{
  "docId": "019dd923-622c-750b-8b9a-a34e1e87d1d8",
  "docSlug": "ebebcd140b34",
  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 18,
  "pageCount": 30,
  "prevPage": 17,
  "nextPage": 19,
  "slideType": "appendix_data",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "Includes red-box highlights on specific properties in the table.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-a34e1e87d1d8/18",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8#slide-18",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management is spinning the planned $9-$12 million in capex as some massive opportunity to drive new NOI. Maybe it will, but this does not appear to have been the original plan.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5a8-e8fec0a8f2b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.764,
        "x": 0.118,
        "y": 0.158
      },
      "kind": "paragraph",
      "text": "In August 2024, CTO purchased a three-property portfolio... as disclosed on the Q4 2024 earnings call:",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3c1403f2-9b17-4672-8729-cbaf7da7cf4d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.764,
        "x": 0.118,
        "y": 0.625
      },
      "kind": "paragraph",
      "text": "Management is spinning the planned $9-$12 million in capex as some massive opportunity to drive new NOI. Maybe it will, but this does not appear to have been the original plan.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "687f9384-8896-4cbf-9131-ba37a5a7b902",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.155,
        "w": 0.764,
        "x": 0.118,
        "y": 0.712
      },
      "kind": "quote",
      "text": "Analyst: ...Can you talk about maybe any sort of CapEx spend that you're expecting at those properties? John Albright: ...some of these boxes have been vacant for some time...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a4d13d2-5707-45ce-8264-c5ecf5689517",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"had 3 tenants basically go bankrupt\" — Q4 2024 earnings call. \"Yeah. So when we bought it, these leases were in place. And so they've already been addressed as far as the CapEx. So ...some of these boxes have been vacant for some time and now the tenants are just now getting to the build-out side of it, but we took credits for the landlord side of it when we acquired it.\" — John Albright, CEO",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5a8-ed09d2e5e19e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.015,
        "w": 0.338,
        "x": 0.331,
        "y": 0.598
      },
      "kind": "source-note",
      "text": "Source: CTO 2024 Investor Presentation66",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12e7b401-7104-45ea-a329-17dcc8e3cfa0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.335,
        "w": 0.604,
        "x": 0.198,
        "y": 0.245
      },
      "kind": "table",
      "text": "Table of Vacated, Expected to Vacate, and Re-Leased tenants by property, SF, and market.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc3bc986-fec5-4f20-841c-b09cf56fadcf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.435,
        "x": 0.118,
        "y": 0.126
      },
      "kind": "title",
      "text": "2024 Three-Property Portfolio Tenant Bankruptcies",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1da124c1-bb86-478b-8780-924af0678d5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.435,
        "x": 0.118,
        "y": 0.095
      },
      "kind": "title",
      "text": "APPENDIX B: Additional Individual Properties",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0d7d4cf2-1e8b-4ec5-9619-21ea7b477802",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "7245c03c-e365-4c46-b764-51c0a520b667",
      "evidence": "Contrasting management's capex narrative with analyst transcript regarding pre-existing vacancies.",
      "confidence": 0.85
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 15,
      "beatId": "ad9e07c3-3617-4019-910d-225b6a4775fe",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Victory",
      "beatSlug": "overcoming-monster-the-victory",
      "evidence": "Presentation of alternative financial analysis",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}