FOR

IMMEDIATE

RELEASE

​

CTO REALTY GROWTH REPORTS FIRST QUARTER 2021 OPERATING RESULTS

(in thousands)

For the Three Months Ended March 31, 2021

For the Three Months Ended March 31, 2020

​

Variance to Comparable Period in the Prior Year

Income Properties

$

11,449

$

11,003

​

$

446

4.1%

Management Fee Income

$

669

​

$

702

​

$

(33)

(4.7%)

Commercial Loan and Master Lease Investments

$

701

$

1,052

​

$

(351)

(33.4%)

Real Estate Operations

$

1,893

$

81

​

$

1,812

​

2,237.0%

Total Revenues

$

14,712

$

12,838

​

$

1,874

​

14.6%

(in thousands, except per share data)

For the Three Months Ended March 31, 2021

For the Three Months Ended March 31, 2020

​

Variance to Comparable Period in the Prior Year

Net Income (Loss)

$

7,785

​

$

(12,262)

​

$

20,047

163.5%

Net Income (Loss) per diluted share

$

1.32

​

$

(2.60)

​

$

3.92

150.8%

FFO ⁽¹⁾

$

5,246

​

$

9,290

​

$

(4,044)

(43.5%)

FFO per diluted share ⁽¹⁾

$

0.89

​

$

1.97

​

$

(1.08)

(54.8%)

AFFO ⁽¹⁾

$

5,687

​

$

9,182

​

$

(3,495)

(38.1%)

AFFO per diluted share ⁽¹⁾

$

0.97

​

$

1.95

​

$

(0.98)

(50.3%)

Dividends Declared and Paid, per share

$

1.00

$

0.25

​

$

0.75

300.0%

​

Property Type

# of Properties

Square Feet

Weighted Average Remaining on Lease Term

Single-Tenant ⁽¹⁾

20

1,471

18.4 years

Multi-Tenant

7

1,339

6.1 years

Total / Weighted Average Lease Term

27

2,810

12.2 years

​

​

​

​

​

​

​

% of Cash Rent attributable to Retail Tenants

66%

​

​

% of Cash Rent attributable to Office Tenants

32%

​

​

% of Cash Rent attributable to Hotel Ground Lease

2%

​

​

​

Retail

Square Feet

Weighted Average Lease Term

Cash Rent Per Square Foot

​

Tenant Improvements

​

Leasing Commissions

New Leases

​

3.5

​

9.1

​

$ 46.95

​

$ 56

​

$ 99

Renewals & Extensions

130.0

​

5.2

​

$ 12.19

​

97

​

88

Total

133.5

​

5.5

​

$ 13.12

​

$ 153

​

$ 187

Component of Long-Term Debt

Principal

Interest Rate

Maturity Date

Revolving Credit Facility ⁽¹⁾

$100.0 million

0.7325% + [1.35% – 1.95%]

May 2023

Revolving Credit Facility

$44.8 million

30-day LIBOR + [1.35% - 1.95%]

May 2023

2026 Term Loan ⁽²⁾

$50.0 million

0.2200% + [1.35% – 1.95%]

March 2026

Mortgage Note Payable

$30.0 million

4.33%

October 2034

2025 Convertible Senior Notes

$62.5 million

3.88%

April 2025

Total Debt / Weighted Average Interest Rate

$287.3 million

2.62%

2021 Outlook

​

​

​

Low

High

Acquisition of Income-Producing Assets

$75.0 million

$125.0 million

Target Investment Initial Cash Yield

6.50%

7.25%

Disposition of Assets

$75.0 million

$125.0 million

Target Disposition Cash Yield

6.35%

6.75%

​

​

​

​

​

FFO Per Diluted Share

​

​

$3.80

$4.10

AFFO Per Diluted Share

​

​

$3.90

$4.20

​

​

​

​

​

Weighted Average Diluted Shares Outstanding

​

​

5.9 million

As of

(Unaudited)
March 31, 2021

December 31,
2020

ASSETS

Real Estate:

Land, at cost

$

179,923

$

166,512

Building and Improvements, at cost

317,870

305,614

Other Furnishings and Equipment, at cost

679

672

Construction in Process, at cost

551

323

Total Real Estate, at cost

499,023

473,121

Less, Accumulated Depreciation

(33,319)

(30,737)

Real Estate—Net

465,704

442,384

Land and Development Costs

7,074

7,083

Intangible Lease Assets—Net

53,215

50,176

Assets Held for Sale

4,505

833

Investment in Joint Ventures

48,686

48,677

Investment in Alpine Income Property Trust, Inc.

35,408

30,574

Mitigation Credits

2,622

2,622

Commercial Loan and Master Lease Investments

38,417

38,320

Cash and Cash Equivalents

4,691

4,289

Restricted Cash

609

29,536

Refundable Income Taxes

​

​

277

​

​

26

Other Assets

12,227

12,180

Total Assets

$

673,435

$

666,700

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts Payable

$

739

$

1,047

Accrued and Other Liabilities

7,042

9,090

Deferred Revenue

3,463

3,319

Intangible Lease Liabilities—Net

23,396

24,163

Liabilities Held for Sale

831

831

Deferred Income Taxes—Net

3,343

3,521

Long-Term Debt

280,248

273,830

Total Liabilities

319,062

315,801

Commitments and Contingencies

Stockholders’ Equity:

Preferred Stock – 100,000,000 shares authorized; $0.01 par value, no shares issued or outstanding at March 31, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020

​

​

—

—

Common Stock – 500,000,000 shares authorized; $0.01 par value, 5,957,079 shares issued and outstanding at March 31, 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 March 31, 2021 and 1,394,924 shares at December 31, 2020

—

(77,541)

Additional Paid-In Capital

13,341

83,183

Retained Earnings

341,645

339,917

Accumulated Other Comprehensive Loss

(673)

(1,910)

Total Stockholders’ Equity

354,373

350,899

Total Liabilities and Stockholders’ Equity

$

673,435

$

666,700

Three Months Ended

March 31,

March 31,

2021

2020

Revenues

Income Properties

$

11,449

$

11,003

Management Fee Income

669

702

Interest Income from Commercial Loan and Master Lease Investments

701

1,052

Real Estate Operations

1,893

81

Total Revenues

14,712

12,838

Direct Cost of Revenues

Income Properties

(2,917)

(2,113)

Real Estate Operations

(82)

(1,524)

Total Direct Cost of Revenues

(2,999)

(3,637)

General and Administrative Expenses

(3,132)

(3,092)

Impairment Charges

—

(1,905)

Depreciation and Amortization

(4,830)

(4,552)

Total Operating Expenses

(10,961)

(13,186)

Gain on Disposition of Assets

708

—

Gain on Extinguishment of Debt

—

637

Other Gains and Income

708

637

Total Operating Income

4,459

289

Investment and Other Income (Loss)

5,332

(13,186)

Interest Expense

(2,444)

(3,453)

Income (Loss) from Operations Before Income Tax Benefit

7,347

(16,350)

Income Tax Benefit

438

4,088

Net Income (Loss)

$

7,785

$

(12,262)

Per Share Information:

Basic

$

1.32

$ 

(2.60)

Diluted

$

1.32

$

(2.60)

Weighted Average Number of Common Shares:

Basic

5,879,085

4,711,396

Diluted

5,879,085

4,711,396

​

​

​

​

​

​

Dividends Declared and Paid

$

1.00

​

$

0.25

Three Months Ended

March 31,

2021

March 31,

2020

Net Income (Loss)

$

7,785

$

(12,262)

Depreciation and Amortization

4,830

4,552

Gains on Disposition of Assets

(708)

—

Losses (Gains) on Other Assets

(1,827)

1,389

Impairment Charges

—

1,905

Unrealized (Gain) Loss on Investment Securities

(4,834)

13,706

Funds from Operations

$

5,246

$

9,290

Adjustments:

Straight-Line Rent Adjustment

$

(685)

$

(338)

COVID-19 Rent Repayments

220

—

Amortization of Intangibles to Lease Income

(396)

