,

for a purchase price of $81.6 million. Palms Crossing is currently 98% leased, anchored by Best Buy, Hobby

Lobby, Burlington Coat Factory, Barnes & Noble and Nike. The Property is located on 47 acres, and features

two pad sites for potential future development opportunities.

Page 5

Disposition & Structured Investment Repayment Activity

▪ The Company’s preferred investment in Watters Creek Village, a grocery-anchored, mixed-use property located

in Allen, Texas, was repaid in full for $30.0 million.

Balance Sheet and Liquidity

Balance sheet highlights as of March 31, 2026, included:

▪ Total liquidity of $124.3 million, consisting of $116.0 million of undrawn commitments and $8.3 million of

cash on hand.

▪ Total borrowings of $651.8 million at a weighted average interest rate of 4.6%, including $634.0 million of

unsecured borrowings and a $17.8 million mortgage payable.

▪ Net Debt to Pro Forma Adjusted EBITDA of 6.4 times.

▪ During the quarter ended March 31, 2026, the Company issued 733,883 common shares under its common

stock ATM program at a weighted average gross price of $19.59 per share, for total net proceeds of $14.2

million.

▪ The Company’s only 2026 loan maturity is a $17.8 million mortgage note payable, maturing in August at an

interest rate of 4.06%.

▪ Classified Madison Yards located in Atlanta, Georgia as held for sale with an expected close in May.

2026 Outlook

The Company is revising its 2026 outlook. The Company’s 2026 guidance is based on current plans and a number of

assumptions and is subject to risks and uncertainties, many of which are outside the Company’s control, and are more

fully described in this press release and in the Company's reports filed with the U.S. Securities and Exchange

Commission.

The Company has raised its 2026 outlook as follows:

(Unaudited) Current Previous

Core FFO per Common Share - Diluted $2.06 to $2.11 $1.98 to $2.03

AFFO per Common Share - Diluted $2.19 to $2.24 $2.11 to $2.16

Metrics above reflect amounts attributable to common stockholders.

The Company’s revised 2026 outlook includes but is not limited to the following assumptions (dollars in millions):

Current Previous

Investment Volume, Including Commercial Loans & Structured Investments $175 to $250 $100 to $200

Same-Property NOI Growth for Shopping Centers Unchanged 3.5% to 4.5%

General & Administrative Expenses $19.7 to $20.2 $19.5 to $20.0

Page 6

Reconciliation of the outlook range of the Company’s 2026 estimated Net Income Attributable to the Company per Diluted

Share to estimated Core FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to

Common Stockholders per Diluted Share:

Revised 2026 Outlook

(Unaudited) Low High

Net Income Attributable to the Company per Common Share - Diluted $ 0.53 $ 0.59

Depreciation and Amortization of Real Estate 1.90 1.90

Provision for Impairment and Adjustment to CECL Reserve (1) (0.01) (0.01)

Realized and Unrealized Loss (Gain) on Investment Securities (1) (0.06) (0.06)

Funds from Operations, per Common Share - Diluted $ 2.36 $ 2.42

Distributions to Preferred Stockholders (0.21) (0.21)

Funds From Operations Attributable to Common Stockholders per

Common Share - Diluted $ 2.15 $ 2.21

Amortization of Intangibles to Lease Income (0.09) (0.10)

Core FFO Attributable to Common Stockholders per Common Share -

Diluted $ 2.06 $ 2.11

Adjustments:

Straight-Line Rent Adjustment (0.04) (0.04)

Other Depreciation and Amortization - -

Amortization of Loan Costs and Capitalized Interest 0.03 0.03

Non-Cash Compensation 0.14 0.14

AFFO Attributable to Common Stockholders per Common Share -

Diluted $ 2.19 $ 2.24

(1) Provision for Impairment and Adjustment to CECL Reserve and Realized and Unrealized Loss (Gain) on Investment Securities represents the actual

adjustment for the three months ended March 31, 2026. The Company’s outlook excludes projections related to these measures.

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the first quarter ended March 31, 2026, on

Wednesday, April 29, 2026 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.ctoreit.com

or at the link provided in the event details below. To access the call by phone, please go to the registration link provided

in the event details below and you will be provided with dial-in details.

Event Details:

Webcast: https://edge.media-server.com/mmc/p/7a2jh3xw

Registration: https://register-conf.media-server.com/register/BI44d0a9de51204a7a9115883fa90899d4

We encourage participants to register and dial into the conference call at least fifteen minutes ahead of the scheduled

start time. A replay of the earnings call will be archived and available online through the Investor Relations section of

the Company’s website at www.ctoreit.com.

Page 7

About CTO Realty Growth, Inc.

and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

We encourage you to review our most recent investor presentation and supplemental financial information, which is

available on our website at www.ctoreit.com.

