CTO Realty Growth, Inc. (NYSE:CTO) Q3 2022 Earnings Conference Call October 28, 2022 9:00 AM ET

Company Participants

Matt Partridge - Chief Financial Officer

John Albright - Chief Executive Officer & President

Conference Call Participants

Gaurav Mehta - EF Hutton

Rob Stevenson - Janney Montgomery Scott

Matthew Erdner - JonesTrading

Craig Kucera - B. Riley Securities

Michael Gorman - BTIG

Operator

Good day and thank you for standing by. And welcome to CTO Realty Growth Inc. Q3 2022 Earnings 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] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Matt Partridge, Chief Financial Officer. Please, go ahead.

Matt Partridge

Good morning, everyone, and thank you for joining us today for the CTO Realty Growth third quarter 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. I'm very pleased with our team's strong execution during the third quarter across all phases of our business. We opportunistically sold several legacy properties, including our multi-tenanted office property. And as we discussed during our last earnings call, we invested it into our first public-anchored asset Madison Yards in Atlanta Georgia.

We also completed a number of capital markets transactions that fortified our balance sheet, continue to have good success with our leasing initiatives and drove more than 36% year-over-year AFFO growth during the quarter.

On top of it all, we had a nice start to the fourth quarter with our acquisition of West Broad Village in Richmond Virginia, which is a very high-quality property that we believe has great long-term upside.