CTO Realty falls as Wolfpack Research alleges financial misconduct

CTO Realty Growth

25/06/2025 15:02

** 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

 (Reporting by Apratim Sarkar)

 ((Apratim.Sarkar@thomsonreuters.com))