CTO Realty Growth Declares Dividends for the Fourth Quarter 2024

Rhea-AI Summary

CTO Realty Growth has declared quarterly dividends for Q4 2024. The company announced a $0.38 per share cash dividend for common stock, representing an annualized yield of 7.8% based on the November 18, 2024 closing price. Additionally, a $0.39844 per share dividend was declared for its 6.375% Series A Cumulative Redeemable Preferred Stock. Both dividends will be paid on December 31, 2024, to stockholders of record as of December 12, 2024. CTO operates high-quality, open-air shopping centers in the Southeast and Southwest US markets.

Positive

• Maintained quarterly dividend payment of $0.38 per common share
• Attractive dividend yield of 7.8% based on current stock price

Negative

• None.

Insights

REIT Analyst

This quarterly dividend announcement reveals important financial metrics for CTO Realty Growth. The $0.38 per share common stock dividend translates to an attractive 7.8% annualized yield, which is notably competitive in the current REIT market environment. The company maintains a dual dividend structure, with the Series A Preferred Stock receiving $0.39844 per share, providing stable income for preferred stockholders.

The dividend payout demonstrates CTO's commitment to shareholder returns and suggests confidence in their cash flow generation from their retail property portfolio in high-growth Southeast and Southwest markets. The company's strategic focus on open-air shopping centers in these regions positions them well for sustainable dividend coverage, though investors should monitor occupancy rates and tenant health in their retail portfolio.

WINTER PARK, Fla., Nov. 19, 2024 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) announced today that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.38 per share of common stock for the fourth quarter of 2024 (the “Common Stock Cash Dividend”). The Common Stock Cash Dividend represents an annualized yield of approximately 7.8% based on the closing price of the Company’s common stock on November 18, 2024.

The Common Stock Cash Dividend is payable on December 31, 2024, to stockholders of record as of the close of business on December 12, 2024, and the ex-dividend date for the Common Stock Cash Dividend is December 12, 2024.

The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of $0.39844 per share of the Company’s 6.375% Series A Cumulative Redeemable Preferred Stock for the fourth quarter of 2024, to be paid on December 31, 2024, to stockholders of record as of the close of business on December 12, 2024.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. owns and operates high-quality, open-air shopping centers located in the higher growth Southeast and Southwest markets of the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE).

We encourage you to review our most recent investor presentation and supplemental financial information, 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 beliefs concerning future developments and their potential effect on 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; macroeconomic and geopolitical factors, including but not limited to inflationary pressures, interest rate volatility, distress in the banking sector, global supply chain disruptions, and ongoing geopolitical war; credit risk associated with the Company investing in structured investments; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic and its variants, 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; 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, 2023 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. 

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. 

Contact:
Investor Relations
ir@ctoreit.com

FAQ

What is CTO Realty Growth's Q4 2024 dividend amount?

CTO Realty Growth declared a quarterly cash dividend of $0.38 per share of common stock for Q4 2024.

When will CTO's Q4 2024 dividend be paid?

CTO's Q4 2024 dividend will be paid on December 31, 2024, to stockholders of record as of December 12, 2024.

What is the dividend yield for CTO Realty Growth based on current price?

CTO's quarterly dividend represents an annualized yield of approximately 7.8% based on the closing price as of November 18, 2024.

What is CTO's preferred stock dividend for Q4 2024?

CTO declared a quarterly cash dividend of $0.39844 per share for its 6.375% Series A Cumulative Redeemable Preferred Stock.