Contact: Investor Relations

ir@ctoreit.com

Safe Harbor

Certain statements contained in this press release (other than statements of historical fact) are forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the

Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such

as “outlook,” “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,”

“potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words.

Although forward-looking statements are made based upon management’s present expectations and beliefs concerning

future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual

results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not

limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state

income tax law changes, including changes to the REIT requirements; general adverse economic and real estate

conditions; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate

volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk

associated with the Company investing in commercial loans and similarly structured investments; the ultimate

geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, actions that

may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative

impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the

inability of major tenants or borrowers to continue paying their rent or obligations due to bankruptcy, insolvency or a

general downturn in their business; the loss or failure, or decline in the business or assets of PINE; the completion of

1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and

criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing

conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual

Report on Form 10-K for the fiscal year ended December 31, 2025 and other risks and uncertainties discussed from

time to time in the Company’s filings with the U.S. Securities and Exchange Commission.

There can be no assurance that future developments will be in accordance with management’s expectations or that the

effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to

place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The

Company undertakes no obligation to update the information contained in this press release to reflect subsequently

occurring events or circumstances.

Page 8

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of

America (“GAAP”). We also disclose Funds From Operations (“FFO”), Core Funds From Operations (“Core FFO”),

Adjusted Funds From Operations (“AFFO”), Pro Forma Earnings Before Interest, Taxes, Depreciation and

Amortization (“Pro Forma Adjusted EBITDA”), and Same-Property Net Operating Income (“Same-Property NOI”),

each of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to

investors because they are widely accepted industry measures used by analysts and investors to compare the operating

performance of REITs.

FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and Same-Property NOI do not represent cash generated from

operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they

should not be considered alternatives to net income as a performance measure or cash flows from operating activities

as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in

lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of

Real Estate Investment Trusts, or NAREIT.

NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization,

as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets,

impairment write-downs associated with depreciable real estate assets and impairments associated with the current

expected credit losses on commercial loans and investments at the time of origination and repayment, including the pro

rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales

of assets incidental to the primary business of the REIT which specifically include the sales of investment securities, in

addition to the mark-to-market of the Company’s investment securities. To derive Core FFO, we modify the NAREIT

computation of FFO to include other adjustments to GAAP net income related to gains and losses recognized on the

extinguishment of debt, amortization of above- and below-market lease related intangibles, and other unforecastable

market- or transaction-driven non-cash items. To derive AFFO, we further modify the NAREIT computation of FFO

and Core FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as

straight-line rental revenue, non-cash compensation, and other non-cash amortization. Such items may cause short-term

fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use

AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss attributable to the Company is adjusted to exclude

real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain

or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate

assets, impairments associated with the current expected credit losses on commercial loans and investments at the time

of origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash

revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses

recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation,

other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items,

and other non-cash income or expense. The Company also excludes the gains or losses from sales of assets incidental

to the primary business of the REIT which specifically include the sales of investment securities, in addition to the

mark-to-market of the Company’s investment securities. Cash interest expense is also excluded from Pro Forma

Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and

other similar activities.

Page 9

To derive Same-Property NOI, GAAP net income or loss attributable to the Company is adjusted to exclude real estate

related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss

from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets,

impairments associated with the current expected credit losses on commercial loans and investments at the time of

origination and repayment, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash

revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, gains and losses

recognized on the extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation,

other non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items,

and other non-cash income or expense. Interest expense, general and administrative expenses, investment and other

income or loss, income tax benefit or expense, management fee income, and interest income from commercial loans

and investments are also excluded from Same-Property NOI. GAAP net income or loss is further adjusted to remove

the impact of properties that were not owned for the full current and prior year reporting periods presented. Cash rental

income received under the leases pertaining to the Company’s assets that are presented as commercial loans and

investments in accordance with GAAP is also used in lieu of the interest income equivalent.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance

between periods and among our peers primarily because it excludes the effect of real estate depreciation and

amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value

of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe

that Core FFO and AFFO are additional useful supplemental measures for investors to consider because they will help

them to better assess our operating performance without the distortions created by other non-cash revenues or expenses.

We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to

consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. We use

Same-Property NOI to compare the operating performance of our assets between periods. It is an accepted and important

measurement used by management, investors and analysts because it includes all property-level revenues from the

Company’s properties, less operating and maintenance expenses, real estate taxes and other property-specific expenses

(“Net Operating Income” or “NOI”) of properties that have been owned and stabilized for the entire current and prior

year reporting periods. Same-Property NOI attempts to eliminate differences due to the acquisition or disposition of

properties during the particular period presented, and therefore provides a more comparable and consistent performance

measure for the comparison of the Company’s properties. FFO, Core FFO, AFFO, Pro Forma Adjusted EBITDA, and

Same-Property NOI may not be comparable to similarly titled measures employed by other companies.

