Core Insights - The company expects its rent commencement pipeline to ramp up significantly, with nearly half expected to be recognized in 2026 and full recognition by 2027 [1][2] - The company achieved record leased occupancy of 95.9% at year-end and reported a 4.3% same-property NOI growth for its shopping centers in Q4 [6][7] - The company completed $166 million in investments for the full year 2025, with a weighted average initial cash yield of 9% [10] Leasing and Occupancy - In Q4, the company signed leases for 189,000 square feet, achieving a 31% cash rent increase on comparable leases [5] - The company resolved seven anchor spaces in 2025 totaling 177,000 square feet and expects a positive cash rent spread of approximately 60% from backfilling efforts [3][4] Acquisitions and Dispositions - The company acquired Pompano Citi Centre for $65.2 million, which was 92% occupied at the time of acquisition [8] - The company sold Shops at Legacy North for $78 million at a low 5% cash exit cap rate, allowing for reinvestment into higher-yielding opportunities [11] Financial Performance - Fourth-quarter Core FFO was reported at $15.8 million, up from $14.2 million year-over-year, with Core FFO per diluted share at $0.49 [14] - For the full year 2025, Core FFO was $60.5 million, an increase from $47.9 million in the prior year [15] Guidance and Future Outlook - The company issued initial full-year 2026 guidance for Core FFO per diluted share between $1.98 and $2.03, with expectations for improved same-property NOI growth as tenants begin paying rent [18][20] - The company has identified six outparcels for development, with expected investments averaging about $5 million each and low double-digit yields [13]

Core Viewpoint - Sonova's full year revenue is expected to be at the lower end of its 2025/2026 growth forecast range of 5% to 9% according to CEO Eric Bernard [1] Company Summary - Sonova is a hearing-aid manufacturer [1] - The company is projecting a revenue growth forecast for the fiscal year 2025/2026 between 5% and 9% [1]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, while total same-property NOI, including non-core properties, rose by 1.1% [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, achieving a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents [7] Market Data and Key Metrics Changes - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities in unfinished shell space [8] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, expected to close in Q1 2026 [10] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing driving strong results [4] - The company has identified six outparcels for development, with investments averaging about $5 million each, expected to contribute to earnings in the second half of 2027 [11] - The company aims to recycle capital from dispositions into higher-yielding acquisitions, demonstrating a commitment to value-add strategies [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 and 100% in 2027 [8] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19] - Management noted that the leasing environment remains strong, particularly for national brands, which are actively seeking expansion opportunities [34] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for upcoming acquisitions [18] - The net debt to EBITDA ratio improved to 6.4x from 6.7x, with expectations for further deleveraging from asset sales and rent commencement from the signed, not open pipeline [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 [24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management is in early discussions for potential sale but is waiting for higher values as the State of New Mexico's rent commencement approaches [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions and noted limited availability in the current market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and is not expected to be the run rate going forward [53][54] Question: Timing for signed, not open pipeline recognition - Management confirmed that recognition will be ratable, with a slight ramp-up expected in the latter half of 2026 [38][39] Question: Market allocation strategy for new acquisitions - Management plans to reduce exposure in Atlanta while focusing on growth markets in the Southeast and Southwest [60] Question: Relative merits of grocery anchor, lifestyle, and power centers - Management prefers lifestyle and power centers for their higher yields and growth potential, while being cautious about grocery anchors due to lower yields [66]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million compared to $14.2 million in Q4 2024, with a per-share increase from $0.46 to $0.49 [13] - For the full year 2025, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in 2024, with per-share figures slightly decreasing from $1.88 to $1.87 due to reduced leverage [14] - Same-property NOI for shopping centers increased by 4.3% in Q4 2025, driven by leasing activity and reduced maintenance costs [16] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4 2025, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with 592,000 sq ft being comparable leases and a cash rent increase of 24% [5] - The signed, not open pipeline stands at $6.1 million, representing approximately 5.8% of annual cash base rents, with expectations for significant earnings growth [7] Market Data and Key Metrics Changes - The company acquired Pompano Citi Centre for $65.2 million, which is currently 92% occupied and presents future leasing opportunities [8] - The acquisition of Ashley Park and structured investments during 2025 totaled $166 million at a weighted average initial cash yield of 9% [9] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management yielding strong results [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [10] - Six outparcels for development have been identified, with investments expected to average about $5 million each, targeting low double-digit yields [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, particularly from leasing and