(474)

Contributed Leased Assets Accretion

(121)

(43)

Gain on Extinguishment of Debt

—

(637)

Amortization of Discount on Convertible Debt

310

504

Non-Cash Compensation

958

819

Non-Recurring G&A

93

102

Amortization of Deferred Financing Costs to Interest Expense

165

150

Accretion of Loan Origination Fees

—

(88)

Non-Cash Imputed Interest

(103)

(103)

Adjusted Funds from Operations

$

5,687

$

9,182

FFO per diluted share

$

0.89

$

1.97

AFFO per diluted share

$

0.97

$

1.95

Investor Presentation April 2021 REALTY GROWTH NYSE: CTO

Forward Looking Statements 2 Certain statements contained in this presentation (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward- looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward- looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of Alpine Income Property Trust, Inc.(NYSE: PINE) or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 or Form 10-Q for the quarte ended March 31, 2021, as filed with the SEC. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. References in this presentation: ▪ All information is as of March 31, 2021, unless otherwise noted. ▪ Annualized straight-line Base Rent (“ABR” or “Rent”) and the statistics based on ABR are calculated based on our current portfolio as of March 31, 2021 and represent straight-line rent calculated in accordance with GAAP. ▪ Dividends, subject to the required dividends to maintain our qualification as a REIT, are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or amount of dividends in the future. ▪ A credit rated, or investment grade rated tenant (a tenant carrying a rating of BBB- or Baa3 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Associated of Insurance Commissioners (NAIC). ▪ Contractual Base Rent (“CBR”) represents the amount owed to the Company under the terms of its lease agreements at the time referenced. Non-GAAP Financial Measures Our reported results are presented in accordance with GAAP. We also disclose Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”), both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, impact fee credits, subsurface sales, and the land sales gains included in discontinued operations. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of capitalized lease incentives and above- and below-market lease related intangibles, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies. Investor Inquiries: Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (386) 944-5643 mpartridge@ctoreit.com

Company Profile 3 As of March 31, 2021 or as otherwise noted; any differences a result of rounding. (1) Based on monthly Contractual Base Rent (“CBR”), which represents the amount owed to the Company under the terms of its lease agreements in each respective month. (2) Calculated on 2,039,644 common shares and partnership units CTO owns in PINE and PINE’s March 31, 2021 closing stock price. (3) Calculated on 5,957,079 shares outstanding as of March 31, 2021. (4) Includes cash, cash equivalents, restricted cash and borrowing availability on the Company’s revolving credit facility. (5) As announced on April 28, 2021; yield based on CTO’s April 28, 2021 closing stock price. $310M $287M $592M EQUITY MARKET CAP(3) OUTSTANDING DEBT TOTAL ENTERPRISE VALUE (Net of Cash)(4) $35M INVESTMENT IN ALPINE INCOME PROPERTY TRUST(2) $3.90 – $4.20 AFFO PER SHARE GUIDANCE RANGE 27 2.8M $43M PROPERTIES SQUARE FEET IN-PLACE NET OPERATING INCOME 100% Q1 2021 RENT COLLECTION(1) Q2 2021 ANNUALIZED DIVIDEND(5) $4.00/share 7.6% CURRENT ANNUALIZED DIVIDEND YIELD(5) THE STRAND, JACKSONVILLE, FL 245 RIVERSIDE, JACKSONVILLE, FL

Year-to-Date 2021 Highlights 4 Strong Financial Performance ▪ Reported Q1 2021 FFO and AFFO per share of $0.89 and $0.97, respectively ▪ Paid and announced a $1.00 per share regular quarterly cash dividend for Q1 2021 and Q2 2021, respectively Accretive Investment Activity ▪ Acquired 2 properties in Q1 2021 for $38.5 million at a 7.9% cash cap rate ▪ Sold 3 properties in for $16.4 million at a 7.0% weighted-average exit cap rate ▪ Sold 25,000 acres of subsurface interests for $1.9 million ▪ Non-cash, unrealized gain of $4.8 million on the mark-to-market of the investment in PINE ▪ More than $200 million of additional asset sales identified to fund future investment at attractive net investment spreads Attractive and Well-Performing Portfolio ▪ Collected an average of 100% of Contractual Base Rents for the first four months of 2021 ▪ Signed 133,500 SF of new leases, extensions and renewals at an average rent PSF of $13.12 ▪ 93% occupied portfolio in high-growth, business friendly markets ▪ 90% of Annualized Base Rent comes from metropolitan statistical areas with more than one million people As of April 29, 2021 or as otherwise noted; any differences a result of rounding.

Experienced Management Team CTO Realty Growth is led by an experienced management team with meaningful shareholder alignment, deep industry relationships and a strong long-term track record. 5 John P. Albright President & Chief Executive Officer ▪ Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan Stanley; and Managing Director of Crescent Real Estate (NYSE: CEI) Daniel E. Smith Senior Vice President, General Counsel & Corporate Secretary ▪ Former Vice President and Associate General Counsel of Goldman Sachs & Co. and Senior Vice President and General Counsel of Crescent Real Estate (NYSE: CEI) Lisa M. Vorakoun Vice President & Chief Accounting Officer ▪ Former Assistant Finance Director for the City of DeLand, Florida and Audit Manager for James Moore & Company, an Accounting and Consulting Firm Helal A. Ismail Vice President – Investments ▪ Former Associate of Jefferies Real Estate Gaming and Lodging Investment Banking and Manager at B-MAT Homes, Inc. Matthew M. Partridge Senior Vice President, Chief Financial Officer & Treasurer ▪ Former Chief Operating Officer and Chief Financial Officer of Hutton; Executive Vice President, Chief Financial Officer and Secretary of Agree Realty Corporation (NYSE: ADC); and Vice President of Finance for Pebblebrook Hotel Trust (NYSE: PEB) Steven R. Greathouse Senior Vice President & Chief Investment Officer ▪ Former Director of Finance for N3 Real Estate; Senior Associate of Merchant Banking – Investment Management at Morgan Stanley; and Senior Associate at Crescent Real Estate (NYSE: CEI) E. Scott Bullock Vice President – Real Estate ▪ Former Managing Director of Corporate Development for International Speedway Corporation; Senior Development Manager of Crescent Resources LLC; Development Manager of Pritzker Realty Group, L.P.; and Project Engineer for Walt Disney Imagineering.

Investment Strategy CTO’s investment strategy is focused on generating outsized returns for our shareholders through a combination of asset-level value creation, acquiring at meaningful discounts to replacement cost, and sustainably growing organizational level cash flow. Diversified asset investment strategy Markets that project to have above-average job and population growth States with favorable business climates Initial focus on value-add retail and office properties with strong real estate fundamentals Seek properties with leasing or repositioning upside or highly stable assets with an identifiable opportunity to drive long-term, outsized risk-adjusted returns Acquiring at meaningful discounts to replacement cost and below market rents Miami Orlando Tampa Atlanta Jacksonville Nashville Charlotte Raleigh-Durham Northern Virginia Dallas Houston Austin Denver Boulder Salt Lake City Las Vegas Reno Phoenix 6

Tenant Strategy CTO’s tenant strategy is to align its investments with high-quality, relevant and well-performing tenants who support stable operating fundamentals and who promote community engagement engagement. 7 Nearly 50% of Contractual Base Rent comes from these high-quality tenants

32% 66% 3% Office Retail Hotel Portfolio At A Glance 8 FL 33% AZ 13% GA 12% NC 9% NM 8% TX 8% VA 7% UT 4% NV 7% Other 5% 49% 51% Single-Tenant Multi-Tenant Income Producing Property CTO Target Market/State Non-Target State Where CTO Owns a Property Percentages listed based on in-place, cash rent as or March 31, 2021.