Results Overview & Guidance

For the quarter ended March 31, 2026

(unaudited; in thousands, except share, per share and per square foot amounts)

Quarter ended

March 31, 2026

Financial Results

Total Revenues (page 12) $ 41,173

Net Income Attributable to Common Shareholders (Page 12) $ 4,327

Net Income per Diluted Share $ 0.13

Funds from Operations (FFO) (page 13) $ 17,840

FFO per Diluted Share $ 0.55

Core FFO (page 13) $ 16,931

Core FFO per Diluted Share $ 0.52

AFFO (page 13) $ 18,238

AFFO per Diluted Share $ 0.56

Same Property NOI for Shopping Centers (page 14) $ 20,235

% Growth 6.8%

Preferred Dividend Declared per Share $ 0.40

Common Dividends Declared per Share $ 0.38

Q1 2026 Core FFO Payout Ratio 73.1%

Q1 2026 AFFO Payout Ratio 67.9%

Weighted Average Diluted Shares 32,522,938

Debt Metrics

Net Debt to Pro Forma Adjusted EBITDA 6.4x

Net Debt to Enterprise Value 46.7%

Fixed Charge Coverage 3.0x

Property Data

Number of Properties 22

Square Footage 5,904,026

Cash Rent PSF $ 20.83

Leased Occupancy 95.4%

Occupancy 90.9%

2026 Guidance

Core FFO per Diluted Share $2.06 - $2.11

AFFO per Diluted Share $2.19 - $2.24

Same Property NOI Growth for Shopping Centers 3.5% - 4.5%

These metrics should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange

Commission

Consolidated Balance Sheets

As of March 31, 2026 and December 31, 2025

(in thousands, except share and per share data)

As of

(Unaudited)

March 31, 2026

December 31,

2025

ASSETS

Real Estate:

Land, at Cost $ 278,594 $ 289,012

Building and Improvements, at Cost 778,031 766,371

Other Furnishings and Equipment, at Cost 923 923

Construction in Process, at Cost 4,913 4,091

Total Real Estate, at Cost 1,062,461 1,060,397

Less, Accumulated Depreciation (110,422) (107,268)

Real Estate—Net 952,039 953,129

Land and Development Costs — 300

Intangible Lease Assets—Net 86,479 84,710

Assets Held for Sale 72,126 —

Investment in Alpine Income Property Trust, Inc. 44,488 41,324

Commercial Loans and Investments 80,713 104,804

Cash and Cash Equivalents 8,282 6,467

Restricted Cash 10,587 34,652

Deferred Income Taxes—Net 2,309 2,309

Other Assets 42,644 36,207

Total Assets $ 1,299,667 $ 1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable $ 1,852 $ 1,709

Accrued and Other Liabilities 23,386 28,185

Deferred Revenue 16,911 18,802

Intangible Lease Liabilities—Net 32,562 31,486

Income Taxes Payable 61 29

Long-Term Debt—Net 649,532 616,345

Total Liabilities 724,304 696,556

Stockholders’ Equity:

Preferred Stock 47 47

Common Stock 333 324

Additional Paid-In Capital 396,749 382,494

Retained Earnings 176,442 184,886

Accumulated Other Comprehensive Income (Loss) 1,792 (405)

Total Stockholders’ Equity 575,363 567,346

Total Liabilities and Stockholders’ Equity $ 1,299,667 $ 1,263,902

These consolidated balance sheets should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and

Exchange Commission

Three Months Ended

March 31,

2026 2025

Revenues

Income Properties $ 36,580 $ 31,672

Management Fee Income 1,349 1,178

Interest Income From Commercial Loans and Investments 3,244 2,961

Total Revenues 41,173 35,811

Direct Cost of Revenues

Income Properties (10,168) (8,891)

Total Direct Cost of Revenues (10,168) (8,891)

General and Administrative Expenses (5,077) (4,683)

Provision for Impairments and Adjustment to CECL Reserve 321 —

Depreciation and Amortization (15,956) (14,364)

Total Operating Expenses (30,880) (27,938)

Total Operating Income 10,293 7,873

Investment and Other Income 3,243 575

Interest Expense (7,271) (6,136)

Income Before Income Tax Expense 6,265 2,312

Income Tax Expense (60) (51)

Net Income Attributable to the Company 6,205 2,261

Distributions to Preferred Stockholders (1,878) (1,878)

Net Income Attributable to Common Stockholders $ 4,327 $ 383

Per Share Information:

Basic and Diluted Net Income Attributable to Common Stockholders $ 0.13 $ 0.01

Weighted Average Number of Common Shares

Basic 32,519,156 31,552,973

Diluted 32,522,938 31,595,431

Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40

Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38

Consolidated Statements of Operations

For the quarters ended March 31, 2026 and 2025

(unaudited; in thousands, except share, per share and dividend data)

