CTO Realty Growth, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
July 27, 2023 at 09:10 pm
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CTO Realty Growth, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 22.76 million compared to USD 16.37 million a year ago. Revenue was USD 26.05 million compared to USD 19.46 million a year ago. Net income was USD 1.8 million compared to USD 1.22 million a year ago. Basic earnings per share from continuing operations was USD 0.03. Diluted earnings per share from continuing operations was USD 0.03.
For the six months, sales was USD 45.19 million compared to USD 31.54 million a year ago. Revenue was USD 50.76 million compared to USD 36.67 million a year ago. Net loss was USD 4.19 million compared to net income of USD 1.42 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to USD 0.05 a year ago. Diluted loss per share from continuing operations was USD 0.29 compared to USD 0.05 a year ago.
CTO Realty Growth, Inc. is a real estate investment trust that owns and operates a portfolio of retail-based properties located primarily in higher growth markets in the United States. The Company operates in four primary business segments: management services, commercial loans and investments, real estate operations, and income properties. The management services segment is a fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (PINE). The commercial loans and investments segment includes a portfolio of three commercial loan investments and one preferred equity investment, which is classified as a commercial loan investment. The real estate operations segment includes a portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida and an inventory of mitigation credits. The Companyâs business also includes its investment in PINE.