The business behind the dividend
| Measure | CTO | Median | Formula |
|---|---|---|---|
| Return on equity | 1.8% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 2.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-104.46m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-109.97m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 22.7% | 14.3% | Operating income ÷ revenue |
| Net margin | 6.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | 1.09x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.26x | 4.22x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 6.40x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.3% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 1.8% | -0.3% | 1.2% | 0.6% | 7.0% | 22.4% | 40.3% | 17.6% | 22.7% | 11.0% | 7.0% |
| Return on capital employed | 2.9% | 1.6% | 2.8% | 1.1% | 3.3% | 1.9% | 5.3% | 6.8% | 2.0% | 12.1% | 2.8% |
| Operating margin | 22.7% | 14.1% | — | — | — | — | — | — | — | 57.6% | 22.7% |
| Net margin | 6.7% | -1.6% | — | 57.8% | — | — | — | — | — | 24.7% | 24.7% |
| Debt to equity | 1.09x | 0.85x | 1.08x | 0.88x | 0.65x | 0.85x | 1.27x | 1.17x | 1.06x | 1.12x | 1.06x |
| Cash conversion | 6.40x | — | 8.38x | 17.76x | 0.92x | 0.22x | 0.14x | 1.29x | 1.38x | 0.88x | 1.29x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, CTO Realty Growth pays out less than 6 of them. The median for that group is 67.5%, against this company’s 100.8%.
Closest on funds from operations
- Centerspace (CSR) 98.8%
- W. P. Carey (WPC) 100.3%
- Apollo Commercial Real Estate Finance (ARI) 100.7%
- Macerich (MAC) 101.1%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →