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CTO-P-A customer relationships

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CTO-P-A customer relationship map

CTO-P-A: Tenant map and customer-concentration briefing for investors

CTO-P-A is a preferred security tied to CTO Realty Growth’s operating platform; the company acquires, manages and leases open‑air shopping centers and selectively externalizes management of REIT interests to generate fee income and stabilize cashflows through long-term anchor leases. For investors, the revenue model is a blend of property-level rental income, acquisition/disposition gains and recurring management fees tied to externally managed vehicles such as Alpine Income Property Trust. If you want a concise, transaction‑level view of CTO’s customer footprint, visit https://nullexposure.com/ for structured exposure monitoring.

Why tenants matter: the investment thesis in one line

CTO underwrites value through anchor‑led retail assets in the Southeast and Southwest, betting that a stable roster of big‑box tenants and government/creditworthy occupants will produce predictable cash yields and management fee upside from externally managed vehicles.

What the tenant roll reveals — key transactions and relationships

Below I cover every customer relationship surfaced in the dataset with a plain‑English summary and a source note.

  • Best Buy — Best Buy anchors Palms Crossing, a 399,000 sq ft retail center CTO acquired; the tenant helps drive the property’s 98% reported occupancy. Source: CTO press release/GlobeNewswire (Mar 2, 2026) and accompanying QuiverQuant coverage (Mar 9, 2026).

  • Hobby Lobby — Hobby Lobby is listed as an anchor tenant at Palms Crossing, supporting the center’s near‑full occupancy post‑acquisition. Source: GlobeNewswire (Mar 2, 2026).

  • Burlington Coat Factory / Burlington — Burlington anchors both Palms Crossing and Pompano Citi Centre, making it a recurring anchor across CTO’s recent buys. Source: GlobeNewswire (Mar 2, 2026) and Pompano acquisition release (Dec 18, 2025).

  • Nike — Nike is an anchor at Palms Crossing, adding brand recognition and traffic to the McAllen asset. Source: GlobeNewswire (Mar 2, 2026).

  • Barnes & Noble — Barnes & Noble is named among anchors at Palms Crossing, contributing to tenant mix diversity beyond apparel and big‑box stores. Source: GlobeNewswire (Mar 2, 2026).

  • Fidelity — Fidelity vacated roughly half of CTO’s 212,000 sq ft Albuquerque office property during 2025, a development that materially affected same‑property NOI for non‑core holdings. Source: CTO Q4 and year‑end 2025 operating results (GlobeNewswire/Feb 19, 2026).

  • State of New Mexico — The State of New Mexico signed an initial ten‑year lease covering the portion of the Albuquerque building released by Fidelity, restoring the asset to 100% occupancy by two investment‑grade tenants. Source: CTO Q4 operating results (GlobeNewswire/Feb 19, 2026).

  • Alpine Income Property Trust, Inc. (PINE) — CTO externally manages Alpine and holds a meaningful ownership interest, producing fee revenue and alignment between the operating platform and a managed REIT. Source: SG Yahoo/Finviz coverage of CTO’s disclosures (Mar 2026).

  • J.C. Penney / JCPenney — J.C. Penney is an anchor at Pompano Citi Centre and remains a material, albeit challenged, tenant in the portfolio referenced in acquisition filings. Source: TherealDeal/WREnews and CTO press release (Dec 19, 2025; Dec 18, 2025).

  • Ross Dress for Less — Ross anchors Pompano and is cited across earnings commentary as a stable big‑box tenant. Source: CTO earnings call transcript coverage (Mar 2026).

  • Nordstrom Rack — Nordstrom Rack appears as an anchor at Pompano Citi Centre and contributes to the center’s tenant mix of off‑price national retailers. Source: CTO press release / The Real Deal (Dec 2025).

  • TJ Maxx (The TJX Companies) — TJ Maxx is another anchor at Pompano Citi Centre, reinforcing the off‑price retail concentration at that asset. Source: CTO press release (Dec 18, 2025).

  • ACH Legacy North TX LLC — Collin County records show ACH Legacy North TX LLC as the buyer in the Shops at Legacy North transaction; this is a local title/buyer record cited in regional coverage. Source: Dallas News (Dec 23, 2025).

