{
  "docId": "019dd923-622c-750b-8b9a-a34e1e87d1d8",
  "docSlug": "ebebcd140b34",
  "documentTitle": "CTO Realty Growth, Inc. (CTO)",
  "authorId": "60_Wolfpack_Research",
  "authorName": "Wolfpack Research",
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  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-06-25 00:00:00",
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  "pageNumber": 5,
  "pageCount": 30,
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  "nDataPoints": 8,
  "notes": "The slide uses a narrative structure to build a case of fraud/mismanagement, citing specific financial figures and timeline discrepancies.",
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  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We Believe Management Created a Sham Loan and Lied to Investors to Hide the Loss of a Top Tenant at Ashford Lane for ~18 months",
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    {
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      "kind": "list",
      "text": "West Broad Village: We expect this property to fall into major distress next year. Its largest tenant, Southern University, is supposed to renew in 2026 but has been unsuccessfully attempting to sublease 1/3 of its space.",
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    {
      "bbox": null,
      "kind": "list",
      "text": "Management is not just mismanaging CTO, they also mismanage a separate, net lease single-tenant REIT called PINE. PINE shares have lost 21% of value since going public in 2019.",
      "attrs": null,
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    {
      "bbox": null,
      "kind": "list",
      "text": "Without enough core cash flows from operations to operate a sustainable business, CTO's management has a few roads it can go down: sell properties, slash capex, cut the dividend or issue debt or equity.",
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    {
      "bbox": null,
      "kind": "paragraph",
      "text": "CTO purchased the Ashford Lane property in February 2020... The anchor tenant that was recruited was The Hall at Ashford Lane, LLC (Food Hall) owned by Jamal Wilson... This tenant was brought on in Q4 2020 at which point it was listed as a top tenant and remained one through Q3 2023.",
      "attrs": null,
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    {
      "bbox": null,
      "kind": "paragraph",
      "text": "We can see that in Q4 2020, Food Hall was listed as a top tenant, with an annualized rent of $706,000. In Q4 2021, we can see that the annualized rent had been increased to $851,000. In Q3 2022, the rent increased again to $877,000.",
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    {
      "bbox": null,
      "kind": "paragraph",
      "text": "However, we have discovered that behind the scenes, this project was a disaster... CTO's management team alluded in the Q2 2021 earnings call that the Food Hall would be completed in Q3 2021... Lien records from the property we retrieved show the Food Hall failed to pay a contractor on September 17, 2021.",
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