Form 8-K

8-K — CTO Realty Growth, Inc.

Accession: 0001104659-26-119170

Filed: 2026-10-27

Period: 2026-10-27

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-20261027x8k.htm (Primary)

EX-99.1 (cto-ex99d1.htm)

EX-99.2 (cto-ex99d2.htm)

EX-99.3 (cto-ex99d3.htm)

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8-K

8-K (Primary)

Filename: cto-20261027x8k.htm · Sequence: 1

CTO Realty Growth, Inc._October 27, 2026

0000023795false0000023795us-gaap:CumulativePreferredStockMember2026-10-272026-10-270000023795us-gaap:CommonStockMember2026-10-272026-10-2700000237952026-10-272026-10-27

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): October 27, 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 October 27, 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 and nine months ended September 30, 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 October 27, 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 and nine months ended September 30, 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 October 27, 2026

99.2 Investor Presentation dated October 27, 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: October 27, 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-ex99d1.htm · Sequence: 2

Press

Exhibit 99.1

Press Release

First

2024 Operating Results

FOR

IMMEDIATE

RELEASE

CTO Realty Growth Reports Third

Quarter 2026 Operating and Financial Results

– Year-to-Date Investment Activity Totals $472 million –

– Enhances Liquidity with $1.0 billion Credit Facility –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.11 to $2.14 –

WINTER PARK, FL – October 27, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in the higher growth Southeast and Southwest markets, today announced its operating and financial results for the quarter ended September 30, 2026. Net Loss attributable to common stockholders was $0.19 per diluted share for the third quarter.

Third Quarter 2026 Highlights

◾Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.53 per diluted share.

◾Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.55 per diluted share.

◾Executed 396,000 square feet of comparable retail leases at a positive cash rent spread of 7%.

◾Signed-not-open leasing pipeline totals $5.6 million as of September 30, 2026.

◾Shopping center same-property NOI increased 3.8% versus the third quarter of 2025 and 6.2% year-to-date.

◾Secured $250 million of incremental commitments with the closing of a $1.0 billion amended and restated unsecured credit facility with the nearest maturity now in September 2029.

◾Issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million.

◾Income from Alpine Income Property Trust (NYSE: PINE) for the quarter was $2.2 million, consisting of $1.4 million in management fees and $0.8 million in dividend income. The annualized run-rate for income from PINE is $9.0 million as of September 30, 2026.

◾Addressed the last 117,400 square feet of vacated anchor space at Carolina Pavilion, including a contract to sell 76,500 square feet and new leases with Cavender’s and 2nd & Charles for the remaining 40,900 square feet.

◾Acquired Zona Rosa, a 768,000 square foot mixed-use center located in Kansas City, Missouri, anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW, for $63.3 million.

◾Originated a $37.0 million loan secured by a leasehold interest in a mixed-use property located in Austin, Texas. The investment generates a 9.75% initial cash yield, and has a two-year term.

Subsequent Events

◾ Subsequent to September 30, 2026, invested an aggregate of $135.8 million comprised primarily of the previously announced $103.0 million acquisition of Summit Woods Crossing in Kansas City, Missouri and a $32.0 million preferred equity investment in a joint venture that owns a portfolio of ten shopping centers.

◾ Year-to-date investments, reflecting these subsequent events, total $472.3 million at a weighted average yield of 9.4%.

“We are pleased to deliver another excellent quarter, with Core FFO per diluted share up 10% year-over-year,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We are raising our 2026 Core FFO guidance to reflect our continued leasing momentum and the $472 million we have invested year-to-date at a weighted average yield of 9.4%. With a $5.6 million signed-not-open leasing pipeline, we believe CTO is well positioned to deliver continued earnings growth into 2027.”

Financial Results

(in thousands, except per share data)

3Q 2026

3Q 2025

YTD 2026

YTD 2025

Net Income (Loss)

(7,050)

1,036

10,511

(23,877)

Net Income (Loss) per Common Share - Diluted

(0.19)

0.03

0.30

(0.74)

Core FFO

19,817

15,632

55,186

44,736

Core FFO per Common Share - Diluted

0.53

0.48

1.57

1.38

AFFO

20,856

16,345

58,229

47,133

AFFO per Common Share - Diluted

0.55

0.50

1.66

1.46

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.

Portfolio Performance

Retail Leasing Activity

◾ During the three months ended September 30, 2026, the Company executed 38 new leases, renewals and extensions totaling 467,000 square feet. On a comparable space basis, the Company executed 396,000 square feet of leases at an average cash rent spread increase of 7%.

◾ During the nine months ended September 30, 2026, the Company executed 88 new leases, renewals and extensions totaling 833,000 square feet. On a comparable space basis, the Company executed 726,000 square feet of leases at an average cash rent spread increase of 9%.

◾ All vacated anchor spaces have now been addressed:

o Under contract to sell 76,500 square feet at Carolina Pavilion formerly leased to Value City Furniture and Jo-Ann Fabrics. Closing is expected late in the fourth quarter, subject to customary closing conditions.

o Subdivided the 40,900 square feet at Carolina Pavilion formerly leased to Conn’s and executed leases with Cavender’s and 2nd & Charles.

Page 2

Same-Property NOI

◾ During the three months ended September 30, 2026, shopping center same-property NOI increased by 3.8% versus the comparable 2025 period.

◾ During the nine months ended September 30, 2026, shopping center same-property NOI increased by 6.2% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same-property NOI increased by 5.2% versus the comparable 2025 period.

◾ Including other/non-core properties, same-property NOI increased by 2.3% for the third quarter and 3.2% for the nine months ended September 30, 2026. This growth was impacted by one tenant vacating 98,000 of our 212,000-square-foot Albuquerque, New Mexico property in December 2025. As previously announced, this vacancy was leased to the State of New Mexico which began paying rent in September 2026.

Occupancy

◾ As of September 30, 2026, total property portfolio leased occupancy was 92.4%, a decrease of 180 basis points compared to September 30, 2025, driven in part by the acquisition of Zona Rosa, which was 67% leased at acquisition.

◾ As of September 30, 2026, same-property shopping center portfolio leased occupancy was 95.8%, up 90 basis points compared to September 30, 2025.

Investment and Disposition Activity

Investment Activity

◾ During the three months ended September 30, 2026, completed $102.3 million of investments at a weighted average yield of 9.1%, consisting of:

o $63.3 million, or $82 per square foot, acquisition of Zona Rosa, a 768,000 square-foot mixed-use center in Kansas City, Missouri. The property is currently 67% leased and anchored by Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW. The 64-acre center includes 10 acres of entitled development land and approximately 100,000 square feet of underutilized space for future value-add repositioning.

o $37.0 million loan origination, of which $29.8 million was funded at closing. The investment is secured by a leasehold interest in a mixed-use property located in Austin, Texas, generates a 9.75% initial cash yield, and has a two-year term.

o $2.0 million acquisition of a vacant outparcel at the Carolina Pavilion property located in Charlotte, North Carolina.

◾ During the nine months ended September 30, 2026, completed $336.5 million of investments at a weighted average yield of 9.4%.

Disposition and Loan Repayment Activity

◾ During the nine months ended September 30, 2026, completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%, generating aggregate gains of $2.1 million.

◾ During the nine months ended September 30, 2026, 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.

Page 3

Subsequent Events

◾ Inclusive of the activity subsequent to September 30, 2026, completed $472.3 million of investments at a weighted average yield of 9.4%:

o On October 5, 2026, acquired Summit Woods Crossing, a 545,000-square-foot open-air power center situated on 57 acres in the Kansas City, Missouri metro area, for $103.0 million, or $189 per square foot, significantly below replacement cost. The property is anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx, and Total Wine, with an on-site SuperTarget not owned by the Company.

o On October 14, 2026, acquired a $0.8 million vacant outparcel adjacent to the Company’s existing beachfront restaurants located in Daytona Beach, Florida.

o On October 15, 2026, completed a $32.0 million preferred equity investment in a joint venture that owns a 10-property shopping center portfolio, fully funded at close, with an initial yield of 17.0% (including 7.0% paid-in-kind interest) and a 36-month term.

◾ Inclusive of the activity closed subsequent to September 30, 2026, property portfolio has increased 1.3 million square feet since June 30, 2026.

Balance Sheet and Liquidity

Balance sheet highlights as of September 30, 2026, included:

◾ Total liquidity of $254.6 million, consisting of $245.8 million of undrawn commitments, limited by borrowing base restrictions, and $8.8 million of cash on hand.

◾ Total borrowings of $723.0 million at a weighted average interest rate of 4.7%.

◾ Net Debt to Pro Forma Adjusted EBITDA was 5.9 times.

◾ During the quarter ended September 30, 2026, the Company closed a $1.0 billion amended and restated unsecured credit facility (the “Credit Facility”). The Credit Facility increased total commitments by $250 million and extended the weighted average maturity of outstanding debt to 4.3 years from 1.6 years, excluding extension options. Proceeds were used to repay outstanding borrowings under the Company’s previous $300 million revolving credit facility, its $100 million term loan due January 2027, and its $100 million term loan due January 2028.

◾ During the quarter ended September 30, 2026, the Company repaid its $17.8 million secured mortgage, representing its only secured debt. The Company’s nearest maturity is now September 2029.

◾ During the quarter ended September 30, 2026, the Company issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of $27.3 million. During the nine months ended September 30, 2026, the Company issued 6,188,971 common shares under its common stock ATM program at a weighted average gross price of $20.52 per share, for total net proceeds of $125.1 million.

Page 4

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 revised its 2026 outlook as follows:

(Unaudited)

Current

Core FFO per Common Share - Diluted

$2.11 to $2.14

$2.09 to $2.13

AFFO per Common Share - Diluted

$2.22 to $2.25

$2.21 to $2.25

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

$472

$300 to $400

Same-Property NOI Growth for Shopping Centers

5.0% to 6.0%

General & Administrative Expenses

$21.0 to $21.5

$20.0 to $20.2

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

0.66

0.69

Depreciation and Amortization of Real Estate

1.83

Gain on Disposition of Assets (1)

(0.06)

Provision for Impairment and Adjustment to CECL Reserve (1)

0.03

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax (1)

(0.03)

Funds from Operations, per Common Share - Diluted

2.43

2.46

Distributions to Preferred Stockholders

(0.21)

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

2.22

2.25

Amortization of Intangibles to Lease Income

(0.12)

Loss on Extinguishment of Debt (1)

0.01

Core FFO Attributable to Common Stockholders per Common Share - Diluted

2.11

2.14

Adjustments:

Straight-Line Rent Adjustment

(0.04)

Amortization of Loan Costs and Capitalized Interest

0.02

Non-Cash Compensation

0.13

AFFO Attributable to Common Stockholders per Common Share - Diluted

2.22

2.25

(1)

Gain on Disposition of Assets, Provision for Impairment and Adjustment to CECL Reserve, and Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax, and Loss on Extinguishment of Debt represents the actual adjustment for the nine months ended September 30, 2026. The Company’s outlook excludes projections related to these measures.