Ashford Lane, Atlanta, GA (Repositioning) 9 Acquired as Perimeter Place in 2020, with an opportunity to up-tier through targeted lease-up, an improved tenant mix and market repositioning ▪ High barrier-to-entry location with new residential projects, increasing density and 24- hour demand ▪ Near southeast corporate headquarters for UPS, State Farm, First Data, IHG and Mercedes Benz ▪ Daytime population over 126,000 in 3-mile radius; average household income of $125,000 ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA ASHFORD LANE, ATLANTA, GA

Ashford Lane, Atlanta, GA (Repositioning) 10 Ashford Lane will incorporate outdoor seating and eating areas, along with a number of new green spaces, including The Lawn, that will drive a more community-focused experience Ashford Lane is being repositioned as a higher-end shopping and dining destination within a growing and relatively affluent submarket of Atlanta ▪ Signed a new 17,000 square foot lease with a food hall operator who will open in mid-to- late-2021 ▪ Opportunity to deliver increased rental rates with higher-end tenants supported by new multi-family and office development ▪ Additional green space, outdoor seating and eating areas will support improved foot traffic and offer restaurant-focused amenities ▪ Currently negotiating letters of intent and forms of lease with over five prospective tenants

Beer Garden Redevelopment, Daytona Beach, FL 11 ▪ Organic growth opportunity to create immediately cash flowing asset from legacy vacant land ▪ Leverages strong leisure travel demand and limited food in beverage options in one of the countries most active vacation destinations ▪ Complimentary to the Company’s existing restaurant assets in the market, both of which are experiencing record sales volumes ▪ Negotiating with apartment developer to develop multi-family on the balance of the site The proposed beer garden will be a come-as-you-are beer garden and adult playground on a half acre-to-full acre site in Daytona Beach, Florida

Crabby’s Oceanside Expansion, Daytona Beach, FL 12 ▪ Organic growth opportunity to expand existing footprint to create a “Tiki Bar” that better engages with the beach ▪ CTO to receive up to a double-digit yield on cost through base rent, with upside through percentage rent above a natural sales breakpoint ▪ Cost to CTO estimated to be between $1.0 million - $1.5 million ▪ Complimentary to the existing restaurant, which is experiencing record sales volume

Recent Acquisitions – Jordan Landing, West Jordan, UT 13 Jordan Landing is a three-tenant, approximately 183,000 square foot retail building within the major retail corridor of West Jordan, UT in the growing Salt Lake City, UT metropolitan area anchored by At Home and Burlington. ▪ Three-mile population of approximately 143,000, average household incomes of nearly $105,000 ▪ Property is 93% occupied with highly productive tenants, in a centrally located retail corridor that is one of the most trafficked centers in the country ▪ Visibility along UT-154, which experiences more than 55,000 vehicles per day ▪ Strong initial cash yield, with all in-place leases featuring contractual rent escalations in the base term ▪ Acquired at $109 PSF, suggesting a significant discount to replacement cost in consideration of underlying real estate fundamentals and demographic trends JORDAN LANDING, WEST JORDAN, UT JORDAN LANDING, WEST JORDAN, UT

Recent Acquisitions – Westland Gateway, Hialeah, FL 14 Westland Gateway is a four-tenant, approximately 108,000 square foot retail building that is master leased to a public company owner & developer, and is located in the highly desirable Miami submarket of Hialeah, FL. ▪ Two layers of credit – Triple net master lease structure with strong underlying rent coverage from in-place leases, 70% of which comes from tenants with parent-level investment grade credit ratings ▪ Acquired at a significant discount to replacement cost in consideration of providing the seller a repurchase option ▪ Recently renovated property with fixed rent escalations from the master lease ▪ Low vacancy submarket with high-density demographics and traffic counts of more than 57,000 vehicles per day ▪ Master lease provides a minimum unlevered return of 9% to CTO if the repurchase option is exercised WESTLAND GATEWAY PLAZA, HIALEAH, FL WESTLAND GATEWAY PLAZA, HIALEAH, FL

Recent Acquisitions – Sabal Pavilion, Tampa, FL 15 Situated on 12 acres at the entrance to Sabal Park, one of Tampa's most widely-recognized master-planned business parks, Sabal Pavilion is a high- quality office building built by Highwoods Properties, Inc. has been 100% occupied by Ford Motor Credit since 2000 and serves as one of four regional business centers in the United States for the financing subsidiary. ▪ Acquired below replacement cost with minimal expected capital expenditures ▪ High relative yield with a going-in cap rate of 8.4% and an attractive net recovery lease structure ▪ Single tenant office building in a desirable location and a growing Tampa, FL market ▪ Fixed rent escalations with potential upside through future lease extension or backfill; lease recently extended to 2026 SABAL PAVILION, TAMPA, FL SABAL PAVILION, TAMPA, FL

Land Joint Venture 16 Largest Remaining Parcels to Sell 850 Acres - Industrial Park Estimated Value: $20 million - $30 million 177 Acres - Tomoka North Estimated Value: $20 million - $30 million 155 Acres - Tomoka Village Estimated Value: $12M - $17M Approximately 1,600 acres remaining in the Land Joint Venture Land Joint Venture Summary of Terms ▪ Estimated market value of remaining land is $70 - $95 million ($16 million under contract) ▪ JV Partner’s current capital account balance is approximately $33 million ▪ JV Partner is guaranteed a preferred return of < 13% ▪ CTO receives 90% of all proceeds once the JV Partner capital account is $0 and the preferred return is achieved ▪ Book value of CTO’s interest in the land JV before taxes is approximately $42 million

Peer Comparisons 17 22.5x 19.5x 16.7x 15.4x 14.1x 13.5x 12.9x 12.5x 3.9% 2.9% 3.5% 5.7% 2.4% 5.1% 7.7% 4.4% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 10.0x 11.0x 12.0x 13.0x 14.0x 15.0x 16.0x 17.0x 18.0x 19.0x 20.0x 21.0x 22.0x 23.0x 24.0x 25.0x All peer data from Capital IQ. CTO has a relative outsized dividend yield and very attractive valuation relative to its diversified REIT the peer group. 2021 FFO Multiple and Annualized Dividend Yield

Balance Sheet 18 $0.0 $100.0 $100.0 $62.5 $50.0 $30.0 $44.8 $44.8 $65.2 $65.2 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Fixed Floating Total Commitments Component of Long-Term Debt Principal Interest Rate Maturity Date Revolving Credit Facility (1) $100.0 million 0.7325% + [1.35% – 1.95%] May 2023 Revolving Credit Facility $44.8 million 30-day LIBOR + [1.35% – 1.95%] May 2023 2025 Convertible Senior Notes $62.5 million 3.88% April 2025 2026 Term Loan (2) $50.0 million 0.2200% + [1.35% – 1.95%] March 2026 Mortgage Note Payable $30.0 million 4.33% October 2034 Total Debt / Weighted-Average Interest Rate $287.3 million 2.62% Any differences a result of rounding. (1) Effective March 31, 2020, the Company utilized an interest rate swap to achieve a fixed LIBOR rate of 0.7325% plus the applicable spread on $100 million of the outstanding balance on the revolving credit facility. (2) Effective March 10, 2021, the Company redesignated the interest rate swap that previously hedged $50.0 million of the outstanding balance on the revolving credit facility to the $50.0 million term loan balance. ▪ CTO has minimal interest rate volatility with only 16% variable rate debt ▪ Approximately 10% of CTO’s debt is secured; the remaining 90% is unsecured Debt Maturities ($ in millions)

2021 Guidance 19 Full Year 2021 Guidance Ranges Acquisition of Income-Producing Assets $75.0 million – $125.0 million Target Investment Yield (Initial Yield – Unlevered) 6.50% – 7.25% Disposition of Income-Producing Assets $75.0 million – $125.0 million Target Disposition Yield 6.35% – 6.75% FFO per Diluted Share $3.80 – $4.10 AFFO per Diluted Share $3.90 – $4.20

