<SEC-DOCUMENT>0001104659-24-045833.txt : 20240410
<SEC-HEADER>0001104659-24-045833.hdr.sgml : 20240410
<ACCEPTANCE-DATETIME>20240410163024
ACCESSION NUMBER:		0001104659-24-045833
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		21
CONFORMED PERIOD OF REPORT:	20240404
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240410
DATE AS OF CHANGE:		20240410

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CTO Realty Growth, Inc.
		CENTRAL INDEX KEY:			0000023795
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				590483700
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11350
		FILM NUMBER:		24836176

	BUSINESS ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789
		BUSINESS PHONE:		407-904-3324

	MAIL ADDRESS:	
		STREET 1:		369 N. NEW YORK AVE.
		STREET 2:		SUITE 201
		CITY:			WINTER PARK
		STATE:			FL
		ZIP:			32789

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CTO Realty Growth Inc.
		DATE OF NAME CHANGE:	20200508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CONSOLIDATED TOMOKA LAND CO
		DATE OF NAME CHANGE:	19920703
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_905_edei--DocumentType_c20240404__20240404_zBOhUl3HGf0g"><ix:nonNumeric contextRef="AsOf2024-04-04" id="Fact000010" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)&#160;of</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in its charter)</p>

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<td style="text-align: center"> (Commission File Number)</td>
<td style="text-align: center">(IRS Employer Identification No.)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Not Applicable</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&#160;8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
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the Exchange Act (17 CFR 240.14d-2(b))</td>
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<td style="width: 0in"/><td style="width: 0.25in; text-align: left"><span style="font-family: Wingdings"><span id="xdx_90F_edei--PreCommencementIssuerTenderOffer_c20240404__20240404_zXI6rVDrT5T7"><ix:nonNumeric contextRef="AsOf2024-04-04" format="ixt:booleanfalse" id="Fact000026" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span></td><td style="text-align: justify">Pre-commencement communications pursuant to Rule&#160;13e-4(c)&#160;under
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of the Act:
&#160;</p>


<p style="margin: 0">&#160;</p>

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<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; width: 40%"><b>Title&#160;of&#160;each&#160;class:</b></td>
<td style="text-align: center; font-size: 10pt; width: 2%">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; width: 16%"><b>Trading<br/> Symbols</b></td>
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<td style="border-bottom: black 1pt solid; text-align: center; font-size: 10pt; width: 40%"><b>Name&#160;of&#160;each&#160;exchange&#160;on&#160;which&#160;registered:</b></td></tr>
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<td style="text-align: center; vertical-align: top; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; text-align: center; font-size: 10pt"><b><span id="xdx_90F_edei--TradingSymbol_c20240404__20240404__us-gaap--StatementClassOfStockAxis__custom--CommonStock0.01ParValuePerShareMember_zBT9mMxGAN05"><ix:nonNumeric contextRef="From2024-04-042024-04-04_custom_CommonStock0.01ParValuePerShareMember" id="Fact000028" name="dei:TradingSymbol">CTO</ix:nonNumeric></span></b></td>
<td style="text-align: center; vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="vertical-align: top; text-align: center; font-size: 10pt"><b><span id="xdx_90F_edei--SecurityExchangeName_c20240404__20240404__us-gaap--StatementClassOfStockAxis__custom--CommonStock0.01ParValuePerShareMember_zJFDlZzAPuN4"><ix:nonNumeric contextRef="From2024-04-042024-04-04_custom_CommonStock0.01ParValuePerShareMember" format="ixt-sec:exchnameen" id="Fact000029" name="dei:SecurityExchangeName">NYSE</ix:nonNumeric></span> </b></td></tr>
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<td style="text-align: center; vertical-align: top; font-size: 10pt">&#160;</td>
<td style="text-align: center; vertical-align: top"><b><span id="xdx_906_edei--TradingSymbol_c20240404__20240404__us-gaap--StatementClassOfStockAxis__custom--Sec6.375SeriesCumulativeRedeemablePreferredStock0.01ParValuePerShareMember_z7NGl6WawtUh"><ix:nonNumeric contextRef="From2024-04-042024-04-04_custom_Sec6.375SeriesCumulativeRedeemablePreferredStock0.01ParValuePerShareMember" id="Fact000031" name="dei:TradingSymbol">CTO PrA</ix:nonNumeric></span></b></td>
<td style="text-align: center; vertical-align: bottom; font-size: 10pt">&#160;</td>
<td style="text-align: center; vertical-align: top"><b><span id="xdx_907_edei--SecurityExchangeName_c20240404__20240404__us-gaap--StatementClassOfStockAxis__custom--Sec6.375SeriesCumulativeRedeemablePreferredStock0.01ParValuePerShareMember_zD5zpIT8QaGk"><ix:nonNumeric contextRef="From2024-04-042024-04-04_custom_Sec6.375SeriesCumulativeRedeemablePreferredStock0.01ParValuePerShareMember" format="ixt-sec:exchnameen" id="Fact000032" name="dei:SecurityExchangeName">NYSE</ix:nonNumeric></span></b></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule&#160;12b-2 of the Securities
Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&#160;13(a)&#160;of the Exchange Act.&#160; <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in">Item 8.01.</td><td style="text-align: justify">Other Events.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">On
April 4, 2024, CTO Realty Growth, Inc. (the &#8220;Company&#8221;) entered into an underwriting agreement (the &#8220;Underwriting
Agreement&#8221;) with Raymond James &amp; Associates, Inc., as representative of the underwriters named in Schedule A thereto (collectively,
the &#8220;Underwriters&#8221;) to issue and sell (the &#8220;Offering&#8221;) 1,500,000 shares of the Company&#8217;s 6.375% Series A
Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share (the &#8220;Series
A Preferred Stock&#8221;) at a public offering price of $20.00 per share. <span style="background-color: white">In addition, the Company
granted the Underwriters a 30-day option to purchase up to an additional 225,000 shares of Series A Preferred Stock, solely to cover over-allotments, which the Underwriters exercised with respect to 218,417 shares on April 9, 2024. </span>The Offering of the 1,718,417 shares of Series A Preferred Stock (including the 218,417 shares of Series A Preferred Stock being issued pursuant to
the Underwriters&#8217; option) is expected to close on April 11, 2024, subject to customary closing conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in"><span style="background-color: white">The
shares of Series&#160;A Preferred Stock sold in the Offering will constitute an additional issuance of shares of Series&#160;A Preferred
Stock, with 2,978,808 shares of Series&#160;A Preferred Stock currently issued and outstanding (the &#8220;Outstanding Series&#160;A Preferred
Stock&#8221;). The shares of Series&#160;A Preferred Stock sold in the Offering will be treated as a single series with and have the same
terms as the Outstanding Series&#160;A Preferred Stock. </span>The Offering is being conducted pursuant to the Company&#8217;s effective
registration statement on Form S-3 (File No. 333-267819), including the base prospectus, dated October 26, 2022, as supplemented by the
prospectus supplement, dated April 4, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">The
Underwriting Agreement contains certain customary representations, warranties and agreements by the Company, conditions to closing, indemnification
rights and obligations of the parties and termination provisions. <span style="background-color: white">The foregoing summary of the terms
of the Underwriting Agreement in this Item 8.01 is only a brief description of certain terms therein and does not purport to be a complete
description of the rights and obligations of the parties thereunder. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this
Current Report on Form 8-K and is incorporated into this Item 8.01 by reference. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">In
connection with the Offering, the Company is filing as Exhibit 5.1 hereto an opinion of its Maryland counsel, Venable LLP, with respect
to the legality of the shares, and is filing as Exhibit 8.1 hereto an opinion of its counsel, Vinson &amp; Elkins L.L.P., with respect
to tax matters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in">Item 9.01.</td><td>Financial Statements and Exhibits.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&#8239;&#8239;Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center; width: 10%">
    <p style="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit
    <br/>
Number</p>
    <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p></td>
    <td style="text-align: justify; width: 90%">
    <p style="border-bottom: Black 0.5pt solid; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Exhibit
Description</p></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2411443d1_ex1-1.htm">1.1</a></td>
    <td style="text-align: justify"><a href="tm2411443d1_ex1-1.htm">Underwriting Agreement, dated as of April 4, 2024, between the Company and Raymond James &amp; Associates, Inc., as representative of the Underwriters named in Schedule A thereto.</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2411443d1_ex5-1.htm">5.1</a></td>
    <td style="text-align: justify"><a href="tm2411443d1_ex5-1.htm">Opinion of Venable LLP</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2411443d1_ex8-1.htm" style="-sec-extract: exhibit">8.1</a></td>
    <td style="text-align: justify"><a href="tm2411443d1_ex8-1.htm" style="-sec-extract: exhibit">Tax opinion of Vinson &amp; Elkins L.L.P. as to certain U.S. federal income tax matters</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2411443d1_ex5-1.htm">23.1</a></td>
    <td style="text-align: justify"><a href="tm2411443d1_ex5-1.htm">Consent of Venable LLP (included in Exhibit 5.1)</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center"><a href="tm2411443d1_ex8-1.htm" style="-sec-extract: exhibit">23.2</a></td>
    <td style="text-align: justify"><a href="tm2411443d1_ex8-1.htm" style="-sec-extract: exhibit">Consent of Vinson &amp; Elkins L.L.P. (included in Exhibit 8.1)</a></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: center">104</td>
    <td style="text-align: justify">Cover Page Interactive Data File (embedded within the Inline XBRL document)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>

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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; padding-bottom: 1pt">By:</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left; padding-bottom: 1pt">/s/ John P. Albright</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Name:</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">John P. Albright</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Title:</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> President and Chief Executive Officer</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: April 10, 2024</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DOCUMENT>
<TYPE>EX-1.1
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<FILENAME>tm2411443d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0; text-indent: 417pt"><B>Exhibit&#8239;1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CTO Realty Growth,&#8239;Inc.<BR>
(a Maryland corporation)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>1,500,000 Shares of 6.375% Series&#8239;A<BR>
Cumulative Redeemable Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDERWRITING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dated: April&#8239;4, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CTO Realty Growth,&#8239;Inc.<BR>
(a Maryland corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1,500,000 Shares of 6.375% Series&#8239;A<BR>
Cumulative Redeemable Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Par Value $0.01 Per Share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&#8239;4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Raymond James&#8239;&amp; Associates,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representative of the several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">c/o Raymond James&#8239;&amp; Associates,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">880 Carillon Parkway</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">St. Petersburg, Florida 33716</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CTO Realty Growth,&#8239;Inc.,
a Maryland corporation (the &ldquo;<U>Company</U>&rdquo;), confirms its agreement with Raymond James&#8239;&amp; Associates,&#8239;Inc.
(&ldquo;<U>Raymond James</U>&rdquo;), and each of the other Underwriters named in <U>Schedule A</U> hereto (collectively, the &ldquo;<U>Underwriters</U>&rdquo;),
for whom Raymond James is acting as representative (in such capacity, the &ldquo;<U>Representative</U>&rdquo;), with respect to (i)&#8239;the
sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of 1,500,000 shares of 6.375% Series&#8239;A
Cumulative Redeemable Preferred Stock, liquidation preference $25.00 per share (the &ldquo;<U>Series&#8239;A </U>Preferred <U>Stock</U>&rdquo;),
a series of the Company&rsquo;s preferred stock, $0.01 par value per share (&ldquo;<U>Preferred Stock</U>&rdquo;), and (ii)&#8239;the
grant by the Company to the Underwriters, acting severally and not jointly, of the option described in <U>Section&#8239;2(b)</U>&#8239;hereof
to purchase all or any part of 225,000 additional shares of Series&#8239;A Preferred Stock to cover over-allotments, pursuant to and in
accordance with the terms and conditions of this underwriting agreement (the &ldquo;<U>Agreement</U>&rdquo;). The aforesaid 1,500,000
shares of Series&#8239;A Preferred Stock (the &ldquo;<U>Firm Securities</U>&rdquo;) to be purchased by the Underwriters and all or any
part of the 225,000 shares of Series&#8239;A Preferred Stock subject to the option described in <U>Section&#8239;2(b)</U>&#8239;hereof (the
 &ldquo;<U>Option Securities</U>&rdquo;) are hereinafter called, collectively, the &ldquo;<U>Securities</U>.&rdquo; The terms of the Securities
are set forth in the articles of incorporation of the Company, including articles supplementary filed by the Company with the State Department
of Assessments and Taxation of Maryland (the &ldquo;<U>SDAT</U>&rdquo;) on July&#8239;1, 2021 (the &ldquo;<U>2021 Articles Supplementary</U>&rdquo;)
and the articles supplementary, designating additional shares of Series&#8239;A Preferred Stock, filed by the Company with the SDAT on
March&#8239;28, 2024 (the &ldquo;<U>2024 Articles Supplementary</U>&rdquo; and, together with the 2021 Articles Supplementary, the &ldquo;<U>Articles
Supplementary</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed with
the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) a shelf registration statement on Form&#8239;S-3 (No.&#8239;333-267819),
which registration statement included a related base prospectus (the &ldquo;<U>Base Prospectus</U>&rdquo;), relating to certain securities,
including the Securities. Such registration statement, including any amendments thereto filed prior to the Applicable Time (as defined
below), has been declared effective by the Commission under the Securities Act of 1933, as amended (the &ldquo;<U>1933 Act</U>&rdquo;)
and the rules&#8239;and regulations thereunder (the &ldquo;<U>1933 Act Regulations</U>&rdquo;). The Company will prepare a prospectus
in accordance with the provisions of paragraph (b)&#8239;of Rule&#8239;424 (&ldquo;<U>Rule&#8239;424(b)</U>&rdquo;) of the 1933 Act Regulations
and shall file such prospectus with the Commission prior to 5:30 p.m.&#8239;(Eastern Time) on the second SEC Business Day following the
date of this Agreement. Any information included in such prospectus that was omitted from such registration statement at the time it
became effective but that is deemed to be part of and included in such registration statement pursuant to Rule&#8239;430B of the 1933
Act (&ldquo;<U>Rule&#8239;430B</U>&rdquo;) is referred to as &ldquo;<U>Rule&#8239;430B Information</U>.&rdquo; Each prospectus used in
connection with the offering of Securities that omitted Rule&#8239;430B Information is herein called a &ldquo;<U>preliminary prospectus</U>.&rdquo;
Except where the context otherwise requires, the shelf registration statement on Form&#8239;S-3 filed by the Company with the Commission
(No.&#8239;333-267819), on each date and time that such registration statement and any post-effective amendment or amendments thereto
became or becomes effective (each, an &ldquo;<U>Effective Date</U>&rdquo;), including all documents filed as part thereof or incorporated
by reference therein, including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant
to Rule&#8239;424(b)&#8239;and deemed part of such registration statement, collectively, are herein called the &ldquo;<U>Registration Statement,</U>&rdquo;
and the Base Prospectus, as supplemented by the final Prospectus Supplement, in the form first used by the Company in connection with
confirmation of sales of the Securities, is herein called the &ldquo;<U>Prospectus.</U>&rdquo; Any reference in this Agreement to the
Registration Statement, the General Disclosure Package (defined below), the Prospectus or any amendment or supplement thereto shall be
deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form&#8239;S-3 under the 1933 Act,
as of each Effective Date or the Execution Time (defined below) or the date of the Prospectus, as the case may be (it being understood
that the several specific references in this Agreement to documents incorporated by reference in the Registration Statement, the General
Disclosure Package or the Prospectus are for clarifying purposes only and are not meant to limit the inclusiveness of any other definition
herein). For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or
any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic
Data Gathering Analysis and Retrieval system (&ldquo;<U>EDGAR</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All references in this Agreement
to financial statements and schedules and other information which is &ldquo;contained,&rdquo; &ldquo;included,&rdquo; &ldquo;stated&rdquo;
or &ldquo;described&rdquo; in the Registration Statement, the General Disclosure Package or the Prospectus (and all other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is
deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus, as the case may
be, and all references in this Agreement to amendments or supplements to the Registration Statement, the General Disclosure Package or
the Prospectus shall be deemed to include the filing of any document under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>1934
