Form 8-K

8-K — CTO Realty Growth, Inc.

Accession: 0001104659-26-087536

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0000023795

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — cto-20260728x8k.htm (Primary)

EX-99.1 (cto-20260728xex99d1.htm)

EX-99.2 (cto-20260728xex99d2.htm)

EX-99.3 (cto-20260728xex99d3.htm)

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8-K

8-K (Primary)

Filename: cto-20260728x8k.htm · Sequence: 1

CTO Realty Growth, Inc._July 28, 2026

0000023795false0000023795us-gaap:CumulativePreferredStockMember2026-07-282026-07-280000023795us-gaap:CommonStockMember2026-07-282026-07-2800000237952026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

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

CTO Realty Growth, Inc.

(Exact name of registrant as specified in its charter)

Maryland

(State or other jurisdiction of incorporation)

001-11350

(Commission File Number)

59-0483700

(IRS Employer Identification No.)

369 N. New York Avenue,

Suite 201

Winter Park, Florida

(Address of principal executive offices)

32789

(Zip Code)

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

Not Applicable

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

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

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

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

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

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

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

.01

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common Stock, $0.01 par value per share

CTO

NYSE

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

CTO/PA

NYSE

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

Emerging growth company ☐

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

Item 2.02. Results of Operations and Financial Condition

On July 28, 2026, CTO Realty Growth, Inc., a Maryland corporation (the "Company"), issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter and six months ended June 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 July 28, 2026, the Company issued an earnings press release, an investor presentation, and a supplemental disclosure package relating to the Company’s financial results for the quarter and six months ended June 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 July 28, 2026

99.2 Investor Presentation dated July 28, 2026

99.3 Supplemental Disclosure Package

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

SIGNATURES

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

Date: July 28, 2026

CTO Realty Growth, Inc.

By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer,

and Treasurer (Principal Financial Officer)

EX-99.1

Filename: cto-20260728xex99d1.htm · Sequence: 2

Press

Exhibit 99.1

DRAFT DRATDDD

Press Release

First

2024 Operating Results

FOR

IMMEDIATE

RELEASE

CTO Realty Growth Reports Second

Quarter 2026 Operating and Financial Results

– Closed $153 million of investments at a weighted average initial yield of 10.2% –

– Raises Investment Guidance to $300 million to $400 million –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.09 to $2.13 –

WINTER PARK, FL – July 28, 2026 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”), an owner and operator of shopping centers located primarily in higher-growth markets, today announced its operating and financial results for the quarter ended June 30, 2026. Net Income attributable to common stockholders was $0.38 per diluted share for the second quarter.

Second 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 184,000 square feet of comparable retail leases at a positive cash rent spread of 6%.

◾Acquired Gallery on the Parkway, a 152,000 square foot open-air retail center anchored by Dick’s House of Sport located in Dallas, Texas, for $53.3 million.

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

◾Invested $21.4 million of preferred equity in a Whole Foods-anchored retail development located in the Northeast. The investment generates a 12.0% initial yield, including 3.0% accrued PIK, with an 18-month term.

◾Completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%.

◾Under contract to sell, subject to certain closing conditions, 76,500 square feet formerly leased to Value City Furniture and Jo-Ann Fabrics at Carolina Pavilion, located in Charlotte, North Carolina, to a national retailer.

◾Income from Alpine Income Property Trust (NYSE: PINE) for the quarter was $2.1 million, consisting of $1.4 million in management fees and $0.7 million in dividend income. Prospectively, the new annualized run-rate for income from PINE is $8.9 million as of June 30, 2026, consisting of $5.7 million in management fees and $3.2 million in dividend income.

◾Issued 4,183,616 common shares under our common stock ATM program at a weighted average gross price of $20.29 per share, for total net proceeds of $83.6 million.

“We delivered another strong quarter, deploying $153 million of capital at a weighted average initial yield of 10.2% and strong same-property NOI growth,” stated John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “We believe that the acquisition of Gallery on the Parkway in Dallas, together with our structured investment activity during the quarter, reflects our disciplined strategy of acquiring and financing high-quality, well-located retail centers predominantly in our core growth markets. With a robust acquisition pipeline and meaningful embedded NOI growth across the portfolio, we believe that the Company is well positioned to deliver continued earnings growth into 2027.”

Financial Results

(in thousands, except per share data)

2Q 2026

2Q 2025

YTD 2026

YTD 2025

Net Income (Loss)

13,234

(25,296)

17,561

(24,913)

Net Income (Loss) per Common Share - Diluted

0.38

(0.77)

0.52

(0.78)

Core FFO

18,438

14,659

35,369

29,104

Core FFO per Common Share - Diluted

0.53

0.45

1.05

0.90

AFFO

19,135

15,267

37,373

30,788

AFFO per Common Share - Diluted

0.55

0.47

1.11

0.96

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.

Second Quarter and Year-to-Date June 30, 2026 Portfolio Performance

Retail Leasing Activity

◾ During the three months ended June 30, 2026, the Company executed 25 new leases, renewals and extensions totaling 213,000 square feet. On a comparable space basis, the Company executed 184,000 square feet of leases at an average cash rent spread increase of 6%.

◾ During the six months ended June 30, 2026, the Company executed 50 new leases, renewals and extensions totaling 366,000 square feet. On a comparable space basis, the Company executed 330,000 square feet of leases at an average cash rent spread increase of 10%.

Same Property NOI

◾ During the three months ended June 30, 2026, shopping center same property NOI increased by 10.1% versus the comparable 2025 period.

◾ During the six months ended June 30, 2026, shopping center same property NOI increased by 8.2% versus the comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same property NOI increased by 7.0% versus the comparable 2025 period.

◾ Including other/non-core properties, same-property NOI increased by 6.7% for the second quarter and 4.5% for the six months ended June 30, 2026. This growth was impacted by one tenant vacating 98,000 of our 212,000 square feet Albuquerque, New Mexico property in December 2025. As previously announced, this vacancy was leased by the State of New Mexico which is expected to commence paying rent in late 2026.

Occupancy

◾ As of June 30, 2026, total property portfolio leased occupancy was 95.4%, up 150 basis points compared to June 30, 2025, and a decrease of 50 basis points compared to December 31, 2025.

◾ As of June 30, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 60 basis points compared to June 30, 2025.

Page 2

Second Quarter and Year-to-Date June 30, 2026 Investment and Disposition Activity

Investment Activity

◾ During the three months ended June 30, 2026, completed $152.6 million of investments at a weighted average yield of 10.2% consisting of:

o $53.3 million acquisition of Gallery on the Parkway, a 152,000 square-foot open-air retail power center in Dallas, Texas. The property is anchored by Dick’s House of Sport, Nordstrom Rack, Cost Plus World Market, and a Portillo’s, and is 100% occupied. Situated on 12 acres just two miles from the site of the Dallas Mavericks’ proposed new arena and entertainment district, the center serves a dense trade area with a population of approximately 368,000 within a five-mile radius.

o $96.4 million of two newly originated structured investments consisting of:

◾ $21.4 million preferred equity investment in a grocery-anchored development located in the Northeast, fully funded at close, with an initial yield of 12.0% (including 3.0% paid-in-kind interest).

◾ $75.0 million preferred equity investment in a class A retail property located in the Southwest, fully funded at close, with an initial cash yield of 12.0%.

o $3.0 million acquisition of 1.3 acres of beachfront land in Daytona Beach, Florida, to expand two existing restaurant tenants.

◾ During the six months ended June 30, 2026, completed $234.2 million of investments at a weighted average yield of 9.5%.

◾ Subsequent to June 30, 2026, on July 15, 2026, the Company originated a $37.0 million loan, 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.

Disposition Activity

◾ During the three months ended June 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.

o $17.4 million sale of Granada Plaza, a 74,000 square-foot grocery-anchored shopping center in Tampa, Florida.

o $73.3 million sale of Madison Yards, a 163,000-square-foot grocery-anchored shopping center in Atlanta, Georgia.

◾ Additionally, during the six months ended June 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.

Balance Sheet and Liquidity

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

◾ Total liquidity of $131.8 million, consisting of $107.0 million of undrawn commitments and $24.8 million of cash on hand.

◾ Total borrowings of $660.8 million at a weighted average interest rate of 4.6%, including $643.0 million of unsecured borrowings and a $17.8 million mortgage payable.

◾ Net Debt to Pro Forma Adjusted EBITDA of 5.8 times, a decrease from 6.4 times as of March 31, 2026.

◾ During the quarter ended June 30, 2026, the Company issued 4,183,616 common shares under its common stock ATM program at a weighted average gross price of $20.29 per share, for total net proceeds of $83.6 million. During the six months ended June 30, 2026, the Company issued 4,917,499 common shares under its common stock ATM program at a weighted average gross price of $20.18 per share, for total net proceeds of $97.8 million.