Appendix REALTY GROWTH FIDELITY, ALBUQUERQUE, NM NYSE: CTO

Schedule of Properties 21 Property Asset Type Property Type Square Feet Occupancy % of ABR Ashford Lane – Atlanta, GA Multi-Tenant Retail 269,695 71% 13.4% Crossroads Towne Center – Chandler, AZ Multi-Tenant Retail 253,977 98% 11.3% The Strand – Jacksonville, FL Multi-Tenant Retail 212,287 92% 10.8% Fidelity – Albuquerque, NM Single Tenant Office 210,067 100% 8.0% 245 Riverside – Jacksonville, FL Multi-Tenant Office 136,855 89% 6.5% Wells Fargo – Raleigh, NC Single Tenant Office 450,393 100% 6.1% The Carpenter Hotel – Austin, TX Single Tenant Retail 73,508 100% 5.4% Sabal Pavilion – Tampa, FL Single Tenant Office 120,500 100% 5.0% West Jordan SC – West Jordan, UT Multi-Tenant Retail 183,320 93% 3.8% Westland Gateway Plaza – Hialeah, FL Single Tenant Retail 108,029 100% 3.8% General Dynamics – Reston, VA Single Tenant Office 64,319 100% 3.4% 24 Hour Fitness – Falls Church, VA Single Tenant Retail 46,000 100% 3.4% Eastern Commons SC – Henderson, NV Multi-Tenant Retail 146,667 88% 3.3% Lowe’s – Katy, TX Single Tenant Retail 131,644 100% 2.0% Green shading denotes a ground lease property or a property that has parcels that are ground leased, where the Company owns the land, and the tenant owns the building and the improvements and leases the land from the Company.

Schedule of Properties 22 Property Asset Type Property Type Square Feet Occupancy % of ABR Burlington – North Richland Hills, TX Single Tenant Retail 70,891 100% 1.9% Landshark Bar & Grill – Daytona Beach, FL Single Tenant Retail 6,264 100% 1.6% Harris Teeter/Food Lion – Charlotte, NC Single Tenant Retail 45,089 100% 1.5% Westcliff Center – Fort Worth, TX Multi-Tenant Retail 136,185 61% 1.2% Rite Aid – Renton, WA Single Tenant Retail 16,280 100% 1.2% Party City – Oceanside, NY Single Tenant Retail 15,500 100% 1.1% Chuy’s – Jacksonville, FL Single Tenant Retail 7,950 100% 0.9% Big Lots – Phoenix, AZ Single Tenant Retail 34,512 100% 0.8% Walgreens – Clermont, FL Single Tenant Retail 13,650 100% 0.7% Big Lots – Germantown, MD Single Tenant Retail 25,589 100% 0.7% Firebirds – Jacksonville, FL Single Tenant Retail 6,948 100% 0.7% Staples – Sarasota, FL Single Tenant Retail 18,120 100% 0.6% Crabby’s Oceanside – Daytona Beach, FL Single Tenant Retail 5,780 100% 0.6% Total Portfolio 27 2,810,019 93% 100% Green shading denotes a ground lease property or a property that has parcels that are ground leased, where the Company owns the land, and the tenant owns the building and the improvements and leases the land from the Company.

REALTY GROWTH NYSE: CTO THE CARPENTER HOTEL, AUSTIN, TX Ground Lease in Austin

Supplemental Disclosure Quarter Ended March 31, 2021

Table of Contents 1. First Quarter 2021 Earnings Release ………...........................……………… 4 2. Key Financial Information ▪ Consolidated Balance Sheets ……….……………...........................… 12 ▪ Consolidated Statements of Operations .…………………………...… 13 ▪ Non-GAAP Financial Measures .……………………..................…... 14 3. Summary of Debt …..............………….................………………………… 15 4. Notable Acquisitions & Dispositions …………...…………………......…… 16 5. Summary of Joint Ventures ………………………………………………… 17 6. Schedule of Other Assets ....……...…………...….……………….…..…… 18 7. Leasing Summary ………………...…………...….……………….…..…… 19 8. Portfolio Diversification ………………………........................…....……… 20 9. Lease Expirations ………………………….…........................…………..… 23 10. Schedule of Properties ………………………...........................…………… 24 11. Research Coverage …….....………………………............................……… 25 12. Definitions and Terms ……………………………............................……… 26 For the Quarter Ended March 31, 2021 2 Corporate Headquarters 1140 N. Williamson Blvd., Suite 140 Daytona Beach, FL 32114 www.ctoreit.com Transfer Agent Computershare Trust Company, N.A. (800) 368-5948 www.computershare.com

Safe Harbor Certain statements contained in this supplemental disclosure report (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, each as filed with the SEC. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Non-GAAP Financial Measures Our reported results are presented in accordance with GAAP. We also disclose Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”), both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, impact fee credits, subsurface sales, and the land sales gains included in discontinued operations. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of capitalized lease incentives and above- and below-market lease related intangibles, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies. For the Quarter Ended March 31, 2021 3

Earnings Release 4 For the Quarter Ended March 31, 2021 Press Release Contact: Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (386) 944-5643 mpartridge@ctoreit.com FOR IMMEDIATE RELEASE CTO REALTY GROWTH REPORTS FIRST QUARTER 2021 OPERATING RESULTS DAYTONA BEACH, FL – April 29, 2021 – CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) today announced its operating results and earnings for the quarter ended March 31, 2021. Select Highlights ▪ Reported Net Income per diluted share of $1.32 for the quarter ended March 31, 2021. ▪ Reported FFO and AFFO per diluted share of $0.89 and $0.97, respectively, for the quarter ended March 31, 2021. ▪ Paid a cash dividend for the first quarter of 2021 of $1.00 per share on March 31, 2021 to stockholders of record as of March 22, 2021. ▪ Collected 100% of the Contractual Base Rent (“CBR”) (as defined below) due for the three months ended March 31, 2021. ▪ During the first quarter of 2021, acquired two multi-tenant income properties for a total acquisition volume of $38.5 million, representing a weighted average going-in cash cap rate of 7.9%. ▪ During the first quarter of 2021, disposed of two income properties for a total disposition volume of $4.9 million, representing a weighted average exit cap rate of 6.4%. ▪ During the first quarter of 2021, sold approximately 25,000 acres of subsurface oil, gas and mineral rights for $1.9 million. ▪ Non-cash, unrealized gain of $4.8 million on the mark-to-market of the Company’s investment in Alpine Income Property Trust, Inc. (NYSE: PINE) during the first quarter of 2021. ▪ Book value per share outstanding as of March 31, 2021 was $59.49. ▪ Collected 100% of CBR (as defined below) due in April 2021. ▪ Announced agreements to sell seven single-tenant net lease properties to Alpine Income Property Trust, Inc. for $56.0 million at a weighted-average exit cap rate of 7.2%. ▪ Declared a cash dividend for the second quarter of 2021 of $1.00 per share, representing an annualized yield of 7.6% based on the closing price of CTO common stock on April 28, 2021.