Page 5

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the third quarter ended September 30, 2026, on Wednesday, October 28, 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/fu529fsr

Registration:https://register-conf.media-server.com/register/BI7d08c73e0701499d94825c3c59fee239

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.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates high-quality, open-air shopping centers located primarily in the higher growth Southeast and Southwest markets of 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

Page 6

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,” “guidance,” “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, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics, 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.

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 Adjusted 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.

Page 7

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 (which are presented net of income tax expense or benefit, if applicable), 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 (which are presented net of income tax expense or benefit, if applicable), 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.

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

Page 8

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.

Page 9

CTO Realty Growth, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of

(Unaudited)

September 30, 2026

December 31, 2025

ASSETS

Real Estate:

Land, at Cost

318,401

289,012

Building and Improvements, at Cost

844,484

766,371

Other Furnishings and Equipment, at Cost

937

923

Construction in Process, at Cost

5,386

4,091

Total Real Estate, at Cost

1,169,208

1,060,397

Less, Accumulated Depreciation

(129,699)

(107,268)

Real Estate—Net

1,039,509

953,129

Land and Development Costs

—

300

Intangible Lease Assets—Net

97,092

84,710

Investment in Alpine Income Property Trust, Inc.

42,881

41,324

Commercial Loans and Investments

222,480

104,804

Cash and Cash Equivalents

8,815

6,467

Restricted Cash

12,266

34,652

Deferred Income Taxes—Net

2,050

2,309

Other Assets

70,243

36,207

Total Assets

1,495,336

1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

2,710

1,709

Accrued and Other Liabilities

37,491

28,185

Deferred Revenue

21,347

18,802

Intangible Lease Liabilities—Net

34,784

31,486

Income Taxes Payable

Long-Term Debt—Net

717,621

616,345

Total Liabilities

814,005

696,556

Commitments and Contingencies

Stockholders’ Equity:

Preferred Stock – 100,000,000 shares authorized; $0.01 par value per share, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at September 30, 2026 and December 31, 2025

Common Stock – 500,000,000 shares authorized; $0.01 par value per share, 38,756,926 shares issued and outstanding at September 30, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025

388

324

Additional Paid-In Capital

509,513

382,494

Retained Earnings

153,656

184,886

Accumulated Other Comprehensive Income (Loss)

17,727

(405)

Total Stockholders’ Equity

681,331

567,346

Total Liabilities and Stockholders’ Equity

1,495,336

1,263,902

Page 10

CTO Realty Growth, Inc.

Consolidated Statements of Operations

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

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues

Income Properties

38,451

33,439

112,167

98,486

Management Fee Income

1,521

1,176

4,336

3,601

Interest Income From Commercial Loans and Investments

6,942

3,142

15,415

9,119

Total Revenues

46,914

37,757

131,918

111,206

Direct Cost of Revenues

Income Properties

(11,581)

(9,274)

(32,875)

(28,343)

Total Direct Cost of Revenues

(11,581)

(9,274)

(32,875)

(28,343)

General and Administrative Expenses

(5,806)

(4,780)

(15,513)

(13,911)

Provision for Impairment and Adjustment to CECL Reserve

(354)

(68)

(1,117)

(68)

Depreciation and Amortization

(17,393)

(14,929)

(49,196)

(44,587)

Total Operating Expenses

(35,134)

(29,051)

(98,701)

(86,909)

Gain on Disposition of Assets

—

1,373

2,107

1,373

Loss on Extinguishment of Debt

(211)

(53)

(211)

(20,449)

Other Gain (Loss)

(211)

1,320

1,896

(19,076)

Total Operating Income

11,569

10,026

35,113

5,221

Investment and Other Income (Loss)

(9,419)

(221)

4,589

(3,333)

Interest Expense

(7,934)

(6,833)

(22,988)

(19,828)

Income (Loss) Before Income Tax Expense

(5,784)

2,972

16,714

(17,940)

Income Tax Benefit (Expense)

612

(58)

(569)

(303)

Net Income (Loss) Attributable to the Company

(5,172)

2,914

16,145

(18,243)

Distributions to Preferred Stockholders

(1,878)

(5,634)

Net Income (Loss) Attributable to Common Stockholders

(7,050)

1,036

10,511

(23,877)

Per Share Information:

Basic and Diluted Net Income (Loss) Attributable to Common Stockholders

(0.19)

0.03

0.30

(0.74)

Weighted Average Number of Common Shares

Basic

37,537,899

32,651,101

35,033,606

32,298,304

Diluted

37,621,472

32,682,775

35,081,726

32,313,895

Dividends Declared and Paid - Preferred Stock

0.40

1.20

Dividends Declared and Paid - Common Stock

0.38

1.14

Page 11

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

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Net Income (Loss) Attributable to the Company

(5,172)

2,914

16,145

(18,243)

Adjustments:

Depreciation and Amortization of Real Estate

17,376

14,913

49,145

44,536

Gain on Disposition of Assets

—

(1,373)

(2,107)

(1,373)

Provision for Impairment and Adjustment to CECL Reserve

354

1,117

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax

9,805

1,115

(1,203)

5,829

Funds from Operations

22,363

17,637

63,097

30,817

Distributions to Preferred Stockholders

(1,878)

(5,634)

Funds From Operations Attributable to Common Stockholders

20,485

15,759

57,463

25,183

Adjustments:

Loss on Extinguishment of Debt

211

20,449

Amortization of Intangibles to Lease Income

(879)

(180)

(2,488)

(896)

Core Funds From Operations Attributable to Common Stockholders

19,817

15,632

55,186

44,736

Adjustments:

Straight-Line Rent Adjustment

(277)

(405)

(1,140)

(1,690)

Other Depreciation and Amortization

(32)

(34)

(1)

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

227

181

574

866

Non-Cash Compensation

1,121

936

3,643

3,222

Adjusted Funds From Operations Attributable to Common Stockholders

20,856

16,345

58,229

47,133

FFO Attributable to Common Stockholders per Common Share - Diluted

0.54

0.48

1.64

0.78

Core FFO Attributable to Common Stockholders per Common Share - Diluted

0.53

0.48

1.57

1.38

AFFO Attributable to Common Stockholders per Common Share - Diluted

0.55

0.50

1.66

1.46

Supplemental Disclosure:

PIK Interest Earned

224

—

357

—

PIK Interest Paid

—

PIK Interest Earned in Excess of PIK Interest Paid

224

—

357

—

Page 12

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Same-Property NOI Reconciliation

(Unaudited)

(In thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Net Income (Loss) Attributable to the Company

(5,172)

2,914

16,145

(18,243)

Gain on Disposition of Assets

—

(1,373)

(2,107)

(1,373)

Loss on Extinguishment of Debt

211

20,449

Provision for Impairment and Adjustment to CECL Reserve

354

1,117

Depreciation and Amortization

17,393

14,929

49,196

44,587

Amortization of Intangibles to Lease Income

879

180

2,488

896

Straight-Line Rent Adjustment

277

405

1,140

1,690

Accretion of Tenant Contribution

Interest Expense

7,934

6,833

22,988

19,828

General and Administrative Expenses

5,806

4,780

15,513

13,911

Investment and Other Income

9,419

221

(4,589)

3,333

Income Tax Expense (Benefit)

(612)

569

303

Management Fee Income

(1,521)

(1,176)

(4,336)

(3,601)

Interest Income From Commercial Loans and Investments

(6,942)

(3,142)

(15,415)

(9,119)

Other Non-Recurring Items (1)

349

(519)

(416)

(726)

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

(6,970)

(3,283)

(25,347)

(16,607)

Same-Property NOI

21,450

20,961

57,228

55,435

Less: Same Property NOI for Other Properties

(1,016)

(1,277)

(2,277)

(3,683)

Same-Property NOI for Shopping Centers

20,434

19,684

54,951

51,752

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

Page 13

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Reconciliation of Net Debt to Pro Forma Adjusted EBITDA

(Unaudited)

(In thousands)

Three Months Ended

September 30, 2026

Net Loss Attributable to the Company

(5,172)

Depreciation and Amortization of Real Estate

17,376

Provision for Impairment and Adjustment to CECL Reserve

354

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax

9,805

Distributions to Preferred Stockholders

(1,878)

Loss on Extinguishment of Debt

211

Amortization of Intangibles to Lease Income

(879)

Straight-Line Rent Adjustment

(277)

Other Depreciation and Amortization

(32)

Amortization of Loan Costs and Capitalized Interest

227

Non-Cash Compensation

1,121

Other Non-Recurring Items (1)

349

Interest Expense, Net of Amortization of Loan Costs

7,708

Adjusted EBITDA

28,913

Annualized Adjusted EBITDA

115,652

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

4,799

Pro Forma Adjusted EBITDA

120,451

Total Long-Term Debt

717,621

Financing Costs, Net of Accumulated Amortization

5,379

Cash and Cash Equivalents

(8,815)

Net Debt

714,185

Net Debt to Pro Forma Adjusted EBITDA

5.9

(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 September 30, 2026.

Page 14

EX-99.2

Filename: cto-ex99d2.htm · Sequence: 3

Exhibit 99.2

Third Quarter 2026

Investor Presentation

Zona Rosa | Kansas City, MO

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

$50M $51M

$70M

$97M $111M

$132M

$154M

2020 2021 2022 2023 2024 2025 Q3 2026

$496M

$690M

$919M $946M

$1.3B $1.3B

$1.6B

12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 9/30/2026

Highlights

Income Properties Revenues

Enterprise Value

As of September 30, 2026 unless otherwise noted. Metrics based on ABR represent cash ABR excluding the impact of straight-line rent.