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

Page 3

2026 Outlook

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

The Company has raised its 2026 outlook as follows:

(Unaudited)

Current

Core FFO per Common Share - Diluted

$2.09 to $2.13

$2.06 to $2.11

AFFO per Common Share - Diluted

$2.21 to $2.25

$2.19 to $2.24

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

$300 to $400

$175 to $250

Same-Property NOI Growth for Shopping Centers

5.0% to 6.0%

3.5% to 4.5%

General & Administrative Expenses

$20.0 to $20.2

$19.7 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

0.87

0.92

Depreciation and Amortization of Real Estate

1.87

Gain on Disposition of Assets (1)

(0.06)

Provision for Impairment and Adjustment to CECL Reserve (1)

0.02

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

(0.31)

Funds from Operations, per Common Share - Diluted

2.39

2.44

Distributions to Preferred Stockholders

(0.21)

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

2.18

2.23

Amortization of Intangibles to Lease Income

(0.09)

(0.10)

Core FFO Attributable to Common Stockholders per Common Share - Diluted

2.09

2.13

Adjustments:

Straight-Line Rent Adjustment

(0.03)

Amortization of Loan Costs and Capitalized Interest

0.02

Non-Cash Compensation

0.13

AFFO Attributable to Common Stockholders per Common Share - Diluted

2.21

2.25

(1)

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

Page 4

Page 5

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the second quarter ended June 30, 2026, on Wednesday, July 29, 2026 at 9:00 AM ET.

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

Event Details:

Webcast:https://edge.media-server.com/mmc/p/7q5n9ti2

Registration:https://register-conf.media-server.com/register/BIc01825e2bd914f5e81afcd0d4e53232f

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

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

Contact:Investor Relations

ir@ctoreit.com

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 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-

Page 8

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.

Page 9

CTO Realty Growth, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share data)

As of

(Unaudited)

June 30, 2026

December 31, 2025

ASSETS

Real Estate:

Land, at Cost

298,959

289,012

Building and Improvements, at Cost

799,569

766,371

Other Furnishings and Equipment, at Cost

934

923

Construction in Process, at Cost

8,501

4,091

Total Real Estate, at Cost

1,107,963

1,060,397

Less, Accumulated Depreciation

(119,530)

(107,268)

Real Estate—Net

988,433

953,129

Land and Development Costs

—

300

Intangible Lease Assets—Net

83,791

84,710

Investment in Alpine Income Property Trust, Inc.

51,310

41,324

Commercial Loans and Investments

187,388

104,804

Cash and Cash Equivalents

8,056

6,467

Restricted Cash

35,447

34,652

Deferred Income Taxes—Net

1,307

2,309

Other Assets

49,997

36,207

Total Assets

1,405,729

1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

2,245

1,709

Accrued and Other Liabilities

24,322

28,185

Deferred Revenue

25,651

18,802

Intangible Lease Liabilities—Net

31,572

31,486

Income Taxes Payable

Long-Term Debt—Net

658,705

616,345

Total Liabilities

742,546

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 June 30, 2026 and December 31, 2025

Common Stock – 500,000,000 shares authorized; $0.01 par value per share, 37,482,158 shares issued and outstanding at June 30, 2026 and 32,372,291 shares issued and outstanding at December 31, 2025

375

324

Additional Paid-In Capital

481,134

382,494

Retained Earnings

175,556

184,886

Accumulated Other Comprehensive Income (Loss)

6,071

(405)

Total Stockholders’ Equity

663,183

567,346

Total Liabilities and Stockholders’ Equity

1,405,729

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

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Revenues

Income Properties

37,136

33,375

73,716

65,047

Management Fee Income

1,466

1,247

2,815

2,425

Interest Income From Commercial Loans and Investments

5,229

3,016

8,473

5,977

Total Revenues

43,831

37,638

85,004

73,449

Direct Cost of Revenues

Income Properties

(11,126)

(10,178)

(21,294)

(19,069)

Total Direct Cost of Revenues

(11,126)

(10,178)

(21,294)

(19,069)

General and Administrative Expenses

(4,630)

(4,448)

(9,707)

(9,131)

Provision for Impairment and Adjustment to CECL Reserve

(1,084)

—

(763)

—

Depreciation and Amortization

(15,847)

(15,294)

(31,803)

(29,658)

Total Operating Expenses

(32,687)

(29,920)

(63,567)

(57,858)

Gain on Disposition of Assets

2,107

—

2,107

—

Loss on Extinguishment of Debt

—

(20,396)

—

(20,396)

Other Gain (Loss)

2,107

(20,396)

2,107

(20,396)

Total Operating Income (Loss)

13,251

(12,678)

23,544

(4,805)

Investment and Other Income (Loss)

10,765

(3,687)

14,008

(3,112)

Interest Expense

(7,783)

(6,859)

(15,054)

(12,995)

Income (Loss) Before Income Tax Expense

16,233

(23,224)

22,498

(20,912)

Income Tax Expense

(1,121)

(194)

(1,181)

(245)

Net Income (Loss) Attributable to the Company

15,112

(23,418)

21,317

(21,157)

Distributions to Preferred Stockholders

(1,878)

(3,756)

Net Income (Loss) Attributable to Common Stockholders

13,234

(25,296)

17,561

(24,913)

Per Share Information:

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

0.38

(0.77)

0.52

(0.78)

Weighted Average Number of Common Shares

Basic

34,988,612

32,678,771

33,760,706

32,118,982

Diluted

35,024,642

32,727,831

33,788,343

32,174,574

Dividends Declared and Paid - Preferred Stock

0.40

0.80

Dividends Declared and Paid - Common Stock

0.38

0.76

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

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net Income (Loss) Attributable to the Company

15,112

(23,418)

21,317

(21,157)

Adjustments:

Depreciation and Amortization of Real Estate

15,831

15,277

31,769

29,623

Gain on Disposition of Assets

(2,107)

—

(2,107)

—

Provision for Impairment and Adjustment to CECL Reserve

1,084

—

763

—

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

(8,905)

4,549

(11,008)

4,714

Funds from Operations

21,015

(3,592)

40,734

13,180

Distributions to Preferred Stockholders

(1,878)

(3,756)

Funds From Operations Attributable to Common Stockholders

19,137

(5,470)

36,978

9,424

Adjustments:

Loss on Extinguishment of Debt

—

20,396

—

20,396

Amortization of Intangibles to Lease Income

(699)

(267)

(1,609)

(716)

Core Funds From Operations Attributable to Common Stockholders

18,438

14,659

35,369

29,104

Adjustments:

Straight-Line Rent Adjustment

(423)

(712)

(863)

(1,285)

Other Depreciation and Amortization

(2)

(1)

(2)

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

318

347

685

Non-Cash Compensation

1,116

1,003

2,522

2,286

Adjusted Funds From Operations Attributable to Common Stockholders

19,135

15,267

37,373

30,788

FFO Attributable to Common Stockholders per Common Share - Diluted

0.55

(0.17)

1.09

0.29

Core FFO Attributable to Common Stockholders per Common Share - Diluted

0.53

0.45

1.05

0.90

AFFO Attributable to Common Stockholders per Common Share - Diluted

0.55

0.47

1.11

0.96

Supplemental Disclosure:

PIK Interest Earned

125

—

133

—

PIK Interest Paid

—

PIK Interest Earned in Excess of PIK Interest Paid

125

—

133

—

Page 12

CTO Realty Growth, Inc.

Non-GAAP Financial Measures

Same-Property NOI Reconciliation

(Unaudited)

(In thousands)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026

2025

2026

2025

Net Income (Loss) Attributable to the Company

15,112

(23,418)

21,317

(21,157)

Gain on Disposition of Assets

(2,107)

—

(2,107)

—

Loss on Extinguishment of Debt

—

20,396

—

20,396

Provision for Impairment and Adjustment to CECL Reserve

1,084

—

763

—

Depreciation and Amortization

15,847

15,294

31,803

29,658

Amortization of Intangibles to Lease Income

699

267

1,609

716

Straight-Line Rent Adjustment

423

712

863

1,285

Accretion of Tenant Contribution

Interest Expense

7,783

6,859

15,054

12,995

General and Administrative Expenses

4,630

4,448

9,707

9,131

Investment and Other Income

(10,765)

3,687

(14,008)

3,112

Income Tax Expense

1,121

194

1,181

245

Management Fee Income

(1,466)

(1,247)

(2,815)

(2,425)

Interest Income From Commercial Loans and Investments

(5,229)

(3,016)

(8,473)

(5,977)

Other Non-Recurring Items (1)

(164)

(97)

(765)

(207)

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

(5,982)

(4,418)

(16,151)

(11,441)

Same-Property NOI

20,999

19,674

38,004

36,357

Less: Same Property NOI for Other Properties

(703)

