CTO · CTO REALTY GROWT Q2 FY2026 earnings call record财报电话会记录

“Factors and risks that could cause actual results to differ materially from expectations are discussed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings.”

“Starting with leasing, during the quarter, we executed 25 new leases, renewals, and extensions totaling 213,000 sq ft, including 184,000 sq ft of comparable leases at a positive cash rent spread of 6%.”

“The current spread between leased and occupied rates is 400 basis points, and our signed not open pipeline is $6.3 million, representing approximately 5.8% of in-place annual cash base rent.”

“Notably, beyond the favorable earnings impact driven by these new anchors, we believe that they will also drive more foot traffic and create vibrancy to our shopping centers.”

“Looking forward, we have built a robust pipeline of acquisition opportunities and are actively underwriting shopping centers that align with our growth strategy.”

“Together with our year-to-date activity, this leads us to raise our investment volume guidance by over $100 million to a new range of $300 million-$400 million.”

“At June 30th, we had total debt of $660.8 million, consisting of $643 million of unsecured borrowings and $17.8 million mortgage note payable, with a weighted average interest rate of 4.6%.”

“Our only remaining debt maturity in 2026 is the $17.8 million mortgage note payable, which matures in August and carries an interest rate of 4.06%.”

“Regarding our investment and management of Alpine Income Property Trust, income from Pine for the quarter was $2.1 million, consisting of $1.4 million in management fees and $0.7 million in dividend income.”

“Reflecting Pine's recent earnings and dividend growth, our new annualized run rate is $8.9 million, consisting of $5.7 million in management fees and $3.2 million in dividend income, representing a $0.4 million increase from the annualized second quarter results.”

“Key assumptions reflected in our revised guidance include investment volume, including commercial loans and structured investments of $300 million-$400 million, up from our prior range of $175 million-$250 million.”

“I guess, maybe how does that change the outlook for your CapEx spend or impact the outlook for your CapEx spend in kind of second half and maybe into 2027?”