3.870.334.560.253.870.334.560.2530000000059609120.01350.01950.3333P1YP2D0000023795--12-312021Q3trueThis Amendment No. 1 on Form 10-Q/A ("Amendment No. 1") to the Quarterly Report on Form 10-Q of CTO Realty Growth, Inc., a Maryland corporation (the "Company"), amends the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 (the "Quarterly Report"), which was initially filed with the Securities and Exchange Commission on October 28, 2021. Capitalized terms used in this Explanatory Note and not otherwise defined herein shall have the meanings ascribed to such terms in the Quarterly Report. This Amendment No. 1 is being filed to correct an error in Note 17, Long-Term Debt, included in Part 1, Item 1 of the Quarterly Report. The Quarterly Report incorrectly stated that, after the Company's third quarter 2021 dividend, the conversion rate of the 2025 Notes is equal to 19.1756 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $52.15 per share of common stock. This Amendment No. 1 revises the Quarterly Report to correctly disclose that, after the Company's third quarter 2021 dividend, the conversion rate for the 2025 Notes is equal to 19.1410 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $52.24 per share of common stock. There are no changes to the amounts shown in the Company's consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of stockholders' equity or consolidated statements of cash flows. No other changes in the Quarterly Report are being made by this Amendment No. 1. However, in accordance with Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, the complete text of Part I, Item 1, as amended, is included herein. This Amendment No. 1 also amends and restates the exhibit list in Part II, Item 6 of the Quarterly Report and re-files certain currently dated certifications of our principal executive officer and principal financial officer as Exhibits 31.1, 31.2, 32.1 and 32.2 hereto. This Amendment No. 1 speaks as of the date of the Quarterly Report, and has not been updated to reflect events occurring subsequent to the original filing date of the Quarterly 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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

Amendment No. 1

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number 001-11350

CTO REALTY GROWTH, INC.

(Exact name of registrant as specified in its charter)

Maryland

    

59-0483700

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1140 N. Williamson Blvd., Suite 140

Daytona Beach, Florida

32114

(Address of principal executive offices)

(Zip Code)

(386) 274-2202

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbols

    

Name of each exchange on which registered:

Common Stock, $0.01 par value per share

CTO

NYSE

6.375% Series A Cumulative Redeemable

Preferred Stock, $0.01 par value per share

CTO PrA

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

  

Smaller Reporting Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).    Yes      No  

As of October 21, 2021, there were 5,962,150 shares of the registrant’s common stock, $0.01 par value per share, outstanding.

Table of Contents

Explanatory Note

This Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) to the Quarterly Report on Form 10-Q of CTO Realty Growth, Inc., a Maryland corporation (the “Company”), amends the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021 (the “Quarterly Report”), which was initially filed with the Securities and Exchange Commission on October 28, 2021. Capitalized terms used in this Explanatory Note and not otherwise defined herein shall have the meanings ascribed to such terms in the Quarterly Report.

This Amendment No. 1 is being filed to correct an error in Note 17, Long-Term Debt, included in Part 1, Item 1 of the Quarterly Report. The Quarterly Report incorrectly stated that, after the Company’s third quarter 2021 dividend, the conversion rate of the 2025 Notes is equal to 19.1756 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $52.15 per share of common stock. This Amendment No. 1 revises the Quarterly Report to correctly disclose that, after the Company’s third quarter 2021 dividend, the conversion rate for the 2025 Notes is equal to 19.1410 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $52.24 per share of common stock. There are no changes to the amounts shown in the Company’s consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of stockholders’ equity or consolidated statements of cash flows.

No other changes in the Quarterly Report are being made by this Amendment No. 1. However, in accordance with Rule 12b-15 promulgated under the Securities Exchange Act of 1934, as amended, the complete text of Part I, Item 1, as amended, is included herein.

This Amendment No. 1 also amends and restates the exhibit list in Part II, Item 6 of the Quarterly Report and re-files certain currently dated certifications of our principal executive officer and principal financial officer as Exhibits 31.1, 31.2, 32.1 and 32.2 hereto. This Amendment No. 1 speaks as of the date of the Quarterly Report, and has not been updated to reflect events occurring subsequent to the original filing date of the Quarterly Report.

2

Table of Contents

INDEX

Page

    

No.