(1,242)

(1,261)

(2,406)

Same-Property NOI for Shopping Centers

20,296

18,432

36,743

33,951

(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

June 30, 2026

Net Income Attributable to the Company

15,112

Depreciation and Amortization of Real Estate

15,831

Gain on Disposition of Assets

(2,107)

Provision for Impairment and Adjustment to CECL Reserve

1,084

Unrealized Gain & Realized Loss on Investment Securities, Net of Income Tax

(8,905)

Distributions to Preferred Stockholders

(1,878)

Amortization of Intangibles to Lease Income

(699)

Straight-Line Rent Adjustment

(423)

Other Depreciation and Amortization

(2)

Amortization of Loan Costs and Capitalized Interest

Non-Cash Compensation

1,116

Other Non-Recurring Items (1)

(164)

Interest Expense, Net of Amortization of Loan Costs

7,777

Adjusted EBITDA

26,748

Annualized Adjusted EBITDA

106,992

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

2,550

Pro Forma Adjusted EBITDA

109,542

Total Long-Term Debt

658,705

Financing Costs, Net of Accumulated Amortization

2,095

Cash and Cash Equivalents

(8,056)

Restricted Cash (3)

(16,761)

Net Debt

635,983

Net Debt to Pro Forma Adjusted EBITDA

5.8

(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 June 30, 2026.

(3)

Includes restricted cash to be reinvested through the like-kind exchange structure.

Page 14

EX-99.2

Filename: cto-20260728xex99d2.htm · Sequence: 3

Exhibit 99.2

Second Quarter 2026

Investor Presentation

West Broad Village | Richmond, VA

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

$50M $51M

$70M

$97M

$111M

$132M

$149M

2020 2021 2022 2023 2024 2025 Q2 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 6/30/2026

Highlights

Income Properties Revenues

Enterprise Value

As of June 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

$223 Implied property value per square

foot

184,000 Square feet of comparable leasing

activity

6% Comparable leasing spread

87% ABR from Georgia, Florida, North

Carolina & Texas

95.4% Leased Occupancy – 400 bps spread

to 91.4% occupancy

$6.3M SNO Pipeline – 5.8% of in-place ABR

$20.67 Cash ABR PSF

10.1% Quarterly same-property NOI growth

for shopping

Q2 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 June 30, 2026, and reflect a $21.51 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 June 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

5.8M

Square Feet

87%

Of Portfolio ABR from Georgia, Florida, Texas &

North Carolina

7.1%

Annualized Dividend Yield

8.0%

Implied Cap Rate 1

$0.6 billion

Total Disposition Activity: 2020-Present 2

$1.7 billion

Total Acquisition Activity: 2020-Present 2

$636M

Net Debt Outstanding

$118M

Series A Preferred

$1.6B

Enterprise Value

$806M

Equity Market Cap

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

2% 31%

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

Texas:

19% of ABR

Florida:

23% of ABR

Georgia:

31% of ABR

North Carolina:

14% of ABR

87%

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

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

Multiple Avenues of Earnings Growth

As of June 30, 2026 unless otherwise noted.

Contractual

Rent Growth

~1.8%

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

11.7%

Weighted

average yield for

structured

investments

portfolio

representing

~15% of

undepreciated

assets

Signed-Not-Open (SNO)

Pipeline

$6.3M

Primarily

recognized in

2027. New

comparable

leases historically

signed at double

digit rent

spreads

Management &

Investment of

NYSE: PINE

$8.9M

Of annual

income and

dividends from

managing PINE,

representing a

$0.4M increase

from annualized

Q2 results

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

KRG

KIM

BRX

PECO

REG

CTO

IVT

AKR

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

20.0x

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

Multiple to 2026 Consensus FFO per Share

2026 Consensus FFO per Share Growth vs. 2025A

2026 FFO Growth vs. Valuation

2026E FFO multiples are based on the closing stock price on June 30, 2026, and consensus 2026E FFO estimates per FactSet.

Low Valuation Multiple and High FFO Growth

Ashford Lane

Atlanta, GA

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

Signed-Not-Open (SNO) Pipeline

As of June 30, 2026 unless otherwise noted. Adjusts for any SNO leases that will be backfilling boxes inhabited as of June 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

$6.3M

cash base rent

$26.07

SNO cash rent PSF

5.8%

of in-place cash rent

57%

cash base rent

from anchor tenants

400 bps

leased-to-occupied spread

$1.2M

$5.8M $6.3M

2026 2027 2028

SNO Breakdown by % ABR2

Within Shopping Center

Same-Property Pool

48%

Within Other Same-Property Pool

32%

Within Non-Same

Property Pool

20%

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

Outparcel Opportunities

Shopping Center Market Space

Collection at Forsyth

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

Beaver Creek Raleigh, NC Small shops – 15k SF

West Broad Village Richmond, VA Small shops – 8k SF

Plaza at Rockwall 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 June 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

June 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

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

Portfolio by Asset Type

13%

38% if including shadow-anchored assets

27% 56%

As of June 30, 2026

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

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

Grocery-Anchored Retail Lifestyle Power Center

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

High-Quality Demographics

As of June 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 31%

2 Dallas, TX 2 596 9%

3 Charlotte, NC 1 694 9%

4 Richmond, VA 1 392 8%

5 Orlando, FL 3 452 8%

6 Fort Lauderdale, FL 1 509 7%

7 McAllen, TX 1 399 6%

8 Raleigh, NC 1 322 6%

9 Jacksonville, FL 1 211 5%

10 Phoenix, AZ 1 222 4%

11 Houston, TX 1 201 3%

12 Albuquerque, NM 1 212 2%

13 Tampa, FL 1 102 1%

14 Daytona, FL 2 12 1%

Total 21 5,823 100%

Denotes a MSA with over one million people

Bold denotes a Top 30 ULI Market

77%

% of ABR from ULI’s

Top 30 Markets 1

190,000

Portfolio

5-Mile Population1

$137,000

Portfolio Average 5-Mile

Household Income1

Beaver Creek Crossings | Raleigh, NC

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

Tenant Overview

Rank Tenant Credit Rating1

Leases SF (000s) ABR %

1 Dick's Sporting Goods BBB 5 276 4%

2 Best Buy BBB+ 5 187 3%

3 AMC CCC+ 2 134 3%

4 Fidelity BBB 2 122 2%

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

6 Nordstrom Rack BB 4 145 2%

7 Burlington BB+ 5 175 2%

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

9 Barnes & Noble NR 4 102 2%

10 Southern University NR 1 60 2%

11 Whole Foods Market AA- 1 60 1%

12 Academy Sports & Outdoors BB+ 2 129 1%

13 PetSmart B+ 4 78 1%

14 Hobby Lobby NR 2 110 1%

15 Regal Cinemas NR 1 51 1%

16 Bob's Discount Furniture NR 2 86 1%

17 DSW Shoe Warehouse NR 4 69 1%

18 Onelife Fitness NR 1 45 1%

19 Floor & Decor BB 1 75 1%

20 Old Navy BB+ 3 59 1%

Top 20 62 2,334 34%

As of June 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

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

Rank Industry SF (000s) ABR %

1 Casual Dining 353 12%

2 Off-Price Retail 764 10%

3 Apparel 349 7%

4 Entertainment 414 7%

5 Sporting Goods 471 7%

6 Specialty Retail 294 6%

7 Healthcare Services 188 6%

8 Beauty & Cosmetics 217 6%

9 Fast Casual Restaurant 139 5%

10 Consumer Electronics 244 5%

11 Health & Fitness 216 4%

12 Financial Services 189 4%

13 Home Furnishings 255 4%

14 Grocery 169 3%

15 Quick Service Restaurant 72 2%

Top 15 4,333 88%

Industry Composition

As of June 30, 2026

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

The Collection at Forsyth

Atlanta, GA

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

19%

10%

14%

10%

Contractual Rent Bumps & Lease Rollover Schedule

As of June 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

28%

Annual Contractual Rent

Increases

35%

of Leases Have

Contractual Rent

Increases in the

Current Lease Term

63%

No Contractual Rent

Increases

91% of Leases by ABR

Have Contractual Rent Bumps

Ashford Lane

Atlanta, GA

Ashford Lane

Atlanta, GA

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

Historical Leasing Upside Since Acquisition

As of June 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 284k 428k 151k 148k

Comparable SF Leased

Since Acquisition 272k 363k 134k 145k

Cash Rent Spread 32% 14% 23% 48%

Q2 2026

Leased Occupancy 100% 93% 100% 99%

Occupancy Increase

since Acquisition 300 bps 700 bps 500 bps 100 bps

15 © 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 11.62%2 $44.1

Whole Foods Development – Northeast Grocery-Anchored Retail

Preferred Equity October 2027 12.00%3 $21.5

Whole Foods Development – Forsyth, GA Grocery-Anchored Retail

First Mortgage May 2027 12.15% $21.3

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 11.69% $192.6

Mixed-Use Property Mixed-Use

First Mortgage July 2028 9.75% $29.8

Total Structured Investments Pro Forma for July 2026 Origination 11.43% $222.4

As of June 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 as

of June 30, 2026.

