What CTO Realty Growth, Inc. told the SEC could break it.

CTO's retail-REIT base rent is concentrated in the Southeast — Georgia, Florida and North Carolina (with North Carolina alone ~15% of base rent in 2025) — so regional economic, weather or retail-demand shocks in those states would disproportionately affect results.

“of our base rent revenue during the year ended December 31, 2025 was generated from tenants located in Georgia, Florida, and North Carolina, respectively.”

As a retail REIT, CTO depends on its tenants operating successfully enough to pay rent, maintain insurance, pay property taxes and make repairs; tenant insolvency, bankruptcy or non-renewal would directly reduce rental revenue.

“We depend on our tenants to operate their businesses at the properties we own in a manner which generates revenues sufficient to allow them to meet their obligations to us, including their obligations to pay rent, maintain certain insurance coverage, pay real estate taxes, make repairs and otherwise ma”

U.S. tariffs on foreign goods and retaliatory tariffs (including from China) could disrupt global trade and the economy, indirectly harming the retail tenants whose performance underpins CTO's rental income.

“the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products.”