  • Jashan — Jashan is listed among restaurant tenants at the Shops at Legacy North, representing local F&B exposure in CTO’s non‑core retail holdings. Source: Dallas News (Dec 23, 2025).

  • Mexican Sugar — Mexican Sugar is named as a tenant at Shops at Legacy North, highlighting restaurant tenancy within that disposition. Source: Dallas News (Dec 23, 2025).

  • Benihani — Benihani is documented as a restaurant tenant at the Shops at Legacy North sale listing in regional press. Source: Dallas News (Dec 23, 2025).

  • Le Beef Steak & Frites — Le Beef Steak & Frites shows up as a tenant in the Shops at Legacy North coverage, illustrating CTO’s exposure to local dining operators in some assets. Source: Dallas News (Dec 23, 2025).

  • Wagyu House — Wagyu House is reported among the food tenants at Shops at Legacy North, again signaling localized tenant concentration in that property. Source: Dallas News (Dec 23, 2025).

  • Big Lots — CTO consolidated 34,000 sq ft formerly occupied by Big Lots into a single new lease configuration, a transaction called out in the earnings transcript. Source: Q4 2025 earnings call transcript coverage (InsiderMonkey / Globe and Mail, Mar 2026).

  • Boot Barn — Boot Barn openings at two locations (Rockwell and Price) were cited as contributors to recently completed leasing work that began to flow through late‑cycle results. Source: CTO earnings call transcript coverage (Mar 2026).

  • Slick City — Slick City was relocated into the Carolina asset late in the year, noted as a small/late occupancy win in the earnings commentary. Source: CTO earnings call transcript coverage (Mar 2026).

  • Value City — Value City remains a negotiation target for an anchor space at Carolina Pavilion with an expected recovery in early 2026 per management commentary. Source: CTO earnings call transcript coverage (Mar 2026).

  • Ravana — Management discussed the Ravana loan facility, including paydown activity and future draw expectations, indicating CTO’s active role as lender/creditor in select deals. Source: Earnings call transcript (Globe and Mail/Mar 2026).

  • Waters (WAT) — Waters was mentioned in the context of potential extension or repayment timing on a loan referenced in the Q4 earnings call. Source: Earnings call transcript coverage (Mar 2026).

  • Founders (FDMIF) — Founders was discussed alongside Ravana as a loan that had been extended and increased, underscoring CTO’s exposures through financing arrangements. Source: Earnings call transcript (Mar 2026).

Operating posture and company‑level signals

There are no explicit constraint excerpts in the dataset, but the relationship set itself reveals company‑level signals investors must internalize:

  • Contracting posture: CTO’s model combines long‑term anchor leases (government and investment‑grade tenants) with tactical leasing of small shops and active asset rotation; management commentary shows a willingness to re‑lease, repurpose and consolidate footprints to recover NOI.

  • Concentration and criticality: The portfolio leans on recurring anchor tenants (off‑price apparel, large electronics and category anchors). That creates concentration risk by tenant type but criticality benefit where anchored centers deliver stable traffic and occupancy.

  • Business maturity and revenue mix: Repeated acquisitions, property disposals and an externally managed REIT (Alpine/PINE) point to a mid‑stage platform that monetizes via asset rotation plus fee income — a hybrid revenue model supportive of preferred‑security cash flow expectations.

If you want transaction‑level tracking and tenant‑portfolio analysis for underwriting or monitoring, see https://nullexposure.com/ for ongoing coverage and alerting.

Investment implications and next steps

Investors should value CTO‑P‑A for stable, lease‑backed distributions supported by anchored retail cashflow and external management fees, while discounting for concentration across big‑box retail anchors and localized restaurant exposures that drive non‑core volatility. Close monitoring of lease renewals with tenants like J.C. Penney, major drawdowns or further government leases (as with the State of New Mexico) will materially affect near‑term cashflow resilience.

For a focused, productized feed of customer relationships and to track tenant events in real time, visit https://nullexposure.com/ — the platform aggregates the type of source‑level signals summarized here.

Bottom line: CTO’s tenant book is anchor‑heavy and transaction‑active, supporting a preferred instrument built on recurring rent and fees, but requires active monitoring of anchor renewals, loan exposures and small‑shop churn to assess downside. For ongoing updates and bespoke investor dashboards, return to https://nullexposure.com/.