These consolidated statements of operations should be read in conjunction with the Company's most recent Form 10-Q filed with the

Securities and Exchange Commission

Funds from Operations

For the quarters ended March 31, 2026 and 2025

(unaudited; in thousands, except per share data)

This schedule of Funds from Operations should be read in conjunction with the Company's most recent Form 10-Q filed with the Securities and Exchange

Commission

Three Months Ended

March 31,

2026 2025

Net Income Attributable to the Company $ 6,205 $ 2,261

Distributions to Preferred Stockholders (1,878) (1,878)

Adjustments:

Depreciation and Amortization of Real Estate 15,938 14,346

Provision for Impairment and Adjustment to CECL Reserve (321) —

Realized and Unrealized Loss (Gain) on Investment Securities (2,103) 165

FFO $ 17,841 $ 14,894

Amortization of Intangibles to Lease Income (910) (449)

Core FFO $ 16,931 $ 14,445

Adjustments:

Straight-Line Rent Adjustment (440) (573)

Other Depreciation and Amortization — (1)

Amortization of Loan Costs, Discount on Convertible Debt, and

Capitalized Interest 341 367

Non-Cash Compensation 1,406 1,283

AFFO $ 18,238 $ 15,521

Per Common Diluted Share:

FFO $ 0.55 $ 0.47

Core FFO $ 0.52 $ 0.46

AFFO $ 0.56 $ 0.49

Supplemental Disclosure:

PIK Interest Earned $ 8 $ —

PIK Interest Paid — —

PIK Interest Earned in Excess of PIK Interest Paid $ 8 $ —

Supplemental Schedule of Same-Property Net Operating Income

For the quarters ended March 31, 2026 and 2025

(unaudited; in thousands)

1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

2. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 4.2% versus the comparable 2025 period.

Same-Property NOI for Shopping Centers Three Months Ended

March 31,

2026 2025

Base Rents $ 20,665 $ 19,695

Expense Recoveries 6,246 5,828

Other Income 662 566

Total Revenues 27,573 26,088

Operating Expenses (7,338) (7,143)

Same-Property NOI for Shopping Centers $ 20,235 $ 18,946

Same-Property NOI Growth for Shopping Centers (1) 6.8%

Same-Property Occupancy 91.6% 92.2%

Same-Property Leased Occupancy 95.0% 94.7%

Cash ABR per Square Foot $21.92 $21.38

Number of Same Properties 15

Same-Property NOI Reconciliation Three Months Ended

March 31,

2026 2025

Net Income Attributable to the Company $ 6,205 2,261

Provision for Impairment and Adjustment to CECL Reserve (321) —

Depreciation and Amortization 15,956 14,364

Amortization of Intangibles to Lease Income 910 449

Straight-Line Rent Adjustment 440 573

Accretion of Tenant Contribution 13 13

Interest Expense 7,271 6,136

General and Administrative Expenses 5,077 4,683

Investment and Other Income (3,243) (575)

Income Tax Expense 60 51

Management Fee Income (1,349) (1,178)

Interest Income From Commercial Loans and Investments (3,244) (2,961)

Other Non-Recurring Items (2)

(191) (110)

Less: Impact of Properties Not Owned for the Full Reporting Period (6,790) (3,596)

Same-Property NOI $ 20,794 20,110

Less: Same Property NOI for Other Properties (559) (1,164)

Same-Property NOI for Shopping Centers $ 20,235 18,946

Pro Forma Adjusted EBITDA

Three Months Ended March 31, 2026

(unaudited; in thousands)

Three Months Ended

March 31, 2026

Net Income Attributable to the Company $ 6,205

Depreciation and Amortization of Real Estate 15,938

Provision for Impairment and Adjustment to CECL Reserve (321)

Unrealized Gain & Realized Loss on Investment Securities (2,103)

Distributions to Preferred Stockholders (1,878)

Amortization of Intangibles to Lease Income (910)

Straight-Line Rent Adjustment (440)

Amortization of Loan Costs and Capitalized Interest 341

Non-Cash Compensation 1,406

Other Non-Recurring Items (1) (601)

Interest Expense, Net of Amortization of Loan Costs 6,930

Adjusted EBITDA $ 24,567

Annualized Adjusted EBITDA $ 98,268

Pro Forma Annualized Impact of Current Quarter Investments and

Dispositions, Net (2) 1,585

Pro Forma Adjusted EBITDA $ 99,853

Total Long-Term Debt $ 649,532

Financing Costs, Net of Accumulated Amortization 2,268

Cash and Cash Equivalents (8,282)

Net Debt $ 643,518

Net Debt to Pro Forma Adjusted EBITDA 6.4 x

1. Includes non-recurring items such as termination fees, forfeitures of tenant security deposits, and other non-recurring items.

2. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investments and disposition activity during the three months

ended March 31, 2026.

