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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
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  "presentationDate": "2025-06-25 00:00:00",
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  "notes": "The slide uses a series of quotes and anecdotal evidence to build a case of incompetence against CTO management.",
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      "text": "A former employee we spoke with told us that leases like this are typically settled many years in advance, so the fact that CTO’s management does not even appear to be talking to Fidelity is a huge problem in our view.",
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      "text": "There are 3 more recent adverse developments with certain CTO properties. CTO announced a $16.8 million acquisition of Granada Plaza in December 2024. Unfortunately for them, according to CTO leasing brochures, there has a 4% decrease in occupancy...",
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      "text": "In March 2025, CTO announced the acquisition of Ashley Park for $79.8 million, with problems already emerging.",
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      "text": "A year later, on the Q4 2023 earnings call, Albright was talking about how Fidelity was considering an extension on the lease...",
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      "text": "If these 2 issues weren't enough, their Winter Park property (where their head office is also located), has their largest tenant looking to sublease 1/3rd of the property:",
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      "text": "They came in on Wednesday, told us we had jobs, then turned around on Friday and fired us...it was disappointing. They said they were 'going in a different direction,' but they never explained why.",
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      "text": "\"we're in discussions with Fidelity about doing maybe an extension with the lease, where it can be a lot more marketable and a lot more valuable to us on a sale basis.\" — Albright (Q4 2023 earnings call); \"But to answer your question, we're waiting to find out how Fidelity wants to utilize it for the long term. And we're just kind of waiting on them...\" — CTO Management (Q3 2024); \"They came in on Wednesday, told us we had jobs, then turned around on Friday and fired us...it was disappointing. They said they were ‘going in a different direction,’ but they never explained why.\" — Ashley Collins; \"This was a 70-hour-a-week job that required constant presence...how do you expect to replicate that from a distance?\" — Ashley Collins",
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      "kind": "title",
      "text": "Mismanagement of CTO's Other Properties",
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