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  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
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  "notes": "The slide uses a dual-axis chart to show the gap between reported AFFO and industry standard AFFO, illustrating poor dividend coverage.",
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      "text": "CTO’s dividend coverage ratio in FY 2024 was just 0.74x, unlike a peer average of 1.47x in 2024.",
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      "text": "CTO's Reported AFFO - Common Dividends; Industry Standard AFFO - Common Dividends; Average Peer Dividend Coverage Ratio; Dividend Coverage Ratio Under Industry Standard AFFO",
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      "text": "Management is further handicapping its future by slashing capex below the inadequate levels it was at in prior years.",
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      "text": "Our analysis shows management makes more money for themselves sabotaging the future of the company by overpaying for properties.",
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      "text": "We think management knows it cannot win against their peers, and that is driving them to loot CTO before it goes under.",
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      "text": "CTO's TTM cash from operations produced an average of $17 million a quarter, not enough to pay for its ~$14 million in dividends and recurring capex costs that average $5-6 million a quarter.",
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      "text": "Dividend Coverage Ratio: 0.74x",
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