Market Capitalization, Debt Ratios and Liquidity

As of March 31, 2026

(unaudited; in thousands, except per share amounts and market price)

Any differences are a result of rounding.

1. Net debt to Pro Forma Adjusted EBITDA is calculated based on first quarter 2026 annualized Adjusted EBITDA.

March 31, 2026

Common Share Price $ 18.49

Common Shares Outstanding 33,293

Total Common Equity Market Capitalization $ 615,596

Series A Preferred Par Value Per Share $ 25.00

Series A Preferred Shares Outstanding 4,713

Series A Preferred Par Value $ 117,827

Total Equity Capitalization $ 733,423

Total Debt Outstanding $ 651,800

Cash and Cash Held in Like-Kind Exchange Escrow Accounts (8,281)

Net Debt $ 643,519

Total Enterprise Value $ 1,372,502

Net Debt to Pro Forma Adjusted EBITDA1 6.4 x

Net Debt to Total Enterprise Value 46.7%

Fixed Charge Coverage Ratio 3.0 x

Cash and Cash Held in Like-Kind Exchange Escrow Accounts $ 8,281

Available under Unsecured Credit Facility 116,000

Total Liquidity $ 124,281

Debt Summary

As of March 31, 2026

(unaudited; dollars in thousands)

Any differences are a result of rounding.

1. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.25%-2.20%

2. Interest rate is calculated as 30-day SOFR + 10 bps + pricing tier based on leverage within the range of 1.20%-2.15%

3. Interest rate is calculated as 30-day SOFR + pricing tier based on leverage within the range of 1.20%-2.15%

Indebtedness Outstanding Face Value

Weighted Avg.

Rate

Initial Maturity

Date Type

Mortgage Note $17,800 4.06% Aug. 2026 Fixed

Revolving Credit Facility 1 134,000 5.13% Jan. 2027 Floating

Revolving Credit Facility 1 50,000 5.30% Jan. 2027 Fixed

2027 Term Loan 1 100,000 2.80% Jan. 2027 Fixed

2028 Term Loan 2 100,000 5.18% Jan. 2028 Fixed

2029 Term Loan 3 125,000 4.67% Sep. 2029 Fixed

2030 Term Loan 3 125,000 4.69% Sep. 2030 Fixed

Total / Weighted Average $651,800 4.59%

Year Outstanding

Weighted

Average Rate

% of Debt

Maturing

Cumulative % of

Debt Maturing

2026 $17,800 4.06% 3% 3%

2027 284,000 4.34% 44% 46%

2028 100,000 5.18% 15% 62%

2029 125,000 4.67% 19% 81%

2030 125,000 4.69% 19% 100%

Total / Weighted Average $651,800 4.59% 100%

Real Estate Portfolio Capital Investments

For the quarters ended March 31, 2026 and 2025

(unaudited; dollars in thousands)

Any differences are a result of rounding.

Three Months Ended

March 31,

2026 2025

Leasing & Maintenance Capital Expenditures

Capital Expenditures $ 924 $ 432

Tenant Improvement Allowances 247 270

Leasing Commissions 863 384

Total Leasing & Maintenance Capital Expenditures $ 2,034 $ 1,086

Value Enhancing & Other Capital Expenditures

Acquired Vacancy $ 905 $ 73

Anchor Repositioning 55 4

Outparcel Developments 286 10

Property Repositioning & Other 1,197 16

Top Tenant Summary

As of March 31, 2026

(unaudited, dollars and square feet in thousands)

Any differences are a result of rounding.

1. Credit Rating is the available rating from S&P Global Ratings as of March 31, 2026. “NR” indicates the company is not rated.

