CTO Realty Growth completes $5M buyback, approves new $10M program

CTO Realty Growth, Inc. (NYSE: CTO) announced its board of directors approved a new $10 million common stock repurchase program after completing its previous $5 million buyback initiative.

The company repurchased approximately $4.3 million of its common stock over the past 60 days under the concluded program, according to a press release statement.

The new stock repurchase plan authorizes CTO to purchase up to $10 million of its common stock through open market transactions, block purchases, privately negotiated transactions, or trading plans adopted under Rule 10b5-1 of the Securities Exchange Act of 1934. The program remains subject to market conditions and other factors.

The company stated the new program does not obligate it to repurchase any specific dollar amount or number of shares and may be modified, suspended, or terminated at any time.

CTO Realty Growth operates open-air shopping centers in Southeast and Southwest markets of the United States. The company also externally manages and owns an interest in Alpine Income Property Trust, Inc. (NYSE: PINE).

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