$0.53 Core FFO Per Share

3.8% Quarterly same-property NOI growth

for shopping centers

7% Comparable leasing spread

78% ABR from Georgia, Florida, Texas &

North Carolina

92.4% Leased Occupancy – 250 bps spread

to 89.9% occupancy

$5.6M SNO Pipeline – 4.6% of in-place ABR

$20.57 Cash ABR PSF

$200 Implied property value per square

foot

396,000 Square feet of comparable leasing

activity

Q3 2026 Highlights

Annualized

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

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

Company Overview

Unless otherwise noted, metrics are as of September 30, 2026, and reflect a $20.49 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 September 30, 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

Collection at Forsyth

Atlanta, GA

6.6M

Square Feet

78%

Of Portfolio ABR from Georgia, Florida, Texas &

North Carolina

7.4%

Annualized Dividend Yield

8.4%

Implied Cap Rate 1

$0.6 billion

Total Disposition Activity: 2020-Present 2

$1.8 billion

Total Acquisition Activity: 2020-Present 2

$714M

Net Debt Outstanding

$118M

Series A Preferred

$1.6B

Enterprise Value

$794M

Equity Market Cap

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

Q3 2026 Acquisition

– Zona Rosa

▪

$63

3 million purchase price in September 2026

▪ Basis of

$82

/ SF

, well

-below replacement cost

▪ 768

,000

-square foot mixed

-use center situated

across 64 acres

▪ Multi

-phase revitalization opportunity providing

compelling initial yield and long

-term return

▪ Embedded upside from leasing

(67

% leased)

▪ Future value

-add repositioning opportunities from

10 acres of entitled development land and

100

,000 square feet of underutilized space

▪ Located near Kansas City International Airport in

one of Kansas City’s fastest

-growing

neighborhoods with strong demographics

Featured Tenants

Transaction Highlights

Note: Zona Rosa was acquired on September 11, 2026 and is included in all portfolio metrics as of September 30, 2026.

Grey area indicates

unowned parcels

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

Subsequent Event – Summit Woods Acquisition

▪ $103.0 million purchase price in October 2026

▪ Basis of $189 / SF, a discount to replacement cost

▪ 545,000-square foot power center on 57 acres;

99% occupied

▪ Anchored by Lowe’s, Kohl’s, Best Buy, TJ Maxx,

and Total Wine, and shadow-anchored by

SuperTarget

▪ Summit Woods reflects what we look for in an

investment: a purchase price well below

replacement cost, an attractive yield, and below

market leases.

▪ Located in Lee’s Summit which is consistently

ranked as one of the best places to live in America,

offering superior quality life, a vibrant downtown,

and award-winning schools.

Featured Tenants

Transaction Highlights

Note: Summit Woods Crossing was acquired in October 2026, after September 30, 2026; all metrics in the presentation except for these two slides exclude the acquisition of Summit Woods Crossing.

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

Kansas City: Two Distinct Submarkets

Note: Zona Rosa was acquired in September 2026 and is included in portfolio metrics as of September 30, 2026. Summit Woods Crossing was acquired in October 2026 and is excluded from all other metrics in this presentation. Submarket shading is illustrative.

NORTHLAND

Six miles from Kansas City

International Airport

LEE’S SUMMIT

~20 miles southeast of

downtown

Located on opposite sides of the Kansas City MSA, the two centers benefit from

unique trade areas

Zona Rosa Northland | Mixed-use lifestyle center

5.5M

Annual visits

~$124K

5-mile avg. household income

Six miles from Kansas City

International Airport, which

recently completed a $1.5

billion new terminal

~100K

5-mile population

Summit Woods Crossing Lee’s Summit | Power center

7.3M

Annual visits

~$123K

5-mile avg. household income

Over $1B of nearby mixed-use developments support

continued growth in the area

~113K

5-mile population

Zona Rosa

Summit Woods

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

Carolina Pavilion: Value Creation Since Acquisition

As of September 30, 2026 unless otherwise noted; at acquisition reflects September 30, 2024. Cash ABR excludes straight-line rent.

(1) Current stats represent information as of September 30, 2026 and exclude the two boxes (76,500 SF) under contract to sell, subject to customary closing conditions.

Re-leased three vacated anchor boxes (one of which was subdivided into 2)

to Cavender’s, 2nd & Charles, Bob’s Discount Furniture and Slick City

Annual cash base rent increased ~$900k

Under contract to sell the former Value City Furniture

and Jo-Ann boxes (76,500 SF) to a national retailer for

$20.7M ($271/SF)

Sale price represents greater price per square foot

than original purchase of the center for $137/SF

81% → 91%

Occupancy

300 bps

12%

Growth(1) since Acquisition (3Q 2024)

94% → 97%

Leased Occupancy

$14.58 → $16.28

In-Place Cash Rent PSF

1,000 bps

In September 2026, acquired vacant outparcel (6k SF)

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

Pompano Citi Centre Update

365 new apartments next door (not owned by CTO).

Recently completed construction.

Subsequent Leasing Activity

▪ Subsequent to quarter end, Amped Fitness signed a lease to

expand by 19,000 square feet, bringing this immersive,

experience-driven fitness destination to 53,000 square feet.

▪ An Amped affiliate also leased 56,000 square feet for

research, development and testing of gym equipment and

experiential rooms, as well as office operations.

▪ This space is part of the 62,000 square feet of

unfinished second-floor shell space identified as

upside.

▪ This leasing activity increases leased occupancy by 200 bps

to 94% from 92% at acquisition

First Floor Shown Only

365

Residential

Units

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

Multiple Avenues of Earnings Growth

As of September 30, 2026 unless otherwise noted.

Contractual

Rent Growth

~1.7%

Estimated annual

portfolio average

Property

Recycling

>100 bps

History of

recycling capital

out of low cap

rate, stabilized

assets and into

higher-yielding

investment

opportunities

Outparcel

Developments

10-12%

Low double-digit

return on capital

expected for 6

outparcel

developments

Structured

Investments

11.4%

Weighted

average yield for

structured

investments

portfolio

representing

~14% of

undepreciated

assets

Signed-Not-Open (SNO)

Pipeline

$5.6M

Primarily

recognized in

2027. New

comparable

leases historically

signed at double

digit rent

spreads

Management &

Investment of

NYSE: PINE

$9.0M

Of annual

income and

dividends from

managing PINE

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

KRG

KIM

BRX

PECO

FRT REG

CTO

IVT AKR

8.0x

9.0x

10.0x

11.0x

12.0x

13.0x

14.0x

15.0x

16.0x

– 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Multiple to Consensus 2026E FFO

Consensus 2026E FFO Growth vs. 2025A

2026 FFO Growth vs. Valuation

2026E FFO multiples are based on the closing stock price on September 30, 2026, and consensus 2026E FFO estimates per FactSet. Dividend yield is based on the closing stock price on September 30, 2026 and current quarter dividend annualized.

7.4%

5.0%

4.8%

4.5%

4.3%

4.2%

3.7%

3.3%

CTO

KIM

KRG

BRX

FRT

AKR

REG

PECO

IVT

Low Valuation Multiple, High FFO Growth Highest Dividend Yield

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

Shopping Center Trailing Twelve-Month Total Return

Source: S&P Cap IQ as of October 26, 2026

Ashford Lane

Atlanta, GA

(20.0%)

(10.0%)

–

10.0%

20.0%

30.0%

40.0%

CTO KIM IVT KRG PECO UE BRX FRT AKR REG

CTO 20.0%

PECO 10.9%

FRT 8.4%

KRG 7.7%

KIM 6.3%

IVT 4.4%

REG 1.4%

BRX 0.3%

AKR (4.8%)

UE (5.8%)

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

3% 28%

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 September 30, 2026. Any differences a result of rounding.

Texas:

17% of ABR

Florida:

20% of ABR

Georgia:

28% of ABR

North Carolina:

13% of ABR

78%

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

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

Signed-Not-Open (SNO) Pipeline

As of September 30, 2026 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of September 30, 2026. All incremental to revenue (does not include upside to recovery income).

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

2. Same-Store Pool is representative of quarterly pool.

SNO pipeline delivers tailwinds from executed leasing as leases commence

ABR Recognition Timing1

$5.6M

cash base rent

$26.27

SNO cash rent PSF

4.6%

of in-place cash rent

37%

cash base rent

from anchor tenants

250 bps

leased-to-occupied spread

SNO Breakdown by % ABR2

Within Shopping Center

Same-Property Pool

91%

Within Non-Same

Property Pool

$0.1M

$3.2M

$5.5M $5.6M

2026 2027 2028 2029

14 © 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

3 Leases Executed: 8k SF Raleigh, NC Small shops – 15k SF

West Broad Village Richmond, VA Single tenant – 20k SF

Plaza at Rockwall

1 Lease Executed: 3.5k SF Dallas, TX Small shops – 10k SF

Ashley Park

Lease Executed Atlanta, GA Single tenant – 10k SF

Marketplace at Seminole

Lease Executed Orlando, FL Drive-through

As of September 30, 2026

1. Excluding costs to purchase land

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

September 30, 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

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

Portfolio by Asset Type

12%

35% if including shadow-anchored assets

33% 51%

As of September 30, 2026

Percentages based on cash ABR excluding the impact of straight-line rent. Excludes 12% of ABR from other assets comprised of mixed-use assets, single tenant retail & office property.

Exchange at Gwinnett | Atlanta, GA Collection at Forsyth | Atlanta, GA Marketplace at Seminole | Orlando, FL

Grocery-Anchored Retail Lifestyle Power Center

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

High-Quality Demographics

As of September 30, 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 4 1,499 28%

2 Dallas, TX 2 596 8%

3 Kansas City, MO 1 768 8%

4 Charlotte, NC 1 700 8%

5 Richmond, VA 1 392 7%

6 Orlando, FL 3 452 7%

7 Fort Lauderdale, FL 1 509 6%

8 McAllen, TX 1 399 6%

9 Raleigh, NC 1 322 5%

10 Jacksonville, FL 1 211 5%

11 Phoenix, AZ 1 222 4%

12 Albuquerque, NM 1 212 3%

13 Houston, TX 1 201 3%

14 Tampa, FL 1 102 1%

15 Daytona Beach, FL 2 12 1%

Total 22 6,597 100%

Denotes an MSA with over one million people

Bold denotes a Top 30 ULI Market

76%

% of ABR from ULI’s

Top 30 Markets 1

181,000

Portfolio

5-Mile Population1

$135,000

Portfolio Average 5-Mile

Household Income1

Beaver Creek Crossings | Raleigh, NC

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

Tenant Overview

Rank Tenant Credit Rating1

Leases SF (000s) ABR %

1 Dick's Sporting Goods BBB 6 351 4%

2 Best Buy BBB+ 5 187 2%

3 AMC CCC+ 2 134 2%

4 Fidelity BBB 2 122 2%

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

6 Burlington BB+ 6 195 2%

7 Nordstrom Rack BB 4 145 2%

8 Barnes & Noble NR 5 132 2%

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

10 State of New Mexico AA 1 98 2%

11 Southern University NR 1 60 1%

12 Whole Foods Market AA- 1 60 1%

13 Old Navy BB+ 4 76 1%

14 Academy Sports & Outdoors BB+ 2 129 1%

15 DSW Shoe Warehouse NR 5 95 1%

16 PetSmart B+ 4 78 1%

17 Hobby Lobby NR 2 110 1%

18 Regal Cinemas NR 1 51 1%

19 Bob's Discount Furniture NR 2 86 1%

20 Onelife Fitness NR 1 45 1%

Top 20 67 2,526 32%

As of September 30, 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).

