CTO Realty Growth (NYSE: CTO), the REIT specializing in shopping centre assets across high-growth U.S. markets, reported a robust fourth quarter and full-year performance for 2025, underscoring momentum in leasing activity and operational execution. The company’s results reflect strengthening fundamentals across its portfolio and clear improvement in financial metrics.
Financial Performance Highlights
For the quarter ended December 31, 2025, CTO posted net income attributable to common stockholders of $0.82 per diluted share, reversing a loss from the prior year’s fourth quarter. The firm also generated Core Funds From Operations (FFO) of $0.49 per diluted share and AFFO of $0.51 per diluted share for the quarter.
Revenue for the quarter was $38.34 million, reflecting approximately 7.3 % year-over-year growth. This performance slightly exceeded consensus expectations and demonstrated a steady increase in operational revenue.
For the full year, Core FFO reached $1.87 per diluted share, while AFFO hit $1.97 per diluted share, indicating a year-over-year improvement and sustainable cash flow generation.
Operational Strength and Leasing Momentum
A key driver of CTO’s Q4 performance was record leased occupancy of 95.9 %, an all-time high for the company’s portfolio of open-air shopping centers. Leasing activity in Q4 included 167,000 square feet of comparable retail leases at a strong 31 % cash rent spread, illustrating both demand and pricing power in targeted markets.
Same-property net operating income (NOI) grew by 4.3 % in the quarter, supported by occupancy gains and contractual rent increases. Additionally, annualized base rent (ABR) per square foot rose, reflecting solid market demand for retail space.
The company also maintained an $6.1 million signed-not-open pipeline, leading to enhanced growth prospects as leases commence in 2026 and 2027.
Portfolio Activity and Strategic Outlook
During the quarter and year, CTO pursued strategic acquisitions and dispositions to strengthen its portfolio mix. In Q4, the company acquired a 509,000-square-foot retail centre in Florida and other assets contributing meaningfully to the 2025 investment activity. It also monetized non-core properties with notable disposals that contributed to operational flexibility.
Management’s outlook for 2026 underscores continued focus on same-property NOI growth, disciplined investment at attractive cash yields, and optimization of the portfolio to sustain income and long-term value creation.
CTO’s Q4 earnings reflect strong execution across leasing, occupancy, and capital deployment — positioning the REIT for expanded performance as macro conditions for retail properties continue to evolve.