Earnings Release 5 For the Quarter Ended March 31, 2021 Quarterly Financial Results Highlights The tables below provide a summary of the Company’s operating results for the three months ended March 31, 2021: (in thousands) For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 Variance to Comparable Period in the Prior Year Income Properties $ 11,449 $ 11,003 $ 446 4.1% Management Fee Income $ 669 $ 702 $ (33) (4.7%) Commercial Loan and Master Lease Investments $ 701 $ 1,052 $ (351) (33.4%) Real Estate Operations $ 1,893 $ 81 $ 1,812 2,237.0% Total Revenues $ 14,712 $ 12,838 $ 1,874 14.6% The increase in total revenue was primarily attributable to income produced by the Company’s recent income property acquisitions versus that of properties disposed of by the Company during the comparative period, as well as increased revenue from real estate operations related to the sale of subsurface interests. (in thousands, except per share data) For the Three Months Ended March 31, 2021 For the Three Months Ended March 31, 2020 Variance to Comparable Period in the Prior Year Net Income (Loss) $ 7,785 $ (12,262) $ 20,047 163.5% Net Income (Loss) per diluted share $ 1.32 $ (2.60) $ 3.92 150.8% FFO (1) $ 5,246 $ 9,290 $ (4,044) (43.5%) FFO per diluted share (1) $ 0.89 $ 1.97 $ (1.08) (54.8%) AFFO (1) $ 5,687 $ 9,182 $ (3,495) (38.1%) AFFO per diluted share (1) $ 0.97 $ 1.95 $ (0.98) (50.3%) Dividends Declared and Paid, per share $ 1.00 $ 0.25 $ 0.75 300.0% (1) See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO and AFFO per diluted share. The Company’s quarter-over-quarter comparison of per share data was impacted by the issuance of 1.2 million shares of common stock which was issued in December of 2020 in connection with the Company’s special distribution, as required in connection with the Company’s election to be taxable as a REIT. Additionally, the Company’s net loss for three months ended March 31, 2020 included an income tax benefit of $4.1 million, or $0.87 per diluted share, as the Company’s REIT conversion became effective in the statements of operations during the three months ended December 31, 2020. Net income for the three months ended March 31, 2021 includes $0.7 million, or $0.12 per diluted share, from gains on dispositions of income-producing properties and a non-cash, unrealized gain of $4.8 million, or $0.82 per diluted share, on the mark-to- market of the Company’s investment in PINE due to the increase in the closing stock price of PINE during the quarter. CEO Comments “The first quarter was a strong start to the year as we completed our uplisting to the NYSE, continued to opportunistically sell legacy single tenant properties at attractive cap rates, and reinvest into high-quality, multi-tenanted properties at higher yields in the growing Salt Lake City, UT and Las Vegas, NV markets,” said John P. Albright, President and Chief Executive Officer of CTO Realty Growth. “These transactions resulted in approximately 130 basis points of spread between the weighted-average cap rate of our dispositions and the comparable reinvestment yields of our acquisitions, which has been a consistent theme of our portfolio repositioning efforts as we continue our evolution into a best-in-class, diversified REIT. As we look to accelerate our pace of dispositions in the 2nd and 3rd quarters, we expect to continue this trend, which should drive increased earnings per share growth and further support our attractive 7.6% dividend yield.”

Earnings Release 6 For the Quarter Ended March 31, 2021 Acquisitions During the three months ended March 31, 2021, the Company acquired two multi-tenant retail properties for total acquisition volume of $38.5 million, representing a weighted average going-in cash cap rate of 7.9%. Dispositions During the three months ended March 31, 2021, the Company sold two income properties for total disposition volume of $4.9 million, reflecting a weighted average exit cap rate of 6.4%. The sale of the properties generated a gain of $0.7 million. On April 23, 2021, the Company completed the sale of the property located in North Richland Hills, Texas, leased to Burlington for a sales price of $11.5 million, reflecting an exit cap rate of 7.3%, and of which proceeds are expected to be a part of a 1031 like-kind exchange transaction. Income Property Portfolio As of March 31, 2021, the Company’s portfolio had economic occupancy of 92.9% and physical occupancy of 92.7%. The Company’s income property portfolio consisted of the following as of March 31, 2021: Property Type # of Properties Square Feet Weighted Average Remaining on Lease Term Single-Tenant (1) 20 1,471 18.4 years Multi-Tenant 7 1,339 6.1 years Total / Weighted Average Lease Term 27 2,810 12.2 years % of Cash Rent attributable to Retail Tenants 66% % of Cash Rent attributable to Office Tenants 32% % of Cash Rent attributable to Hotel Ground Lease 2% Square feet in thousands. (1) The 20 single-tenant properties include (i) a property leased to The Carpenter Hotel which is under a long-term ground lease and includes two tenant repurchase options and (ii) a property in Hialeah leased to a master tenant which includes three tenant-repurchase options. Pursuant to FASB ASC Topic 842, Leases, the $16.3 and $21.0 million investments, respectively, have been recorded in the Company’s consolidated balance sheets as Commercial Loan and Master Lease Investments. Operational Highlights During the first quarter of 2021, CTO signed leases totaling 133,500 square feet. A summary of the Company’s leasing activity is as follows: Retail Square Feet Weighted Average Lease Term Cash Rent Per Square Foot Tenant Improvements Leasing Commissions New Leases 3.5 9.1 $ 46.95 $ 56 $ 99 Renewals & Extensions 130.0 5.2 $ 12.19 97 88 Total 133.5 5.5 $ 13.12 $ 153 $ 187 In thousands except for per square foot and lease term data.

Earnings Release 7 For the Quarter Ended March 31, 2021 COVID-19 Pandemic and Rent Collection Update In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID- 19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies. Q1 2021 Rent Status: The Company collected approximately100% of the CBR due for the three months ended March 31, 2021. CBR represents the amount owed to the Company under the current terms of its lease agreements in each respective month. The Company previously agreed to defer or abate certain CBRs in exchange for additional lease term or other lease enhancing additions. In general, the repayment of the deferred CBR began in the third quarter of 2020, with ratable payments continuing, in some cases, into 2023. 2021 Rent Status: As of April 28, 2021, the Company has received payments for CBR due in April 2021 from tenants representing 100% of the CBR due during such period. An assessment of the current or identifiable potential financial and operational impacts on the Company as a result of the COVID-19 Pandemic are as follows: • The total borrowing capacity on the Company’s revolving credit facility is based on the assets currently in the borrowing base, as defined by the Company’s revolving credit facility agreement. Pursuant to the terms of the revolving credit facility agreement, any property in the borrowing base with a tenant that is more than 60 days past due on its contractual rent obligations would be automatically removed from the borrowing base and the Company’s borrowing capacity would be reduced. For the tenants requesting rent relief with which the Company has reached an agreement, such deferral and/or abatement agreements for current rent, under the terms of the credit facility, would not be past due if the tenants adhere to such modifications, and thus those properties would not be required to be removed from the borrowing base. The Company’s available borrowing capacity has not been limited as a result of the referenced terms of the revolving credit facility. • As a result of the outbreak of the COVID-19 Pandemic, the federal government and the state of Florida issued orders encouraging everyone to remain in their residence and not go into work. In response to these orders and in the best interest of our employees and directors, we have implemented significant preventative measures to ensure the health and safety of our employees and Board of Directors (the “Board”), including: (i) conducting all meetings of the Board and Committees of the Board telephonically or via a visual conferencing service, (ii) permitting the Company’s employees to work from home at their election, (iii) enforcing appropriate social distancing practices in the Company’s office, (iv) encouraging the Company’s employees to wash their hands often and use face masks, (v) providing hand sanitizer and other disinfectant products throughout the Company’s office, (vi) requiring employees who do not feel well in any capacity to stay at home, and (vii) requiring all third-party delivery services (e.g. mail, food delivery, etc.) to complete their service outside the front door of the Company’s office. The Company also offered COVID-19 testing to its employees to ensure a safe working environment. These preventative measures have not had any material adverse impact on the Company’s financial reporting systems, internal controls over financial reporting or disclosure controls and procedures. At this time, we have not laid off, furloughed, or terminated any employee in response to the COVID-19 Pandemic. Land Joint Venture The venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest (the “Land JV”), currently holds approximately 1,600 acres of undeveloped land in Daytona Beach, Florida. The Land JV’s current transaction pipeline includes approximately 300 acres of potential land sales totaling $16.6 million. The buyers of these parcels include in-state and out-of-state developers.

Earnings Release 8 For the Quarter Ended March 31, 2021 Subsurface Interests During the three months ended March 31, 2021, the Company sold approximately 25,000 acres of subsurface oil, gas and mineral rights for $1.9 million, resulting in a gain on the sale of $1.8 million. As of March 31, 2021, the Company owns full or fractional subsurface oil, gas, and mineral interests underlying approximately 429,000 “surface” acres of land owned by others in 20 counties in Florida. REIT Conversion and NYSE Uplisting On February 1, 2021, the Company announced the completion of a merger that was undertaken in connection with the Company’s previously announced plan for the Company to elect to be subject to tax as a REIT for U.S. federal income tax purposes (the “Merger”). As a result of the Merger, the Company is a corporation organized in the state of Maryland and the Company’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock. Following the completion of the Merger, the Company’s common stock began trading on the New York Stock Exchange on February 1, 2021 under the ticker symbol “CTO.” Capital Markets and Balance Sheet During the three months ended March 31, 2021, the Company completed the following notable capital markets transactions: ▪ On March 10, 2021, the Company entered into a $50.0 million term loan agreement under its revolving credit facility. The revolving credit facility was also amended to increase lender commitments from $200.0 million to $210.0 million with the addition of one lender and to increase the accordion option that allows the Company to request additional term loan lender commitments up to a total of $150.0 million and additional credit facility lender commitments up to a total of $300.0 million. ▪ On March 12, 2021, the Company repaid its $23.2 million mortgage note payable secured by its Wells Fargo- occupied property in Raleigh, North Carolina with availability from its revolving credit facility. The following table provides a summary of the Company’s long-term debt, at face value, as of March 31, 2021: Component of Long-Term Debt Principal Interest Rate Maturity Date Revolving Credit Facility (1) $100.0 million 0.7325% + [1.35% – 1.95%] May 2023 Revolving Credit Facility $44.8 million 30-day LIBOR + [1.35% - 1.95%] May 2023 2026 Term Loan (2) $50.0 million 0.2200% + [1.35% – 1.95%] March 2026 Mortgage Note Payable $30.0 million 4.33% October 2034 2025 Convertible Senior Notes $62.5 million 3.88% April 2025 Total Debt / Weighted Average Interest Rate $287.3 million 2.62% (1) Effective March 31, 2020, the Company utilized an interest rate swap to achieve a fixed LIBOR rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding balance on the revolving credit facility. (2) Effective March 10, 2021, the Company redesignated the interest rate swap that previously hedged $50.0 million of the outstanding balance on the revolving credit facility to the $50.0 million term loan balance. On April 1, 2021, the Company filed a shelf registration statement on Form S-3, registering the possible issuance and sale of common stock, preferred stock, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million.

Earnings Release 9 For the Quarter Ended March 31, 2021 Dividends The Company paid a cash dividend for the first quarter of 2021 of $1.00 per share, on March 31, 2021 to stockholders of record as of the close of business on March 22, 2021. On April 28, 2021, the Company announced a cash dividend for the second quarter of 2021 of $1.00 per share, payable on June 30, 2021 to stockholders of record as of the close of business on June 21, 2021, representing an annualized yield of 7.6% based on the closing price of the Company’s common stock on April 28, 2021. 2021 Outlook The Company is maintaining its outlook and guidance for 2021, which assumes continued improvement in economic activity, stable or positive business trends related to each of our tenants and other significant assumptions. 2021 Outlook Low High Acquisition of Income-Producing Assets $75.0 million $125.0 million Target Investment Initial Cash Yield 6.50% 7.25% Disposition of Assets $75.0 million $125.0 million Target Disposition Cash Yield 6.35% 6.75% FFO Per Diluted Share $3.80 $4.10 AFFO Per Diluted Share $3.90 $4.20 Weighted Average Diluted Shares Outstanding 5.9 million 5.9 million 1st Quarter Earnings Conference Call & Webcast The Company will host a conference call to present its operating results for the quarter ended March 31, 2021, on Friday, April 30, 2021, at 9:00 AM ET. Stockholders and interested parties may access the earnings call via teleconference or webcast: Teleconference: USA (Toll Free) 1-888-317-6003 International: 1-412-317-6061 Canada (Toll Free): 1-866-284-3684 Please dial in at least fifteen minutes prior to the scheduled start time and use the code 9801231 when prompted. A webcast of the call can be accessed at: https://services.choruscall.com/links/cto210430.html. To access the webcast, log on to the web address noted above or go to http://www.ctoreit.com and log in at the investor relations section. Please log in to the webcast at least ten minutes prior to the scheduled time of the Earnings Call. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded diversified REIT that owns and operates a diversified portfolio of income properties comprising approximately 2.8 million square feet in the United States. CTO also owns an approximate 22.3% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).

Earnings Release 10 For the Quarter Ended March 31, 2021 We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com. Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Non-GAAP Financial Measures Our reported results are presented in accordance with GAAP. We also disclose Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”), both of which are non-GAAP financial measures. We believe these two non- GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write- downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from

Earnings Release 11 For the Quarter Ended March 31, 2021 sales, and the land sales gains included in discontinued operations. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of capitalized lease incentives and above- and below- market lease related intangibles, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies.

Consolidated Balance Sheets 12 For the Quarter Ended March 31, 2021 CTO Realty Growth, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of (Unaudited) March 31, 2021 December 31, 2020 ASSETS Real Estate: Land, at cost $ 179,923 $ 166,512 Building and Improvements, at cost 317,870 305,614 Other Furnishings and Equipment, at cost 679 672 Construction in Process, at cost 551 323 Total Real Estate, at cost 499,023 473,121 Less, Accumulated Depreciation (33,319) (30,737) Real Estate—Net 465,704 442,384 Land and Development Costs 7,074 7,083 Intangible Lease Assets—Net 53,215 50,176 Assets Held for Sale 4,505 833 Investment in Joint Ventures 48,686 48,677 Investment in Alpine Income Property Trust, Inc. 35,408 30,574 Mitigation Credits 2,622 2,622 Commercial Loan and Master Lease Investments 38,417 38,320 Cash and Cash Equivalents 4,691 4,289 Restricted Cash 609 29,536 Refundable Income Taxes 277 26 Other Assets 12,227 12,180 Total Assets $ 673,435 $ 666,700 LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities: Accounts Payable $ 739 $ 1,047 Accrued and Other Liabilities 7,042 9,090 Deferred Revenue 3,463 3,319 Intangible Lease Liabilities—Net 23,396 24,163 Liabilities Held for Sale 831 831 Deferred Income Taxes—Net 3,343 3,521 Long-Term Debt 280,248 273,830 Total Liabilities 319,062 315,801 Commitments and Contingencies Stockholders’ Equity: Preferred Stock – 100,000,000 shares authorized; $0.01 par value, no shares issued or outstanding at March 31, 2021; 50,000 shares authorized; $100.00 par value, no shares issued or outstanding at December 31, 2020 — — Common Stock – 500,000,000 shares authorized; $0.01 par value, 5,957,079 shares issued and outstanding at March 31, 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 March 31, 2021 and 1,394,924 shares at December 31, 2020 — (77,541) Additional Paid-In Capital 13,341 83,183 Retained Earnings 341,645 339,917 Accumulated Other Comprehensive Loss (673) (1,910) Total Stockholders’ Equity 354,373 350,899 Total Liabilities and Stockholders’ Equity $ 673,435 $ 666,700

Consolidated Statements of Operations 13 For the Quarter Ended March 31, 2021 CTO Realty Growth, Inc. Consolidated Statements of Operations (Unaudited, in thousands, except share, per share and dividend data) Three Months Ended March 31, March 31, 2021 2020 Revenues Income Properties $ 11,449 $ 11,003 Management Fee Income 669 702 Interest Income from Commercial Loan and Master Lease Investments 701 1,052 Real Estate Operations 1,893 81 Total Revenues 14,712 12,838 Direct Cost of Revenues Income Properties (2,917) (2,113) Real Estate Operations (82) (1,524) Total Direct Cost of Revenues (2,999) (3,637) General and Administrative Expenses (3,132) (3,092) Impairment Charges — (1,905) Depreciation and Amortization (4,830) (4,552) Total Operating Expenses (10,961) (13,186) Gain on Disposition of Assets 708 — Gain on Extinguishment of Debt — 637 Other Gains and Income 708 637 Total Operating Income 4,459 289 Investment and Other Income (Loss) 5,332 (13,186) Interest Expense (2,444) (3,453) Income (Loss) from Operations Before Income Tax Benefit 7,347 (16,350) Income Tax Benefit 438 4,088 Net Income (Loss) $ 7,785 $ (12,262) Per Share Information: Basic $ 1.32 $ (2.60) Diluted $ 1.32 $ (2.60) Weighted Average Number of Common Shares: Basic 5,879,085 4,711,396 Diluted 5,879,085 4,711,396 Dividends Declared and Paid $ 1.00 $ 0.25

