CTO Realty Growth, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to CTO Realty Growth third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Jenna McKinney, Director of Finance. Please go ahead.

Good morning, everyone, and thank you for joining us today for the CTO Realty Growth Third Quarter 2025 Operating Results Conference Call. Participating on the call this morning are John Albright, President and Chief Executive Officer, Philip Mays, Chief Financial Officer, and other members of the executive team that will be available to answer questions during the call. 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 discussed 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 presentations on our website at ctore.com. With that, I will turn the call over to John.

Thanks, Jenna. We delivered another quarter of strong operating performance driven by the strength of our leasing activity. Year-to-date through September 30th, we have completed 482,000 square feet of overall leasing activity, including 424,000 square feet of comparable leasing and a weighted average base rent spread of 21.7%. Contributing to this leasing performance was our third quarter. in which we executed 143,000 square feet of new retail leases, renewals, and extensions at an average base rent of $23 per square foot. This includes 125,000 square feet of comparable leases, a 10.3% base rent spread. Notably, just after the quarter, we signed a significant lease at the shops at Legacy, a 243,000 square foot mixed-use lifestyle center located in Dallas, Texas. I will share more details on this lease and the Shopsit legacy shortly. We also continue to make progress on backfilling our 10 anchor spaces. Six of the 10 vacant anchor spaces have been leased and we remain in active negotiations for the remaining four. Today, we are encouraged by the rental upside and value creation these six leases represent and expect the new tenants to increase foot traffic relative to the former tenants. Furthermore, We remain on target to achieve our goal of positive cash leasing spread of 40% to 60% across these 10 anchor spaces, and we look forward to providing additional updates on our progress. More broadly, as of today, our Signed Not Open, or S&O, pipeline stands at $5.5 million, representing approximately 5.3% of annual cash base rents in place as of quarter end. We believe that this pipeline positions us for meaningful earnings growth with approximately 76% of our ABR from the S&O pipeline anticipated to be recognized in 2026 and 100% in 2027. Now, I would like to share some exciting updates related to the shops at Legacy. Just after the quarter end, we signed a 30,000-square-foot lease with a co-working operator expected to open by year-end 2026. This lease, along with the 20,000-square-foot private members-only social club that we signed in the third quarter of 2024, substantially fills the space formerly leased to WeWork, marking a meaningful inflection point in our releasing efforts. In addition to these large leases, over the last two years, we have signed smaller shop leases for an aggregate of nearly 60,000 square feet for various restaurants, fitness, and retail concepts, that we believe will further increase the vibrancy of the center. Today, reflecting all this leasing activity, the lease percentage of Shops Legacy stands at approximately 85%. Now moving to a recent agreement that we signed to acquire a shopping center in South Florida. This is a property that I mentioned on our last call that we were targeting. We believe this shopping center offers value-add potential that aligns well with our leasing and operating strength and presents an opportunity to both acquire the asset and attract initial yield and drive long-term value creation through lease-up of acquired vacancy. We expect to close this transaction before year-end and look forward to providing more details when we close. From a financing perspective, as Phil will discuss in more detail, we recently termed out some debt and refreshed our revolving credit facility, providing enhanced liquidity. This will give us the ability to initially acquire the South Florida property using our line of credit. Ultimately, though, we anticipate funding this acquisition by recycling an asset around year end. Overall, we are pleased with our leasing progress and the value creation underway as we continue to execute our strategic priorities. And with that, I will hand the call over to Phil.