CTO Realty Growth, Inc. reported significant growth in its financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenue for the third quarter reached $31.8 million, an increase of 13.0% from $28.5 million in the prior year. For the nine months, revenue rose to $88.8 million, up 12.0% from $79.2 million. The increase in revenue was primarily driven by a rise in income from income properties, which amounted to $28.5 million for the third quarter, compared to $25.2 million in 2023.
Net income attributable to the company for the third quarter was $6.2 million, a substantial increase from $2.7 million in the same quarter of 2023. For the nine months, net income reached $13.3 million, compared to a net loss of $1.5 million in the previous year. This turnaround in profitability was supported by improved operating income from income properties, which increased to $20.7 million for the third quarter and $56.4 million for the nine months, reflecting a 13.9% increase year-over-year.
The company’s total assets grew to $1.18 billion as of September 30, 2024, up from $989.7 million at the end of 2023. This increase was attributed to a rise in total real estate at cost, which reached $950.5 million, compared to $786.5 million at the end of the previous fiscal year. The company also reported a significant increase in long-term debt, which rose to $526.8 million from $495.4 million.
Strategically, CTO Realty Growth made substantial investments, acquiring four multi-tenant income properties and one vacant land parcel for a total cost of $207.8 million during the nine months ended September 30, 2024. This acquisition activity is a notable increase from the $80.3 million spent on acquisitions in the same period of 2023. The company also sold two income properties for $38.0 million, resulting in aggregate gains of $3.8 million.
In terms of cash flow, the company generated $45.8 million from operating activities for the nine months ended September 30, 2024, compared to $39.9 million in the prior year. However, cash flows used in investing activities increased significantly to $215.3 million from $98.3 million, reflecting the company's aggressive acquisition strategy.
Overall, CTO Realty Growth's performance in the latest quarter and year-to-date reflects a strong recovery and growth trajectory, driven by strategic acquisitions and improved operational efficiency.
About CTO Realty Growth, Inc.
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