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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
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  "notes": "The slide uses two tables to demonstrate that management's bonus-linked AFFO is artificially high due to accounting choices, resulting in millions in payouts that would not occur under industry-standard calculations.",
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      "kind": "callout",
      "text": "Does Management Get Paid Under Industry Standard AFFO? NO",
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      "text": "AFFO per share: $1.18",
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      "kind": "paragraph",
      "text": "We think a fundamental problem with CTO is that management has continued to acquire poor assets, as evidenced in our assessment of individual properties. When management overpays for a property, a portion of that asset's book value ends up being classified as an intangible asset.",
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      "kind": "paragraph",
      "text": "CTO's management achieved 305% of their maximum performance for their AFFO in a year when they reported an AFFO of $50.7 million ($2.00 per share). However, if you excluded the same maintenance capex that every other REIT in the industry excludes from their AFFO number ($20.9 million for 2024), the result would have been $29.9 million ($1.18 per share), far below the threshold for getting a bonus.",
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      "kind": "quote",
      "text": "“$32.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value.” — CTO Realty Growth, Inc. 10-K",
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      "text": "Total Award Compensation to Management table showing individual NEO awards from FY 2021 to FY 2024.",
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      "kind": "table",
      "text": "Management Bonus Analysis table comparing Proxy Filings AFFO targets vs Industry Standard AFFO.",
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