CTO Realty Growth, Inc. (NYSE:CTO) Q3 2023 Earnings Call Transcript

John Albright: Yes. That’s been the case for some time now. So I don’t think that’s a new element. I would say that the construction costs have not come down. We’re working with a prospective tenant right now, obviously, several prospective tenants, but one that I had a meeting with yesterday, where we brought in a contractor to discuss construction costs. And the build-out of some of the space is 2x what it was five years ago. And the costs are not coming down as much as you would think with activity kind of slowing. So you’re still dealing with elevated construction costs, TI costs. And the timing, contractors are still busy. So timing is if you go from a discussion with the tenant right now on signing a lease, you’re probably not going to be open for a year. So it’s frustrating, but it’s something we just have to work through.

R.J. Milligan: Okay. Thanks. That’s it for me.

Operator: Thank you. That concludes the question-and-answer session. Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect.