CTO Realty Growth, Inc (NYSE:CTO) Q4 2023 Earnings Conference Call February 23, 2024 9:00 AM ET

Company Participants

Matthew Partridge - Chief Financial Officer

John Albright - President and Chief Executive Officer

Conference Call Participants

Floris Van Dijkum - Compass Point

Robert Stevenson - Janney Montgomery Scott

Matthew Erdner - JonesTrading

John Massocca - B. Riley Securities

R.J. Milligan - Raymond James

Michael Gorman - BTIG

Operator

Good day, and thank you for standing by. Welcome to the CTO Realty Growth Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Matthew Partridge

Good morning, everyone. Thank you for joining us for the CTO Realty Growth Fourth Quarter and Full Year 2023 Operation 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, quarterly supplemental and those 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. We had a terrific fourth quarter of execution in nearly all aspects of our business, resulting in core FFO and AFFO per share growth of 41%, which was meaningfully ahead of our expectations and consensus estimates.

Our strong fourth quarter drove a significant beat above the top end of our previously provided full year guidance, fueled by fourth quarter same-property NOI growth of 4.7%, better-than-expected tenant retention and property level NOI at some of our more recently acquired properties that are not included in our same-property statistics. Continued strength in leasing, where we generated comparable rent spreads of nearly 18% during the quarter and 7.5% for the year and beneficial timing related to the flurry of dispositions we had to finish 2023.