3. Coupon rate is 9.00% cash and 3.00% paid-in-kind interest.

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

– 12%

% GAAP ABR

PINE Company Profile

1. Calculated using annualized Q2 2026 income

2. Based on PINE’s $20.76 per share common stock price as of June 30, 2026 and announced Q3 2026 dividend of $0.32 per share.

As of June 30, 2026

Dividend Yield2 6.2%

Implied Cap Rate 7.1%

Number of Properties 128

Number of States with a Property 31

Total Portfolio Square Feet 4.5M

Annualized Base Rent $50.0M

% of ABR from Investment Grade Rated Tenants 55%

% of ABR from Credit-Rated Tenants 68%

CTO Income from PINE Investment

Q3 2026

Run-Rate

Management Fee Income

Dividend Income

Total

$5.7M

$3.2M

$8.9M

Diversified Geographic

Footprint by ABR

High-Quality

Top Tenancy

13.1%

CTO’s Ownership Interest in

Alpine Income Property Trust

$51.3 Million

CTO’s Investment in

Alpine Income Property Trust

as of June 30, 2026

2.47 million shares and units at $20.76 share price

CTO generates ~$8.9 million1 of income & dividends managing Alpine Income Property Trust (NYSE: PINE)

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

Balance Sheet

Exchange at Gwinnett

Buford, GA

As of June 30, 2026

1. As of June 30, 2026, the Company has $107.0 million of undrawn commitments, prior to borrowing base limitations, on our Revolving Credit Facility, and $24.8 million of cash on hand.

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

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

regarding our SOFR swaps.

As of 6/30/2026

Fixed/Float Initial Loan

Maturity2

Weighted

Average Rate3

Principal

Price Plaza Mortgage Fixed Aug 2026 4.06% $18

Credit Facility Fixed Jan 2027 5.30% 50

Credit Facility Floating Jan 2027 5.13% 143

2027 Term Loan Fixed Jan 2027 2.80% 100

2028 Term Loan Fixed Jan 2028 5.18% 100

2029 Term Loan Fixed Sep 2029 4.67% 125

2030 Term Loan Fixed Sep 2030 4.69% 125

Total /Average 4.60% $661

Fully Extended Debt Maturities (in millions) 2

$132M

liquidity1

41%

net debt to total enterprise

value (TEV)

5.8x

net debt to pro forma

adjusted EBITDA

$100 $100 $125 $125 $18

$193

2026 2027 2028 2029 2030

Unsecured Secured Revolving Credit Facility

18 © 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 4.

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

$2.09 to $2.13 $2.06 to $2.11

Growth at Guidance Mid-Point vs. 2025A 12.8%

AFFO Per Diluted Share1

$2.21 to $2.25 $2.19 to $2.24

Growth at Guidance Mid-Point vs. 2025A 13.2%

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) $300 to $400 $175 to $250

Same-Property NOI Growth for Shopping Centers 2

5.0% to 6.0% 3.5% to 4.5%

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

19 © 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)

20 © 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 press

release to reflect subsequently occurring events or circumstances.

Non-GAAP Financial Measures

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

compare the operating performance of REITs.

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

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

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

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

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

specifically include the sales of investment securities (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.

21 © 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.

22 © 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 July 28, 2026.

▪ All information is as of June 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 Second Quarter 2026 Operating Results press release filed on July 28, 2026.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

less cash, restricted cash and cash equivalents.

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

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

outstanding and Net Debt.

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

Consolidated Statements of Operations

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

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Revenues

Income Properties $ 37,136 $ 33,375 $ 73,716 $ 65,047

Management Fee Income 1,466 1,247 2,815 2,425

Interest Income From Commercial Loans and Investments 5,229 3,016 8,473 5,977

Total Revenues 43,831 37,638 85,004 73,449

Direct Cost of Revenues

Income Properties (11,126) (10,178) (21,294) (19,069)

Total Direct Cost of Revenues (11,126) (10,178) (21,294) (19,069)

General and Administrative Expenses (4,630) (4,448) (9,707) (9,131)

Provision for Impairment and Adjustment to CECL Reserve (1,084) — (763) —

Depreciation and Amortization (15,847) (15,294) (31,803) (29,658)

Total Operating Expenses (32,687) (29,920) (63,567) (57,858)

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

Loss on Extinguishment of Debt — (20,396) — (20,396)

Other Gain (Loss) 2,107 (20,396) 2,107 (20,396)

Total Operating Income (Loss) 13,251 (12,678) 23,544 (4,805)

Investment and Other Income (Loss) 10,765 (3,687) 14,008 (3,112)

Interest Expense (7,783) (6,859) (15,054) (12,995)

Income (Loss) Before Income Tax Expense 16,233 (23,224) 22,498 (20,912)

Income Tax Expense (1,121) (194) (1,181) (245)

Net Income (Loss) Attributable to the Company 15,112 (23,418) 21,317 (21,157)

Distributions to Preferred Stockholders (1,878) (1,878) (3,756) (3,756)

Net Income (Loss) Attributable to Common Stockholders $ 13,234 $ (25,296) $ 17,561 $ (24,913)

Per Share Information:

Basic and Diluted Net Income (Loss) Attributable to Common Stockholders $ 0.38 $ (0.77) $ 0.52 $ (0.78)

Weighted Average Number of Common Shares

Basic 34,988,612 32,678,771 33,760,706 32,118,982

Diluted 35,024,642 32,727,831 33,788,343 32,174,574

Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 0.80 $ 0.80

Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 0.76 $ 0.76

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

Non-GAAP Financial Measures

(Unaudited, in thousands, except per share data)

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157)

Adjustments:

Depreciation and Amortization of Real Estate 15,831 15,277 31,769 29,623

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

Provision for Impairment and Adjustment to CECL Reserve 1,084 — 763 —

Realized and Unrealized Loss (Gain) on Investment Securities, Net of Income Tax (8,905) 4,549 (11,008) 4,714

Funds from Operations $ 21,015 $ (3,592) $ 40,734 $ 13,180

Distributions to Preferred Stockholders (1,878) (1,878) (3,756) (3,756)

Funds From Operations Attributable to Common Stockholders $ 19,137 $ (5,470) $ 36,978 $ 9,424

Adjustments:

Loss on Extinguishment of Debt — 20,396 — 20,396

Amortization of Intangibles to Lease Income (699) (267) (1,609) (716)

Core Funds From Operations Attributable to Common Stockholders $ 18,438 $ 14,659 $ 35,369 $ 29,104

Adjustments:

Straight-Line Rent Adjustment (423) (712) (863) (1,285)

Other Depreciation and Amortization (2) (1) (2) (2)

Amortization of Loan Costs, Discount on Convertible Debt, and Capitalized Interest 6 318 347 685

Non-Cash Compensation 1,116 1,003 2,522 2,286

Adjusted Funds From Operations Attributable to Common Stockholders $ 19,135 $ 15,267 $ 37,373 $ 30,788

FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ (0.17) $ 1.09 $ 0.29

Core FFO Attributable to Common Stockholders per Common Share - Diluted $ 0.53 $ 0.45 $ 1.05 $ 0.90

AFFO Attributable to Common Stockholders per Common Share - Diluted $ 0.55 $ 0.47 $ 1.11 $ 0.96

Supplemental Disclosure:

PIK Interest Earned $ 125 $ — $ 133 $ —

PIK Interest Paid — — — —

PIK Interest Earned in Excess of PIK Interest Paid $ 125 $ — $ 133 $ —

25 © 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

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157)

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

Loss on Extinguishment of Debt — 20,396 — 20,396

Provision for Impairment and Adjustment to CECL Reserve 1,084 — 763 —

Depreciation and Amortization 15,847 15,294 31,803 29,658

Amortization of Intangibles to Lease Income 699 267 1,609 716

Straight-Line Rent Adjustment 423 712 863 1,285

Accretion of Tenant Contribution 13 13 26 26

Interest Expense 7,783 6,859 15,054 12,995

General and Administrative Expenses 4,630 4,448 9,707 9,131

Investment and Other Income (10,765) 3,687 (14,008) 3,112

Income Tax Expense 1,121 194 1,181 245

Management Fee Income (1,466) (1,247) (2,815) (2,425)

Interest Income From Commercial Loans and Investments (5,229) (3,016) (8,473) (5,977)

Other Non-Recurring Items (1) (164) (97) (765) (207)

Less: Impact of Properties Not Owned for the Full Reporting Period (5,982) (4,418) (16,151) (11,441)

Same-Property NOI $ 20,999 $ 19,674 $ 38,004 $ 36,357

Less: Same Property NOI for Other Properties (703) (1,242) (1,261) (2,406)

Same-Property NOI for Shopping Centers $ 20,296 $ 18,432 $ 36,743 $ 33,951

26 © 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 June 30, 2026.

3. Includes restricted cash to be reinvested through the like-kind exchange structure.

(Unaudited, in thousands)

Three Months Ended

June 30, 2026

Net Income Attributable to the Company $ 15,112

Depreciation and Amortization of Real Estate 15,831

Gain on Disposition of Assets (2,107)

Provision for Impairment and Adjustment to CECL Reserve 1,084

Unrealized Gain & Realized Loss on Investment Securities, Net of Income Tax (8,905)

Distributions to Preferred Stockholders (1,878)

Amortization of Intangibles to Lease Income (699)

Straight-Line Rent Adjustment (423)

Other Depreciation and Amortization (2)

Amortization of Loan Costs and Capitalized Interest 6

Non-Cash Compensation 1,116

Other Non-Recurring Items (1) (164)

Interest Expense, Net of Amortization of Loan Costs 7,777

Adjusted EBITDA $ 26,748

Annualized Adjusted EBITDA $ 106,992

Pro Forma Annualized Impact of Current Quarter Investments and Dispositions, Net (2) 2,550

Pro Forma Adjusted EBITDA $ 109,542

Total Long-Term Debt $ 658,705

Financing Costs, Net of Accumulated Amortization 2,095

Cash and Cash Equivalents (8,056)

Restricted Cash (3) (16,761)

Net Debt $ 635,983

Net Debt to Pro Forma Adjusted EBITDA 5.8 x

Investor Inquiries: ir@ctoreit.com

EX-99.3

Filename: cto-20260728xex99d3.htm · Sequence: 4

Exhibit 99.3

CTO Realty Growth

Quarterly Supplemental

Second Quarter 2026

Investor Relations

ir@ctoreit.com

369 N New York Ave., Suite 201

Winter Park, FL 32789

https://www.ctoreit.com/

West Broad Village

Richmond, VA

Table of Contents

June 30, 2026

Press Release

Second Quarter 2026 Earnings Press Release 3

Financial Summary

Results Overview & Guidance 11

Consolidated Balance Sheets 12

Consolidated Statements of Operations 13

Funds from Operations 14

Supplemental Schedule of Same-Property Net Operating Income 15

Adjusted EBITDA 16

Market Capitalization, Debt Ratios and Liquidity 17

Debt Summary 18

Real Estate Portfolio Capital Investments 19

Leasing Summary

Top Tenant Summary 20

Retail Leasing Activity 21

Lease Expiration Schedule 22

Portfolio & Investment Summary

Investments, Dispositions & Structured Investment Repayments 23

Portfolio Summary 24

Geographic Diversification 25

Other Investments 26

Additional Disclosures

2026 Guidance 27

Contact Information & Research Coverage 28

Page 3

DRAFT DRATDDD

Press Release

FIRST

2024 OPERATING RESULTS

FOR

IMMEDIATE

RELEASE CTO REALTY GROWTH REPORTS SECOND

QUARTER 2026 OPERATING AND FINANCIAL RESULTS

– Closed $153 million of investments at a weighted average initial yield of 10.2% –

– Raises Investment Guidance to $300 million to $400 million –

– Increases 2026 Core FFO Per Diluted Share Guidance to $2.09 to $2.13 –

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

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

financial results for the quarter ended June 30, 2026. Net Income attributable to common stockholders was $0.38 per

diluted share for the second quarter.

Second 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 184,000 square feet of comparable retail leases at a positive cash rent spread of 6%.

▪ Acquired Gallery on the Parkway, a 152,000 square foot open-air retail center anchored by Dick’s House of

Sport located in Dallas, Texas, for $53.3 million.

▪ Invested $75.0 million of preferred equity in a Class A premier retail property located in the Southwest. The

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

▪ Invested $21.4 million of preferred equity in a Whole Foods-anchored retail development located in the

Northeast. The investment generates a 12.0% initial yield, including 3.0% accrued PIK, with an 18-month term.

▪ Completed $90.7 million of property dispositions at a weighted average exit cash cap rate of 6.7%.

▪ Under contract to sell, subject to certain closing conditions, 76,500 square feet formerly leased to Value City

Furniture and Jo-Ann Fabrics at Carolina Pavilion, located in Charlotte, North Carolina, to a national retailer.

▪ Income from Alpine Income Property Trust (NYSE: PINE) for the quarter was $2.1 million, consisting of $1.4

million in management fees and $0.7 million in dividend income. Prospectively, the new annualized run-rate

for income from PINE is $8.9 million as of June 30, 2026, consisting of $5.7 million in management fees and

$3.2 million in dividend income.

▪ Issued 4,183,616 common shares under our common stock ATM program at a weighted average gross price of

$20.29 per share, for total net proceeds of $83.6 million.

“We delivered another strong quarter, deploying $153 million of capital at a weighted average initial yield of 10.2%

and strong same-property NOI growth,” stated John P. Albright, President and Chief Executive Officer of CTO Realty

Growth. “We believe that the acquisition of Gallery on the Parkway in Dallas, together with our structured investment

activity during the quarter, reflects our disciplined strategy of acquiring and financing high-quality, well-located retail

centers predominantly in our core growth markets. With a robust acquisition pipeline and meaningful embedded NOI

growth across the portfolio, we believe that the Company is well positioned to deliver continued earnings growth into

2027.”

Page 4

Financial Results

(in thousands, except per share data) 2Q 2026 2Q 2025 YTD 2026 YTD 2025

Net Income (Loss) $ 13,234 $ (25,296) $ 17,561 $ (24,913)

Net Income (Loss) per Common Share - Diluted $ 0.38 $ (0.77) $ 0.52 $ (0.78)

Core FFO $ 18,438 $ 14,659 $ 35,369 $ 29,104

Core FFO per Common Share - Diluted $ 0.53 $ 0.45 $ 1.05 $ 0.90

AFFO $ 19,135 $ 15,267 $ 37,373 $ 30,788

AFFO per Common Share - Diluted $ 0.55 $ 0.47 $ 1.11 $ 0.96

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.

Second Quarter and Year-to-Date June 30, 2026 Portfolio Performance

Retail Leasing Activity

▪ During the three months ended June 30, 2026, the Company executed 25 new leases, renewals and extensions

totaling 213,000 square feet. On a comparable space basis, the Company executed 184,000 square feet of leases

at an average cash rent spread increase of 6%.

▪ During the six months ended June 30, 2026, the Company executed 50 new leases, renewals and extensions

totaling 366,000 square feet. On a comparable space basis, the Company executed 330,000 square feet of leases

at an average cash rent spread increase of 10%.

Same Property NOI

▪ During the three months ended June 30, 2026, shopping center same property NOI increased by 10.1% versus

the comparable 2025 period.

▪ During the six months ended June 30, 2026, shopping center same property NOI increased by 8.2% versus the

comparable 2025 period. Excluding certain non-recurring recovery benefits, shopping center same property

NOI increased by 7.0% versus the comparable 2025 period.

▪ Including other/non-core properties, same-property NOI increased by 6.7% for the second quarter and 4.5% for

the six months ended June 30, 2026. This growth was impacted by one tenant vacating 98,000 of our 212,000

square feet Albuquerque, New Mexico property in December 2025. As previously announced, this vacancy was

leased by the State of New Mexico which is expected to commence paying rent in late 2026.

Occupancy

▪ As of June 30, 2026, total property portfolio leased occupancy was 95.4%, up 150 basis points compared to

June 30, 2025, and a decrease of 50 basis points compared to December 31, 2025.

▪ As of June 30, 2026, same-property shopping center portfolio leased occupancy was 95.0%, up 60 basis points

compared to June 30, 2025.

Page 5

Second Quarter and Year-to-Date June 30, 2026 Investment and Disposition Activity

Investment Activity

▪ During the three months ended June 30, 2026, completed $152.6 million of investments at a weighted average

yield of 10.2% consisting of:

o $53.3 million acquisition of Gallery on the Parkway, a 152,000 square-foot open-air retail power center

in Dallas, Texas. The property is anchored by Dick’s House of Sport, Nordstrom Rack, Cost Plus World

Market, and a Portillo’s, and is 100% occupied. Situated on 12 acres just two miles from the site of the

Dallas Mavericks’ proposed new arena and entertainment district, the center serves a dense trade area

with a population of approximately 368,000 within a five-mile radius.

o $96.4 million of two newly originated structured investments consisting of:

▪ $21.4 million preferred equity investment in a grocery-anchored development located in the

Northeast, fully funded at close, with an initial yield of 12.0% (including 3.0% paid-in-kind

interest).

