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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
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      "text": "After subtracting CTO's common dividends paid & recurring capex... from reported AFFO, the company has lost money annually since FY 2021...",
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      "text": "The Westcliff property is a template for a lot of the problems at CTO. They purchased it for over $15 million in March of 2017, and then made an absolute mess of it. Its occupancy rate dropped from 96% on purchase to as low as 60% in 2021 as tenants churned. They then sold it in 2023 for less than the purchase price, after spending at least $3.6 million in capex.",
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      "text": "REIT investors ... consider AFFO a measure of \"normalized\" residual cash flow after eliminating non-cash and non-recurring expenses, and an indicator of a REIT's ability to pay dividends. — SEC complaint in the matter of VEREIT, INC.",
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      "text": "Westcliff: Sold at a Loss After Spending Nearly $4 million on Capex",
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