Non-GAAP Financial Measures 14 For the Quarter Ended March 31, 2021 CTO Realty Growth, Inc. Non-GAAP Financial Measures (Unaudited, in thousands, except per share data) Three Months Ended March 31, 2021 March 31, 2020 Net Income (Loss) $ 7,785 $ (12,262) Depreciation and Amortization 4,830 4,552 Gains on Disposition of Assets (708) — Losses (Gains) on Other Assets (1,827) 1,389 Impairment Charges — 1,905 Unrealized (Gain) Loss on Investment Securities (4,834) 13,706 Funds from Operations $ 5,246 $ 9,290 Adjustments: Straight-Line Rent Adjustment $ (685) $ (338) COVID-19 Rent Repayments 220 — Amortization of Intangibles to Lease Income (396) (474) Contributed Leased Assets Accretion (121) (43) Gain on Extinguishment of Debt — (637) Amortization of Discount on Convertible Debt 310 504 Non-Cash Compensation 958 819 Non-Recurring G&A 93 102 Amortization of Deferred Financing Costs to Interest Expense 165 150 Accretion of Loan Origination Fees — (88) Non-Cash Imputed Interest (103) (103) Adjusted Funds from Operations $ 5,687 $ 9,182 FFO per diluted share $ 0.89 $ 1.97 AFFO per diluted share $ 0.97 $ 1.95

Summary of Debt 15 Notes Payable Principal Interest Rate Maturity Date Revolving Credit Facility (1) $100.0 million 0.7325% + [1.35% – 1.95%] May 2023 Revolving Credit Facility 44.8 million 30-day LIBOR + [1.35% – 1.95%] May 2023 2025 Convertible Senior Notes 62.5 million 3.88% April 2025 2026 Term Loan (2) 50.0 million 0.2200% + [1.35% – 1.95%] March 2026 Total Notes / Weighted- Average Interest Rate $257.3 million 2.42% Mortgages Payable Principal Interest Rate Maturity Date Six-Property CMBS Mortgage Payable $30.0 million 4.33% October 2034 Total Mortgages / Weighted- Average Interest Rate $30.0 million 4.33% Fixed vs. Variable Principal Interest Rate % of Total Total Fixed Rate Debt $242.5 million 2.81% 84% Total Variable Rate Debt 44.8 million 30-day LIBOR + [1.35% – 1.95%] 16% Total Debt $287.3 million 2.62% 100% Net Debt to Total Enterprise Value 48% Any differences a result of rounding. (1) Effective March 31, 2020, the Company utilized an interest rate swap to achieve a fixed LIBOR rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding balance on the revolving credit facility. (2) Effective March 10, 2021, the Company redesignated the interest rate swap that previously hedged $50.0 million of the outstanding balance on the revolving credit facility to the $50.0 million term loan balance. For the Quarter Ended March 31, 2021

Notable Acquisitions & Dispositions 16 Property Property Type Date Square Feet Price Gain World of Beer & Fuzzy’s Taco Shop - Brandon, FL Multi-Tenant Retail 1/20/2021 6,715 $2.3 $0.6 Moe’s Southwest Grill - Jacksonville, FL Single Tenant Retail 2/23/2021 3,111 2.5 0.1 Total Dispositions 2 properties 9,826 $4.9 $0.7 Property Property Type Date Price Square Feet % Leased at Acquisition Jordan Landing – West Jordan, UT (Salt Lake City, UT) Multi-Tenant Retail 3/2/2021 $20.0 183,320 93% Eastern Commons – Henderson, NV (Las Vegas, NV) Multi-Tenant Retail 3/10/2021 18.5 146,667 88% Total Acquisitions 2 Properties $38.5 329,987 $ in millions. Any differences a result of rounding For the Quarter Ended March 31, 2021

Summary of Joint Ventures 17 Land Joint Venture Q1 2021 Since Inception Land Sales Acres Sold - acres 3,800 acres Sales Price $ - $79.7 million Distributions to Joint Venture Partner $ - $76.3 million Partner Capital Balance as of March 31, 2021 $33.3 million Acres of Land Remaining to be Sold 1,600 acres Estimated Value $70.0 million - $95.0 million Mitigation Bank Joint Venture Q1 2021 Since Inception Mitigation Credit Sales Sales Price $0.1 million $6.1 million Distributions to Joint Venture Partner $0.1 million $6.1 million For the Quarter Ended March 31, 2021

Schedule of Other Assets 18 Subsurface Interests Estimated Value Acres Available for Sale (1) 429,000 acres $7.0 million Land & Development Acreage Estimated Value 110 Beach Street, Daytona Beach, FL 0.1 acres Downtown Daytona Land – Combined Parcels 6.0 acres Total Land & Development 6.1 acres $7.0 million All numbers in thousands except for acres and unless otherwise noted. (1) Includes royalty, half interest and full interest acreage, with and without entry rights. Commercial Loans Origination Date Maturity Date Original Loan Amount Carrying Value Interest Rate Mortgage Note – 4311 Maple Avenue, Dallas, TX October 2020 April 2023 $400 $393 7.50% Investment Securities Shares and Operating Partnership Units Owned Value Per Share at March 31, 2021 Estimated Value Alpine Income Property Trust 2,040 $17.36 per share $35.4 million For the Quarter Ended March 31, 2021

Leasing Summary 19 Renewals & Extensions (1) Q1 2021 2021 YTD Leases 11 11 Square Feet 130.0 130.0 New Cash Rent PSF $12.19 $12.19 Tenant Improvements $97 $97 Leasing Commissions $88 $88 Weighted Average Term 5.2 years 5.2 years All numbers in thousands except per square foot data and unless otherwise noted. Any differences a result of rounding. (1) Renewal and extension leases represent the same tenant in the same location, with renewal leases representing expiring leases rolling over and extensions representing existing leases being extended for additional term and/or additional rent. New Leases Q1 2021 2021 YTD Leases 3 3 Square Feet 3.5 3.5 New Cash Rent PSF $46.95 $46.95 Tenant Improvements $56 $56 Leasing Commissions $99 $99 Weighted Average Term 9.1 years 9.1 years All Leases Summary Q1 2021 2021 YTD Leases 14 14 Square Feet 133.5 133.5 New Cash Rent PSF $13.12 $13.12 Tenant Improvements $153 $153 Leasing Commissions $187 $187 Weighted Average Term 5.5 years 5.5 years For the Quarter Ended March 31, 2021

Portfolio Diversification 20 Tenant or Concept Credit Rating (1) Square Feet Annualized Base Rent Percent of Annualized Base Rent BBB 210 $ 3,646 8.0% A+ 450 2,784 6.1% Not Rated 74 2,464 5.4% BB+ 121 2,284 5.0% Master Lease Tenant of Westland Gateway Plaza Not Rated 108 1,730 3.8% B 192 1,600 3.5% BB 118 1,571 3.5% A 64 1,564 3.4% CCC- 46 1,560 3.4% BBB+ 132 917 2.0% Not Rated 56 906 (2) 2.0% Not Rated 55 747 1.6% The Hall at Ashford Lane Not Rated 17 706 1.6% Not Rated 6 705 1.6% BBB 45 704 1.5% Not Rated 60 697 1.5% CCC+ 28 683 1.5% BBB 36 630 1.4% B 38 560 1.2% CCC+ 16 558 1.2% Other 938 18,464 40.8% Total Portfolio 2,810 $ 45,480 100.0% All numbers in thousands unless otherwise noted. Any differences a result of rounding. (1) A credit rated, or investment grade rated tenant (rating of BBB- or Baa3 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Associated of Insurance Commissioners (NAIC). (2) Harkins Theatres’ Annualized Base Rent reflects defined rent beginning December 1, 2021. The Company and Harkins Theatres agreed to a percentage rent structure in consideration of the COVID-19 pandemic for the period of November 2020 through November 2021. For the Quarter Ended March 31, 2021

