CTO Realty Growth Increases Quarterly Dividend by 3.7% and Declares Dividends for the Second Quarter 2022
WINTER PARK, Fla., May 24, 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 a quarterly cash dividend of $1.12 per share of common stock for the second quarter of 2022 (the “Common Stock Cash Dividend”), which represents a 3.7% increase as compared to the Company’s previous quarterly cash dividend of $1.08 per share of common stock. The Common Stock Cash Dividend is being increased to account for the Company’s strong year-to-date cash flow growth and the need to distribute a certain amount of taxable income to maintain its REIT tax status.
The Common Stock Cash Dividend represents a 12.0% year-over-year increase as compared to the Company’s second quarter 2021 common stock cash dividend and an annualized yield of approximately 7.1% based on the closing price of the common stock on May 23, 2022.
The Common Stock Cash Dividend is payable on June 30, 2022 to stockholders of record as of the close of business on June 9, 2022 and the ex-dividend date for the Common Stock Cash Dividend is June 8, 2022. The Common Stock Cash Dividend will apply to pre-split shares only and will not be impacted by the Company’s previously announced stock split, which is to be effective July 1, 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 second quarter of 2022, to be paid on June 30, 2022 to stockholders of record as of the close of business on June 9, 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 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.
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, global supply chain disruptions, and ongoing geopolitical war; 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, 2021 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: Contact: Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (407) 904-3324 firstname.lastname@example.org