2. Excludes leases not yet commenced.

Tenant/Concept

Credit

Rating1 Leases2

Leased

Square Feet2 % of Total Cash ABR % of Total

AMC CCC+ 3 174 2.9% $4,118 3.7%

Best Buy BBB+ 5 187 3.2% 3,038 2.7%

Fidelity BBB 2 122 2.1% 2,583 2.3%

Ross/dd's Discount A- 7 194 3.3% 2,513 2.2%

Burlington BB+ 5 175 3.0% 2,193 2.0%

TJ Maxx/HomeGoods/Marshalls A 6 177 3.0% 2,161 1.9%

Barnes & Noble NR 4 102 1.7% 1,887 1.7%

Dick's Sporting Goods BBB 4 188 3.2% 1,806 1.6%

Nordstrom Rack BB 3 106 1.8% 1,779 1.6%

Southern University NR 1 60 1.0% 1,715 1.5%

Publix NR 2 99 1.7% 1,659 1.5%

Whole Foods Market AA- 1 60 1.0% 1,633 1.5%

Academy Sports & Outdoors BB+ 2 129 2.2% 1,497 1.3%

PetSmart B 4 78 1.3% 1,302 1.2%

Hobby Lobby NR 2 110 1.9% 1,279 1.1%

Regal Cinemas NR 1 51 0.9% 1,210 1.1%

DSW Shoe Warehouse NR 4 69 1.2% 1,164 1.0%

Onelife Fitness NR 1 45 0.8% 1,120 1.0%

Floor & Decor BB 1 75 1.3% 1,047 0.9%

Old Navy BB+ 3 59 1.0% 904 0.8%

Other 582 3,104 52.6% 75,138 67.2%

Total Occupied 643 5,364 90.9% $111,745 100.0%

Vacant - 540 9.1%

Total 643 5,904 100.0%

Retail Leasing Activity

For the twelve months ended March 31, 2026

(unaudited, dollars and square feet in thousands, except per square foot data)

Any differences are a result of rounding.

Comparable leases compare retail leases signed on a space for which there was previously a tenant. Does not include lease termination agreements or lease

amendments related to tenant bankruptcy proceedings, or office leases. New rent per sq. ft. represents the minimum cash rent under the new lease for the first

12 months of the term. Prior rent per sq. ft. represents the minimum in-place cash rent under the prior lease. Tenant improvements include landlord work.

Leases

Signed

Square

Feet

New

Rent

Per SF

Prior

Rent

Per SF

Cash Basis

% Change

Avg

Lease

Term (Yrs)

Tenant

Improvements

Per SF

Total Comparable Leases

Q1 2026 22 146 $24.08 $21.09 14.2% 6.3 $11.52

Q4 2025 20 167 $23.68 $18.09 30.9% 6.5 $29.67

Q3 2025 21 125 $22.24 $20.16 10.3% 6.2 $3.39

Q2 2025 14 190 $25.54 $21.01 21.6% 7.2 $13.58

Total / Wtd. Avg. 77 628 $24.05 $20.08 19.7% 6.6 $15.36

New Leases – Comparable

Q1 2026 4 22 $32.80 $20.55 59.6% 10.0 $77.31

Q4 2025 4 46 $29.54 $14.41 105.0% 10.6 $108.01

Q3 2025 6 14 $47.21 $46.14 2.3% 9.3 $29.53

Q2 2025 4 75 $18.90 $10.52 79.6% 10.0 $34.19

Total / Wtd. Avg. 18 157 $26.50 $16.28 62.7% 10.1 $61.23

Renewals & Extensions – Comparable

Q1 2026 18 125 $22.57 $21.19 6.5% 5.4 $0.12

Q4 2025 16 121 $21.45 $19.48 10.1% 4.3 -

Q3 2025 15 111 $18.99 $16.78 13.2% 5.3 -

Q2 2025 10 115 $29.91 $27.91 7.2% 6.1 -

Total / Wtd. Avg. 59 471 $23.23 $21.35 8.8% 5.3 $0.03

Total Comparable and Non-Comparable

Q1 2026 25 153 $24.72 NA NA 6.6 $12.61

Q4 2025 23 189 $24.14 NA NA 6.8 $44.72

Q3 2025 24 142 $23.00 NA NA 6.6 $7.80

Q2 2025 22 227 $25.43 NA NA 7.6 $16.25

Total / Wtd. Avg. 94 711 $24.45 NA NA 7.0 $21.35

Lease Expiration Schedule

As of March 31, 2026

(unaudited, dollars and square feet in thousands, except per square foot data)

Any differences are a result of rounding.

Anchor Tenants (>10,000 Square Feet)

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 4 111 2.1% 2,503 2.2% $22.63

2027 11 403 7.5% 4,588 4.1% $11.38

2028 21 827 15.4% 13,264 11.9% $16.04

2029 14 558 10.4% 5,586 5.0% $10.02

2030 8 218 4.1% 3,285 2.9% $15.10

2031 17 504 9.4% 8,355 7.5% $16.57

2032 9 246 4.6% 3,250 2.9% $13.21

2033 4 76 1.4% 1,360 1.2% $17.84

2034 7 173 3.2% 2,798 2.5% $16.16

2035 12 255 4.8% 5,766 5.2% $22.61

Thereafter 8 259 4.8% 4,698 4.2% $18.14

Total 115 3,630 67.7% $55,452 49.6% $15.28

Small Shop Tenants

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 45 118 2.2% 3,590 3.2% $30.39

2027 71 217 4.0% 6,342 5.7% $29.26

2028 69 240 4.5% 7,936 7.1% $33.02

2029 61 199 3.7% 6,345 5.7% $31.95

2030 74 246 4.6% 7,941 7.1% $32.28

2031 56 195 3.6% 5,831 5.2% $29.90

2032 38 131 2.4% 4,555 4.1% $34.75

2033 37 123 2.3% 4,298 3.8% $34.99

2034 26 91 1.7% 3,591 3.2% $39.45

2035 30 85 1.6% 2,995 2.7% $35.08

Thereafter 21 89 1.7% 2,868 2.6% $32.25

Total 528 1,734 32.3% $56,293 50.4% $32.46

Total

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 49 229 4.3% 6,094 5.5% $26.63

