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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
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  "notes": "The slide uses a 'sleight of hand' narrative to frame the company's accounting practices as deceptive.",
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      "text": "Given CTO's omission of recurring capex from its AFFO calculation, it is the only one of its six peers below to boast a higher AFFO that FFO.",
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      "text": "AFFO/FFO variance: 26%",
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      "text": "Unlike some other types of Commercial Real Estate, older shopping centers are capex intensive because the burden for maintenance falls heavily on the landlord and there is much faster turnover for tenants than is typical for a single tenant property.",
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      "text": "We learned from a confidential source that the C-Suite and board were challenged about the misleading way AFFO is presented to investors. Management apparently brushed off these concerns because nothing has changed.",
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      "text": "Peer FFO-AFFO Variance Analysis table comparing 6 peers and CTO",
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      "text": "We Know CTO’s C-Suite and Board Were Challenged on Their Use of AFFO. We Think That Their Continued Use of AFFO Is Deceptive as They Are Tricking Investors into Buying into Perpetual Dilution.",
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      "text": "CTO’s Peers AFFO Are 26% Lower Than Their FFO, Showing How Material Recurring Capex is To Cash Flows for Shopping Centers. CTO’s AFFO is Higher Making Any Comparison to Peers Utterly Unsuitable",
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