CTO - Earnings call 4 2023 | CTO Realty Growth, Inc.

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Operator

Good day, and thank you for standing by. Welcome to the CTO Realty Growth Fourth Quarter 2023 Earnings Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

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

Matthew Partridge

Full Results Good morning, is Realty and CTO us our for XXXX everyone. Thank John you Growth for CEO and Fourth Albright. me Call. With Conference joining President, the Year today Operation Quarter

filings. undertake risks in discussed actual remind no are results from Before materially forward-looking Factors the securities and duty federal to statements time update to many these SEC XX-K, expectations future detail greater these may our to significantly that everyone statements. in and company's differ results we Form disclosed matters from to and begin, I'd XX-Q company's comments statements, of actual the under could time law. that like in we from cause today considered forward-looking Form differ The are other

earnings find to With investor website on our our SEC can turn You call quarterly now reports, recent those supplemental presentation I'll the ctoreit.com. in at release, that, John. over

John Albright

Thanks, business, ahead good in consensus of which growth meaningfully quarter XX%, aspects fourth expectations nearly our FFO all had of our We Matt, of a estimates. morning, in AFFO per execution core was and share and and of resulting terrific everyone.

X.X%, our our some Our not are same-property tenant the year at our of acquired previously same-property retention in significant guidance, quarter NOI strong provided and recently level of fueled beat quarter better-than-expected statistics. a top properties fourth growth included NOI full drove property above end of more by that fourth

and had and of nearly generated X.X% spreads to to the we quarter flurry XX% the leasing, finish beneficial in Continued related where of we rent XXXX. timing strength for the year dispositions during comparable

that departures a we've quarter way into the see of last very we team we're early momentum some XXXX, months. with year. tenant unexpected worked where carry had our of pleased couple continuing the as happy to I'm first way positive say forward back from to I'm executed strong Overall, our

for $XX.XX nearly retail during This of XXX,XXX have The that of extensions, foot per people this in or the for quarter and balance activity that was the our supply-demand rent is put achieved options drive many our least second quarter. into XXXX. helped a renewals, tailwind than rents evidenced signing an of perspective, by foot. square quarters per square the To feet third strong multiyear leases new leasing highlighted as value average at the of XX% higher square average first, fourth

push the leading the quality In relatively J.Crew. activity fourth Foresight widespread than the during most brands rents REI, the and more UBS, Broad as and such coming Ford's was from Village, our Garage rates, Fidelity, addition of to seeing leasing and ability of quarter with to collection half at West

rents growth over cash some and comparable so XX% XXXX When lapped acquired we on Our expiring when of versus base signed the in benefit going disruption. in rents more even to same-store natural vacancy, is we'll help push new the the full leases in timing get larger of XXXX. NOI

growing. allowed X% For but signed, the in sign year, open lease-up the cash-based targeted it's and X.X totaling not nearly our demographics of pipeline square resulting the our of strategies us full more quality leases feet and strong rent portfolio than locations, million to of

to occupancy, occupied ended given at been that assets. of finishing leasing occupancy We and both to our a which XXX% are year with to we've XX.X%, selling a increased XX.X% the leased activity largely testament modest increase

Arizona, and a Town in a single-tenant Nevada, retail Worth, at outparcels X Chandler, remaining community sold Crossroads single-tenant shopping Fort we or of quarter, office Henderson, $XX dispositions Texas, fourth small average weighted a million the X of X our X.X%. These our properties at exit property rate retail center format During cap in X Center in properties. included

of X generated year, average the for at million $XX of rate exit $X.X cap a weighted For million. properties total we gains and X.X% full sold of sales

relatively it On period. was the quiet a investments front,

we investments cap sales. However, retail cash properties and aggregate, higher originated throughout X a exit land invested on blended invested by million. was million above X $XX $XX rates X that negatively first our notably totaling and cap X which the X.X%, parcel office in property we've XXXX into XXXX, of yield impacted In going-in mortgage disposition is rate

