CTO Realty Growth Increases Quarterly Dividend By 8.0% and Declares Dividends for the First Quarter 2022

Rhea-AI Summary

CTO Realty Growth, Inc. (NYSE: CTO) announced an 8.0% increase in its quarterly cash dividend to $1.08 per share for Q1 2022, up from $1.00. This dividend is payable on March 31, 2022, to stockholders of record as of March 10, 2022. The annualized yield based on the stock's closing price on February 22, 2022, is approximately 7.4%. Additionally, a quarterly cash dividend of $0.39844 per share for the 6.375% Series A Cumulative Redeemable Preferred Stock will also be paid on March 31, 2022.

Positive

• 8.0% increase in quarterly cash dividend to $1.08 per share.
• Annualized yield of approximately 7.4% based on closing stock price.

Negative

• None.

WINTER PARK, Fla., Feb. 23, 2022 (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 an 8.0% increase in the Company’s quarterly cash dividend to $1.08 per share of common stock for the first quarter of 2022, as compared to its previous quarterly cash dividend of $1.00 per share of common stock. The dividend is payable on March 31, 2022 to stockholders of record as of the close of business on March 10, 2022. The ex-dividend date for the first quarter 2022 cash dividend is March 9, 2022. The first quarter 2022 cash dividend represents an annualized yield of approximately 7.4% based on the closing price of the common stock on February 22, 2022.

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 first quarter of 2022, to be paid on March 31, 2022 to stockholders of record as of the close of business on March 10, 2022.

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 owns an approximate 16% 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; the ultimate geographic spread, severity and duration of pandemics such as the COVID-19 Pandemic, 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, 2020 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:	Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (407) 904-3324 mpartridge@ctoreit.com

FAQ

What is the new dividend amount for CTO Realty Growth for Q1 2022?

CTO Realty Growth has increased its quarterly cash dividend to $1.08 per share for Q1 2022.

When will the dividend for CTO be paid?

The dividend is payable on March 31, 2022.

What is the record date for the dividend payment of CTO Realty Growth?

The record date for the dividend payment is March 10, 2022.

What is the annualized yield of CTO's dividend?

The annualized yield is approximately 7.4% based on the closing price on February 22, 2022.

When will the ex-dividend date be for CTO Realty Growth's dividend?

The ex-dividend date is March 9, 2022.