Portfolio Diversification 21 Square Feet and Annualized Base Rent in thousands. Any differences a result of rounding. Geographic Concentration # of Properties Square Feet Annualized Base Rent Percent of Annualized Base Rent Florida 10 641 $ 14,222 31.3% Georgia 1 270 6,107 13.4% Arizona 2 288 5,514 12.1% Texas 4 412 4,777 10.5% New Mexico 1 210 3,646 8.0% North Carolina 2 495 3,489 7.7% Virginia 2 110 3,123 6.9% Utah 1 183 1,731 3.8% Nevada 1 147 1,495 3.3% Washington 1 16 558 1.2% New York 1 16 486 1.1% Maryland 1 26 332 0.7% Total Portfolio 27 2,810 $ 45,480 100.0% For the Quarter Ended March 31, 2021

Metropolitan Statistical Area # of Properties Square Feet Annualized Base Rent Percent of Annualized Base Rent Jacksonville, FL 4 364 $ 8,599 18.9% Atlanta–Sandy Springs–Alpharetta, GA 1 270 6,107 13.4% Phoenix-Mesa-Scottsdale, AZ 2 288 5,514 12.1% Albuquerque, NM 1 210 3,646 8.0% Washington-Arlington-Alexandria, DC-VA-MD-WV 3 136 3,455 7.6% Raleigh, NC 1 450 2,784 6.1% Austin-Round Rock, TX 1 74 2,464 5.4% Tampa-St. Petersburg-Clearwater, FL 1 121 2,484 5.0% Salt Lake City, UT 1 183 1,731 3.8% Miami-Fort Lauderdale-Pompano Beach, FL 1 108 1,730 3.8% Las Vegas-Henderson-Paradise, NV 1 147 1,495 3.3% Dallas-Fort Worth-Arlington, TX 2 207 1,396 3.1% Deltona–Daytona Beach–Ormond Beach, FL 2 12 992 2.2% Houston-The Woodlands-Sugar Land, TX 1 132 917 2.0% Charlotte-Concord-Gastonia, NC-SC 1 45 704 1.5% Seattle–Tacoma–Bellevue, WA 1 16 558 1.2% New York-Newark-Jersey City, NY-NJ 1 16 486 1.1% Orlando-Kissimmee-Sanford, FL 1 14 328 0.7% North Port–Sarasota–Bradenton, FL 1 18 290 0.6% Total Portfolio 27 2,810 $ 45,480 100.0% Bold Indicates Markets with > 1 Million in Population 24 2,588 $ 40,842 89.8% Portfolio Diversification 22 Square Feet and Annualized Base Rent in thousands. Any differences a result of rounding. For the Quarter Ended March 31, 2021

Lease Expirations 23 Year # of Leases Expiring Square Feet Annualized Base Rent Percent of Annualized Base Rent 2021(1) 11 56 $ 1,367 3.0% 2022 19 118 2,526 5.6% 2023 14 139 2,487 5.5% 2024 7 492 3,585 7.9% 2025 10 82 2,073 4.6% 2026 16 226 4,337 9.5% 2027 7 260 2,562 5.6% 2028 16 478 9,274 20.4% 2029 14 299 5,072 11.2% 2030 8 88 1,635 3.6% 2031 5 50 1,324 2.9% 2032 4 44 1,356 3.0% 2033 1 6 705 1.6% 2034 3 67 1,204 2.6% 2035 1 51 1,778 3.9% Thereafter 2 186 4,194 5.7% Total Portfolio 139 2,639 $ 45,480 100.0% Physical Occupancy 92.7% Economic Occupancy 92.9% Square Feet and Annualized Base Rent in thousands. Any differences a result of rounding. (1) Includes leases that are month-to-month or in process of renewal. For the Quarter Ended March 31, 2021

Schedule of Properties 24 Property Asset Type Property Type Acreage Square Feet Occupancy Wells Fargo – Raleigh, NC Single Tenant Office 40.6 450 100% Ashford Lane – Atlanta, GA Multi-Tenant Retail 43.7 270 71% Crossroads Towne Center – Chandler, AZ Multi-Tenant Retail 31.1 254 98% The Strand – Jacksonville, FL Multi-Tenant Retail 52.0 212 92% Fidelity – Albuquerque, NM Single Tenant Office 25.3 210 100% Jordan Landing – West Jordan, UT Multi-Tenant Retail 16.1 183 93% Eastern Commons SC – Henderson, NV Multi-Tenant Retail 11.9 147 88% 245 Riverside – Jacksonville, FL Multi-Tenant Office 3.4 137 89% Westcliff Center – Fort Worth, TX Multi-Tenant Retail 10.3 136 61% Lowe’s – Katy, TX Single Tenant Retail 15.5 132 100% Sabal Pavilion – Tampa, FL Single Tenant Office 11.5 121 100% Westland Gateway Plaza – Hialeah, FL Single Tenant Retail 8.5 108 100% The Carpenter Hotel – Austin, TX Single Tenant Retail 1.4 74 100% Burlington – North Richland Hills, TX Single Tenant Retail 5.2 71 100% General Dynamics – Reston, VA Single Tenant Office 3.0 64 100% 24 Hour Fitness – Falls Church, VA Single Tenant Retail 3.1 46 100% Harris Teeter/Food Lion – Charlotte, NC Single Tenant Retail 6.9 45 100% Big Lots – Phoenix, AZ Single Tenant Retail 3.6 35 100% Big Lots – Germantown, MD Single Tenant Retail 2.4 26 100% Staples – Sarasota, FL Single Tenant Retail 2.4 18 100% Rite Aid – Renton, WA Single Tenant Retail 1.6 16 100% Party City – Oceanside, NY Single Tenant Retail 1.2 16 100% Walgreens – Clermont, FL Single Tenant Retail 1.9 14 100% Chuy’s – Jacksonville, FL Single Tenant Retail 1.2 8 100% Firebirds – Jacksonville, FL Single Tenant Retail 1.0 7 100% Landshark – Daytona Beach, FL Single Tenant Retail 3.0 6 100% Crabby’s – Daytona Beach, FL Single Tenant Retail 3.0 6 100% Total Portfolio 27 310.7 2,810 93% Square Feet in thousands. Any differences a result of rounding. For the Quarter Ended March 31, 2021

Research Coverage 25 Institution Coverage Analyst Email Phone B. Riley Craig Kucera craigkucera@brileyfin.com (703) 312-1635 Janney Rob Stevenson robstevenson@janney.com (646) 840-3217 Harshil Thakkar hthakkar@janney.com (646) 840-3219 For the Quarter Ended March 31, 2021

Definitions and Terms 26 Annualized Base Rent (ABR) is the annual straight-line recognition of a lease’s minimum base rent as calculated based on the leases in-place within the Company’s portfolio as of the end of the reporting period. Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are both non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operating activities as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write- downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. The Company also excludes the gains or losses from sales of assets incidental to the primary business of the REIT which specifically include the sales of mitigation credits, impact fee credits, subsurface sales, and the land sales gains included in discontinued operations. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of capitalized lease incentives and above- and below-market lease related intangibles, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies. Net Debt is calculated as our gross debt at face value and before the effects of net deferred financing costs, less cash, cash equivalents and restricted cash. We believe it is appropriate to exclude cash, cash equivalents and restricted cash from gross debt because the cash, cash equivalents and restricted cash could be used to repay debt. We believe net debt is a beneficial disclosure because it represents the contractual obligations of the company that would potentially need to be repaid in the future. New Cash Rent PSF is the in-place minimum cash rent of the newly signed lease, divided by the square feet of the unit for which the tenant is occupying. Weighted Average Term is the term of a set of leases, weighted by the amount of in-place annual minimum base rent. For the Quarter Ended March 31, 2021

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Contact:

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Matthew M. Partridge

Senior Vice President, Chief Financial Officer and Treasurer

(386) 944-5643

mpartridge@ctoreit.com

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FOR

IMMEDIATE

RELEASE

CTO REALTY GROWTH DECLARES QUARTERLY

DIVIDEND FOR THE SECOND QUARTER 2021