▪ $75.0 million preferred equity investment in a class A retail property located in the Southwest,

fully funded at close, with an initial cash yield of 12.0%.

o $3.0 million acquisition of 1.3 acres of beachfront land in Daytona Beach, Florida, to expand two

existing restaurant tenants.

▪ During the six months ended June 30, 2026, completed $234.2 million of investments at a weighted average

yield of 9.5%.

▪ Subsequent to June 30, 2026, on July 15, 2026, the Company originated a $37.0 million loan, 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.

Disposition Activity

▪ During the three months ended June 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.

o $17.4 million sale of Granada Plaza, a 74,000 square-foot grocery-anchored shopping center in Tampa,

Florida.

o $73.3 million sale of Madison Yards, a 163,000-square-foot grocery-anchored shopping center in

Atlanta, Georgia.

▪ Additionally, during the six months ended June 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.

Balance Sheet and Liquidity

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

▪ Total liquidity of $131.8 million, consisting of $107.0 million of undrawn commitments and $24.8 million of

cash on hand.

▪ Total borrowings of $660.8 million at a weighted average interest rate of 4.6%, including $643.0 million of

unsecured borrowings and a $17.8 million mortgage payable.

▪ Net Debt to Pro Forma Adjusted EBITDA of 5.8 times, a decrease from 6.4 times as of March 31, 2026.

▪ During the quarter ended June 30, 2026, the Company issued 4,183,616 common shares under its common

stock ATM program at a weighted average gross price of $20.29 per share, for total net proceeds of $83.6

million. During the six months ended June 30, 2026, the Company issued 4,917,499 common shares under its

common stock ATM program at a weighted average gross price of $20.18 per share, for total net proceeds of

$97.8 million.

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

interest rate of 4.06%.

Page 6

2026 Outlook

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

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

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

Commission.

The Company has raised its 2026 outlook as follows:

(Unaudited) Current Previous

Core FFO per Common Share - Diluted $2.09 to $2.13 $2.06 to $2.11

AFFO per Common Share - Diluted $2.21 to $2.25 $2.19 to $2.24

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 $300 to $400 $175 to $250

Same-Property NOI Growth for Shopping Centers 5.0% to 6.0% 3.5% to 4.5%

General & Administrative Expenses $20.0 to $20.2 $19.7 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 $ 0.87 $ 0.92

Depreciation and Amortization of Real Estate 1.87 1.87

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

Provision for Impairment and Adjustment to CECL Reserve (1) 0.02 0.02

Realized and Unrealized Gain on Investment Securities, Net of

Income Tax (1) (0.31) (0.31)

Funds from Operations, per Common Share - Diluted $ 2.39 $ 2.44

Distributions to Preferred Stockholders (0.21) (0.21)

Funds From Operations Attributable to Common Stockholders per

Common Share - Diluted $ 2.18 $ 2.23

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

Core FFO Attributable to Common Stockholders per Common Share -

Diluted $ 2.09 $ 2.13

Adjustments:

Straight-Line Rent Adjustment (0.03) (0.03)

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 $ 2.21 $ 2.25

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

of Income Tax represents the actual adjustment for the six months ended June 30, 2026. The Company’s outlook excludes projections related to these

measures.

Page 7

Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the second quarter ended June 30, 2026, on

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

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

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

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

Event Details:

Webcast: https://edge.media-server.com/mmc/p/7q5n9ti2

Registration: https://register-conf.media-server.com/register/BIc01825e2bd914f5e81afcd0d4e53232f

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.

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 8

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 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 9

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-

Page 10

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.

Quarter Ended Six Months Ended

June 30, 2026 June 30, 2026

Financial Results

Total Revenues (page 13) $ 43,831 $ 85,004

Net Income Attributable to Common Stockholders (Page 13) $ 13,234 $ 17,561

Net Income per Diluted Share $ 0.38 $ 0.52

Funds from Operations (FFO) (page 14) $ 19,137 $ 36,978

FFO per Diluted Share $ 0.55 $ 1.09

Core FFO (page 14) $ 18,438 $ 35,369

Core FFO per Diluted Share $ 0.53 $ 1.05

AFFO (page 14) $ 19,135 $ 37,373

AFFO per Diluted Share $ 0.55 $ 1.11

Same Property NOI for Shopping Centers (page 15) $ 20,296 $ 36,743

% Growth 10.1% 8.2%

Preferred Dividend Declared per Share $ 0.40 $ 0.80

Common Dividends Declared per Share $ 0.38 $ 0.76

Q2 2026 Core FFO Payout Ratio 71.7% 72.4%

Q2 2026 AFFO Payout Ratio 69.1% 68.5%

Weighted Average Diluted Shares 35,024,642 33,788,343

Debt Metrics

Net Debt to Pro Forma Adjusted EBITDA 5.8x

Net Debt to Enterprise Value 40.8%

Fixed Charge Coverage 3.1x

Property Data

Number of Properties 21

Square Footage 5,822,504

Cash Rent PSF $ 20.67

Leased Occupancy 95.4%

Occupancy 91.4%

2026 Guidance

Core FFO per Diluted Share $2.09-$2.13

AFFO per Diluted Share $2.21-$2.25

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

Results Overview & Guidance

For the three and six month ended June 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 June 30, 2026 and December 31, 2025

(in thousands, except share and per share data)

As of

(Unaudited) June

30, 2026

December 31,

2025

ASSETS

Real Estate:

Land, at Cost $ 298,959 $ 289,012

Building and Improvements, at Cost 799,569 766,371

Other Furnishings and Equipment, at Cost 934 923

Construction in Process, at Cost 8,501 4,091

Total Real Estate, at Cost 1,107,963 1,060,397

Less, Accumulated Depreciation (119,530) (107,268)

Real Estate—Net 988,433 953,129

Land and Development Costs — 300

Intangible Lease Assets—Net 83,791 84,710

Investment in Alpine Income Property Trust, Inc. 51,310 41,324

Commercial Loans and Investments 187,388 104,804

Cash and Cash Equivalents 8,056 6,467

Restricted Cash 35,447 34,652

Deferred Income Taxes—Net 1,307 2,309

Other Assets 49,997 36,207

Total Assets $ 1,405,729 $ 1,263,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable $ 2,245 $ 1,709

Accrued and Other Liabilities 24,322 28,185

Deferred Revenue 25,651 18,802

Intangible Lease Liabilities—Net 31,572 31,486

Income Taxes Payable 51 29

Long-Term Debt—Net 658,705 616,345

Total Liabilities 742,546 696,556

Stockholders’ Equity:

Preferred Stock 47 47

Common Stock 375 324

Additional Paid-In Capital 481,134 382,494

Retained Earnings 175,556 184,886

Accumulated Other Comprehensive Income (Loss) 6,071 (405)

Total Stockholders’ Equity 663,183 567,346

Total Liabilities and Stockholders’ Equity $ 1,405,729 $ 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 quarters ended June 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

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Revenues

Income Properties $ 37,136 $ 33,375 $ 73,716 $ 65,047

Management Fee Income 1,466 1,247 2,815 2,425

Interest Income From Commercial Loans and

Investments 5,229 3,016 8,473 5,977

Total Revenues 43,831 37,638 85,004 73,449

Direct Cost of Revenues

Income Properties (11,126) (10,178) (21,294) (19,069)

Total Direct Cost of Revenues (11,126) (10,178) (21,294) (19,069)

General and Administrative Expenses (4,630) (4,448) (9,707) (9,131)

Provision for Impairment and Adjustment to CECL (1,084) — (763) —

Depreciation and Amortization (15,847) (15,294) (31,803) (29,658)

Total Operating Expenses (32,687) (29,920) (63,567) (57,858)

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

Loss on Extinguishment of Debt — (20,396) — (20,396)

Other Gain (Loss) 2,107 (20,396) 2,107 (20,396)

Total Operating Income (Loss) 13,251 (12,678) 23,544 (4,805)

Investment and Other Income (Loss) 10,765 (3,687) 14,008 (3,112)

Interest Expense (7,783) (6,859) (15,054) (12,995)

Income (Loss) Before Income Tax Expense 16,233 (23,224) 22,498 (20,912)

Income Tax Expense (1,121) (194) (1,181) (245)

Net Income (Loss) Attributable to the Company 15,112 (23,418) 21,317 (21,157)

Distributions to Preferred Stockholders (1,878) (1,878) (3,756) (3,756)

Net Income (Loss) Attributable to Common

Stockholders $ 13,234 $ (25,296) $ 17,561 $ (24,913)

Per Share Information:

Basic and Diluted Net Income (Loss) Attributable to

Common Stockholders $ 0.38 $ (0.77) $ 0.52 $ (0.78)

