CTO Realty Growth, Inc. (NYSE:CTO) Q2 2024 Earnings Conference Call July 26, 2024 9:00 AM ET

Company Participants

John Albright - Chief Executive Officer and President
Philip Mays - Senior Vice President, Chief Financial Officer and Treasurer

Conference Call Participants

R.J. Milligan - Raymond James
Gopal Mehta - Alliance Global Partners
Rob Stevenson - Janney Montgomery and Scott
Matthew Erdner - Jones Trading
John Massocca - B. Riley Securities
Michael Gorman - BTIG

Operator

Good day, and thank you for standing by. Welcome to the CTO Realty Growth Second Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question 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, John Albright, President and CEO. Please go ahead.

John Albright

Good morning, everyone, and thank you for joining us today for the CTO Realty Growth second quarter 2024 operating results conference call. I am pleased to have Phil Mays, our new Chief Financial Officer joining me this morning.

Before we begin, I'll turn it over to Phil to provide the customary disclosures regarding today’s call. Phil?

Philip Mays

Thanks, John. I would like to remind everyone that many of our comments today are considered forward-looking statements under federal securities laws. 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 will turn the call back over to John.

John Albright

Thanks, Phil. We had another strong quarter in all areas of our business. This morning I will provide a brief overview of our second quarter results and highlight the strong leasing environment, investment opportunities we are seeing.

As of quarter end, over 70% of our rents come from Georgia, Texas, and Florida and we continue to see the benefits of owning a high quality portfolio of shopping centers located in strong growth markets in the Southeast and Southwest.

Starting with our operating business, we had another successful quarter of leasing activity. In the second quarter, we signed 79,000 square feet of new leases, renewals and extensions at an average rent of $25.87 per square foot, bringing our leasing activity to 183,000 square feet at an average rent of $26.58 per square foot for the first half of 2024. This leasing activity was spread across our portfolio, but heavier set Ashford Lane in Atlanta and West Broad Village in Richmond.