Mexico portfolio we're properties the are and I'm retail market. excited dry to opportunities a million. a under powder larger this and XXXX anticipate shift will book acquire Fe, our of sell more $XX core the quarter, of us to before in with sales our the from on from to activity From combined focus We mixed-use about on financing very restricted New property format cash seller transaction end and our our As close close that contract this Santa seeing nonrefundable XXXX, and with proceeds investment in office we the the strategy. we most recent the for in recent give deposit sale are sale, the some the perspective, proceeds

some a concept, Broad Chão Village opened very month. at strong to food Ashford opened put just the Row context around established early at Sam week de Lane XXXX culinary To a Politan In hall restaurant well-known experience momentum, Atlanta this dropout last in reception in Richmond. positive and both and Fogo Fox West

tenants base combined Together, rent. million $X.X approximately X in for annual these just

to at proceeds signed of sold is acquisition. into addition, same million, $X remaining week, investment interest the we producing non-income intend the the In we ago redeploy tax a past to gross we for than we In on which week, XX in our ground lease undeveloped subsurface acres just Foresight. that efficiently less purchased collection months the an adjacent X

our more then results portfolio, financial XXXX some regarding Matt? up into go provide that, it for questions. With let we'll our about guidance, Matt details I'll and highlight specifics XXXX and open

Matthew Partridge

states year the properties of space XX totaling with and X.X in feet markets. ended square We John. XX million Thanks, X leasable

and concentrated areas other and be XX% North Dallas to the of and fastest-growing higher of our continues growth rent, base our the representing majority such portfolio the Carolina. some Texas, Arizona in are states as Florida, with of annualized Sunbelt Atlanta population Our in of markets now

Recent [indiscernible] Whole our exposure XXXX. than Maxx XX top to continues with our as T.J. have in portfolio to to allowed activities list XXXX, office disposition tenants. And year-end solidified stand-alone at Fidelity in to quality less Best top all increase the at Buy, us Goods, year-end Darden Goods, Sporting Publix, X% Restaurants, Foods, and decrease compared Home XX% AMC, tenant Dick's

share with fourth of acceleration quarter for in fourth the of share per core fourth representing fourth Our consecutive quarter of at $X.XX demonstrating AFFO XXXX. quarter the its increase surpassed earnings XXXX XXXX quarter per was representing of XX.X% share, and XX.X% quarter the coming per to $X.XX a increase fourth XXXX compared expectations FFO over a

tenant in and of full who fees related income lease lease-up the Ashford A most AFFO and benefited from better X.X% better rents Beach interest growth higher our same-property flow-through Lane, strong acquired increase year and year-over-year size investments structured and vacated, in tenants, of restaurants FFO previously and dividend core notably Daytona and at comparisons driven NOI by NOI, of QX the many percentage retention, at benefits the income. management from portfolio, repositioning recently increased to termination rents properties. makeup our our payments and from

The higher as expense taxes our effects common as increased strength the our year equity offset in interest December by full partially and of was XXXX income results raise. well

of the share of the since share, per record accounting to split X-for-X the impact stock growth to XXXX $X.XX represents converted a REIT $X.XX in was per core per FFO a XXXX, For AFFO an company representing share in year-over-year year, was the for respectively, year X%, share in X% After per all-time when XXXX. for compared AFFO and and XXXX. it

in dividend XXXX is company a As per yield of year XX% company's fourth March of on XX quarter approximately attractive we the week, of the first which annualized AFFO December, X.X%. declared quarter regular $X.XX shareholders cash the $X.XX represents very $X.XX consecutive earlier and XXth cash of declaring XXXX common share, of regular payable QX per common share previously resulting to stock on payout XX. is dividend record dividend announced, This current a per company March ratio a the of this its and in share paid a

than at $XX.XX stock cost preference, also During quarter, fourth the shares of at per of common to discount which of per more share. effective Series XX% capital XX,XXX maintained has our price over yield an on and an A an our to we liquidation Preferred Stock repurchasing of This a allocation, our of average opportunistic XX,XXX repurchased X.X%. approach $XX.XX represents annualized price average shares we share,

a the into between balance As sheet an swap part fix rate forward average agreement swap interest new January interest million interest nearly XXXX variable at management, period entered XXX of rate starting approach to of rate basis and and $XX This a all to X.XX% below for SOFR fixed XXXX. locks we February at exposure fixed interest sheet our on is rate. rate of approximately current all-in balance X.XX%, rate our points current in which of the remaining floating our

and to our debt forma year X.Xx. XX% to to value EBITDA total improved with quarter-over-quarter the of net ended We debt enterprise net pro

opportunistic sale, proceeds in of With Fe cash, commitments the from we're revolver from undrawn anticipated as total million well the more the transactions positioned and Santa market $XXX to year. cash well restricted liquidity property be available than as this our

