{
  "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": 25,
  "pageCount": 30,
  "prevPage": 24,
  "nextPage": 26,
  "slideType": "appendix_disclosure",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "This page consists entirely of numbered footnotes (27-41) providing evidence for claims made elsewhere in the research note.",
  "elementsJson": [
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-a34e1e87d1d8/25",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-a34e1e87d1d8#slide-25",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Management later discussed writing off around $500k in rent related to Ashford Lane, mostly from the Food Hall, in the Q2 2023 call in July. We suspect this is the rent due from November 2022 through May 2023.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5a9-bb65f4edf5e3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.85,
        "w": 0.76,
        "x": 0.12,
        "y": 0.1
      },
      "kind": "paragraph",
      "text": "Footnotes 27 through 41 detailing legal liens, tenant occupancy status, rent write-offs, and management statements regarding Ashford Lane.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2764ed0f-455e-42e0-baca-fddc81b037e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "From a revenue perspective, core FFO was negatively impacted by the write-off of $500,000 of straight-line rent receivables related to nonperforming tenants, the vast majority of which was associated with The Hall at Ashford Lane. While The Hall was open and operating at quarter end, we were proactive in shifting to cash-based revenue recognition during the second quarter in consideration of their ongoing challenges. The straight-line rent receivable write-off does not impact our AFFO results, given that we've always adjusted for noncash straight-line rent in our AFFO reconciliation — CTO Q2 2023 earnings call.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-78b5-7512-b5a9-bff86bf1ad15",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}