CTO Realty Growth Declares Dividends For the Second Quarter 2024

Rhea-AI Summary

CTO Realty Growth (NYSE: CTO) has declared a quarterly cash dividend of $0.38 per share of common stock for Q2 2024. This represents an annualized yield of approximately 8.7% based on the stock's closing price on May 24, 2024. The dividend is payable on June 28, 2024, to shareholders of record as of June 13, 2024, with an ex-dividend date of June 12, 2024.

Additionally, CTO declared a quarterly cash dividend of $0.39844 per share for its 6.375% Series A Cumulative Redeemable Preferred Stock, also payable on June 28, 2024, to shareholders of record as of June 13, 2024.

CTO Realty Growth is a publicly traded real estate investment trust owning and managing retail properties in high-growth U.S. markets. They also manage and hold a significant interest in Alpine Income Property Trust (NYSE: PINE).

Positive

• Quarterly cash dividend of $0.38 per share of common stock declared.
• Annualized yield of approximately 8.7% based on the closing price on May 24, 2024.
• Quarterly cash dividend of $0.39844 per share declared for 6.375% Series A Cumulative Redeemable Preferred Stock.
• Dividends payable on June 28, 2024, providing immediate returns to shareholders.
• CTO Realty Growth owns and manages high-quality retail properties in high-growth U.S. markets.
• CTO externally manages and owns a meaningful interest in Alpine Income Property Trust (NYSE: PINE).

Negative

• No significant new business developments or acquisitions mentioned.
• Focus on dividend payments may indicate a lack of reinvestment opportunities or growth initiatives.
• Specific financial data for Q2 2024 such as revenue, EPS, or guidance not provided.

WINTER PARK, Fla., May 28, 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 second quarter of 2024 (the “Common Stock Cash Dividend”). The Common Stock Cash Dividend represents an annualized yield of approximately 8.7% based on the closing price of the Company’s common stock on May 24, 2024.

The Common Stock Cash Dividend is payable on June 28, 2024, to stockholders of record as of the close of business on June 13, 2024, and the ex-dividend date for the Common Stock Cash Dividend is June 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 second quarter of 2024, to be paid on June 28, 2024, to stockholders of record as of the close of business on June 13, 2024.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States. CTO also externally manages and owns a meaningful interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

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 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; 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:	Lisa M. Vorakoun Senior Vice President, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer (386) 944-5641 lvorakoun@ctoreit.com

FAQ

What dividend yield is CTO Realty Growth offering for common stock in Q2 2024?

CTO Realty Growth is offering an annualized yield of approximately 8.7% for its common stock in Q2 2024.

When is the dividend payable for CTO Realty Growth common stock in Q2 2024?

The dividend for CTO Realty Growth common stock is payable on June 28, 2024.

What is the ex-dividend date for CTO Realty Growth's common stock dividend in Q2 2024?

The ex-dividend date for CTO Realty Growth's common stock dividend is June 12, 2024.

What is the cash dividend per share for CTO Realty Growth's Series A Preferred Stock in Q2 2024?

The cash dividend per share for CTO Realty Growth's Series A Preferred Stock is $0.39844 in Q2 2024.

When will CTO Realty Growth pay the Series A Preferred Stock dividend for Q2 2024?

The Series A Preferred Stock dividend will be paid on June 28, 2024.

What type of properties does CTO Realty Growth own and manage?

CTO Realty Growth owns and manages high-quality, retail-based properties in high-growth U.S. markets.