WINTER PARK, Fla. - CTO Realty Growth, Inc. (NYSE: CTO), a publicly traded real estate investment trust (REIT), announced the appointment of Philip R. Mays as the Senior Vice President, Chief Financial Officer, and Treasurer, effective June 17, 2024.
Mays brings extensive financial leadership experience, having most recently served as the CFO of Shadowbox Studios and prior to that, as CFO and Executive Vice President of another NYSE-listed retail REIT, Cedar Realty (NYSE:CDR) Trust, Inc.
John P. Albright, President and CEO of CTO Realty Growth, expressed enthusiasm about Mays' addition to the team, highlighting his valuable experience in the public REIT sector and his established relationships within the retail shopping center REIT community, including with banks, investors, and researchers. Albright anticipates Mays' contributions will bolster the growth of CTO Realty Growth and Alpine Income Property Trust, Inc. (NYSE: PINE), a net lease REIT managed by CTO.
Mays has a solid background in accounting and finance, with a tenure as Chief Accounting Officer and Vice President of Finance of Federal Realty (NYSE:FRT) Investment Trust. His early career included seven years as an accountant at Ernst & Young LLP, supervising audits and assisting clients in real estate, construction, and hospitality. Mays is a member of the American Institute of Certified Public Accountants and holds a Bachelor of Science in Accounting and Finance from Jacksonville University.
Upon Mays' start, Lisa M. Vorakoun will return to her position as Senior Vice President and Chief Accounting Officer of CTO Realty Growth. Mays will also serve as Senior Vice President, Chief Financial Officer, and Treasurer of Alpine Income Property Trust, in addition to his role at CTO.
CTO Realty Growth owns and operates a portfolio of retail-based properties in higher growth markets across the United States and holds a significant interest in Alpine Income Property Trust. The company's most recent investor presentation and supplemental financial information are available on its website.
This announcement is based on a press release statement from CTO Realty Growth, Inc. and includes forward-looking statements subject to factors that could cause actual results to differ materially from those anticipated.
InvestingPro Insights
With the appointment of Philip R. Mays as the new Senior Vice President, Chief Financial Officer, and Treasurer, CTO Realty Growth, Inc. (NYSE: CTO) is poised to leverage his extensive financial expertise in the REIT sector. The company's financial metrics reflect a blend of stability and growth potential.
According to InvestingPro data, CTO Realty Growth has a market capitalization of $407.3 million and a robust gross profit margin of 73.27% over the last twelve months as of Q1 2024. This figure underscores the company's ability to maintain profitability and manage its cost of sales effectively.
Investors might also be drawn to CTO's significant dividend yield of 8.6%, a testament to its commitment to returning value to shareholders. Notably, the company has maintained dividend payments for 49 consecutive years, illustrating a strong track record of financial reliability and investor confidence. This aligns with the company's current financial health, where liquid assets exceed short-term obligations, as per an InvestingPro Tip, ensuring that CTO can meet its immediate financial commitments comfortably.
With a P/E ratio of 31.73 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at 71.82, the company trades at a high earnings multiple which might suggest investor optimism about future earnings potential. Moreover, the company's stock is trading near its 52-week high, at 98.56% of this peak, indicating strong market sentiment and price performance.
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