share. cap at $XX $XXX X.XX% to our XXXX and to per diluted million $X.XX diluted X.XX% rate AFFO between exit to guidance a of Turning guidance, sales average to $XXX between $XXX asset million to our and weighted yield investment is $X.XX $X.XX per between a assumes million and share, be core investment to X.X% between disposition at FFO initial and we weighted be average activity X.XX%. million forecasted $X.XX and anticipating We're expect of

assumptions conservatively flow dispositions investments the Our assumptions very includes for timing of to contemplates which XXXX, and lease-up disruption current our for also strong portfolio. related the cash

between basis for year-end, XXX occupancy would implying XXXX. be XX% account Before which transaction XX% activities, by points the XXX during approximately into be strong gains of projecting we're year, and taking leased tailwind a our to to

Both expected occur of tenants XXXX XXXX NOI there disruption most to X% drags XXXX commence. between replacement will rent when reverse to be these is that materially XXXX. in is expectation some timing and growth incremental in are loss the in X%, between WeWork the Same-property expirations our and which in to and our rent from by forecasted impacted provide of when lease increase known

level As any maintained additional part currently is of share and rate, property our XXX and not loss projecting consistent we're run credit assumptions, points which of repurchases. historical revenue, with or XX our basis guidance we've issuances reserves between

more potential or our John but rent mentioned, rent. current grow, momentum, technology representing not than of base the a a benefits million for our of upside asset XXXX. to the milestone the to open, as setting the potential guidance our our continues X% cash transactions with incremental finally, of initiatives, Combined pipeline positive we're And signed from and portfolio's from stage timing leasing for SNO in $X.X XXXX future-based our the strong year and of management long-term

that, now for operator to over it the back With the open line questions. turn I'll to

Operator

Dijkum first Instructions] question comes line Van Point. with Compass Our the [Operator from of Floris

Floris Gerbrand van Dijkum

lot you obviously, a got we're of things happy. John, moving and guys

some think probably exposure, today. you get of unloved to markets which investors in of be the appears I to see that are office happy rid

Atlanta, talk of could to in initiatives? bringing forward investors uplift are the same in initiatives underway I thing your kind going Dallas what could from that if about kinds management the in-house that bit and doing, you've these expect including do you of steps there Maybe property been believe, other a little

John Albright

on eye Food really opened, ground we've people on all And our restaurant have and we very team Matt uplift. Culinary do about having It's I'll that Yes. and the has some lot critical as to helpful. the us, the openings given owner's let ground there. been has these and an Hall on have Politan successful a just expanding been Dropout with properties efficiencies with in open. talk and of there there, structure, as very But an beneficial Thanks, Floris. people Atlanta far to and just just people had especially just

in with process. starting down don't We road. of have as And could we're well but regards there opportunity of Dallas, a little you quite the see to as that bit as large that presence Atlanta, a sort

Matthew Partridge

some From I Matt. perspective, $X.XX more economies least contracts entire and that's think probably getting a team terms for at the market. to portfolio $X.XX an scale focused Floris, in share, out in without bidding of the a provides probably cohesive Atlanta it's of uplift

probably that there's to So to upside $X.XX. $X.XX

Floris Gerbrand van Dijkum

And the it's SNO think -- includes ABR. online? timing that WeWork pipeline, as of bit you Carolina. But those on or I does if not does timing million backfills spaces can $X.X The us North that in well. indicated happening give in a follow little also that it's those? is your maybe if And X% coming include -- the presumably backfilling for of theater and what's X color could particular you of the I around -- more through When the ABR, on

Matthew Partridge

Yes. the WeWork backfill talk on timing, color I'll on Regal. give about little of let the a bit John and I'll

So Dropout about Culinary it Chão XX% rest timing-wise, this The mentioned of couple of weeks. Row, XQ pipeline. probably Fogo Politan QX, late all that is and de weighted. opened of That's John the past

XXXX. benefit have to versus will XXXX disproportionate it a So

John Albright

And are as regards on where particular tenants. we with

there we're had we've a -- been So forth going we've basically Regal and X on back tenant. and to tenants, different with theater

of kind soon. in very see that you So motion should

backfill And on to try these, larger going. really up to while, regards But you as to and the so that. to process. year. the that is had probably process tenant WeWork, across shorten have all get it's In tenants. approval campus especially with the get get and better getting other tenants running but We Obviously, remember, this permit to take we've of that's the do certain just of really nice it's we've had a open drawings, tours companies. With several jurisdictions year, a heard, on with

of space full a for of of there's So There's space. space. tenants tenants X/X couple a there out for the half the there the or couple

to anxious So we're a lead. get very

know brokers that. our so And

a won't so over let deal And small die issues. we

So tenants market. the we're aggressively in pursuing

Matthew Partridge

are And you Floris, SNO Neither our of correct. just are in today. . to on those that, piggyback spaces pipeline

Floris Gerbrand van Dijkum

it. Got

fairly to with foot space $XXX the to box, WeWork re-tenant particularly if that say, safe So should it assume splitting re-leasing the to have there. space? cost maybe with just going a high because, retenanting end a a or follow-up that might square should on up you're box costs, as again, a theoretically that's space I Is you potentially to

John Albright

Definitely, realm. be the that in could

is I think ago, maybe that that And assumption. would than a XXX very it of would X fitness earnings space. call months -- a space, been But have XXX. more on wanted the when we I do you with whole be conference north ago, that, higher special, will say talked about negotiating on this X call safe safe if traditional we something were that's tenant office and months but

Floris Gerbrand van Dijkum

make to assumption safe well? Regal be as for that would the And that space

John Albright

as high as but quite not shy a it's bit little WeWork, that. It's of

Operator

Stevenson come Montgomery next Our question Janney with will from the line of Rob Scott.

Robert Stevenson

that Is is the a theater Regal a concept? different retenanting or

John Albright

a So a interest, there There -- concept. has been it's theater different concept. different but it's

Robert Stevenson

Okay. theater converting than given a the stuff? all of use some longer Is if take year, to and a sort other that floors going or you're that of slope

John Albright

permitting, it of would if year because a should take It a year, not but take take year. didn't permitting you have a -- would it

Robert Stevenson

stuff in include that the fourth Matt, $X.X on that in all pay Or 'XX. in that you full that then, worth but opened a coming not stuff And have of rent? quarter's was does may that didn't December, helpful. quarter? That's Okay. the online talked Is about million open

Matthew Partridge

primarily, That's has both. yet. combination Yes. going a be of stuff it's going not come that be to online to But

Robert Stevenson

But Okay. for includes that. rent and a December leases we to things whatever adjustment get pro need paying any that that in like to started forma

billion? that's included that think, in $X.X I

Matthew Partridge

right. That's

Robert Stevenson

known at material early move-outs any in 'XX Okay. then point? Perfect. this And or 'XX

Matthew Partridge

known move and out, early late Just April. Regal is only the be will that March,

Robert Stevenson

and XXX% some then in how the replace market where yielding about for NOI Mexico? Fidelity mean, point? occupied office New that versus you that's at able And to thinking are Okay. the assets being I guys given in asset

John Albright

Yes.

more what appropriately. of think be would it I kind so it concern, your address can So well, -- Rob, about would I

Robert Stevenson

the that it's you to great Well, decide sort -- not looking first market as but at has at are -- it A looking a in at if you here spread? a what little assets, rate you marketplace point cap you're having in bit of of some a 'XX, sell all, for also, likely to are what with tenants. credit been if a quality asset, which But an office that's is single-tenant better

you to basis you where XXX, going Are -- is et of up cetera. the to proceeds, wind going points wide XXX that redeploy being can

So as going thinking are you that market what both as that about as -- do see forward? well how for the replacing NOI you

John Albright

Yes.

Okay.

there last actually just was I So for out this market And week. here in the real granular you. getting

know, by master-planned So Base. Sandia [indiscernible] Kirkland since Air our community I Force it's last don't asset. in office so as Labs, But you right by it's -- you the National the hope mind. the

infrastructure, spending lot lot and big [indiscernible] as both a to So want getting as to those Albuquerque as be government place in close the a of they of interest money be. you're area, and is is on of the contractor the possible

separate additional campus. $X a talk construction studios. with building, about for that complex. Netflix It's it's the is construction still for that homes. And billion. whole construction lots There's is from building and only under under in for separated we so iron X X X,XXX They're multifamily basically could building office spending X-story Fidelity buildings movie be -- homes. the under the Fidelity There's as

for There that's maybe the There's X hotel for especially in hotels planned to Netflix a the X [indiscernible] homes. business. going are

an solar complex, a into a to energy basically going the [indiscernible]. Australian that have Fidelity street is helium build from across You right you facility that's a company manufacturer coming have and

that, is be with lot maybe a valuable can So for us sale discussions doing where building. said to basis. more we're better a extension in it more with Fidelity about lot that a the Fidelity and market the aspect, better an on and getting with marketable Having lease, the

