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CTO Realty falls as Wolfpack Research alleges financial misconduct

ReutersJun 25, 2025 2:02 PM

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

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