Weighted Average Number of Common Shares

Basic 34,988,612 32,678,771 33,760,706 32,118,982

Diluted 35,024,642 32,727,831 33,788,343 32,174,574

Dividends Declared and Paid - Preferred Stock $ 0.40 $ 0.40 $ 0.80 $ 0.80

Dividends Declared and Paid - Common Stock $ 0.38 $ 0.38 $ 0.76 $ 0.76

Funds from Operations

For the quarters ended June 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

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157)

Distributions to Preferred Stockholders (1,878) (1,878) (3,756) (3,756)

Adjustments:

Depreciation and Amortization of Real Estate 15,831 15,277 31,769 29,623

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

Provision for Impairment and Adjustment to

CECL Reserve 1,084 — 763 —

Realized and Unrealized Loss (Gain) on

Investment Securities, Net of Income Tax (8,905) 4,549 (11,008) 4,714

FFO $ 19,137 $ (5,470) $ 36,978 $ 9,424

Loss on Extinguishment of Debt — 20,396 — 20,396

Amortization of Intangibles to Lease Income (699) (267) (1,609) (716)

Core FFO $ 18,438 $ 14,659 $ 35,369 $ 29,104

Adjustments:

Straight-Line Rent Adjustment (423) (712) (863) (1,285)

Other Depreciation and Amortization (2) (1) (2) (2)

Amortization of Loan Costs, Discount on

Convertible Debt, and Capitalized Interest 6 318 347 685

Non-Cash Compensation 1,116 1,003 2,522 2,286

AFFO $ 19,135 $ 15,267 $ 37,373 $ 30,788

Per Common Diluted Share:

FFO $ 0.55 $ (0.17) $ 1.09 $ 0.29

Core FFO $ 0.53 $ 0.45 $ 1.05 $ 0.90

AFFO $ 0.55 $ 0.47 $ 1.11 $ 0.96

Supplemental Schedule of Same-Property Net Operating Income

For the three and six months ended June 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

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Base Rents $ 21,443 $ 20,339 $ 38,363 $ 36,525

Expense Recoveries 5,925 5,716 11,041 10,528

Other Income 511 403 1,020 804

Total Revenues 27,879 26,458 50,424 47,857

Operating Expenses (7,583) (8,026) (13,681) (13,906)

Same-Property NOI for Shopping Centers $ 20,296 $ 18,432 $ 36,743 $ 33,951

Same-Property NOI Growth for Shopping Centers 10.1% 8.2%

Same-Property Occupancy 92.6% 90.9% 92.0% 90.8%

Same-Property Leased Occupancy 95.0% 94.4% 94.8% 94.5%

Cash ABR per Square Foot $20.93 $20.84 $21.51 $21.44

Number of Same Properties 14 13

Same-Property NOI Reconciliation Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Net Income (Loss) Attributable to the Company $ 15,112 $ (23,418) $ 21,317 $ (21,157)

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

Loss on Extinguishment of Debt — 20,396 — 20,396

Provision for Impairment and Adjustment to CECL

Reserve 1,084 — 763 —

Depreciation and Amortization 15,847 15,294 31,803 29,658

Amortization of Intangibles to Lease Income 699 267 1,609 716

Straight-Line Rent Adjustment 423 712 863 1,285

Accretion of Tenant Contribution 13 13 26 26

Interest Expense 7,783 6,859 15,054 12,995

General and Administrative Expenses 4,630 4,448 9,707 9,131

Investment and Other Income (10,765) 3,687 (14,008) 3,112

Income Tax Expense 1,121 194 1,181 245

Management Fee Income (1,466) (1,247) (2,815) (2,425)

Interest Income From Commercial Loans and

Investments (5,229) (3,016) (8,473) (5,977)

Other Non-Recurring Items (1) (164) (97) (765) (207)

Less: Non-Same Property NOI (5,982) (4,418) (16,151) (11,441)

Same-Property NOI $ 20,999 $ 19,674 $ 38,004 $ 36,357

Less: Same Property NOI for Other Properties (703) (1,242) (1,261) (2,406)

Same-Property NOI for Shopping Centers $ 20,296 $ 18,432 $ 36,743 $ 33,951

Pro Forma Adjusted EBITDA

Three Months Ended June 30, 2026

(unaudited; in thousands)

Three Months Ended

June 30, 2026

Net Income Attributable to the Company $ 15,112

Depreciation and Amortization of Real Estate 15,831

Gain on Disposition of Assets (2,107)

Provision for Impairment and Adjustment to CECL Reserve 1,084

Unrealized Gain & Realized Loss on Investment Securities, Net of Income Tax (8,905)

Distributions to Preferred Stockholders (1,878)

Amortization of Intangibles to Lease Income (699)

Straight-Line Rent Adjustment (423)

Other Depreciation and Amortization (2)

Amortization of Loan Costs and Capitalized Interest 6

Non-Cash Compensation 1,116

Other Non-Recurring Items (1) (164)

Interest Expense, Net of Amortization of Loan Costs 7,777

Adjusted EBITDA $ 26,748

Annualized Adjusted EBITDA $ 106,992

Pro Forma Annualized Impact of Current Quarter Investments and

Dispositions, Net (2) 2,550

Pro Forma Adjusted EBITDA $ 109,542

Total Long-Term Debt $ 658,705

Financing Costs, Net of Accumulated Amortization 2,095

Cash and Cash Equivalents (8,056)

Restricted Cash (3) (16,761)

Net Debt $ 635,983

Net Debt to Pro Forma Adjusted EBITDA 5.8 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 June 30, 2026.

3. Includes restricted cash to be reinvested through the like-kind exchange structure.

Market Capitalization, Debt Ratios and Liquidity

As of June 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 second quarter 2026 annualized Adjusted EBITDA.

June 30, 2026

Common Share Price $ 21.51

Common Shares Outstanding 37,482

Total Common Equity Market Capitalization $ 806,241

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 $ 924,068

Total Debt Outstanding $ 660,800

Cash and Cash Held in Like-Kind Exchange Escrow Accounts (24,817)

Net Debt $ 635,983

Total Enterprise Value $ 1,560,051

Net Debt to Pro Forma Adjusted EBITDA1 5.8 x

Net Debt to Total Enterprise Value 40.8%

Fixed Charge Coverage Ratio 3.1 x

Cash and Cash Held in Like-Kind Exchange Escrow Accounts $ 24,817

Available under Unsecured Credit Facility 107,000

Total Liquidity $ 131,817

Debt Summary

As of June 30, 2026

(unaudited; dollars in thousands)

Any differences are a result of rounding.

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

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

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

Indebtedness Outstanding Face Value

Weighted Avg.

Rate

Initial Maturity

Date Type

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

Revolving Credit Facility 1 143,000 5.13% Jan. 2027 Floating

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

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

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

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

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

Total / Weighted Average $660,800 4.60%

Year Outstanding

Weighted

Average Rate

% of Debt

Maturing

Cumulative % of

Debt Maturing

2026 $17,800 4.06% 3% 3%

2027 293,000 4.36% 44% 47%

2028 100,000 5.18% 15% 62%

2029 125,000 4.67% 19% 81%

2030 125,000 4.69% 19% 100%

Total / Weighted Average $660,800 4.60% 100%

Real Estate Portfolio Capital Investments

For the quarters ended June 30, 2026 and 2025

(unaudited; dollars in thousands)

Any differences are a result of rounding.

Three Months Ended

June 30,

Six Months Ended

June 30,

2026 2025 2026 2025

Leasing & Maintenance Capital Expenditures

Capital Expenditures $ 998 $ 215 $ 1,922 $ 647

Tenant Improvement Allowances 2,060 858 2,307 1,127

Leasing Commissions 580 505 1,443 889

Total Leasing & Maintenance Capital Expenditures $ 3,637 $ 1,578 $ 5,671 $ 2,663

Value Enhancing & Other Capital Expenditures

Acquired Vacancy $ 197 $ 134 $ 1,103 $ 207

Anchor Repositioning 1,286 240 1,341 244

Outparcel Developments 119 98 405 108

Property Repositioning & Other 4,545 131 5,742 148

Top Tenant Summary

As of June 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 June 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 5 276 4.7% $4,269 3.9%

