
Shares of real estate investment trust CTO Realty Growth CTO.N fall 3% to $18 in early trade
Wolfpack Research raises doubts about the reliability of financial disclosures and says co's dividend payout looks unsustainable
Adds management made questionable representations regarding tenant quality and adjusted funds from operation (AFFO)
Research firm further says since becoming a REIT in 2021, CTO hasn't made enough cash to cover its expenses and payouts and has relied on issuing more shares to fill a $38 mln dividend gap from 2021 to 2024
Including session moves, shares are down 10.8% YTD