Ashford Lane | Atlanta, GA

The Collection at Forsyth | Atlanta, GA

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

Rank Industry SF (000s) ABR %

1 Casual Dining 405 12%

2 Off-Price Retail 828 10%

3 Specialty Retail 428 7%

4 Sporting Goods 546 7%

5 Apparel 399 7%

6 Entertainment 418 6%

7 Beauty & Cosmetics 251 6%

8 Healthcare Services 196 5%

9 Fast Casual Restaurant 142 5%

10 Health & Fitness 226 4%

11 Consumer Electronics 250 4%

12 Financial Services 190 4%

13 Home Furnishings 255 4%

14 Miscellaneous 202 3%

15 Grocery 169 3%

Top 15 4,905 87%

Industry Composition

As of September 30, 2026

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

The Collection at Forsyth

Atlanta, GA

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

18%

10%

14%

10%

14%

Contractual Rent Bumps & Lease Rollover Schedule

As of September 30, 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

28%

Contractual Rent

Increases

At Extension

26%

Annual Contractual Rent

Increases

34%

of Leases Have

Contractual Rent

Increases in the

Current Lease Term

62%

No Contractual Rent

Increases

12%

88% of Leases by ABR

Have Contractual Rent Bumps

Ashford Lane

Atlanta, GA

Ashford Lane

Atlanta, GA

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

Historical Leasing Upside Since Acquisition

As of September 30, 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 312k 454k 238k 158k

Comparable SF Leased

Since Acquisition 292k 381k 217k 155k

Cash Rent Spread 30% 13% 19% 46%

Q3 2026

Leased Occupancy 100% 94% 100% 100%

Occupancy Increase

since Acquisition 300 bps 800 bps 500 bps 200 bps

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

Structured Investments Portfolio

Property Type Current Maturity Current Yield

Current Face

Amount ($M)

Southwest Class A Retail Center Retail

Preferred Equity April 2028 12.00% $75.8

Rivana Land Development

First Mortgage September 2028 11.65%2 $48.9

Mixed-Use Property Mixed-Use

First Mortgage July 2028 9.75% $29.8

Whole Foods Development – Forsyth, GA Grocery-Anchored Retail

First Mortgage May 2027 12.15% $21.8

Whole Foods Development – Northeast Grocery-Anchored Retail

Preferred Equity October 2027 12.00%3 $21.6

Founders Square Office

First Mortgage March 2027 9.50% $15.0

Series A Preferred Investment Entertainment Real Estate

Preferred Equity NA 1 14.00% $10.0

Main Street Retail

First Mortgage August 2030 6.50% $5.0

Total Structured Investments at Quarter End 11.45% $227.9

10-Property Portfolio (October 2026) Retail Preferred Equity October 2029 17.00%3 $32.0

Total Structured Investments Pro Forma for October 2026 Origination 12.13% $259.9

As of September 30, 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 represents the weighted average coupon rate.

3. Coupon rate for Whole Foods development includes 3.00% paid-in-kind interest; coupon rate for 10-Property Portfolio investment includes 7.0% paid-in-kind interest.

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

– 12%

% GAAP ABR

PINE Company Profile

1. Calculated using Q4 2026 run-rate

2. Based on PINE’s $17.35 per share common stock price as of September 30, 2026.

As of September 30, 2026

Dividend Yield2 7.4%

Implied Cap Rate 8.1%

Number of Properties 130

Number of States with a Property 31

Total Portfolio Square Feet 4.8M

Annualized Base Rent $53.9M

% of ABR from Investment Grade Rated Tenants 56%

% of ABR from Credit-Rated Tenants 68%

CTO Income from PINE Investment

Q4 2026

Run-Rate

Management Fee Income

Dividend Income

Total

$5.8M

$3.2M

$9.0M

Diversified Geographic

Footprint by ABR

High-Quality

Top Tenancy

12.9%

CTO’s Ownership Interest in

Alpine Income Property Trust

$42.9 Million

CTO’s Investment in

Alpine Income Property Trust

as of September 30, 2026

2.47 million shares and units at $17.35 share price

CTO generates ~$9.0 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE)

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

Balance Sheet

Exchange at Gwinnett

Buford, GA

As of September 30, 2026

1. As of September 30, 2026, the Company has $245.8 million of undrawn commitments, limited by borrowing base restrictions, on our Revolving Credit Facility, and $8.8 million of cash on hand.

2. The Company’s senior unsecured revolving credit facility initially matures in September 2030 and includes two six-month extension options to September 2031, subject to satisfaction of certain conditions.

3. Interest rates are comprised of Daily or Term SOFR 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. Additionally, includes a facility fee on the

$400.0 million of capacity which ranges from 0.15% to 0.30% depending on the applicable Tier on the pricing grid.

As of 9/30/2026

Fixed/Float Initial Loan

Maturity2

Weighted

Average Rate3

Principal

Credit Facility Floating Sep 2030 4.95% $123

2029 Term Loan Fixed Sep 2029 5.35% 150

2030 Term Loan Fixed Sep 2030 4.93% 150

2031 Term Loan Fixed Sep 2031 4.76% 150

2032 Term Loan Fixed Mar 2032 3.43% 150

Total /Average 4.67% $723

Fully Extended Debt Maturities (in millions) 2

$255M

liquidity1

44%

net debt to total enterprise

value (TEV)

5.9x

net debt to pro forma

adjusted EBITDA

- - -

$150 $150 $150 $150

- - -

- - - -

- - -

- -

$123

2026 2027 2028 2029 2030 2031 2032

Unsecured Secured Revolving Credit Facility

24 © 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 5.

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

$2.11 to $2.14 $2.09 to $2.13

Growth at Guidance Mid-Point vs. 2025A 13.6%

AFFO Per Diluted Share1

$2.22 to $2.25 $2.21 to $2.25

Growth at Guidance Mid-Point vs. 2025A 13.5%

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) $472 $300 to $400

Same-Property NOI Growth for Shopping Centers 2

5.0% to 6.0% 5.0% to 6.0%

General and Administrative Expenses (in millions) $21.0 to $21.5 $20.0 to $20.2

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

Experienced Management Team

Exchange at Gwinnett

Buford, GA

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)

Aaron M. Johnson

Vice President, Investments

▪ Former Senior Vice President, Transactions at Westwood Financial;

Managing Principal, Investment Properties Group at SRS Real Estate

Partners; and Director, Capital Markets at HFF/JLL (NYSE: JLL)

26 © 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,” “guidance,” “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, ongoing geopolitical war, distress in the banking sector, and global supply chain disruptions; credit risk associated with the Company investing in commercial loans,

preferred equity, and similarly structured investments; the ultimate geographic spread, severity and duration of pandemics, 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 presentation. The Company undertakes no obligation to update the information contained in this

presentation to reflect subsequently occurring events or circumstances.

Non-GAAP Financial Measures

(“Core FFO”), Adjusted Funds From Operations (“AFFO”), Pro Forma Adjusted 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 (which are presented net of income tax expense or benefit, if applicable), 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.

27 © 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 (which are presented net of income tax expense or benefit, if applicable), 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.

28 © 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 October 27, 2026.

▪ All information is as of September 30, 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 Third Quarter 2026 Operating Results press release filed on October 27, 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.

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

Consolidated Statements of Operations

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

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Revenues

Income Properties $ 38,451 $ 33,439 $ 112,167 $ 98,486

Management Fee Income 1,521 1,176 4,336 3,601

Interest Income From Commercial Loans and Investments 6,942 3,142 15,415 9,119

Total Revenues 46,914 37,757 131,918 111,206

Direct Cost of Revenues

Income Properties (11,581) (9,274) (32,875) (28,343)

Total Direct Cost of Revenues (11,581) (9,274) (32,875) (28,343)

General and Administrative Expenses (5,806) (4,780) (15,513) (13,911)

Provision for Impairment and Adjustment to CECL Reserve (354) (68) (1,117) (68)

Depreciation and Amortization (17,393) (14,929) (49,196) (44,587)

Total Operating Expenses (35,134) (29,051) (98,701) (86,909)

Gain on Disposition of Assets — 1,373 2,107 1,373

Loss on Extinguishment of Debt (211) (53) (211) (20,449)

Other Gain (Loss) (211) 1,320 1,896 (19,076)

Total Operating Income 11,569 10,026 35,113 5,221

Investment and Other Income (Loss) (9,419) (221) 4,589 (3,333)

Interest Expense (7,934) (6,833) (22,988) (19,828)

Income (Loss) Before Income Tax Expense (5,784) 2,972 16,714 (17,940)

Income Tax Benefit (Expense) 612 (58) (569) (303)

Net Income (Loss) Attributable to the Company (5,172) 2,914 16,145 (18,243)

Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634)

Net Income (Loss) Attributable to Common Stockholders $ (7,050) $ 1,036 $ 10,511 $ (23,877)

Per Share Information:

Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $ (0.19) $ 0.03 $ 0.30 $ (0.74)

Weighted Average Number of Common Shares

Basic 37,537,899 32,651,101 35,033,606 32,298,304

Diluted 37,621,472 32,682,775 35,081,726 32,313,895

Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 1.20 $ 1.20

Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 1.14 $ 1.14

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

Non-GAAP Financial Measures

(Unaudited, in thousands, except per share data) Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243)

Adjustments:

Depreciation and Amortization of Real Estate 17,376 14,913 49,145 44,536

Gain on Disposition of Assets — (1,373) (2,107) (1,373)

Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax 9,805 1,115 (1,203) 5,829

Funds from Operations $ 22,363 $ 17,637 $ 63,097 $ 30,817

Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634)

Funds From Operations Attributable to Common Stockholders $ 20,485 $ 15,759 $ 57,463 $ 25,183

Adjustments:

Loss on Extinguishment of Debt 211 53 211 20,449

Amortization of Intangibles to Lease Income (879) (180) (2,488) (896)

Core Funds From Operations Attributable to Common Stockholders $ 19,817 $ 15,632 $ 55,186 $ 44,736

Adjustments:

Straight-Line Rent Adjustment (277) (405) (1,140) (1,690)

Other Depreciation and Amortization (32) 1 (34) (1)

Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 227 181 574 866

Non-Cash Compensation 1,121 936 3,643 3,222

Adjusted Funds From Operations Attributable to Common Stockholders $ 20,856 $ 16,345 $ 58,229 $ 47,133

FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.54 $ 0.48 $ 1.64 $ 0.78

Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.53 $ 0.48 $ 1.57 $ 1.38

AFFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ 0.50 $ 1.66 $ 1.46

Supplemental Disclosure:

PIK Interest Earned $ 224 $ — $ 357 $ —

PIK Interest Paid — — — —

PIK Interest Earned in Excess of PIK Interest Paid $ 224 $ — $ 357 $ —

31 © 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.