capital recycling strategies [11] - Initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, with same-property NOI growth for shopping centers projected at 3.5%-4.5% [19][20] Other Important Information - The company ended 2025 with $167 million in liquidity, providing ample capacity for future acquisitions [18] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [19] Q&A Session Summary Question: Timing for backfilling vacant anchor centers and rent commencement - Management indicated that they expect to resolve the remaining vacancies within six months, with rent contributions ramping up in 2026 and 2027 [22][24][26] Question: Value and opportunity for disposing of the New Mexico office property - Management noted that the property is now marketable due to new leases and is considering reinvesting proceeds into open-air centers [27][28] Question: Insights on Pompano Citi Centre's lease-up opportunities - Management highlighted significant lease-up potential, particularly with JCPenney, which currently pays minimal rent [32][33] Question: Acquisition pipeline and market conditions - Management is actively seeking larger shopping center acquisitions, noting limited availability in the market [46] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was due to specific leases and that future run rates would likely be lower [52][54] Question: Timing and recognition of signed, not open leases - Management clarified that the recognition of these leases would be ratable, with a slight ramp-up expected in the latter half of 2026 [38][58] Question: Market allocation strategy for new properties - Management stated that they are not looking to add to Atlanta and will focus on other high-growth markets [60] Question: Relative merits of different property types - Management discussed the advantages of lifestyle and power centers over grocery anchors, emphasizing higher yields and growth potential [64][66]

Financial Data and Key Metrics Changes - For Q4 2025, Core FFO was $15.8 million, an increase of $1.6 million from $14.2 million in the same quarter last year, with a per-share increase to $0.49 from $0.46 [12] - For the full year, Core FFO reached $60.5 million, up $12.6 million from $47.9 million in the previous year, with per-share Core FFO slightly decreasing to $1.87 from $1.88 [12][13] - Same-property NOI for shopping centers increased by 4.3% in Q4, driven by leasing activity and reduced maintenance costs [14] Business Line Data and Key Metrics Changes - The company signed leases for 189,000 sq ft in Q4, including 167,000 sq ft of comparable leases, with a cash rent increase of 31% [4] - For the full year, a record 671,000 sq ft was leased, with comparable leases at a cash rent increase of 24% [5] - Same-property NOI for non-core properties was impacted by a significant vacancy, but the overall growth was driven by shopping centers [14] Market Data and Key Metrics Changes - The company reported a record high leased occupancy of 95.9% [4] - The acquisition of Pompano Citi Centre for $65.2 million added 509,000 sq ft of operating space, currently 92% occupied, with future leasing opportunities [7] - The company expects to achieve a positive cash rent spread of approximately 60% from backfilling anchor spaces [6] Company Strategy and Development Direction - The strategic focus is on shopping centers in high-growth Southeast and Southwest U.S. markets, with proactive asset management and leasing [4] - The company is under contract to acquire a 384,000 sq ft shopping center in Texas for approximately $83 million, indicating ongoing expansion efforts [9] - Six outparcels for development have been identified, with expected capital investment over 2026 and 2027 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future earnings growth, with almost half of the signed, not open pipeline expected to be recognized in 2026 [7] - The initial earnings guidance for 2026 is set at $1.98-$2.03 for Core FFO per diluted share, reflecting anticipated growth in same-property NOI and investment volume [18] - Management noted that the leasing environment remains strong, particularly for national brands, indicating a favorable market for expansion [32] Other Important Information - The company ended the year with $167 million in liquidity, providing ample capacity for future acquisitions [17] - The net debt to EBITDA ratio improved to 6.4 times, down from 6.7 times, indicating better leverage management [18] Q&A Session Summary Question: Timing for backfilling vacant anchor centers - Management indicated that they expect to resolve the remaining vacancies within the next six months, with rent from signed leases starting in 2026 [21][22] Question: Value and opportunity for the office property in New Mexico - Management confirmed that the property is now marketable and discussions for potential sale are ongoing, with proceeds likely reinvested into open-air centers [24][25] Question: Opportunities at Pompano Citi Centre - Management highlighted the potential for lease-up opportunities, particularly with JCPenney, which currently pays minimal rent [29][30] Question: Acquisition pipeline and market allocation - Management is actively seeking larger shopping center purchases and noted that the market is currently limited, but they are optimistic about finding suitable opportunities [43][44] Question: CapEx expectations moving forward - Management indicated that the elevated CapEx in Q4 was likely higher than the run rate going forward, primarily due to specific lease activities [48][50]

Fourth Quarter 2025 Investor Presentation The Collection at Forsyth | Cumming, GA Highlights Q4 2025 Highlights | Core FFO Per Share | | --- | | Implied property value per square foot | | Square feet of comparable leasing 167,000 activity | | 31% Comparable leasing spread | | ABR from Georgia, Florida, North Carolina & Texas | | Leased Occupancy – 490 bps spread to 91.0% occupancy | | SNO Pipeline – 5.8% of in-place ABR | | Cash ABR PSF | | Quarterly same-property NOI growth 4.3% for shopping centers | | $0 ...

