Tenant Default and Vacancy Risk: The company's revenue and profitability are highly dependent on its ability to attract and retain tenants and collect rent, and unexpected tenant defaults or vacancies can significantly impact financial performance.

Interest Rate Fluctuation Risk: As a real estate investment trust, CTO is sensitive to changes in interest rates, which can increase borrowing costs, affect property valuations, and influence investor demand for REIT shares.

Economic Downturn Risk: Adverse economic conditions, recessions, or a significant decline in consumer spending can negatively impact the financial health of CTO's retail tenants, leading to lower occupancy rates, decreased rental income, and reduced property values.