PART I—FINANCIAL INFORMATION

Item 1.      Financial Statements

Consolidated Balance Sheets – September 30, 2021 (Unaudited) and December 31, 2020

4

Consolidated Statements of Operations – Three and nine months ended September 30, 2021 and 2020 (Unaudited)

5

Consolidated Statements of Comprehensive Income (Loss) – Three and nine months ended September 30, 2021 and 2020 (Unaudited)

6

Consolidated Statements of Stockholders’ Equity – Three and nine months ended September 30, 2021 and 2020 (Unaudited)

7

Consolidated Statements of Cash Flows – Nine months ended September 30, 2021 and 2020 (Unaudited)

8

Notes to Consolidated Financial Statements (Unaudited)

10

PART II—OTHER INFORMATION

ITEM 6. EXHIBITS

48

SIGNATURES

50

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PART I—FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CTO REALTY GROWTH, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

As of

    

(Unaudited) September 30,
2021

    

December 31,
2020

ASSETS

Real Estate:

Land, at Cost

$

162,297

$

166,512

Building and Improvements, at Cost

256,902

305,614

Other Furnishings and Equipment, at Cost

701

672

Construction in Process, at Cost

1,675

323

Total Real Estate, at Cost

421,575

473,121

Less, Accumulated Depreciation

(22,385)

(30,737)

Real Estate—Net

399,190

442,384

Land and Development Costs

6,702

7,083

Intangible Lease Assets—Net

64,624

50,176

Assets Held for Sale—See Note 25

835

833

Investment in Joint Ventures

25,575

48,677

Investment in Alpine Income Property Trust, Inc.

37,468

30,574

Mitigation Credits

3,405

2,622

Mitigation Credit Rights

21,573

Commercial Loan and Master Lease Investments

38,993

38,320

Cash and Cash Equivalents

7,005

4,289

Restricted Cash

68,546

29,536

Refundable Income Taxes

856

26

Deferred Income Taxes—Net

215

Other Assets—See Note 13

11,695

12,180

Total Assets

$

686,682

$

666,700

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

$

1,402

$

1,047

Accrued and Other Liabilities—See Note 19

12,716

9,090

Deferred Revenue—See Note 20

3,656

3,319

Intangible Lease Liabilities—Net

3,036

24,163

Liabilities Held for Sale—See Note 25

831

831

Deferred Income Taxes—Net

3,521

Long-Term Debt

229,894

273,830

Total Liabilities

251,535

315,801

Commitments and Contingencies—See Note 23

Stockholders’ Equity:

Preferred Stock – 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 3,000,000 shares issued and outstanding at September 30, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020

30

Common Stock – 500,000,000 shares authorized; $0.01 par value, 5,960,912 shares issued and outstanding at September 30, 2021; 25,000,000 shares authorized; $1.00 par value, 7,310,680 shares issued and 5,915,756 shares outstanding at December 31, 2020

60

7,250

Treasury Stock – 0 shares at September 30, 2021 and 1,394,924 shares at December 31, 2020

(77,541)

Additional Paid-In Capital

86,899

83,183

Retained Earnings

348,681

339,917

Accumulated Other Comprehensive Loss

(523)

(1,910)

Total Stockholders’ Equity

435,147

350,899

Total Liabilities and Stockholders’ Equity

$

686,682

$

666,700

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in thousands, except share, per share and dividend data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

    

2021

    

2020

    

2021

    

2020

Revenues

Income Properties

$

13,734

$

12,933

$

36,757

$

35,409

Management Fee Income

940

683

2,361

2,080

Interest Income from Commercial Loan and Master Lease Investments

726

413

2,136

2,300

Real Estate Operations

1,177

543

4,318

631

Total Revenues

16,577

14,572

45,572

40,420

Direct Cost of Revenues

Income Properties

(3,984)

(3,592)

(9,688)

(8,273)

Real Estate Operations

(252)

(1,682)

(867)

(3,263)

Total Direct Cost of Revenues

(4,236)

(5,274)

(10,555)

(11,536)

General and Administrative Expenses

(2,680)

(3,341)

(8,477)

(8,604)

Impairment Charges

(16,527)

(1,905)

Depreciation and Amortization

(5,567)

(4,761)

(15,428)

(14,334)

Total Operating Expenses

(12,483)

(13,376)

(50,987)

(36,379)

Gain on Disposition of Assets

22,666

289

28,106

7,365

Gain (Loss) on Extinguishment of Debt

(641)

1,141

Other Gains and Income

22,666

289

27,465

8,506

Total Operating Income

26,760

1,485

22,050

12,547

Investment and Other Income (Loss)

(797)

(1,030)

8,438

(5,746)

Interest Expense

(1,986)

(2,478)

(6,851)

(8,384)

Income (Loss) Before Income Tax Benefit (Expense)

23,977

(2,023)

23,637

(1,583)

Income Tax Benefit (Expense)

(30)

501

4,371

410

Net Income (Loss) Attributable to the Company

23,947

(1,522)

28,008

(1,173)

Distributions to Preferred Stockholders

(1,129)

(1,129)