分组1 - CTO Realty reported quarterly funds from operations (FFO) of $0.51 per share, exceeding the Zacks Consensus Estimate of $0.50 per share, and showing an increase from $0.49 per share a year ago, resulting in an FFO surprise of +2.00% [1] - The company achieved revenues of $38.34 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.34%, and this represents a year-over-year revenue increase from $35.74 million [2] - CTO Realty has outperformed the market with a share price increase of approximately 3.2% since the beginning of the year, compared to the S&P 500's gain of 0.5% [3] 分组2 - The current consensus FFO estimate for the upcoming quarter is $0.54, with expected revenues of $38.66 million, and for the current fiscal year, the estimate is $2.16 on revenues of $157.56 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 32% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8] - The estimate revisions trend for CTO Realty was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expectations of underperformance in the near future [6]

Financial Performance - Total revenues for the year ended December 31, 2025, increased to $149.5 million, up 20.1% from $124.5 million in 2024[18] - Income properties revenue reached $132.2 million in 2025, a 19.5% increase from $110.6 million in 2024[18] - Management fee income rose to $4.8 million in 2025, a slight increase from $4.6 million in 2024[18] - The company’s total assets increased to $1.26 billion as of December 31, 2025, compared to $1.18 billion in 2024[18] Property Acquisitions and Sales - The company acquired two shopping centers for a total acquisition cost of $145.1 million during 2025[26] - Four income properties were sold for an aggregate sales price of $85.1 million, resulting in gains of $21.0 million[27] - As of December 31, 2025, the Company owned 21 income properties with a total area of 5,500,898 square feet[31] Portfolio and Lease Information - The current portfolio of 17 shopping centers generates $102.4 million in annualized straight-line base lease payments[28] - The weighted average remaining lease term for the current portfolio of shopping centers is 5.0 years[28] - The weighted average economic occupancy rate for shopping centers was 92% in 2025, up from 90% in 2024[31] Environmental and Regulatory Risks - The company is subject to various environmental laws and regulations that may impose significant liabilities for contamination and cleanup costs[60] - Compliance with the Americans with Disabilities Act (ADA) may require modifications to properties, potentially incurring costs for the company[58] - Future environmental legislation may impose additional obligations or restrictions on the company's properties[66] - The company may need to undertake costly remediation programs for mold or other airborne contaminants at its properties[63] - The company is exposed to potential liabilities under environmental laws, which may arise without regard to management's knowledge of the issues[162] Economic and Market Risks - The company's revenue is significantly dependent on the successful operation of its tenants, with potential adverse effects on financial condition if tenants fail to perform[75] - A substantial portion of revenue is concentrated in specific industries and geographic locations, making the company vulnerable to downturns in those areas[75] - The company faces risks related to the retail environment, including economic weakness, consumer spending levels, and competition from discount and internet retailers, which could negatively impact market rents[88] - The company may experience declines in rental income and occupancy levels due to adverse economic conditions, high unemployment, and increased competition from e-commerce[89] - Economic downturns, similar to the 2007-2009 financial crisis, could negatively impact results and cash flows[96] Financing and Capital Risks - The company may face challenges in obtaining favorable debt or equity capital, which could affect liquidity and operational capabilities[75] - The company's level of indebtedness may limit its ability to meet debt service obligations and fund operations, potentially leading to asset sales[145] - Compliance with financial covenants in the Credit Facility is crucial; failure to comply could result in defaults and limit cash flow for operations[155] - The company may face challenges in obtaining favorable debt or equity financing, impacting liquidity and operational flexibility[142] Competition and Market Position - The company competes with various organizations, including banks, private equity investors, and REITs, for