people it lot replace, of but to a like because and anything office building. to feel sell building, we where it it that as could of we it, monetization, of Class had new sort big -- energy that one's easy on will to neutral build a into building we If A the the you crazy Forest and contractors of is based income then coming call And an [indiscernible] be and the energy, and to kind going of City, a as just income little for be come you now tenants. it, know, would replace water there's accretive it's in a a basically sell clean wouldn't capital, no be sell loss sort of to bit built area growing and or Albuquerque like not by kind the as government building it

little was if you. So for bit too sorry a that long

Robert Stevenson

No, I no, last that was helpful. And regarding tenants. my then guess question

were those to top you Is If does data how how that it assets with pretty the dependent theater you you're look well? assets? dispose how Saturday it less cetera, Fidelity, food tenant, theaters Is traffic becomes your more thinking whatever of getting blockbusters or and seeing et AMC quickly those Friday, weak? to back more nights, released? doing still they today? How on -- -- on get are are about those guys Are

John Albright

Yes.

I So XX of of we was the doing the Atlanta I and very our to fourth was a last Yards. week. for with around talked and manager and little tour the Madison region I also whole taking is in or basically AMC It's AMC. XX theaters. portfolio fifth bit a out guess Madison well, that's of Atlanta in Yards And

And they've as there. really films had strong far so as some performances out

the like the of theater ones was if AMC that they're built system. you And that's that And look good probably at about last feeling really X theater. in so that

visibility the market and on The it right location collection second along new AMC is has property very sized. it's that have there the prime collection that we -- appropriately is -- So so and fire. within highway, basically probably at

a if because be they very higher with backfill it advantage be interest would to rent. possibly much of and easy very so and lot us, there'd economically credit want better leave And to

of So we're -- exposure about bit right Anyway, that's good of that very space theater our feel we on kind now. a backdrop. the little

Robert Stevenson

-- All great have helpful time, That's and the right. a weekend. appreciate

John Albright

Rob. you, Thank right. All

Operator

of Jones with come Erdner question the will next from Matthew line Trading. Our

Matthew Erdner

year [ be kind what's towards going higher So expecting given be the going the Are to half than like acquisitions second of million dispositions rather in to -- of the loaded? the it's ]? of $XXX half -- that front up you to with then the And also of second mark you the short-term looks to the loan year. of that guidance range $XXX drive million kind

John Albright

Yes.

be there. So going We we activity ended, right you some acquisition of mentioned kind basically on front have to as now. hope

And be should financing could and seller of Sable up top monetized did so well. on timing the fairly the that gets timing for when -- we that so match

that about we Matt going I'll question. talk but And so your have on, other let

Matthew Partridge

the that fund perspective. that terms end John transaction but said, stuff to -- of guidance disposition weighted the we're happened it's activity that in some pretty would of activity back-end our timing or for what now happened Matt, and of on on the from top an range, some hit of match like the Yes, rest right working acquisition assumes the side has

there timing be the some on relates through acquisition of comes as to going opportunities so it hitting of drag function acquisitions then is range, guidance. And to that And side. I the good it's the think top finding that a between dispositions and end

we think good pretty about fund. the want assets liquidity match the we to to that sell of I feel would

be going it's So to opportunistic. really

Matthew Erdner

talk expand at or seeing, in that where looking to currently already Yes. you're you're Got can opportunities And whether into markets you. if then new the markets? it's about you you're some

John Albright

of bit little both. A

opportunities within markets. markets finding new our So and

Matthew Erdner

X were transactions? X acquisitions Do then on for me. if cap you. the disposition, Got office the you to or know And exclude last the rate you the quick sorry,

Matthew Partridge

of dispositions. the off cap have X office but it of cap more blended head, Matt, don't I elevated inside given on it's rates the the top my certainly rate the

Operator

the next come will with from question of Securities. line John B. Our Massocca Riley

John Massocca

making in the closer the ranges be you could activity, more end that? kind the theme contemplate you've of some guess, that of volume Or doing of investment you maybe recently would is structured And guidance, of and of in So investments investment yield with cap to assets would rate typical investment equity of sticking the -- investments seen? kind to kind kind center factored of bulk are shopping into that guidance that kind kind the more or up high I be the cause of there that what the guidance? of the as on it been

John Albright

We're strategy looking of acquisitions retail, format sort far is tenancy, of core where the tenancy, changing fairway as as there's sort just where value right of at as levers of with increasing bringing far different larger definitely that in Yes. thing. down as the buying new our

And feel far eyes good don't that end we're have higher as guidance looking -- any that so at structured we pretty our we rate on without of that cap as have investments We higher right any structured now. finance finance investments.