Net Income (Loss) Attributable to Common Stockholders

$

22,818

$

(1,522)

$

26,879

$

(1,173)

Per Share Information—See Note 15:

Basic and Diluted Net Income (Loss) Attributable to Common Stockholders

$

3.87

$

(0.33)

$

4.56

$

(0.25)

Weighted Average Number of Common Shares

Basic

5,901,095

4,654,329

5,892,900

4,673,049

Diluted

5,901,095

4,654,329

5,892,900

4,673,049

Dividends Declared and Paid - Preferred Stock

$

0.3763

$

$

0.3763

$

Dividends Declared and Paid - Common Stock

$

1.00

$

0.40

$

3.00

$

0.90

The accompanying notes are an integral part of these consolidated financial statements.

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CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, in thousands)

Three Months Ended

Nine Months Ended

    

September 30,

September 30,

September 30,

September 30,

2021

    

2020

    

2021

    

2020

Net Income (Loss) Attributable to the Company

$

23,947

$

(1,522)

$

28,008

$

(1,173)

Other Comprehensive Income (Loss):

Cash Flow Hedging Derivative - Interest Rate Swaps (Net of Income Tax Benefit (Expense) of $0, $0.02 million, $0, and ($0.5) million, respectively)

217

73

1,387

(1,793)

Total Other Comprehensive Income (Loss), Net of Income Tax

217

73

1,387

(1,793)

Total Comprehensive Income (Loss)

$

24,164

$

(1,449)

$

29,395

$

(2,966)

The accompanying notes are an integral part of these consolidated financial statements.

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Table of Contents

CTO REALTY GROWTH, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in thousands)

For the three months ended September 30, 2021:

Preferred Stock

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Balance July 1, 2021

$

$

60

$

$

13,676

$

331,895

$

(740)

$

344,891

Net Income Attributable to the Company

23,947

23,947

Issuance of Preferred Stock, Net of Underwriting Discount and Expenses

30

72,640

72,670

Exercise of Stock Options and Common Stock Issuance

(83)

(83)

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

666

666

Preferred Stock Dividends Declared for the Period

(1,129)

(1,129)

Common Stock Dividends Declared for the Period

(6,032)

(6,032)

Other Comprehensive Income

217

217

Balance September 30, 2021

$

30

$

60

$

$

86,899

$

348,681

$

(523)

$

435,147

For the three months ended September 30, 2020:

Preferred Stock

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Balance July 1, 2020

$

$

6,047

$

(77,541)

$

32,888

$

324,075

$

(1,792)

$

283,677

Net Loss Attributable to the Company

(1,522)

(1,522)

Exercise of Stock Options and Common Stock Issuance

2

72

74

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

543

543

Common Stock Dividends Declared for the Period

(1,863)

(1,863)

Other Comprehensive Income, Net of Income Tax

73

73

Balance September 30, 2020

$

$

6,049

$

(77,541)

$

33,503

$

320,690

$

(1,719)

$

280,982

For the nine months ended September 30, 2021:

Preferred Stock

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Balance January 1, 2021

$

$

7,250

$

(77,541)

$

83,183

$

339,917

$

(1,910)

$

350,899

Net Income Attributable to the Company

28,008

28,008

Vested Restricted Stock and Performance Shares

(436)

(436)

Issuance of Preferred Stock, Net of Underwriting Discount and Expenses

30

72,409

72,439

Common Stock Equity Issuance Costs

(197)

(197)

Exercise of Stock Options and Common Stock Issuance

289

289

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

2,002

2,002

Par Value $0.01 per Share and Treasury Stock Derecognized at January 29, 2021

(7,190)

77,541

(70,351)

Preferred Stock Dividends Declared for the Period

(1,129)

(1,129)

Common Stock Dividends Declared for the Period

(18,115)

(18,115)

Other Comprehensive Income

1,387

1,387

Balance September 30, 2021

$

30

$

60

$

$

86,899

$

348,681

$

(523)

$

435,147

For the nine months ended September 30, 2020:

Preferred Stock

Common Stock

Treasury Stock

Additional Paid-In Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Stockholders' Equity

Balance January 1, 2020

$

$

6,017

$

(73,441)

$

26,690

$

326,073

$

74

$

285,413

Net Loss Attributable to the Company

(1,173)

(1,173)

Stock Repurchase

(4,100)

(4,100)

Equity Component of Convertible Debt

5,248

5,248

Vested Restricted Stock and Performance Shares

24

(562)

(538)

Exercise of Stock Options and Common Stock Issuance

8

416

424

Stock Compensation Expense from Restricted Stock Grants and Equity Classified Stock Options

1,711

1,711

Common Stock Dividends Declared for the Period