2027 82 620 11.6% 10,930 9.8% $17.63

2028 90 1,067 19.9% 21,201 19.0% $19.86

2029 75 756 14.1% 11,931 10.7% $15.78

2030 82 464 8.6% 11,226 10.0% $24.22

2031 73 699 13.0% 14,186 12.7% $20.29

2032 47 377 7.0% 7,805 7.0% $20.69

2033 41 199 3.7% 5,658 5.1% $28.42

2034 33 264 4.9% 6,388 5.7% $24.19

2035 42 340 6.3% 8,761 7.8% $25.73

Thereafter 29 348 6.5% 7,566 6.8% $21.75

Total 643 5,364 100.0% $111,745 100.0% $20.83

Year-to-Date Investment, Disposition & Structured Investment Repayment Activity

For the quarter ended March 31, 2026

(unaudited, dollars and square feet in thousands)

Any differences are a result of rounding.

Investments Type Date

Square

Feet

Price /

Commitment

Palms Crossing – McAllen, TX Power Center Feb. 2026 399 81,600

Total Property Acquisitions 399 $81,600

Structured Investment Repayments Date Repaid Coupon Price

Watters Creek at Montgomery Farm Mar. 2026 9.50% 30,000

Total Investment Repayments 9.50% $30,000

Portfolio Summary

As of March 31, 2026

(unaudited, square feet in thousands)

Any differences are a result of rounding.

1. Formerly referred to as “Fidelity Building”

Market / Property Market

Year Built

/ Updated Acreage SF % Occupied % Leased

Cash

ABR PSF

Arizona

Crossroads Town Center Phoenix 2005 31 222 94.6% 100.0% $19.75

Florida

Pompano Citi Centre Fort Lauderdale 1971/2006 34 509 91.4% 93.1% $17.15

The Strand at St. Johns

Town Center Jacksonville 2017 52 211 100.0% 100.0% $26.75

Marketplace at Seminole

Towne Center Orlando 2006 41 320 84.9% 100.0% $21.28

Millenia Crossing Orlando 2009 11 100 87.3% 93.3% $25.70

Lake Brandon Village Tampa 1998 8 102 100.0% 100.0% $13.87

Granada Plaza Tampa 1985 7 74 91.8% 91.8% $16.22

Total / Weighted Average 153 1,317 91.6% 96.4% $20.05

Georgia

The Collection at Forsyth Atlanta 2006 70 565 89.6% 94.0% $23.45

Ashford Lane Atlanta 2005 44 277 96.6% 96.6% $32.72

Madison Yards Atlanta 2019 10 163 99.0% 99.0% $32.98

The Exchange at Gwinnett Atlanta 2021/2023 16 97 97.1% 100.0% $37.88

Ashley Park Atlanta 2004 60 559 95.7% 96.3% $16.56

Total / Weighted Average 200 1,661 94.2% 96.1% $24.53

North Carolina

Carolina Pavilion Charlotte 1995 72 694 76.7% 82.9% $16.32

Beaver Creek Crossings Raleigh 2005 52 322 99.3% 100.0% $18.83

Total / Weighted Average 124 1,016 83.8% 88.3% $17.27

Texas

Plaza at Rockwall Dallas 2007 42 444 99.7% 100.0% $14.62

Price Plaza Houston 1999 23 201 100.0% 100.0% $17.14

Palms Crossing McAllen 2007 47 399 93.8% 97.6% $18.45

Total / Weighted Average 112 1,044 97.5% 99.1% $16.52

Virginia

West Broad Village Richmond 2007 33 392 91.7% 91.7% $26.64

Total Shopping Centers 653 5,652 92.1% 95.1% $20.70

Albuquerque Office 1 Albuquerque 2009 25 212 53.8% 100.0% $18.02

Winter Park Office Orlando 1982 2 28 100.0% 100.0% $30.69

Daytona Beach Restaurants Daytona 2017/ 2018 6 12 100.0% 100.0% $84.09

Total Portfolio 686 5,904 90.9% 95.4% $20.83

Geographic Diversification

As of March 31, 2026

(cash ABR and square feet in thousands)

Any differences are a result of rounding. Demographic information sourced from Esri. Market, state and portfolio averages weighted by the Annualized Cash

Base Rent of each property.

