Consolidated-Tomoka Land (CTO) will raise its quarterly dividend by 92.3 percent to $0.25 per share in the first quarter of 2020. This follows a dividend increase of 62.5 percent by the real estate company last year.

The next dividend payable on February 28, 2020, to shareholders of record on February 24, 2020. A new annual rate of $1.00 per share yields 1.6% at a stock price of $62.33.

In today's press release the company says it is evaluating a possible REIT conversion: "Given the Company’s growth in income property investments and divestiture of its majority interest in its land holdings, the Company will evaluate a potential REIT conversion. There is no definitive timeline for this evaluation and any such decision would require a shareholder vote at a meeting of the Company’s shareholders."

Consolidated-Tomoka Land Co. is a Florida-based publicly traded real estate company, which owns a portfolio of income properties in diversified markets in the United States and an approximately 22% interest in Alpine Income Property Trust, Inc. (PINE), a publicly traded net lease real estate investment trust. Consolidated Tomoka Land Co. traces its roots back to Jacksonville in the early 1900s.