John Massocca

then with forward Okay. place? I going portfolio, mean, employees renewed cash broad-based. kind as we Or cash XX.X% or were was of in increase -- mentioned give of And leases you that put out pretty specific XXXX? around was I in guess, or the rent somewhere anomaly sustainable that look maybe that an that level the there, into kind is the for

Matthew Partridge

Good question.

square for a there's rent. rent significantly expiring, more good opportunity leases our leases and last leasing activity, The average that's rent portfolio $XX.XX, average XXXX expiring foot XXXX is for the drive to so XX meaningfully months below of per our below rate. the on the pretty cash think I obviously average pretty in

acquiring a little something to think past a us have is fact that a years. I over the space probably the to substantial there'll continue been vacancy more that's re-leasing pretty And there'll So we few effort. specific then lift -- bit be in be on the

of comparable lot so drive lease spreads. independent flow of And the increased to cash runway a there's

John Massocca

the you And feasibility terminate on a the Okay. would they that during color enact then ground agreement counterparty utilize on in the mind can period lastly, little maybe that just likelihood more What's the the option. they there? the provide lease, and purchase your

color any would be of kind there additional helpful? Just

John Albright

Sure.

So perspective, option didn't that they the a the really buy for but us. lease from wanted ground with work the that parcel, group we the signed timing to basically to buy,

where a could So purchase gave the them we option they year, the site. after

very will definitely draw So It's and capitalized. the that was complementary the a to well be buy group good It was very to -- collection. is preference site. their

customers We'll good of big bring with sort outlook. spending

-- And buying drop go so it were we're about had We very they to that for other X this groups the groups pay with And more, honest If felt with the tough groups, a it. you, we choice timing faster excited group. would it. we this but comfortable out, groups use would the it to other be pay with than and more. more other other but would go the was

guys or So no feel problem, to it have fairly if make it backfill for will sure. I these be don't like that easy

John Massocca

in of you able to of kind provide in not return of might of that And what just any but and would your option the color kind be brackets purchase this, imply terms a on investment?

John Albright

Yes, return shareholders. will for be very, very the good the

be So would basically it almost a double.

John Massocca

for helpful, and That's Okay. very me. that's it

Operator

of question the line R.J. next Raymond Our Milligan come will with from James.

R.J. Milligan

investments? obviously, additional buy you've $XXX for I'm million I'm guidance curious, trading with or appetite versus to feel cap question back preferred curious shown X shares. range Just rates, X% in or stock to cap an north $XXX million, you common buybacks of me for the the your that. just How about investment And more do rate making for the The either year.

John Albright

R.J. Thanks, Yes.

of a million, $XX and the Fe, So we the [ from Santa instance, credit XXXX recycling acquisition financing contract come money is sold ] that's that forward driven for being for by -- under then of lot through. is part seller building in will remember, that the of this that that's

back at very by were So it buying shareholders. interesting it, active as is for you've of driven seen, XXXX in other a shares lot being needs. very levels part And we the then of

it to stock, levers stock. buy But again. we wouldn't So we certain so asset would be it it to got back certainly, levels would -- not buy look -- low be to back at down using sales proceeds from other if

we instance, structured finance some of use that. sell For and our investments could

and not opinion but we're it acquisitions So are about nature. because becomes stock, happen back to our the buying going of lot certainly the of ridiculous interesting, when in shy XXXX a

Operator

[Operator Instructions] Michael line with Our of next question will BTIG. come from Gorman the

Michael Gorman

that Just the payoff on guidance? and above on that does disposition Or seller dispositions include Sable is the the Matt, guidance range, a financing quick the of Pavilion? beyond question,

Matthew Partridge

and No, that disposition beyond be the would guidance. above

Michael Gorman

they Okay. they -- know those? structured X Great. the after just investments -- John but remaining associated accelerated that do prepayment And have with selling, any also options do I potentially mentioned

John Albright

If they provision. do, we have make a whole

Operator

And for that Thank participating. call. conference This concludes today's session. concludes today's question-and-answer you

may You disconnect. now

CTO Realty Growth (CTO) 23 Feb 242023 Q4 Earnings call transcript