(Unaudited, in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243)

Gain on Disposition of Assets

— (1,373) (2,107) (1,373)

Loss on Extinguishment of Debt 211 53 211 20,449

Provision for Impairment and Adjustment to CECL Reserve 354 68 1,117 68

Depreciation and Amortization 17,393 14,929 49,196 44,587

Amortization of Intangibles to Lease Income 879 180 2,488 896

Straight-Line Rent Adjustment 277 405 1,140 1,690

Accretion of Tenant Contribution 45 13 71 39

Interest Expense 7,934 6,833 22,988 19,828

General and Administrative Expenses 5,806 4,780 15,513 13,911

Investment and Other Income 9,419 221 (4,589) 3,333

Income Tax Expense (Benefit) (612) 58 569 303

Management Fee Income (1,521) (1,176) (4,336) (3,601)

Interest Income From Commercial Loans and Investments (6,942) (3,142) (15,415) (9,119)

Other Non-Recurring Items (1)

349 (519) (416) (726)

Less: Impact of Properties Not Owned for the Full Reporting Period (6,970) (3,283) (25,347) (16,607)

Same-Property NOI $ 21,450 $ 20,961 $ 57,228 $ 55,435

Less: Same Property NOI for Other Properties (1,016) (1,277) (2,277) (3,683)

Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752

32 © 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 September 30, 2026.

(Unaudited, in thousands) Three Months Ended

September 30, 2026

Net Loss Attributable to the Company $ (5,172)

Depreciation and Amortization of Real Estate 17,376

Provision for Impairment and Adjustment to CECL Reserve 354

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax 9,805

Distributions to Preferred Stockholders (1,878)

Loss on Extinguishment of Debt 211

Amortization of Intangibles to Lease Income (879)

Straight-Line Rent Adjustment (277)

Other Depreciation and Amortization (32)

Amortization of Loan Costs and Capitalized Interest 227

Non-Cash Compensation 1,121

Other Non-Recurring Items (1) 349

Interest Expense, Net of Amortization of Loan Costs 7,708

Adjusted EBITDA $ 28,913

Annualized Adjusted EBITDA $ 115,652

Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 4,799

Pro Forma Adjusted EBITDA $ 120,451

Total Long-Term Debt $ 717,621

Financing Costs, Net of Accumulated Amortization 5,379

Cash and Cash Equivalents (8,815)

Net Debt $ 714,185

Net Debt to Pro Forma Adjusted EBITDA 5.9 x

Investor Inquiries: ir@ctoreit.com

EX-99.3

Filename: cto-ex99d3.htm · Sequence: 4

Exhibit 99.3

CTO Realty Growth

Quarterly Supplemental

Third Quarter 2026

Investor Relations

ir@ctoreit.com

369 N New York Ave., Suite 201

Winter Park, FL 32789

https://www.ctoreit.com/

Zona Rosa

Kansas City, MO

Table of Contents

September 30, 2026

Press Release

Third Quarter 2026 Earnings Press Release 3

Financial Summary

Results Overview & Guidance 12

Consolidated Balance Sheets 13

Consolidated Statements of Operations 14

Funds from Operations 15

Supplemental Schedule of Same-Property Net Operating Income 16

Pro Forma Adjusted EBITDA 17

Market Capitalization, Debt Ratios and Liquidity 18

Debt Summary 19

Real Estate Portfolio Capital Investments 20

Leasing Summary

Top Tenant Summary 21

Retail Leasing Activity 22

Lease Expiration Schedule 23

Portfolio & Investment Summary

Investments, Dispositions & Structured Investment Repayment Activity 24

Portfolio Summary 25

Geographic Diversification 26

Other Investments 27

Additional Disclosures

2026 Guidance 28

Contact Information & Research Coverage 29

Page 3

Press Release

FIRST

2024 OPERATING RESULTS

FOR

IMMEDIATE

RELEASE CTO REALTY GROWTH REPORTS THIRD

QUARTER 2026 OPERATING AND FINANCIAL RESULTS

– Year-to-Date Investment Activity Totals $472 million –

– Enhances Liquidity with $1.0 billion Credit Facility –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.11 to $2.14 –

WINTER PARK, FL – October 27, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an

owner and operator of shopping centers located primarily in the higher growth Southeast and Southwest markets, today

announced its operating and financial results for the quarter ended September 30, 2026. Net Loss attributable to common

stockholders was $0.19 per diluted share for the third quarter.

Third Quarter 2026 Highlights

▪ Core Funds from Operations (“Core FFO”) attributable to common stockholders of $0.53 per diluted share.

▪ Adjusted Funds from Operations (“AFFO”) attributable to common stockholders of $0.55 per diluted share.

▪ Executed 396,000 square feet of comparable retail leases at a positive cash rent spread of 7%.

▪ Signed-not-open leasing pipeline totals $5.6 million as of September 30, 2026.

▪ Shopping center same-property NOI increased 3.8% versus the third quarter of 2025 and 6.2% year-to-date.

▪ Secured $250 million of incremental commitments with the closing of a $1.0 billion amended and restated

unsecured credit facility with the nearest maturity now in September 2029.

▪ Issued 1,271,472 common shares under its common stock ATM program at a weighted average gross price of

$21.83 per share, for total net proceeds of $27.3 million.

▪ Income from Alpine Income Property Trust (NYSE: PINE) for the quarter was $2.2 million, consisting of $1.4

million in management fees and $0.8 million in dividend income. The annualized run-rate for income from

PINE is $9.0 million as of September 30, 2026.

▪ Addressed the last 117,400 square feet of vacated anchor space at Carolina Pavilion, including a contract to sell

76,500 square feet and new leases with Cavender’s and 2nd & Charles for the remaining 40,900 square feet.

▪ Acquired Zona Rosa, a 768,000 square foot mixed-use center located in Kansas City, Missouri, anchored by

Dick’s Sporting Goods, Barnes & Noble, Old Navy, Burlington, and DSW, for $63.3 million.

▪ Originated a $37.0 million loan secured by a leasehold interest in a mixed-use property located in Austin, Texas.

The investment generates a 9.75% initial cash yield, and has a two-year term.

Page 4

Subsequent Events

▪ Subsequent to September 30, 2026, invested an aggregate of $135.8 million comprised primarily of the

previously announced $103.0 million acquisition of Summit Woods Crossing in Kansas City, Missouri and a

$32.0 million preferred equity investment in a joint venture that owns a portfolio of ten shopping centers.

▪ Year-to-date investments, reflecting these subsequent events, total $472.3 million at a weighted average yield

of 9.4%.

“We are pleased to deliver another excellent quarter, with Core FFO per diluted share up 10% year-over-year,” said

John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We are raising our 2026 Core FFO

guidance to reflect our continued leasing momentum and the $472 million we have invested year-to-date at a

weighted average yield of 9.4%. With a $5.6 million signed-not-open leasing pipeline, we believe CTO is well

positioned to deliver continued earnings growth into 2027.”

Financial Results

(in thousands, except per share data) 3Q 2026 3Q 2025 YTD 2026 YTD 2025

Net Income (Loss) $ (7,050) $ 1,036 $ 10,511 $ (23,877)

Net Income (Loss) per Common Share - Diluted $ (0.19) $ 0.03 $ 0.30 $ (0.74)

Core FFO $ 19,817 $ 15,632 $ 55,186 $ 44,736

Core FFO per Common Share - Diluted $ 0.53 $ 0.48 $ 1.57 $ 1.38

AFFO $ 20,856 $ 16,345 $ 58,229 $ 47,133

AFFO per Common Share - Diluted $ 0.55 $ 0.50 $ 1.66 $ 1.46

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.

Portfolio Performance

Retail Leasing Activity

▪ During the three months ended September 30, 2026, the Company executed 38 new leases, renewals and

extensions totaling 467,000 square feet. On a comparable space basis, the Company executed 396,000 square

feet of leases at an average cash rent spread increase of 7%.

▪ During the nine months ended September 30, 2026, the Company executed 88 new leases, renewals and

extensions totaling 833,000 square feet. On a comparable space basis, the Company executed 726,000 square

feet of leases at an average cash rent spread increase of 9%.

▪ All vacated anchor spaces have now been addressed:

o Under contract to sell 76,500 square feet at Carolina Pavilion formerly leased to Value City Furniture

and Jo-Ann Fabrics. Closing is expected late in the fourth quarter, subject to customary closing

conditions.

o Subdivided the 40,900 square feet at Carolina Pavilion formerly leased to Conn’s and executed leases

with Cavender’s and 2nd & Charles.

Page 5

Same-Property NOI

▪ During the three months ended September 30, 2026, shopping center same-property NOI increased by 3.8%

versus the comparable 2025 period.

▪ During the nine months ended September 30, 2026, shopping center same-property NOI increased by 6.2%

versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same-property NOI increased by 5.2% versus the comparable 2025 period.

▪ Including other/non-core properties, same-property NOI increased by 2.3% for the third quarter and 3.2% for

the nine months ended September 30, 2026. This growth was impacted by one tenant vacating 98,000 of our

212,000-square-foot Albuquerque, New Mexico property in December 2025. As previously announced, this

vacancy was leased to the State of New Mexico which began paying rent in September 2026.

Occupancy

▪ As of September 30, 2026, total property portfolio leased occupancy was 92.4%, a decrease of 180 basis points

compared to September 30, 2025, driven in part by the acquisition of Zona Rosa, which was 67% leased at

acquisition.

▪ As of September 30, 2026, same-property shopping center portfolio leased occupancy was 95.8%, up 90 basis

points compared to September 30, 2025.

Investment and Disposition Activity

Investment Activity

▪ During the three months ended September 30, 2026, completed $102.3 million of investments at a weighted

average yield of 9.1%, consisting of:

o $63.3 million, or $82 per square foot, acquisition of Zona Rosa, a 768,000 square-foot mixed-use center

in Kansas City, Missouri. The property is currently 67% leased and anchored by Dick’s Sporting Goods,

Barnes & Noble, Old Navy, Burlington, and DSW. The 64-acre center includes 10 acres of entitled

development land and approximately 100,000 square feet of underutilized space for future value-add

repositioning.

o $37.0 million loan origination, of which $29.8 million was funded at closing. The investment is secured

by a leasehold interest in a mixed-use property located in Austin, Texas, generates a 9.75% initial cash

yield, and has a two-year term.

o $2.0 million acquisition of a vacant outparcel at the Carolina Pavilion property located in Charlotte,

North Carolina.

▪ During the nine months ended September 30, 2026, completed $336.5 million of investments at a weighted

average yield of 9.4%.

Disposition and Loan Repayment Activity

▪ During the nine months ended September 30, 2026, completed $90.7 million of property dispositions at a

weighted average exit cash cap rate of 6.7%, generating aggregate gains of $2.1 million.

▪ During the nine months ended September 30, 2026, 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.

Page 6

Subsequent Events

▪ Inclusive of the activity subsequent to September 30, 2026, completed $472.3 million of investments at a

weighted average yield of 9.4%:

o On October 5, 2026, acquired Summit Woods Crossing, a 545,000-square-foot open-air power center

situated on 57 acres in the Kansas City, Missouri metro area, for $103.0 million, or $189 per square

foot, significantly below replacement cost. The property is anchored by Lowe’s, Kohl’s, Best Buy, TJ

Maxx, and Total Wine, with an on-site SuperTarget not owned by the Company.

o On October 14, 2026, acquired a $0.8 million vacant outparcel adjacent to the Company’s existing

beachfront restaurants located in Daytona Beach, Florida.

o On October 15, 2026, completed a $32.0 million preferred equity investment in a joint venture that

owns a 10-property shopping center portfolio, fully funded at close, with an initial yield of 17.0%

(including 7.0% paid-in-kind interest) and a 36-month term.

▪ Inclusive of the activity closed subsequent to September 30, 2026, property portfolio has increased 1.3 million

square feet since June 30, 2026.

Balance Sheet and Liquidity

Balance sheet highlights as of September 30, 2026, included:

▪ Total liquidity of $254.6 million, consisting of $245.8 million of undrawn commitments, limited by borrowing

base restrictions, and $8.8 million of cash on hand.

▪ Total borrowings of $723.0 million at a weighted average interest rate of 4.7%.

▪ Net Debt to Pro Forma Adjusted EBITDA was 5.9 times.

▪ During the quarter ended September 30, 2026, the Company closed a $1.0 billion amended and restated

unsecured credit facility (the “Credit Facility”). The Credit Facility increased total commitments by $250

million and extended the weighted average maturity of outstanding debt to 4.3 years from 1.6 years, excluding

extension options. Proceeds were used to repay outstanding borrowings under the Company’s previous $300

million revolving credit facility, its $100 million term loan due January 2027, and its $100 million term loan

due January 2028.

▪ During the quarter ended September 30, 2026, the Company repaid its $17.8 million secured mortgage,

representing its only secured debt. The Company’s nearest maturity is now September 2029.

▪ During the quarter ended September 30, 2026, the Company issued 1,271,472 common shares under its

common stock ATM program at a weighted average gross price of $21.83 per share, for total net proceeds of

$27.3 million. During the nine months ended September 30, 2026, the Company issued 6,188,971 common

shares under its common stock ATM program at a weighted average gross price of $20.52 per share, for total

net proceeds of $125.1 million.

Page 7

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 revised its 2026 outlook as follows:

(Unaudited) Current Previous

Core FFO per Common Share - Diluted $2.11 to $2.14 $2.09 to $2.13

AFFO per Common Share - Diluted $2.22 to $2.25 $2.21 to $2.25

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 $472 $300 to $400

Same-Property NOI Growth for Shopping Centers 5.0% to 6.0% 5.0% to 6.0%

General & Administrative Expenses $21.0 to $21.5 $20.0 to $20.2

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 $ 0.66 $ 0.69

Depreciation and Amortization of Real Estate 1.83 1.83

Gain on Disposition of Assets (1) (0.06) (0.06)

Provision for Impairment and Adjustment to CECL Reserve (1) 0.03 0.03

Realized and Unrealized Loss (Gain) on Investment Securities, Net

of Income Tax (1) (0.03) (0.03)

Funds from Operations, per Common Share - Diluted $ 2.43 $ 2.46

Distributions to Preferred Stockholders (0.21) (0.21)

Funds From Operations Attributable to Common Stockholders per

Common Share - Diluted $ 2.22 $ 2.25

Amortization of Intangibles to Lease Income (0.12) (0.12)

Loss on Extinguishment of Debt (1) 0.01 0.01

Core FFO Attributable to Common Stockholders per Common Share -

Diluted $ 2.11 $ 2.14

Adjustments:

Straight-Line Rent Adjustment (0.04) (0.04)

Amortization of Loan Costs and Capitalized Interest 0.02 0.02

Non-Cash Compensation 0.13 0.13

AFFO Attributable to Common Stockholders per Common Share -

Diluted $ 2.22 $ 2.25

(1) Gain on Disposition of Assets, Provision for Impairment and Adjustment to CECL Reserve, and Realized and Unrealized Loss (Gain) on Investment

Securities, Net of Income Tax, and Loss on Extinguishment of Debt represents the actual adjustment for the nine months ended September 30, 2026. The

Company’s outlook excludes projections related to these measures.

Page 8

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the third quarter ended September 30, 2026,

on Wednesday, October 28, 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/fu529fsr

Registration: https://register-conf.media-server.com/register/BI7d08c73e0701499d94825c3c59fee239

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.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates high-quality, open-air

shopping centers located primarily in the higher growth Southeast and Southwest markets of 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

Page 9

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

associated with the Company investing in commercial loans, preferred equity, and similarly structured investments; the

ultimate geographic spread, severity and duration of pandemics, 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.

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 Adjusted 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.

Page 10

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

(which are presented net of income tax expense or benefit, if applicable), 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 (which are presented

net of income tax expense or benefit, if applicable), 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.

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

Page 11

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.

Quarter Ended Nine Months Ended

September 30, 2026 September 30, 2026

Financial Results

Total Revenues (page 14) $ 46,914 $ 131,918

Net Income (Loss) Attributable to Common Stockholders $ (7,050) $ 10,511

Net Income (Loss) per Diluted Share (Page 14) $ (0.19) $ 0.30

Funds from Operations (FFO) (page 15) $ 20,485 $ 57,463

FFO per Diluted Share $ 0.54 $ 1.64

Core FFO (page 15) $ 19,817 $ 55,186

Core FFO per Diluted Share $ 0.53 $ 1.57

AFFO (page 15) $ 20,856 $ 58,229

AFFO per Diluted Share $ 0.55 $ 1.66

Same Property NOI for Shopping Centers (page 16) $ 20,434 $ 54,951

% Growth 3.8% 6.2%

Preferred Dividend Declared per Share $ 0.40 $ 1.20

Common Dividends Declared per Share $ 0.38 $ 1.14

Q3 2026 Core FFO Payout Ratio 71.7% 72.6%

Q3 2026 AFFO Payout Ratio 69.1% 68.7%

Weighted Average Diluted Shares 37,621,472 35,081,726

Debt Metrics

Net Debt to Pro Forma Adjusted EBITDA 5.9x

Net Debt to Enterprise Value 43.9%

Fixed Charge Coverage 3.1x

Property Data

Number of Properties 22

Square Footage 6,597,271

Cash Rent PSF $ 20.57

Leased Occupancy 92.4%

Occupancy 89.9%

2026 Guidance

Core FFO per Diluted Share $2.11-$2.14

AFFO per Diluted Share $2.22-$2.25

Same Property NOI Growth for Shopping Centers 5.0%-6.0%

Results Overview & Guidance

For the three and nine months ended September 30, 2026

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

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 September 30, 2026 and December 31, 2025

(in thousands, except share and per share data)

As of

(Unaudited)

September 30,

2026

December 31,

2025

ASSETS

Real Estate:

Land, at Cost $ 318,401 $ 289,012

Building and Improvements, at Cost 844,484 766,371

Other Furnishings and Equipment, at Cost 937 923

Construction in Process, at Cost 5,386 4,091

Total Real Estate, at Cost 1,169,208 1,060,397

Less, Accumulated Depreciation (129,699) (107,268)

Real Estate—Net 1,039,509 953,129

Land and Development Costs — 300

Intangible Lease Assets—Net 97,092 84,710

Investment in Alpine Income Property Trust, Inc. 42,881 41,324

Commercial Loans and Investments 222,480 104,804

Cash and Cash Equivalents 8,815 6,467

Restricted Cash 12,266 34,652

Deferred Income Taxes—Net 2,050 2,309

Other Assets 70,243 36,207

Total Assets $ 1,495,336 $ 1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable $ 2,710 $ 1,709

Accrued and Other Liabilities 37,491 28,185

Deferred Revenue 21,347 18,802

Intangible Lease Liabilities—Net 34,784 31,486

Income Taxes Payable 52 29

Long-Term Debt—Net 717,621 616,345

Total Liabilities 814,005 696,556

Stockholders’ Equity:

Preferred Stock 47 47

Common Stock 388 324

Additional Paid-In Capital 509,513 382,494

Retained Earnings 153,656 184,886

Accumulated Other Comprehensive Income (Loss) 17,727 (405)

Total Stockholders’ Equity 681,331 567,346

Total Liabilities and Stockholders’ Equity $ 1,495,336 $ 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

Consolidated Statements of Operations

For the three and nine months ended September 30, 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

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Revenues

Income Properties $ 38,451 $ 33,439 $ 112,167 $ 98,486

Management Fee Income 1,521 1,176 4,336 3,601

Interest Income From Commercial Loans and

Investments 6,942 3,142 15,415 9,119

Total Revenues 46,914 37,757 131,918 111,206

Direct Cost of Revenues

Income Properties (11,581) (9,274) (32,875) (28,343)

Total Direct Cost of Revenues (11,581) (9,274) (32,875) (28,343)

General and Administrative Expenses (5,806) (4,780) (15,513) (13,911)

Provision for Impairment and Adjustment to CECL (354) (68) (1,117) (68)

Depreciation and Amortization (17,393) (14,929) (49,196) (44,587)

Total Operating Expenses (35,134) (29,051) (98,701) (86,909)

Gain on Disposition of Assets — 1,373 2,107 1,373

Loss on Extinguishment of Debt (211) (53) (211) (20,449)

Other Gain (Loss) (211) 1,320 1,896 (19,076)

Total Operating Income 11,569 10,026 35,113 5,221

Investment and Other Income (Loss) (9,419) (221) 4,589 (3,333)

Interest Expense (7,934) (6,833) (22,988) (19,828)

Income (Loss) Before Income Tax Expense (5,784) 2,972 16,714 (17,940)

Income Tax Benefit (Expense) 612 (58) (569) (303)

Net Income (Loss) Attributable to the Company (5,172) 2,914 16,145 (18,243)

Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634)

Net Income (Loss) Attributable to Common

Stockholders $ (7,050) $ 1,036 $ 10,511 $ (23,877)

Per Share Information:

Basic and Diluted Net Income (Loss) Attributable to

Common Stockholders $ (0.19) $ 0.03 $ 0.30 $ (0.74)

