CTO Realty Growth, formerly Consolidated-Tomoka Land (CTO), will raise its quarterly dividend by  another 60.0 percent to 40 cents per share in 2020. Earlier this year the company announced a 92.3 percent hike to $0.25 per share in the first quarter of 2020.

The next dividend will be payable on August 31, 2020, to shareholders of record on August 17, 2020. A new annual rate of $1.60 per share yields 3.8% at a stock price of $42.

Laura M. Franklin, Chairman of the Board, stated, "The Board is pleased that the Company’s growth in revenue continues to support our dividend tradition that began in 1976, and represents a trailing twelve-month dividend growth of over 160%.” Ms. Franklin continued, “This dividend increase is reflective of the Company’s strong cash flow growth and supportive of the Board’s decision to pursue a potential REIT conversion for 2020, which if approved by shareholders, would require the Company to pay a substantially higher dividend in 2020 to meet the requirements for a REIT’s distribution of taxable income.”

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 23.5% 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.