Best Buy BBB+ 5 187 3.2% 3,038 2.8%

AMC CCC+ 2 134 2.3% 3,015 2.7%

Fidelity BBB 2 122 2.1% 2,583 2.3%

Ross/dd's Discount A- 7 194 3.3% 2,513 2.3%

Nordstrom Rack BB 4 145 2.5% 2,468 2.2%

Burlington BB+ 5 175 3.0% 2,206 2.0%

TJ Maxx/HomeGoods/Marshalls A 6 177 3.0% 2,161 2.0%

Barnes & Noble NR 4 102 1.8% 1,887 1.7%

Southern University NR 1 60 1.0% 1,715 1.6%

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

Academy Sports & Outdoors BB+ 2 129 2.2% 1,497 1.4%

PetSmart B+ 4 78 1.3% 1,302 1.2%

Hobby Lobby NR 2 110 1.9% 1,279 1.2%

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

Bob's Discount Furniture NR 2 86 1.5% 1,206 1.1%

DSW Shoe Warehouse NR 4 69 1.2% 1,164 1.1%

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

Floor & Decor BB 1 75 1.3% 1,047 1.0%

Old Navy BB+ 3 59 1.0% 904 0.8%

Other 538 2,986 51.3% 71,766 65.3%

Total Occupied 600 5,320 91.4% $109,981 100.0%

Vacant - 502 8.6%

Total 600 5,823 100.0%

Retail Leasing Activity

For the trailing twelve months ended June 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

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

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

Total / Wtd. Avg. 82 623 $21.46 $18.54 15.8% 6.2 $12.02

New Leases – Comparable

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

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

Total / Wtd. Avg. 17 86 $34.09 $22.53 51.3% 10.1 $83.37

Renewals & Extensions – Comparable

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 -

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

Total / Wtd. Avg. 65 536 $19.43 $17.90 8.6% 5.1 $0.54

Total Comparable and Non-Comparable

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

Q3 2025 24 142 $23.00 NA NA 6.6 $7.80

Total / Wtd. Avg. 97 697 $22.74 NA NA 6.9 $25.02

Lease Expiration Schedule

As of June 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 2 40 0.8% 603 0.5% $15.09

2027 8 267 5.0% 3,068 2.8% $11.47

2028 21 821 15.4% 13,328 12.1% $16.23

2029 14 558 10.5% 5,586 5.1% $10.02

2030 8 218 4.1% 3,285 3.0% $15.10

2031 18 515 9.7% 8,341 7.6% $16.19

2032 11 364 6.8% 4,465 4.1% $12.28

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

2034 9 251 4.7% 4,900 4.5% $19.51

2035 10 203 3.8% 4,236 3.9% $20.87

Thereafter 11 367 6.9% 7,366 6.7% $20.07

Total 116 3,680 69.2% $56,537 51.4% $15.36

Small Shop Tenants

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 25 61 1.2% 1,704 1.5% $27.76

2027 69 206 3.9% 6,055 5.5% $29.33

2028 66 231 4.3% 7,745 7.0% $33.51

2029 55 186 3.5% 5,904 5.4% $31.73

2030 56 207 3.9% 6,135 5.6% $29.59

2031 66 230 4.3% 7,144 6.5% $31.00

2032 38 134 2.5% 4,735 4.3% $35.36

2033 36 120 2.3% 4,314 3.9% $35.81

2034 24 87 1.6% 3,459 3.1% $39.97

2035 27 85 1.6% 3,083 2.8% $36.33

Thereafter 22 91 1.7% 3,165 2.9% $34.60

Total 484 1,640 30.8% $53,444 48.6% $32.59

Total

Year

Leases

Expiring Expiring SF % of Total Cash ABR % of Total

Cash ABR

PSF

2026 27 101 1.9% 2,307 2.1% $22.76

2027 77 474 8.9% 9,123 8.3% $19.25

2028 87 1,052 19.8% 21,073 19.2% $20.02

2029 69 744 14.0% 11,490 10.4% $15.45

2030 64 425 8.0% 9,420 8.6% $22.17

2031 84 746 14.0% 15,485 14.1% $20.77

2032 49 498 9.4% 9,201 8.4% $18.49

2033 40 197 3.7% 5,673 5.2% $28.85

2034 33 338 6.3% 8,360 7.6% $24.76

2035 37 288 5.4% 7,319 6.7% $25.42

Thereafter 33 458 8.6% 10,531 9.6% $22.97

Total 600 5,320 100.0% $109,981 100.0% $20.67

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

For the six months ended June 30, 2026

(unaudited, dollars and square feet in thousands)

Any differences are a result of rounding.

Investments Type Date Square Feet

Price /

Commitment

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

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

Total Property Acquisitions 551 $137,850

Investments Type Date Coupon Commitment

Southwest Class A Retail Center Pref. Equity Apr. 2026 12.0% 75,000

Whole-Foods Development Pref. Equity May 2026 12.0% 21,400

Total Structured Investments 12.0% $96,400

Grand Total Investments $234,250

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 June 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 94.6% 100.0% $19.79

Florida

Pompano Citi Centre Fort Lauderdale 1971/2006 34 509 91.4% 93.3% $17.21

The Strand at St. Johns

Town Center Jacksonville 2017 52 211 100.0% 100.0% $26.77

Marketplace at Seminole

Towne Center Orlando 2006 41 320 84.3% 99.4% $21.12

Millenia Crossing Orlando 2009 11 103 84.8% 97.3% $25.76

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

Total / Weighted Average 146 1,246 91.2% 96.9% $20.27

Georgia

The Collection at Forsyth Atlanta 2006 69 565 88.1% 93.3% $23.59

Ashford Lane Atlanta 2005 44 277 96.6% 96.6% $33.84

The Exchange at Gwinnett Atlanta 2021/2023 16 97 98.3% 100.0% $38.45

Ashley Park Atlanta 2004 61 559 96.3% 96.3% $16.97

Total / Weighted Average 190 1,499 93.4% 95.5% $24.02

North Carolina

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

Beaver Creek Crossings Raleigh 2005 52 322 100.0% 100.0% $19.04

Total / Weighted Average 124 1,016 88.3% 88.3% $17.30

Texas

Plaza at Rockwall Dallas 2007 42 444 99.7% 100.0% $14.67

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 93.8% 98.0% $18.47

Total / Weighted Average 124 1,196 97.6% 99.1% $17.62

Virginia

West Broad Village Richmond 2007 33 392 91.0% 91.7% $25.73

Total Shopping Centers 648 5,570 92.7% 95.2% $20.53

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

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

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

Total Portfolio 681 5,823 91.4% 95.4% $20.67

Geographic Diversification

As of June 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 26% $33,619 31% $157,943 161,690

Florida 8 1,286 22% 24,904 23% 105,124 208,921

Texas 4 1,196 21% 20,557 19% 121,230 214,287

North Carolina 2 1,016 17% 15,515 14% 154,967 177,879

Virginia 1 392 7% 9,178 8% 154,649 178,579

Arizona 1 222 4% 4,149 4% 163,525 320,413

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

Total 21 5,823 100% $109,981 100% $137,056 189,816

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 26% $33,619 31% $157,943 161,690

Dallas, TX 2 596 10% 10,275 9% 145,510 201,293

Charlotte, NC 1 694 12% 9,382 9% 149,924 202,342

Richmond, VA 1 392 7% 9,178 8% 154,649 178,579

Orlando, FL 3 452 8% 8,816 8% 112,411 181,409

Fort Lauderdale, FL 1 509 9% 8,007 7% 105,521 250,967

McAllen, TX 1 399 7% 6,917 6% 85,156 199,512

Raleigh, NC 1 322 6% 6,132 6% 162,683 140,451

Jacksonville, FL 1 211 3% 5,653 5% 100,232 203,742

Phoenix, AZ 1 222 4% 4,149 4% 163,525 320,413

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

Albuquerque, NM 1 212 4% 2,058 2% 73,504 50,473

Tampa, FL 1 102 1% 1,415 1% 101,705 233,394

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

Total 21 5,823 100% $109,981 100% $137,056 189,816

Other Investments

As of June 30, 2026

(dollars in thousands, except for per share data)

Any differences are a result of rounding.

1. Based on announced Q3 2026 quarterly dividend per share of $0.32.

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 as of June 30, 2026

3. Represents 9.00% cash coupon plus 3.00% paid-in-kind interest

4. 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

Q2 2026

Annualized

Dividend Income

Alpine Income

Property Trust 2,472 $20.76 $51,310 $1.281 $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%

Rivana2 Sep. 2024 Sep. 2028 59,450 44,130 11.62%

Whole Foods Development – Northeast3 May. 2026 Oct. 2027 21,363 21,460 12.00%

Whole Foods Development – Forsyth, GA Nov. 2024 May. 2027 40,200 21,268 12.15%

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

Series A Preferred Investment Jul. 2024 NA4 10,000 10,000 14.00%

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

Total Structured Investments $226,763 $192,608 11.69%

2026 Guidance

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

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

impact from income producing acquisitions and dispositions.

Current Previous

Core FFO Per Diluted Share1

$2.09 to $2.13 $2.06 to $2.11

AFFO Per Diluted Share1

$2.21 to $2.25 $2.19 to $2.24

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) $300 to $400 $175 to $250

Same-Property NOI Growth for Shopping Centers2 5.0% to 6.0% 3.5% to 4.5%

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

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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