Weighted Average Number of Common Shares

Basic 37,537,899 32,651,101 35,033,606 32,298,304

Diluted 37,621,472 32,682,775 35,081,726 32,313,895

Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 1.20 $ 1.20

Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 1.14 $ 1.14

Funds from Operations

For the three and nine months ended September 30, 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

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243)

Distributions to Preferred Stockholders (1,878) (1,878) (5,634) (5,634)

Adjustments:

Depreciation and Amortization of Real Estate 17,376 14,913 49,145 44,536

Gain on Disposition of Assets — (1,373) (2,107) (1,373)

Provision for Impairment and Adjustment to

CECL Reserve 354 68 1,117 68

Realized and Unrealized Loss (Gain) on

Investment Securities, Net of Income Tax 9,805 1,115 (1,203) 5,829

FFO $ 20,485 $ 15,759 $ 57,463 $ 25,183

Loss on Extinguishment of Debt 211 53 211 20,449

Amortization of Intangibles to Lease Income (879) (180) (2,488) (896)

Core FFO $ 19,817 $ 15,632 $ 55,186 $ 44,736

Adjustments:

Straight-Line Rent Adjustment (277) (405) (1,140) (1,690)

Other Depreciation and Amortization (32) 1 (34) (1)

Amortization of Loan Costs, Discount on

Convertible Debt, and Capitalized Interest 227 181 574 866

Non-Cash Compensation 1,121 936 3,643 3,222

AFFO $ 20,856 $ 16,345 $ 58,229 $ 47,133

Per Common Diluted Share:

FFO $ 0.54 $ 0.48 $ 1.64 $ 0.78

Core FFO $ 0.53 $ 0.48 $ 1.57 $ 1.38

AFFO $ 0.55 $ 0.50 $ 1.66 $ 1.46

Supplemental Schedule of Same-Property Net Operating Income

For the three and nine months ended September 30, 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.

Same-Property NOI for Shopping Centers Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Base Rents $ 21,703 $ 21,269 $ 57,850 $ 55,739

Expense Recoveries 5,980 5,127 16,540 15,232

Other Income 496 473 1,421 1,212

Total Revenues 28,179 26,869 75,811 72,183

Operating Expenses (7,744) (7,184) (20,859) (20,430)

Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752

Same-Property NOI Growth for Shopping Centers 3.8% 6.2%

Same-Property Occupancy 92.7% 91.5% 92.1% 91.4%

Same-Property Leased Occupancy 95.8% 94.9% 95.6% 94.8%

Cash ABR per Square Foot $21.07 $20.74 $21.67 $21.34

Number of Same Properties 14 13

Same-Property NOI Reconciliation Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ (5,172) $ 2,914 $ 16,145 $ (18,243)

Gain on Disposition of Assets — (1,373) (2,107) (1,373)

Loss on Extinguishment of Debt 211 53 211 20,449

Provision for Impairment and Adjustment to CECL

Reserve 354 68 1,117 68

Depreciation and Amortization 17,393 14,929 49,196 44,587

Amortization of Intangibles to Lease Income 879 180 2,488 896

Straight-Line Rent Adjustment 277 405 1,140 1,690

Accretion of Tenant Contribution 45 13 71 39

Interest Expense 7,934 6,833 22,988 19,828

General and Administrative Expenses 5,806 4,780 15,513 13,911

Investment and Other Income 9,419 221 (4,589) 3,333

Income Tax Expense (Benefit) (612) 58 569 303

Management Fee Income (1,521) (1,176) (4,336) (3,601)

Interest Income From Commercial Loans and

Investments (6,942) (3,142) (15,415) (9,119)

Other Non-Recurring Items (1) 349 (519) (416) (726)

Less: Impact of Properties Not Owned for the Full

Reporting Period (6,970) (3,283) (25,347) (16,607)

Same-Property NOI $ 21,450 $ 20,961 $ 57,228 $ 55,435

Less: Same Property NOI for Other Properties (1,016) (1,277) (2,277) (3,683)

Same-Property NOI for Shopping Centers $ 20,434 $ 19,684 $ 54,951 $ 51,752

Pro Forma Adjusted EBITDA

Three Months Ended September 30, 2026

(unaudited; in thousands)

Three Months Ended

September 30, 2026

Net Income Attributable to the Company $ (5,172)

Depreciation and Amortization of Real Estate 17,376

Provision for Impairment and Adjustment to CECL Reserve 354

Realized and Unrealized Loss on Investment Securities, Net of Income Tax 9,805

Distributions to Preferred Stockholders (1,878)

Loss on Extinguishment of Debt 211

Amortization of Intangibles to Lease Income (879)

Straight-Line Rent Adjustment (277)

Other Depreciation and Amortization (32)

Amortization of Loan Costs and Capitalized Interest 227

Non-Cash Compensation 1,121

Other Non-Recurring Items (1) 349

Interest Expense, Net of Amortization of Loan Costs 7,708

Adjusted EBITDA $ 28,913

Annualized Adjusted EBITDA $ 115,652

Pro Forma Annualized Impact of Current Quarter Investments and

Dispositions, Net (2) 4,799

Pro Forma Adjusted EBITDA $ 120,451

Total Long-Term Debt $ 717,621

Financing Costs, Net of Accumulated Amortization 5,379

Cash and Cash Equivalents (8,815)

Net Debt $ 714,185

Net Debt to Pro Forma Adjusted EBITDA 5.9 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 September 30, 2026.

Market Capitalization, Debt Ratios and Liquidity

As of September 30, 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 third quarter 2026 annualized Pro Forma Adjusted EBITDA.

September 30, 2026

Common Share Price $ 20.49

Common Shares Outstanding 38,757

Total Common Equity Market Capitalization $ 794,127

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 $ 911,954

Total Debt Outstanding $ 723,000

Cash and Cash Held in Like-Kind Exchange Escrow Accounts (8,815)

Net Debt $ 714,185

Total Enterprise Value $ 1,626,139

Net Debt to Pro Forma Adjusted EBITDA1 5.9 x

Net Debt to Total Enterprise Value 43.9%

Fixed Charge Coverage Ratio 3.1 x

Cash and Cash Held in Like-Kind Exchange Escrow Accounts $ 8,815

Available under Unsecured Credit Facility 245,784

Total Liquidity $ 254,599

Debt Summary

As of September 30, 2026

(unaudited; dollars in thousands)

Any differences are a result of rounding.

1. Interest rate is calculated as SOFR + pricing tier based on leverage within the range of 1.00%-1.60%. Additionally, includes a facility fee on the $400.0

million of capacity which ranges from 0.15% to 0.30% depending on the applicable Tier on the pricing grid.

2. Interest rate is calculated as SOFR + pricing tier based on leverage within the range of 1.15%-1.75%

Indebtedness Outstanding Face Value

Weighted Avg.

Rate

Initial Maturity

Date Type

Revolving Credit Facility 1 $123,000 4.95% Sep. 2030 Floating

2029 Term Loan 2 150,000 5.35% Sep. 2029 Fixed

2030 Term Loan 2 150,000 4.93% Sep. 2030 Fixed

2031 Term Loan 2 150,000 4.76% Sep. 2031 Fixed

2032 Term Loan 2 150,000 3.43% Mar. 2032 Fixed

Total / Weighted Average $723,000 4.67%

Year Outstanding

Weighted

Average Rate

% of Debt

Maturing

Cumulative % of

Debt Maturing

2026 — — — —

2027 — — — —

2028 — — — —

2029 150,000 5.35% 21% 21%

2030 273,000 4.94% 38% 59%

2031 150,000 4.76% 21% 79%

2032 150,000 3.43% 21% 100%

Total / Weighted Average $723,000 4.67% 100%

Real Estate Portfolio Capital Investments

For the three and nine months ended September 30, 2026 and 2025

(unaudited; dollars in thousands)

Any differences are a result of rounding.

Three Months Ended

September 30,

Nine Months Ended

September 30,

2026 2025 2026 2025

Leasing & Maintenance Capital Expenditures

Capital Expenditures $ 1,113 $ 234 $ 3,035 $ 882

Tenant Improvement Allowances 1,360 3,799 3,667 4,926

Leasing Commissions 1,272 713 2,715 1,602

Total Leasing & Maintenance Capital Expenditures $ 3,745 $ 4,746 $ 9,416 $ 7,409

Value Enhancing & Other Capital Expenditures

Acquired Vacancy $ 286 $ 612 $ 1,388 $ 820

Anchor Repositioning 686 1,325 2,027 1,569

Outparcel Developments 136 51 541 160

Property Repositioning & Other 5,317 153 11,059 301

Top Tenant Summary

As of September 30, 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 September 30, 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

Dick's Sporting Goods BBB 6 351 5.3% $5,261 4.3%

Best Buy BBB+ 5 187 2.8% 3,038 2.5%

AMC CCC+ 2 134 2.0% 3,015 2.5%

Fidelity BBB 2 122 1.8% 2,583 2.1%

Ross/dd's Discount A- 7 194 2.9% 2,513 2.1%

Burlington BB+ 6 195 3.0% 2,509 2.1%

Nordstrom Rack BB 4 145 2.2% 2,468 2.0%

Barnes & Noble NR 5 132 2.0% 2,402 2.0%

TJ Maxx/HomeGoods/Marshalls A 6 177 2.7% 2,174 1.8%

State of New Mexico AA 1 98 1.5% 2,020 1.7%

Southern University NR 1 60 0.9% 1,715 1.4%

Whole Foods Market AA- 1 60 0.9% 1,633 1.3%

Old Navy BB+ 4 76 1.2% 1,522 1.2%

Academy Sports & Outdoors BB+ 2 129 2.0% 1,497 1.2%

DSW Shoe Warehouse NR 5 95 1.4% 1,439 1.2%

PetSmart B+ 4 78 1.2% 1,316 1.1%

Hobby Lobby NR 2 110 1.7% 1,292 1.1%

Regal Cinemas NR 1 51 0.8% 1,210 1.0%

Bob's Discount Furniture NR 2 86 1.3% 1,206 1.0%

Onelife Fitness NR 1 45 0.7% 1,120 0.9%

Other 617 3,406 51.6% 80,077 65.6%

Total Occupied 684 5,932 89.9% $122,010 100.0%

Vacant - 665 10.1%

Total 684 6,597 100.0%

Retail Leasing Activity

For the trailing twelve months ended September 30, 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

