CTO Realty Growth Inc Q1 2021 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Matt, I think you were expecting about $400,000 of deferrals in 2021 last quarter. You brought in a little north of $200,000 this quarter. Second quarter looks higher. Can you give us an update of what you're expecting for the whole year at this point?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Got it. So that will just leave a stub, I think, of about $300,000 then kind of post '21, is that correct? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 30, 2021 / 1:00PM, CTO.N - Q1 2021 CTO Realty Growth Inc Earnings Call

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : That's helpful. I'd like to talk about your leasing activity this quarter. Not a ton of leases, but you did execute reasonably well. Can you give us a sense of where those leases were typically executed versus prior rents on either a cash or GAAP basis?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : That's helpful. Just with housing booming as it is, can you give us a sense of how much land in the JV is zoned for residential? I know there's the large industrial piece that's still there. But is there much residential left?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Got it. You've made sort of a strategic shift at Pine and maybe exiting or at least reducing your exposure to single-tenant office. Are you thinking at all about recycling capital out of the remaining single-tenant office at CTO?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Got it. And I know you don't have a lot of leases rolling over in '21, but are any of those single-tenant office? Or are they predominantly in retail?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Okay. Great. And I know you mentioned that you've made some real progress at Ashford Lane. Are you undergoing any strategic redevelopment at West Cliff center? Or are you basically looking just to kind of lease-up the existing space more or less as it is?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Got it. And just one more for me. Matt, I just want to kind of confirm this. When you turned out the $50 million of debt and amended the credit facility, what would your total debt capacity be on the line of credit at the -- as of the end of the first quarter?

Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst : Yes. Yes.