income-producing real estate assets and mortgage financings[56] - The competitive landscape includes REITs and other investors with greater financial resources, potentially limiting acquisition opportunities for the company[92] - The company competes based on price, location, potential tenant improvements, and lease terms in the local market[55] Management and Operational Risks - The company has a management agreement with PINE, generating a base management fee of 1.5% of PINE's total equity[36] - Conflicts of interest may arise due to overlapping management roles between the company and PINE, potentially affecting decision-making[109] - The effectiveness of internal controls over financial reporting is critical; failure to maintain these controls could harm business operations and investor confidence[208] Tax and REIT Compliance Risks - The company must maintain its qualification as a REIT, requiring it to distribute at least 90% of its taxable income to avoid U.S. federal corporate income tax[176] - Failure to qualify as a REIT could substantially reduce funds available for distributions to stockholders and impair the company's ability to expand its business[171] - The company is restricted from providing certain services to tenants unless conducted through a TRS, which may disadvantage it compared to competitors[180] - A 100% tax applies to net income from prohibited transactions, which may limit the company's ability to dispose of properties[181] Insurance and Liability Risks - The company is at risk of not being able to obtain appropriate insurance coverage for environmental and disaster-related events, which could materially affect its financial performance[164] - Property insurance costs have significantly increased in recent years, adversely affecting the Company's ability to operate and dispose of income properties[198] - Uninsured losses may adversely affect the Company's financial condition and results of operations, potentially leading to a loss of invested capital and anticipated revenues[197] Miscellaneous Risks - The company is highly dependent on information systems and third-party technology service providers, with potential disruptions negatively impacting operations and stock prices[199] - Material estimates related to loan loss reserves and asset valuations could lead to significant changes in the Company's financial condition and results of operations[200] - Changes in accounting rules may materially affect the Company's financial reporting and could require restating prior financial statements[201] - The U.S. government's regulatory actions may have unforeseen adverse effects on the financial industry, impacting the Company's business[202]

Financial Performance - Net income attributable to common stockholders for Q4 2025 was $0.82 per diluted share, compared to a loss of $0.56 per diluted share in Q4 2024[8]. - Core Funds from Operations (FFO) for Q4 2025 was $0.49 per diluted share, up from $0.46 per diluted share in Q4 2024[7]. - Adjusted Funds from Operations (AFFO) for Q4 2025 was $0.51 per diluted share, compared to $0.49 per diluted share in Q4 2024[7]. - Total revenues for the three months ended December 31, 2025, were $38,339,000, an increase of 7.1% from $35,742,000 in the same period of 2024[37]. - Net income attributable to the company for the three months ended December 31, 2025, was $28,335,000, compared to a net loss of $15,217,000 in the same period of 2024[39]. - Funds from operations attributable to common stockholders for the three months ended December 31, 2025, were $15,870,000, up from $15,236,000 in the same period of 2024[39]. - Adjusted EBITDA for the three months ended December 31, 2025, was $22,938,000, with an annualized figure of $91,752,000[45]. - Basic and diluted net income attributable to common stockholders per share for the three months ended December 31, 2025, was $0.82, compared to a loss of $0.56 in the same period of 2024[37]. Operational Metrics - Same-property net operating income (NOI) increased by 4.3% in Q4 2025 compared to Q4 2024, and by 4.4% for the full year[11]. - The company reported a same-property NOI of $20,466,000 for the three months ended December 31, 2025, compared to $20,246,000 in the same period of 2024[42]. - The company executed 167,000 square feet of comparable retail leases in Q4 2025, with a cash rent spread increase of 31%[11]. - The company reported a record high leased occupancy of 95.9% as of December 31, 2025, up 250 basis points from December 31, 2024[10]. Investment and Acquisitions - The company acquired Pompano Citi Centre for $65.2 million in Q4 2025, contributing