DAYTONA BEACH, Fla., Feb. 01, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc.  today announced the completion of the merger of CTO with and into CTO NEWCO REIT, Inc., a wholly owned subsidiary of CTO. The Merger was undertaken in connection with CTO’s previously announced plan for CTO to elect to be subject to tax as a real estate investment trust for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2020.

As a result of the Merger, existing shares of CTO common stock were automatically converted, on a one-for-one basis, into shares of common stock of the surviving entity (the “Company”). The Company is a corporation organized in the state of Maryland and has been renamed “CTO Realty Growth, Inc.” The Company’s charter includes certain standard REIT provisions, including ownership limitations and transfer restrictions applicable to the Company’s capital stock.

In connection with the REIT conversion and the Merger, CTO applied to list the Company’s common stock on the New York Stock Exchange (the “NYSE”) under CTO’s current ticker symbol, “CTO.” This application has been approved, and the Company’s common stock is expected to begin trading on the NYSE on February 1, 2021 under the ticker symbol “CTO.”

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded diversified real estate investment trust that owns and operates a diversified portfolio of income properties comprising approximately 2.4 million square feet in in the United States. CTO also owns an approximate 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).