CTO Realty Growth, Inc. (NYSE:CTO) Q4 2022 Earnings Conference Call February 24, 2023 9:00 AM ET
Company Participants
Matt Partridge - Chief Financial Officer
John Albright - Chief Executive Officer & President
Conference Call Participants
Gaurav Mehta - EF Hutton Group
Rob Stevenson - Janney
Floris van Dijkum - Compass Point
Matthew Erdner - JonesTrading
Michael Gorman - BTIG
Operator
Thank you for standing by, and welcome to the CTO Realty Growth Fourth Quarter and Year-End 2022 Operating Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s conference call is being recorded.
I will now turn the conference to your host, Mr. Matt Partridge, Chief Financial Officer. Please begin.
Matt Partridge
Good morning, everyone, and thank you for joining us today for the CTO Realty Growth fourth quarter and year-end 2022 operating results conference call. With me today is our CEO and President, John Albright.
Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.
Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, earnings release, supplemental and most recent investor presentation on our website at ctoreit.com.
With that, I’ll now turn the call over to John.
John Albright
Thanks, Matt, and good morning, everyone. Our activity during the fourth quarter capped off another record year, which resulted in full year core FFO per share growth of 35% and full year AFFO per share growth of 26%. The fourth quarter was especially noteworthy because it was our largest quarter ever in terms of investment volume and included the first follow-on equity offering in the history of the company, while 2022 was very productive across all aspects of our business, and I'll highlight a few of the more notable accomplishments.
Excluding the fourth quarter acquisitions, we signed new leases, renewals and extensions on 8% of the total portfolio square feet at an average cash rent of more than $31 per square foot. We grew same-property NOI by 13%. Total investments were a record $375 million, meaningfully derisk our balance sheet by match funding our fourth quarter acquisition activity, and extending all of our debt maturities out to $2.25 or beyond, grew our common cash dividend by 12% year-over-year and we delivered 2022 total shareholder return in the top quartile of the entire REIT industry, including outpacing most of our retail-focused peers.