States Properties

Square

Feet

% of

Total Cash ABR

% of

Total

5-Mile

2025 Avg.

Household

Income

5-Mile

2025 Total

Population

Georgia 5 1,661 28% $38,383 34% $156,394 192,304

Florida 9 1,357 23% 26,058 23% 105,322 209,587

Texas 3 1,044 18% 16,816 15% 115,703 180,109

North Carolina 2 1,016 17% 14,704 13% 155,151 176,989

Virginia 1 392 7% 9,584 9% 154,649 178,579

Arizona 1 222 4% 4,141 4% 163,525 320,413

New Mexico 1 212 4% 2,058 2% 73,504 50,473

Total 22 5,904 100% $111,745 100% $136,785 193,442

Markets Properties

Square

Feet

% of

Total Cash ABR

% of

Total

5-Mile

2025 Avg.

Household

Income

5-Mile

2025 Total

Population

Atlanta, GA 5 1,661 28% $38,383 34% $156,394 192,304

Richmond, VA 1 392 7% 9,584 9% 154,649 178,579

Orlando, FL 3 449 8% 8,896 8% 112,487 180,902

Charlotte, NC 1 694 12% 8,681 8% 149,924 202,342

Pompano Beach, FL 1 509 9% 7,981 7% 105,521 250,967

McAllen, TX 1 399 7% 6,909 6% 85,156 199,512

Dallas, TX 1 444 8% 6,469 6% 145,379 103,989

Raleigh, NC 1 322 5% 6,023 5% 162,683 140,451

Jacksonville, FL 1 211 3% 5,649 5% 100,232 203,742

Phoenix, AZ 1 222 4% 4,141 4% 163,525 320,413

Houston, TX 1 201 3% 3,438 3% 121,250 284,337

Tampa, FL 2 176 3% 2,520 2% 104,743 232,638

Albuquerque, NM 1 212 3% 2,058 2% 73,504 50,473

Daytona Beach, FL 2 12 0% 1,013 1% 70,646 110,699

Total 22 5,904 100% $111,745 100% $136,785 193,442

Other Investments

As of March 31, 2026

(dollars in thousands, except for per share data)

Any differences are a result of rounding.

1. Amounts funded prior to December 31, 2025 carry a coupon rate of 11.50%, while draws subsequent to that date have a 12.00% coupon rate, including

10.00% cash and 2.00% accrued paid-in-kind interest. The disclosed rate of 11.54% represents the weighted average coupon rate as of March 31, 2026

2. The Series A Preferred Investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events

Investment Securities

Shares & Operating

Partnership Units

Owned Share Price Value

Annualized

Dividend Per

Q1 2026

Annualized

Dividend Income

Alpine Income

Property Trust 2,472 $18.00 $44,488 $1.20 $2,966

Structured Investments

Origination

Date

Maturity

Date

Original

Loan

Amount

Outstanding

Interest

Rate

Rivana Sept. 2024 Sept. 2028 $59,450 $36,907 11.54% 1

Founders Square Mar. 2023 Mar. 2027 15,000 15,000 9.50%

Whole Foods Nov. 2024 May 2027 40,200 16,509 12.15%

Series A Preferred Investment Jul. 2024 NA2 10,000 10,000 14.00%

Main Street Aug. 2025 Aug. 2030 5,000 5,000 6.50%

Total Structured Investments $129,650 $83,416 11.28%

2026 Guidance

1. See reconciliation of our 2026 Core FFO and AFFO guidance to Net Income Attributable to the Company, per diluted share, on page 13.

2. Includes the effects of bad debt expense, occupancy loss and costs associated with tenants in bankruptcy and/or tenant lease defaults. Before potential

impact from income producing acquisitions and dispositions.

Current Previous

Core FFO Per Diluted Share1

$2.06 to $2.11 $1.98 to $2.03

AFFO Per Diluted Share1

$2.19 to $2.24 $2.11 to $2.16

The Company has raised its 2026 outlook as follows:

The Company’s 2026 guidance includes but is not limited to the following assumptions:

Current Previous

Investments (in millions) $175 to $250 $100 to $200

Same-Property NOI Growth for Shopping Centers2 Unchanged 3.5% to 4.5%

General and Administrative Expenses (in millions) $19.7 to $20.2 $19.5 to $20.0

Contact Information & Research Coverage

Contact Information

Corporate Office Locations Investor Relations

New York

Stock Exchange

369 N. New York Ave., Suite 201

Winter Park, FL 32789

1140 N. Williamson Blvd., Suite 140

Daytona Beach, FL 32114

ir@ctoreit.com Ticker Symbol: CTO

Series A Preferred

Ticker Symbol: CTO/PA

www.ctoreit.com

Research Analyst Coverage

Institution Coverage Analyst Email

Alliance Global Partners Gaurav Mehta gmehta@allianceg.com

B. Riley John Massocca jmassocca@brileyfin.com

Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com

Jones Research Jason Weaver jweaver@jonestrading.com

Lucid Capital Markets Craig Kucera ckucera@lucidcm.com

Raymond James RJ Milligan rjmilligan@raymondjames.com

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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