CTO Realty Growth, Inc. (NYSE:CTO) Q3 2024 Earnings Conference Call October 25, 2024 9:00 AM ET

Company Participants

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

Conference Call Participants

Rob Stevenson - Janney Montgomery and Scott
Craig Kucera - Lucid Capital Markets
John Massocca - B. Riley Securities
R.J. Milligan - Raymond James
Gaurav Mehta - Alliance Global Partners

Operator

Good day, and thank you for standing by. Welcome to CTO Realty Growth's Third Quarter 2024 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 today's conference is being recorded.

I would now like to hand the conference over to your host 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 third quarter 2024 operating results conference call. I'm joined today by Phil Mays, our Chief Financial Officer. Before we begin, I'll turn it over to Phil to provide a customary disclosure regarding today's call. Phil?

Phil 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 our 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 over to John.

John Albright

Thanks, Phil. I'm pleased to report on another strong quarter with significant accomplishments across all areas of our business. In the quarter, we invested $191.3 million at a weighted average yield of 9.5%, including $137.5 million for a 3-property portfolio of shopping centers located in North Carolina and Florida. On the leasing front, we signed more than 200,000 square feet of new leases, renewals and extensions at an average rent of $21.17 per square foot, bringing our year-to-date leasing activity to 385,000 square feet at an average rent of $23.74 per square foot.

Our comparable lease spreads were 12% in the third quarter and 26% in the first 9 months of 2024. Notable new leases included approximately 24,000 square feet leased to the Picklr, a pickleball facility replacing the former Earth Fare at the collection of Foresight and 20,000 square feet of the former WeWork space to the Legacy Club, a high-end membership-only social club at the Shops at Legacy.