Q3 2026 27 396 $16.62 $15.47 7.4% 6.7 $1.49

Q2 2026 19 184 $16.85 $15.82 6.5% 5.8 $2.26

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

Total / Wtd. Avg. 88 894 $19.21 $16.95 13.3% 6.4 $8.56

New Leases – Comparable

Q3 2026 6 70 $24.63 $23.05 6.8% 12.5 $8.43

Q2 2026 3 4 $45.11 $39.79 13.4% 10.0 $32.08

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

Total / Wtd. Avg. 17 142 $28.11 $20.40 37.8% 11.3 $51.94

Renewals & Extensions – Comparable

Q3 2026 21 326 $14.90 $13.85 7.7% 4.7 -

Q2 2026 16 180 $16.15 $15.23 6.1% 5.5 $1.53

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 -

Total / Wtd. Avg. 71 752 $17.53 $16.30 7.5% 4.9 $0.39

Total Comparable and Non-Comparable

Q3 2026 38 467 $17.75 NA NA 7.4 $13.57

Q2 2026 25 213 $19.91 NA NA 7.4 $27.93

Q1 2026 25 153 $24.72 NA NA 6.6 $12.61

Q4 2025 23 189 $24.14 NA NA 6.8 $44.72

Total / Wtd. Avg. 111 1,022 $20.43 NA NA 7.1 $22.18

Lease Expiration Schedule

As of September 30, 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 - - - - - -

2027 6 100 1.7% 1,656 1.4% $16.61

2028 21 817 13.8% 13,228 10.8% $16.18

2029 15 596 10.0% 6,229 5.1% $10.45

2030 8 218 3.7% 3,285 2.7% $15.10

2031 22 629 10.6% 9,832 8.1% $15.64

2032 16 588 9.9% 6,829 5.6% $11.62

2033 6 124 2.1% 2,342 1.9% $18.96

2034 9 251 4.2% 4,900 4.0% $19.51

2035 9 175 3.0% 3,673 3.0% $20.95

Thereafter 16 537 9.0% 10,600 8.7% $19.75

Total 128 4,034 68.0% $62,575 51.3% $15.51

Small Shop Tenants

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 19 50 0.8% 1,425 1.2% $28.44

2027 83 252 4.3% 5,898 4.8% $23.39

2028 80 282 4.7% 8,578 7.0% $30.44

2029 62 210 3.5% 6,569 5.4% $31.30

2030 66 229 3.9% 6,990 5.7% $30.50

2031 72 247 4.2% 7,721 6.3% $31.20

2032 47 166 2.8% 5,795 4.7% $35.01

2033 40 147 2.5% 4,909 4.0% $33.49

2034 26 92 1.5% 3,631 3.0% $39.59

2035 30 98 1.7% 3,660 3.0% $37.38

Thereafter 31 126 2.1% 4,258 3.5% $33.82

Total 556 1,898 32.0% $59,435 48.7% $31.31

Total

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 19 50 0.8% 1,425 1.2% $28.44

2027 89 352 5.9% 7,554 6.2% $21.47

2028 101 1,099 18.5% 21,806 17.9% $19.84

2029 77 806 13.6% 12,798 10.5% $15.88

2030 74 447 7.5% 10,275 8.4% $23.00

2031 94 876 14.8% 17,552 14.4% $20.03

2032 63 753 12.7% 12,623 10.3% $16.75

2033 46 270 4.6% 7,252 5.9% $26.84

2034 35 343 5.8% 8,532 7.0% $24.88

2035 39 273 4.6% 7,333 6.0% $26.83

Thereafter 47 663 11.2% 14,858 12.2% $22.43

Total 684 5,932 100.0% $122,010 100.0% $20.57

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

For the nine months ended September 30, 2026

(unaudited, dollars and square feet in thousands)

Any differences are a result of rounding.

1. Coupon rate for Whole Foods development includes 3.00% paid-in-kind interest.

Investments Type Date Square Feet

Price /

Commitment

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

343 & 345 S. Atlanta Ave – Daytona Beach, FL Land Apr. 2026 NA 3,000

Gallery on the Parkway – Dallas, TX Power Center Jun. 2026 152 53,250

Zona Rosa – Kansas City, MO Mixed-Use Sep. 2026 768 63,300

Vacant Outparcel – Charlotte, NC Retail Sep. 2026 6 2,000

Total Property Acquisitions 1,325 $203,150

Investments Type Date Coupon Commitment

Southwest Class A Retail Center Pref. Equity Apr. 2026 12.00% 75,000

Whole Foods Development (1) Pref. Equity May 2026 12.00% 21,400

Mixed-Use Property Redevelopment First Mortgage Jul. 2026 9.75% 37,000

Total Structured Investments 11.4% $133,400

Grand Total Investments $336,550

Dispositions Date Square Feet Price

Madison Yards – Atlanta, GA Jun. 2026 163 73,300

Granada Plaza – Tampa, FL Jun. 2026 74 17,400

Total Property Dispositions 237 $90,700

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 September 30, 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 31 222 100.0% 100.0% $20.08

Florida

Pompano Citi Centre Fort Lauderdale 1971/2006 34 509 90.5% 93.1% $17.18

The Strand at St. Johns

Town Center Jacksonville 2017 52 211 100.0% 100.0% $26.82

Marketplace at Seminole

Towne Center Orlando 2006 41 320 84.3% 100.0% $21.14

Millenia Crossing Orlando 2009 11 103 84.8% 97.3% $25.85

Lake Brandon Village Tampa 1998 8 102 100.0% 100.0% $14.10

Total / Weighted Average 146 1,246 90.8% 96.9% $20.32

Georgia

The Collection at Forsyth Atlanta 2006 69 565 90.4% 93.9% $24.19

Ashford Lane Atlanta 2005 44 277 95.3% 96.8% $33.80

The Exchange at Gwinnett Atlanta 2021/2023 16 97 100.0% 100.0% $38.99

Ashley Park Atlanta 2004 61 559 96.3% 97.2% $16.99

Total / Weighted Average 190 1,499 94.2% 96.1% $24.26

Missouri

Zona Rosa Kansas City 2006 64 768 66.3% 67.1% $18.24

North Carolina

Carolina Pavilion Charlotte 1995 72 700 80.7% 86.7% $16.28

Beaver Creek Crossings Raleigh 2005 52 322 100.0% 100.0% $19.21

Total / Weighted Average 124 1,022 86.8% 90.9% $17.34

Texas

Plaza at Rockwall Dallas 2007 42 444 99.7% 100.0% $14.73

Price Plaza Houston 1999 23 201 98.4% 98.4% $17.04

Gallery on the Parkway Dallas 1995/2026 12 152 100.0% 100.0% $24.85

Palms Crossing McAllen 2007 47 399 93.5% 94.5% $18.50

Total / Weighted Average 124 1,196 97.4% 97.9% $17.65

Virginia

West Broad Village Richmond 2007 33 392 90.2% 91.5% $25.78

Total Shopping Centers 713 6,345 89.5% 92.1% $20.43

Albuquerque Office 1 Albuquerque 2009 25 212 100.0% 100.0% $19.20

Winter Park Office Orlando 1982 2 28 100.0% 100.0% $31.20

Daytona Beach Restaurants Daytona 2017/2018 6 12 100.0% 100.0% $84.72

Total Portfolio 745 6,597 89.9% 92.4% $20.57

Geographic Diversification

As of September 30, 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 4 1,499 23% $34,240 28% $158,165 161,287

Florida 8 1,286 19% 24,887 20% 105,115 208,799

Texas 4 1,196 18% 20,567 17% 121,291 214,156

North Carolina 2 1,022 15% 15,387 13% 155,056 177,449

Missouri 1 768 12% 9,282 8% 123,984 100,252

Virginia 1 392 6% 9,119 7% 154,649 178,579

Arizona 1 222 3% 4,451 4% 163,525 320,413

New Mexico 1 212 3% 4,078 3% 73,504 50,473

Total 22 6,597 100% $122,010 100% $135,239 180,679

Markets Properties

Square

Feet

% of

Total Cash ABR

% of

Total

5-Mile

2025 Avg.

Household

Income

5-Mile

2025 Total

Population

Atlanta, GA 4 1,499 23% $34,240 28% $158,165 161,287

Dallas, TX 2 596 9% 10,301 8% 145,509 201,041

Kansas City, MO 1 768 12% 9,282 8% 123,984 100,252

Charlotte, NC 1 700 11% 9,198 8% 149,924 202,342

Richmond, VA 1 392 6% 9,119 7% 154,649 178,579

Orlando, FL 3 452 7% 8,846 7% 112,409 181,610

Fort Lauderdale, FL 1 509 8% 7,918 6% 105,521 250,967

McAllen, TX 1 399 6% 6,900 6% 85,156 199,512

Raleigh, NC 1 322 5% 6,189 5% 162,683 140,451

Jacksonville, FL 1 211 3% 5,664 5% 100,232 203,742

Phoenix, AZ 1 222 3% 4,451 4% 163,525 320,413

Albuquerque, NM 1 212 3% 4,078 3% 73,504 50,473

Houston, TX 1 201 3% 3,365 3% 121,250 284,337

Tampa, FL 1 102 1% 1,439 1% 101,705 233,394

Daytona Beach, FL 2 12 0% 1,020 1% 70,646 110,696

Total 22 6,597 100% $122,010 100% $135,239 180,679

Other Investments

As of September 30, 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 represents the weighted average coupon rate as of September 30, 2026.

2. Whole Foods Development – Northeast represents 9.00% cash coupon plus 3.00% paid-in-kind interest.

3. 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

Q3 2026

Annualized

Dividend Income

Alpine Income

Property Trust 2,472 $17.35 $42,881 $1.28 $3,164

Structured Investments

Origination

Date

Maturity

Date

Original

Face

Amount

Current

Face

Amount

Interest

Rate

Southwest Class A Retail Center Apr. 2026 Apr. 2028 $75,750 $75,750 12.00%

Rivana 1 Sep. 2024 Sep. 2028 59,450 48,937 11.65%

Mixed-Use Property Redevelopment Jul. 2026 Jul. 2028 37,000 29,793 9.75%

Whole Foods Development – Forsyth, GA Nov. 2024 May 2027 40,200 21,844 12.15%

Whole Foods Development – Northeast 2 May. 2026 Oct. 2027 21,363 21,621 12.00%

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

Series A Preferred Investment Jul. 2024 NA3 10,000 10,000 14.00%

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

Total Structured Investments $263,763 $227,945 11.45%

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 7.

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

$2.11 to $2.14 $2.09 to $2.13

AFFO Per Diluted Share1

$2.22 to $2.25 $2.21 to $2.25

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) $472 $300 to $400

Same-Property NOI Growth for Shopping Centers2 5.0% to 6.0% 5.0% to 6.0%

General and Administrative Expenses (in millions) $21.0 to $21.5 $20.0 to $20.2

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

Huntington Rob Stevenson robert.stevenson@huntington.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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- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

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- Definition

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.

+ References

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

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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