to total investments of $165.9 million for the year[7]. - The Company’s investment in Alpine Income Property Trust, Inc. increased to $41,324,000 in 2025 from $39,666,000 in 2024, reflecting a growth of about 4.2%[35]. - The Company’s total real estate at cost rose to $1,060,397,000 in 2025 from $984,202,000 in 2024, an increase of approximately 7.7%[35]. Financial Position - Total liquidity as of December 31, 2025, was $167.1 million, consisting of $149.0 million of undrawn commitments and $18.1 million of cash[15]. - Total assets increased to $1,263,902,000 as of December 31, 2025, compared to $1,181,644,000 in 2024, reflecting a growth of approximately 6.9%[35]. - Long-term debt rose to $616,345,000 in 2025 from $518,993,000 in 2024, indicating an increase of about 18.8%[35]. - Cash and cash equivalents decreased to $6,467,000 in 2025 from $9,017,000 in 2024, a decline of approximately 28.3%[35]. - Total liabilities increased to $696,556,000 in 2025, up from $568,846,000 in 2024, representing a growth of around 22.5%[35]. - Retained earnings decreased to $184,886,000 in 2025 from $232,089,000 in 2024, a reduction of approximately 20.3%[35]. - The Company reported a significant increase in intangible lease liabilities, rising to $31,486,000 in 2025 from $15,124,000 in 2024, an increase of about 108%[35]. - The Company’s total stockholders' equity decreased to $567,346,000 in 2025 from $612,798,000 in 2024, a decline of approximately 7.4%[35]. Future Outlook - The 2026 outlook includes Core FFO per common share estimated between $1.98 and $2.03[18]. - The company anticipates same-property NOI growth of approximately 3.5% to 4.5% in 2026[20]. Dividends and Income - The company declared dividends of $0.38 per common share for the three months ended December 31, 2025, consistent with the same period of 2024[37]. - Interest income from commercial loans and investments increased to $3,421,000 for the three months ended December 31, 2025, from $2,950,000 in the same period of 2024[37]. - The company experienced a gain on disposition of assets of $20,079,000 for the three months ended December 31, 2025, compared to no gain in the same period of 2024[39].

Core Insights - CTO Realty Growth, Inc. reported a strong performance in 2025, with a net income attributable to common stockholders of $0.82 per diluted share for the fourth quarter and $0.08 per diluted share for the full year [2][5] - The company achieved a record high leased occupancy of 95.9% by the end of 2025, reflecting a significant increase from previous periods [4][9] - The company has a positive outlook for 2026, projecting Core FFO per common share to range from $1.98 to $2.03 and AFFO per common share to range from $2.11 to $2.16 [15][17] Financial Performance - For the fourth quarter of 2025, the company reported a net income of $26.5 million, compared to a loss of $17.1 million in the same quarter of 2024 [5][41] - Core FFO attributable to common stockholders was $15.8 million for the fourth quarter, translating to $0.49 per diluted share, up from $0.46 in the fourth quarter of 2024 [5][43] - Adjusted Funds from Operations (AFFO) for the fourth quarter was $16.4 million, or $0.51 per diluted share, compared to $0.49 in the same quarter of the previous year [5][43] Leasing and Occupancy - The company executed over 670,000 square feet of leasing in 2025, contributing to the record high occupancy rate [4][12] - The average cash rent spread increased by 31% for comparable retail spaces in the fourth quarter, and 24% for the full year [5][12] - The signed-not-open pipeline stood at $6.1 million, representing 5.8% of in-place annualized base rent (ABR) [4][12] Investment and Disposition Activity - CTO Realty Growth completed $165.9 million in investments in 2025, with a weighted average initial cash yield of 9.0% [1][5] - The company acquired Pompano Citi Centre for $65.2 million and sold the Shops at Legacy North for $78.0 million during the fourth quarter [5][13] - The company is under contract to acquire a 384,000 square foot shopping center in Texas for $82.6 million [5][13] Balance Sheet and Liquidity - As of December 31, 2025, the company reported total liquidity of $167.1 million, including $149.0 million of undrawn commitments and $18.1 million in cash [11] - Total borrowings amounted to $618.8 million at a weighted average rate of 4.3% [18] - The company has only one maturity in 2026, a $17.8 million mortgage note payable [18] Dividends - The Board of Directors authorized a quarterly cash dividend of $0.38 per share of common stock for the first quarter of 2026, payable on March 31, 2026 [18]