Act</U>&rdquo;), and the rules&#8239;and regulations of the Commission promulgated thereunder (the &ldquo;<U>1934 Act Regulations</U>&rdquo;),
which is or is deemed to be incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus,
as the case may be. Any reference herein to the Registration Statement, the General Disclosure Package, the Prospectus or any Permitted
Free Writing Prospectus (as defined below) shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated,
or deemed to be incorporated, by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">1.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Representations and Warranties.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Representations
and Warranties by the Company</U>. The Company represents and warrants to the Underwriters as of the date hereof, the Applicable Time
referred to in <U>Section&#8239;1(a)(i)</U>&#8239;hereof, as of the Closing Time referred to in <U>Section&#8239;2(c)</U>&#8239;hereof, and
as of each Date of Delivery (if any) referred to in <U>Section&#8239;2(b)</U>&#8239;hereof, and agrees with the Underwriters, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Registration Requirements</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Company meets the requirements for use of Form&#8239;S-3 under the 1933 Act and the offering of the Securities has been duly registered
under the 1933 Act pursuant to the Registration Statement. Each of the Registration Statement and any post-effective amendment thereto
has been declared effective by the Commission under the 1933 Act and no stop order suspending the effectiveness of the Registration Statement
or any post-effective amendment thereto has been issued under the 1933 Act and no proceedings for that purpose have been instituted or
are pending or, to the knowledge of the Company, are contemplated by the Commission, and any request on the part of the Commission for
additional information has been complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
the respective times the Registration Statement and any post-effective amendments thereto were declared effective by the Commission,
at each deemed effective date with respect to the Underwriters pursuant to Rule&#8239;430B(f)(2)&#8239;of the 1933 Act Regulations and
at the Closing Time (and, if any Option Securities are purchased, at the Date of Delivery), the Registration Statement and any amendments
and supplements thereto complied and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act Regulations
and did not and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(C)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither
the Prospectus nor any amendments or supplements thereto, at the time the Prospectus or any such amendment or supplement was issued and
at the Closing Time (and, if any Option Securities are purchased, at the Date of Delivery), included or will include an untrue statement
of a material fact or omitted or will omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(D)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
document incorporated, or deemed to be incorporated, by reference in the Registration Statement, the General Disclosure Package and the
Prospectus pursuant to Item 12 of Form&#8239;S-3, at the time it was or hereafter is filed with the Commission, complied and will comply
when filed in all material respects with the requirements of the 1934 Act and none of such documents contained any untrue statement of
a material fact or omitted to state a material fact necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the General
Disclosure Package or the Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will
conform to the requirements of the 1934 Act, in all material respects, and, in the case of the Registration Statement, the General Disclosure
Package and the Prospectus, will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(E)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
of the Applicable Time, neither (x)&#8239;the Issuer General Use Free Writing Prospectus(es) (as defined below) issued at or prior to
the Applicable Time and the Statutory Prospectus (as defined below) as of the Applicable Time, considered together (collectively, the
 &ldquo;<U>General Disclosure Package</U>&rdquo;), nor (y)&#8239;any individual Issuer Limited Use Free Writing Prospectus (as defined
below), when considered together with the General Disclosure Package, included any untrue statement of a material fact or omitted to
state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(F)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the public offer and sale
of the Securities or until any earlier date that the issuer notified or notifies the Underwriters as described in the next sentence,
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement or the Prospectus, and any preliminary or other prospectus deemed to be a part thereof that has not been superseded
or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(G)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
representations and warranties in <U>subsections (B)</U>&#8239;through <U>(E)</U>&#8239;above shall not apply to statements in or omissions
from the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus made in reliance upon and in conformity with written
information furnished to the Company by the Underwriters expressly for use therein (it being understood that such information consists
solely of the information specified in <U>Section&#8239;6(b)</U>&#8239;hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(H)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
preliminary prospectus (including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment
thereto) complied when so filed in all material respects with the 1933 Act Regulations and each preliminary prospectus and the Prospectus
delivered to the Underwriters for use in connection with this offering was identical to the electronically transmitted copies thereof
filed with the Commission via EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(I)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;At
the time of filing the Registration Statement and any post-effective amendments thereto, at the earliest time thereafter that the Company
or another offering participant made a bona fide offer (within the meaning of Rule&#8239;164(h)(2)&#8239;of the 1933 Act Regulations) of
the Securities and at the date hereof, the Company was not and is not an &ldquo;ineligible issuer,&rdquo; as defined in Rule&#8239;405
of the 1933 Act Regulations (&ldquo;<U>Rule&#8239;405</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(J)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
used in this subsection&#8239;and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable Time</U>&rdquo;
means 8:45 a.m.&#8239;(Eastern time) on April&#8239;4, 2024 or such other time as agreed by the Company and the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Statutory Prospectus</U>&rdquo;
as of any time means the prospectus relating to the Securities that is included in the Registration Statement immediately prior to that
time, including any document incorporated by reference therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Issuer Free Writing
Prospectus</U>&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&#8239;433 of the 1933 Act Regulations
(&ldquo;<U>Rule&#8239;433</U>&rdquo;), relating to the Securities that (i)&#8239;is required to be filed with the Commission by the Company,
(ii)&#8239;is a &ldquo;road show that is a written communication&rdquo; within the meaning of Rule&#8239;433(d)(8)(i)&#8239;whether or not
required to be filed with the Commission or (iii)&#8239;is exempt from filing pursuant to Rule&#8239;433(d)(5)(i)&#8239;because it contains
a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required
to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s records pursuant to Rule&#8239;433(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Issuer General Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is intended for general distribution to prospective
investors (other than a Bona Fide Electronic Road Show (as defined in Rule&#8239;433)), as evidenced by its being specified in <U>Schedule
B</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Issuer Limited Use
Free Writing Prospectus</U>&rdquo; means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Offering
Materials</U>. The Company has not distributed and will not distribute, prior to the later of the last Date of Delivery or the completion
of the Underwriters&rsquo; distribution of the Securities, any offering material in connection with the offering and sale of the Securities
other than an Issuer General Use Free Writing Prospectus, a preliminary prospectus and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Stop Order</U>. No stop order suspending the effectiveness of a Registration Statement or any part thereof has been issued and no proceeding
for that purpose has been instituted or, to the knowledge of the Company, threatened or contemplated by the Commission or by the state
securities authority of any jurisdiction. No order preventing or suspending the use of the Prospectus has been issued and no proceeding
for that purpose has been instituted or, to the knowledge of the Company, threatened or contemplated by the Commission or by the state
securities authority of any jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Capitalization</U>.
The Company&rsquo;s common stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), conforms in all material respects to
the description thereof contained in the Registration Statement, the General Disclosure Package and the Prospectus; the Securities, when
issued, will conform in all material respects to the description thereof contained under the caption &ldquo;Description of the Series&#8239;A
Preferred Stock&rdquo; in the Registration Statement, the General Disclosure Package and the Prospectus; the authorized capitalization
of the Company is as set forth in the Registration Statement, the General Disclosure Package and the Prospectus; all of the outstanding
shares of capital stock of the Company have been duly authorized and validly issued and are fully paid and nonassessable; except as disclosed
in the General Disclosure Package and Prospectus, there are no outstanding options, warrants or similar rights to subscribe for, or contractual
obligations to issue, sell, transfer or acquire, any shares of capital stock of the Company or any securities convertible into or exercisable
or exchangeable for any shares of capital stock of the Company. Except as disclosed in the Registration Statement, the General Disclosure
Package and the Prospectus, the Company has no outstanding stock options or other equity-based awards of or to purchase shares of Common
Stock pursuant to an equity-based compensation plan or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Good
Standing of the Company</U>. The Company has been duly incorporated and is validly existing as a corporation in good standing under the
laws of the State of Maryland and has the requisite corporate power and authority to own, lease and operate its properties (the &ldquo;<U>Company
Properties</U>&rdquo;) and to conduct its business as described in the Registration Statement, the General Disclosure Package and the
Prospectus (and any amendment or supplement thereto) and to enter into and perform its obligations under this Agreement. The Company
is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction in which such qualification
is required, except where the failure to so qualify or to be in good standing would not, individually or in the aggregate, reasonably
be expected to have a material adverse effect on the condition (financial or otherwise), business, properties, assets, net worth, results
of operations or prospects of the Company and its subsidiaries, taken as a whole (a &ldquo;<U>Material Adverse Effect</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Good
Standing of the Subsidiaries</U>. Each subsidiary of the Company has been duly incorporated or formed and is validly existing in good
standing under the laws of the jurisdiction of its incorporation or formation, and each such subsidiary has the requisite corporate or
similar power and authority to own, lease and operate its properties (collectively, with the Company Properties, the &ldquo;Properties&rdquo;)
and to conduct its business as described in the Registration Statement and the Prospectus (and any amendment or supplement thereto) and
is duly qualified to transact business and is in good standing in each other jurisdiction in which such qualification is required, except
where the failure to so qualify or to be in good standing would not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus,
all of the outstanding shares of capital stock or other ownership interests of each subsidiary of the Company have been duly authorized
and validly issued, are (as applicable) fully paid and nonassessable and are owned by the Company, directly or indirectly through subsidiaries,
free and clear of any security interests, liens, encumbrances, equities or claims. None of the outstanding shares of capital stock or
other ownership interests of any subsidiary of the Company was issued in violation of the preemptive or similar rights of the securityholder
of such subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Breaches and Defaults</U>. None of the Company or any of its subsidiaries: is (i)&#8239;in violation of (A)&#8239;its articles of incorporation,
bylaws, certificate of formation, limited liability company agreement, certificate of limited partnership, partnership agreement or other
organizational document, (B)&#8239;any federal, state or foreign law, ordinance, administrative or governmental rule&#8239;or regulation
applicable to the Company or any of its subsidiaries, or (C)&#8239;any decree of any federal, state or foreign court or governmental agency
or body having jurisdiction over the Company or any of its subsidiaries, except, in the case of (B)&#8239;and (C), for violations that
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; or (ii)&#8239;in default in the
performance of any obligation, agreement or condition contained in (A)&#8239;any bond, debenture, note or any other evidence of indebtedness
or (B)&#8239;any agreement, contract, indenture, lease or other instrument (each of (A)&#8239;and (B), an &ldquo;<U>Existing Instrument</U>&rdquo;)
to which the Company or any of its subsidiaries is a party or by which any of their properties may be bound, except for such defaults
which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and there does not exist
any state of facts that constitutes an event of default on the part of the Company or any of its subsidiaries as defined in such documents
or that, with notice or lapse of time or both, would constitute such an event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Conflicts</U>. Neither the issuance and sale of the Securities by the Company nor the execution, delivery and performance of this
Agreement by the Company (i)&#8239;requires any consent, approval, authorization or other order of or registration or filing with, any
court, regulatory body, administrative agency or other governmental body, agency or official, except such as have been already obtained
or may be required under the 1933 Act, the 1934 Act, the rules&#8239;of the New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;), state
securities or Blue Sky laws and the rules&#8239;of the Financial Industry Regulatory Authority,&#8239;Inc. (&ldquo;<U>FINRA</U>&rdquo;),
(ii)&#8239;conflicts with or will conflict with or constitutes or will constitute a breach of, or a default under, the organizational
documents of the Company or any of its subsidiaries, (iii)&#8239;constitutes or will constitute a breach of, or a default under, any Existing
Instrument to which the Company or any of its subsidiaries is a party or by which any of their properties may be bound, (iv)&#8239;violates
any statute, law, regulation, ruling, filing, judgment, injunction, order or decree applicable to the Company or any of its subsidiaries
or any of their properties, or (v)&#8239;results in a breach of, or default or Debt Repayment Triggering Event (as defined below) under,
or results in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its
subsidiaries pursuant to, or requires the consent of any other party to, any Existing Instrument, except, (A)&#8239;with respect to the
sale of any Securities offered hereunder, such approvals as have been obtained, or will have been obtained before the Closing Time or
each Date of Delivery, as the case may be, under the 1933 Act and the 1934 Act, (B)&#8239;such approvals as may be required in connection
with the approval of the listing of the Securities on the NYSE, (C)&#8239;such consents, approvals, authorizations, orders, registrations
or qualifications, if any, as may be required by FINRA, (D)&#8239;the filing of the 2024 Articles Supplementary with the SDAT and (E)&#8239;any
necessary qualification under the securities or blue sky laws of the various jurisdictions in which the Securities are being offered
by the Underwriters and, with respect to clauses (ii), (iii), (iv)&#8239;and (v), such conflicts, breaches, defaults, violations, liens,
charges or encumbrances that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. As
used herein, a &ldquo;<U>Debt Repayment Triggering Event</U>&rdquo; means any event or condition that gives, or with the giving of notice
or lapse of time would give, the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder&rsquo;s
behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any of
its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Authorization of Agreement and Offering</U>. This Agreement has been duly authorized, executed and delivered by the Company. This Agreement
constitutes a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may
be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting creditors&rsquo; rights
generally or by general principles of equity, and except to the extent that any indemnification and contribution provisions hereof may
be limited by federal or state securities laws or public policy considerations in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(x)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Articles
Supplementary</U>. The Articles Supplementary have been duly authorized by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Possession
of Licenses and Permits</U>. The Company and its subsidiaries have all permits, licenses, franchises, approvals, consents and authorizations
of governmental or regulatory authorities (hereinafter &ldquo;<U>permit</U>&rdquo; or &ldquo;<U>permits</U>&rdquo;) as are necessary
to own the Properties and to conduct their business in the manner described in the Registration Statement, the General Disclosure Package
and the Prospectus, subject to such qualifications as may be set forth in the Registration Statement, the General Disclosure Package
and the Prospectus, except where the failure to have obtained any such permits would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect; the Company and each of its subsidiaries has operated and is operating its business in
material compliance with and not in material violation of its obligations with respect to each such permit and, to the knowledge of the
Company, no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination of any such permit
or result in any other material impairment of the rights of any such permit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Proceedings</U>. There are no legal or governmental proceedings pending or, to the knowledge of the Company, threatened, against the
Company or any of its subsidiaries or to which the Company or any of its subsidiaries or any of the Properties are subject, that are
required to be described in the Registration Statement, the General Disclosure Package and the Prospectus (or any amendment or supplement
thereto) but are not described as required. Except as described in the Registration Statement, the General Disclosure Package and the
Prospectus, there are no actions, suits, inquiries, proceedings or investigations by or before any court or governmental or other regulatory
or administrative agency or commission pending or, to the knowledge of the Company, threatened against or involving the Company or any
of its subsidiaries, which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or prevent
or adversely affect the transactions contemplated by this Agreement, nor, to the knowledge of the Company, is there any basis for any
such action, suit, inquiry, proceeding or investigation. There are no agreements, contracts, indentures, leases or other instruments
that are required to be described in the Registration Statement, the General Disclosure Package and the Prospectus (or any amendment
or supplement thereto) or to be filed as an exhibit to the Registration Statement that are not so described or filed. The Company has
not received notice or been made aware that any other party is in breach of or default to the Company or the applicable subsidiary under
any of such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xiii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Financial
Statements</U>. The financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus, together
with the related schedules and notes, present fairly in all material respects the financial position of the Company at the dates indicated
and the results of operations, changes in equity and cash flows of the Company for the periods specified, and such financial statements
have been prepared in conformity with U.S. generally accepted accounting principles (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent
basis throughout the periods presented. Except as included in the Registration Statement, the General Disclosure Package and the Prospectus,
no historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the
General Disclosure Package or the Prospectus under the 1933 Act. All disclosures contained in the Registration Statement, the General
Disclosure Package or the Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the rules&#8239;and
regulations of the Commission) comply in all material respects with Regulation G under the 1934 Act and Item 10 of Regulation S-K under
the 1933 Act, in each case to the extent applicable. The interactive data in eXtensible Business Reporting Language included or incorporated
by reference in the Registration Statement fairly present the information called for in all material respects and have been prepared
in accordance with the Commission&rsquo;s rules&#8239;and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xiv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Independent
Accountants</U>. Grant Thornton LLP, who has certified certain financial statements and supporting schedules filed as part of the Registration
Statement, the General Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the
1933 Act and the applicable rules&#8239;and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Change in Business</U>. Except as disclosed in the Registration Statement, the General Disclosure and the Prospectus,
since the date of the most recent audited financial statements included in the Registration Statement, the General Disclosure Package
and the Prospectus (or any amendment or supplement thereto), (i)&#8239;none of the Company or any of its subsidiaries has incurred any
material liabilities or obligations, indirect, direct or contingent, or entered into any material transaction that is not in the ordinary
course of business; (ii)&#8239;none of the Company or any of its subsidiaries has sustained any material loss or interference with its
business or properties from fire, flood, windstorm, accident or other calamity, whether or not covered by insurance; (iii)&#8239;none
of the Company or any of its subsidiaries is in default under the terms of any class of capital stock or other equity interests or any
outstanding debt obligations, (iv)&#8239;there has not been any material change in the indebtedness of the Company or its subsidiaries
(other than in the ordinary course of business) and (v)&#8239;there has not been any change, or any development or event involving a prospective
change that would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xvi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Registration
Rights</U>. Except as disclosed in the Registration Statement, the General Disclosure Package, the preliminary prospectus and the Prospectus,
no person has the right to require the Company or any of its subsidiaries to register any securities for sale under the 1933 Act by reason
of the filing of the Registration Statement with the Commission or the issuance and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xvii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Authorization
of the Securities</U>. The issuance and sale of the Securities to the Underwriters hereunder have been duly authorized by the Company
and when the Securities have been issued and duly delivered against payment therefor as contemplated by this Agreement, the Securities
will be validly issued, fully paid and nonassessable. The shares of Common Stock issuable upon conversion of the Securities in accordance
with the terms of the Articles Supplementary have been duly authorized and, when issued and delivered upon such conversion in accordance
with the terms of the Articles Supplementary, will be validly issued, fully paid and nonassessable. The issuance of the Securities pursuant
to this Agreement, and of the shares of Common Stock issuable upon conversion of the Securities, will be free and clear of any pledge,
lien, encumbrance, security interest or other claim created by or known to the Company, and the issuance and sale of the Securities and
the shares of Common Stock to be issued upon conversion of the Securities by the Company are not subject to preemptive or other similar
rights arising by operation of law, under the organizational documents of the Company or under any agreement to which the Company is
a party. The Company has reserved for future issuance a sufficient number of shares of Common Stock to be issued upon conversion of the
Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xviii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Listing
on New York Stock Exchange</U>. The Company has applied to have the Securities listed for trading on the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Absence
of Manipulation</U>. Other than excepted activity pursuant to Regulation M under the 1934 Act, the Company has not taken, directly or
indirectly, any action that constituted, or any action designed to, or that might reasonably be expected to cause or result in or constitute,
under the 1933 Act or otherwise, stabilization or manipulation of the price of any securities of the Company to facilitate the sale or
resale of the Securities or for any other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>FINRA</U>.
The Company meets the definition of the term &ldquo;experienced issuer&rdquo; specified in FINRA Conduct Rule&#8239;5110(j)(6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Title
to Property</U>. The Company and its subsidiaries have good and marketable title to the Properties, in each case, free and clear of all
security interests, mortgages, pledges, liens, encumbrances, claims or equities of any kind other than those that (A)&#8239;are described
in the Registration Statement, the General Disclosure Package and the Prospectus or (B)&#8239;do not, individually or in the aggregate,
materially affect the value of such Property and do not materially interfere with the use made and proposed to be made of such Property
by the Company and its subsidiaries. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus
or as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (i)&#8239;the Company and
its subsidiaries have valid, subsisting and enforceable leases with the tenants of the Properties, (ii)&#8239;no third party has an option
or right of first refusal to purchase any of the Properties other than those that have been properly waived, (iii)&#8239;the use and occupancy
of each of the Properties complies with all applicable codes and zoning laws and regulations, and (iv)&#8239;the Company has no knowledge
of any pending or threatened condemnation or zoning change that will in any material respect affect the size of, use of, improvements
of, construction on, or access to any of the Properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Possession
of Intellectual Property</U>. Each of the Company and its subsidiaries owns or has the valid right, title and interest in and to, or
has valid licenses to use, each material trade name, trade and service marks, trade and service mark registrations, patent, patent applications
copyright, licenses, inventions, technology, know-how, approval, trade secret and other similar rights (collectively, &ldquo;<U>Intellectual
Property</U>&rdquo;) necessary for the conduct of the business of the Company and its subsidiaries as now conducted or as proposed in
the Prospectus to be conducted. There is no claim pending against the Company or any of its subsidiaries with respect to any Intellectual
Property and none of the Company or its subsidiaries have received notice or otherwise become aware that any Intellectual Property that
such entities use or have used in the conduct of their business infringes upon or conflicts with the rights of any third party. None
of the Company or any of its subsidiaries has become aware that any Intellectual Property that it uses or has used in the conduct of
its business infringes upon or conflicts with the rights of any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxiii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Accounting
and Disclosure Controls</U>. The Company and its subsidiaries maintain systems of &ldquo;internal control over financial reporting&rdquo;
(as defined in Rule&#8239;13a-15 and Rule&#8239;15d-15 under the 1934 Act) and a system of internal accounting controls sufficient to provide
reasonable assurances that (i)&#8239;transactions are executed in accordance with management&rsquo;s general or specific authorizations,
(ii)&#8239;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets, (iii)&#8239;access to assets is permitted only in accordance with management&rsquo;s general or specific authorizations
and (iv)&#8239;the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action
is taken with respect to any differences. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus,
there has been no (1)&#8239;material weakness in the Company&rsquo;s internal control over financial reporting (whether or not remediated)
and (2)&#8239;no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company&rsquo;s internal control over financial reporting. The Company maintains &ldquo;disclosure controls
and procedures&rdquo; (as defined in Rule&#8239;13a-15(e)&#8239;under the 1934 Act) to the extent required by such rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxiv)&#8239;&#8239;&#8239;
 &#8239;&#8239;<U>Payment of Taxes</U>. The Company and each of its subsidiaries (A)&#8239;have paid all federal and material state,
local and foreign taxes (whether imposed directly, through withholding or otherwise and including any interest, additions to tax or
penalties applicable thereto) required to be paid through the date hereof, other than those being contested in good faith by
appropriate proceedings and for which adequate reserves have been provided on the books of the applicable entity, (B)&#8239;have
timely filed all federal and other material tax returns required to be filed through the date hereof, and all such tax returns are
true, correct and complete in all material respects, and (C)&#8239;have established adequate reserves for all taxes that have
accrued but are not yet due and payable. The charges, accruals and reserves on the books of the Company and each of its subsidiaries
in respect of any income and corporation tax liability for any years not finally determined are adequate to meet any assessments or
re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy that would not
reasonably be expected to result in a Material Adverse Effect. No tax deficiency has been asserted against the Company or its
subsidiaries, nor does the Company know of any tax deficiency that could reasonably be asserted and, if determined adversely to any
such entity, could have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Insurance</U>.
The Company and its subsidiaries maintain insurance of the types and in the amounts generally deemed adequate by the Company for the
business of the Company and its subsidiaries, all of which insurance is in full force and effect in all material respects. Without limiting
the generality of the foregoing, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, each of the Company and its subsidiaries carries or is entitled to the benefits of title insurance on the fee interests with
respect to each Property with insurers of nationally recognized reputability, in an amount not less than such entity&rsquo;s purchase
price for the real property comprising such Property and as of the date that such entity first acquired the real property comprising
such Property, insuring that such party is vested with good and insurable fee to each such Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxvi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Environmental
Laws</U>. Except as otherwise disclosed in the Registration Statement, General Disclosure Package or the Prospectus, (i)&#8239;the Company
and its subsidiaries and the Properties have been and are in compliance with, and none of the Company or its subsidiaries has any liability
under, applicable Environmental Laws (as hereinafter defined), except as would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect, (ii)&#8239;none of the Company, its subsidiaries, or, to the knowledge of the Company, the prior owners
or occupants of the Properties has at any time released (as such term is defined in Section&#8239;101(22) of the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. &sect;&sect; 9601-9675 (&ldquo;<U>CERCLA</U>&rdquo;)) or otherwise
disposed of Hazardous Materials (as hereinafter defined) on, to or from the Properties, except for such releases or dispositions which
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (iii)&#8239;the Company does not
intend to use the Properties other than in compliance with applicable Environmental Laws, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, (iv)&#8239;the Company does not know of any seepage, leak, discharge,
release, emission, spill, or dumping of Hazardous Materials into waters (including, but not limited to, groundwater and surface water)
on or beneath the Properties, or onto lands owned by the Company or its subsidiaries from which Hazardous Materials might seep, flow
or drain into such waters, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
(v)&#8239;none of the Company or its subsidiaries has received any notice of, and the Company has no knowledge of any occurrence or circumstance
which, with notice or passage of time or both, would give rise to a claim under or pursuant to any Environmental Law with respect to
the Properties or arising out of the conduct of the Company or its subsidiaries, except for such claims which would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect and which would not require disclosure pursuant to Environmental
Laws and (vi)&#8239;the Properties are not included or, to the knowledge of the Company, proposed for inclusion on the National Priorities
List issued pursuant to CERCLA by the United States Environmental Protection Agency (the &ldquo;<U>EPA</U>&rdquo;) or, to the knowledge
of the Company proposed for inclusion on any similar list or inventory issued pursuant to any other applicable Environmental Law or issued
by any other governmental authority. Except as described in the Registration Statement and the Prospectus, to the knowledge of the Company,
there have been no and are no (i)&#8239;aboveground or underground storage tanks, (ii)&#8239;polychlorinated biphenyls (&ldquo;<U>PCBs</U>&rdquo;)
or PCB-containing equipment, (iii)&#8239;asbestos or asbestos containing materials, (iv)&#8239;lead based paints, (v)&#8239;dry-cleaning
facilities, or (vi)&#8239;wet lands, in each case in, on, or under any of the Properties the existence of which has had, or is reasonably
expected to have, a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">As used herein, &ldquo;<U>Hazardous
Material</U>&rdquo; shall include, without limitation, any flammable explosives, radioactive materials, hazardous materials, hazardous
wastes, toxic substances, including asbestos or any hazardous material as defined by any applicable federal, state or local environmental
law, ordinance, statute, rule&#8239;or regulation including, without limitation, CERCLA, the Hazardous Materials Transportation Act,
as amended, 49 U.S.C. &sect;&sect; 5101-5128, the Solid Waste Disposal Act, as amended, 42 U.S.C. &sect;&sect; 6901-6992k, the Emergency
Planning and Community Right-to-Know Act of 1986, 42 U.S.C. &sect;&sect; 11001-11050, the Toxic Substances Control Act, 15 U.S.C. &sect;&sect;
2601-2692, the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. &sect;&sect; 136-136y, the Clean Air Act, 42 U.S.C. &sect;&sect;
7401-7671q, the Clean Water Act (Federal Water Pollution Control Act), 33 U.S.C. &sect;&sect; 1251-1387, the Safe Drinking Water Act,
42 U.S.C. &sect;&sect; 300f-300j-26, and the Occupational Safety and Health Act, 29 U.S.C. &sect;&sect; 651-678, as any of the above
statutes may be amended from time to time, and in the regulations promulgated pursuant to any of the foregoing (including environmental
statutes not specifically defined herein) (individually, an &ldquo;<U>Environmental Law</U>&rdquo; and collectively, &ldquo;<U>Environmental
Laws</U>&rdquo;) or by any federal, state or local governmental authority having or claiming jurisdiction over the Properties and other
assets described in the Registration Statement, the General Disclosure Package and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxvii)&#8239;&#8239;&#8239;&#8239;&#8239;<U>Environmental
Liabilities</U>. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there
are no pending or, to the knowledge of the Company, threatened costs or liabilities associated with Environmental Laws (including, without
limitation, any capital or operating expenditures required for investigation, clean up, closure of the Properties or compliance with
Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities
to third parties) which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxviii)&#8239;&#8239;&#8239;&#8239;<U>ERISA</U>.
Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect: (i)&#8239;each &ldquo;employee
benefit plan&rdquo; within the meaning of Section&#8239;3(3)&#8239;of the Employee Retirement Income Security Act of 1974, as amended,
including the regulations and published interpretations thereunder (&ldquo;<U>ERISA</U>&rdquo;)) established or maintained by the Company
and its subsidiaries (each, a &ldquo;<U>Plan</U>&rdquo;) are in compliance with ERISA and all other applicable state and federal laws;
(ii)&#8239;no &ldquo;reportable event&rdquo; (as defined in Section&#8239;4043(c)&#8239;of ERISA) has occurred or is reasonably expected
to occur with respect to each Plan; (iii)&#8239;no &ldquo;employee benefit plan&rdquo; established or maintained by the Company or its
subsidiaries, if such &ldquo;employee benefit plan&rdquo; were terminated, would have any &ldquo;amount of unfunded benefit liabilities&rdquo;
(as defined in ERISA); (iv)&#8239;none of the Company or any of its subsidiaries has incurred or reasonably expects to incur, any liability
under (A)&#8239;Title IV of ERISA with respect to termination of, or withdrawal from, any Plan or (B)&#8239;Sections 412, 4971, 4975 or
4980B of the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;) in respect of a Plan; and (v)&#8239;each Plan that
is intended to be qualified under Section&#8239;401(a)&#8239;of the Code is so qualified and nothing has occurred, whether by action or
failure to act, that could reasonably be expected to cause the loss of such qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxix)<B>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</B></FONT><U>Labor
Disputes</U>. No material labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the
knowledge of the Company, is threatened, and none of the Company or any of its subsidiaries is aware of any existing or imminent labor
disturbance by, or dispute with, the employees of any of the Company&rsquo;s or subsidiary&rsquo;s principal suppliers, contractors or
customers, except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; neither the
Company nor any of its subsidiaries has received written notice of any violation, or, to the Company&rsquo;s knowledge, is in violation
with respect to any federal or state law relating to discrimination in the hiring, promotion or pay of employees, nor any applicable
federal or state wage and hour laws, nor any state law precluding the denial of credit due to the neighborhood in which a property is
situated, the violation of any of which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxx)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Sarbanes-Oxley
Act</U>. The principal executive officer and principal financial officer of the Company have made all certifications required by the
Sarbanes-Oxley Act of 2002 and any related rules&#8239;and regulations promulgated by the Commission (collectively, the &ldquo;<U>Sarbanes-Oxley
Act</U>&rdquo;) of which the Company is required to comply, and the statements contained in each such certification were complete and
correct as of the date of their execution. The Company and its subsidiaries are, and the Company has taken all necessary actions to ensure
that the Company&rsquo;s directors and officers in their capacities as such are, each in compliance in all material respects with all
applicable provisions of the Sarbanes-Oxley Act and the rules&#8239;and regulations of the Commission and the NYSE promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Foreign
Corrupt Practices Act and Anti-Corruption Laws</U>. None of the Company or any of its subsidiaries or, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company, has taken any action, directly or indirectly, that would result in
a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended (the &ldquo;<U>Foreign Corrupt Practices Act</U>&rdquo;),
and the rules&#8239;and regulations thereunder or any similar anti-corruption law (collectively, &ldquo;<U>Anti-Corruption Laws</U>&rdquo;),
including, without limitation, taking any action in furtherance of an offer, payment, promise to pay or authorization of the payment
of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any &ldquo;foreign official&rdquo;
(as such term is defined in the Foreign Corrupt Practices Act) or any foreign political party or official thereof or any candidate for
foreign political office, in contravention of the Anti-Corruption Laws; the Company and its subsidiaries and, to the knowledge of the
Company, its affiliates have conducted their businesses in compliance with the Anti-Corruption Laws and have instituted and maintain
policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Anti-Money
Laundering Laws</U>. The operations of the Company and its subsidiaries are and have been conducted at all times in compliance in all
material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting
Act of 1970, as amended, the USA PATRIOT Act of 2001, as amended, or the money laundering statutes of all jurisdictions where the Company
conducts business (the &ldquo;<U>Anti-Money Laundering Laws</U>&rdquo;), the rules&#8239;and regulations thereunder and any related or
similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxiii)&#8239;&#8239;&#8239;&#8239;&#8239;<U>Office
of Foreign Assets Control</U>. None of the Company or any of its subsidiaries or, to the knowledge of the Company, any director, officer,
agent, employee or affiliate of the Company or any of its subsidiaries is currently subject to any U.S. sanctions administered by the
Office of Foreign Assets Control of the U.S. Department of the Treasury (&ldquo;<U>OFAC</U>&rdquo;); and the Company will not directly
or indirectly use the proceeds of the offering of the Securities, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject
to any U.S. sanctions administered by OFAC (a &ldquo;<U>Sanctioned Person</U>&rdquo;). In addition, none of the Company or any of its
subsidiaries or, to the knowledge of the Company, any director, officer, employee, agent or affiliate of the Company, is an individual
or entity currently the subject of any sanctions administered or enforced by OFAC, the United Nations Security Council, the European
Union or His Majesty&rsquo;s Treasury (collectively, &ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its subsidiaries located,
organized or resident in a country or territory that is the subject or the target of comprehensive Sanctions, including, without limitation,
Cuba,&#8239;Iran, North Korea, Syria and Crimea (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;). The Company will not, directly or indirectly,
use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint
venture partner or other person or entity to fund or facilitate any activities of or business with any person, or in any country or territory,
that, at the time of such funding or facilitation, is a Sanctioned Person or Sanctioned Country, in each case, in any manner that will
result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor
or otherwise) of Sanctions. Since their inception, none of the Company or any of its subsidiaries has knowingly engaged in, or is now
knowingly engaged in, any dealings or transactions with any person that at the time of the dealing or transaction is or was a Sanctioned
Person or with any Sanctioned Country.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxiv)&#8239;&#8239;&#8239;&#8239;<U>Affiliations
with the Underwriters</U>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the
Company does not (i)&#8239;have any material lending or other relationship with the Underwriters or any affiliate of the Underwriters
or (ii)&#8239;intend to use any of the proceeds from the sale of the Securities to repay any outstanding debt owed to the Underwriters
or any affiliate of the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxv)&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with New York Stock Exchange Listing Standards</U>. The Company has filed with the Commission a registration statement on Form&#8239;8-A
providing for the registration under the Exchange Act of the Series&#8239;A Preferred Stock, which registration is effective. The Company
has taken no action designed to, or which is likely to have the effect of, terminating the registration of the Common Stock under the
1934 Act, nor has the Company received any notification that the Commission or the NYSE is contemplating terminating such registration
or listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxvi)&#8239;&#8239;&#8239;&#8239;<U>Rights
and Actions Affecting Properties</U>. The Company and its subsidiaries have good and marketable title to all personal property owned
by them, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i)&#8239;do
not materially interfere with the use made and proposed to be made of such personal property by the Company and its subsidiaries or (ii)&#8239;would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxvii)&#8239;&#8239;&#8239;&#8239;<U>Convertible
Property Interests</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the mortgages
and deeds of trust encumbering the Properties are not convertible nor will the Company or any of its subsidiaries hold a participating
interest therein and such mortgages and deeds of trust are not cross-defaulted or cross-collateralized to any property not owned directly
or indirectly by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxviii)&#8239;&#8239;&#8239;<U>Finder&rsquo;s
Fees</U>. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, none of the Company or
any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would
give rise to a valid claim against the Company or any of its subsidiaries or the Underwriters for a brokerage commission, finder&rsquo;s
fee or like payment in connection with the offering and sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xxxix)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Related
Party Transactions</U>. Except as set forth in the Registration Statement, the General Disclosure Package and the Prospectus, there are
no transactions with &ldquo;affiliates&rdquo; (as defined in Rule&#8239;405 under the 1933 Act) or any officer, director or securityholder
of the Company (whether or not an affiliate) that are required by the 1933 Act to be disclosed in the Registration Statement. Additionally,
no relationship, direct or indirect, exists between the Company or any of its subsidiaries on the one hand, and the directors, officers,
stockholders, borrowers, customers or suppliers of the Company or any of its subsidiaries on the other hand that is required by the 1933
Act to be disclosed in the Registration Statement, the General Disclosure Package and the Prospectus that is not so disclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xl)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Investment
Company Act</U>. The Company is not, and, after giving effect to the offering and sale of the Securities and the application of the proceeds
thereof as described under the caption &ldquo;Use of Proceeds&rdquo; in the Prospectus, will not be, required to register as an &ldquo;investment
company&rdquo; within the meaning of the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xli)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Statistical
and Market Related Data</U>. Nothing has come to the attention of the Company that has caused the Company to believe that the statistical
and market-related data included in the Registration Statement, the General Disclosure Package and the Prospectus are not based on or
derived from sources that are reliable and accurate in all material respects and, to the extent required, the Company has obtained the
written consent to the use of such data from such sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xlii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Federal
Tax Status</U>. The Company elected to be taxed as a real estate investment trust (&ldquo;<U>REIT</U>&rdquo;) for U.S. federal income
tax purposes commencing with its taxable year ended December&#8239;31, 2020. The Company has been organized and operated in conformity
with the requirements for qualification and taxation as REIT under the Code, and the Company&rsquo;s current and proposed method of operation
will enable it to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending
December&#8239;31, 2024 and thereafter. All statements regarding the Company&rsquo;s qualification and taxation as a REIT and descriptions
of the Company&rsquo;s organization and method of operation set forth in the Registration Statement and the Prospectus are true, complete
and correct in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xliii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Accurate
Disclosures</U>. The statements included in the Registration Statement, the General Disclosure Package and the Prospectus under the headings
 &ldquo;Description of the Series&#8239;A Preferred Stock,&rdquo; &ldquo;Description of Capital Stock,&rdquo; &ldquo;Certain Provisions
of Maryland Law and of Our Charter and Bylaws,&rdquo; &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo; &ldquo;Additional
Material U.S. Federal Income Tax Considerations,&rdquo; and &ldquo;Underwriting&rdquo; insofar as such statements summarize legal matters,
agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents
or proceedings in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xliv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Cybersecurity;
Data Protection</U>. Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect,
(i)&#8239;to the knowledge of the Company, there has been no security breach or other security compromise of or relating to the Company&rsquo;s
information technology and computer systems, networks, hardware, software, data, trade secrets, or equipment (collectively, &ldquo;<U>IT
Systems</U>&rdquo;); (ii)&#8239;the Company&rsquo;s IT Systems are adequate for, and operate and perform as required in connection with,
the operation of the business of the Company as currently conducted and are free and clear of all bugs, errors, defects, Trojan horses,
time bombs, malware and other corruptants; and (iii)&#8239;the Company is presently in compliance with all applicable laws, regulations,
contractual obligations and internal policies relating to data privacy and security or personally identifiable information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xlv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Integration</U>.
The Company, prior to the date hereof, has not made any offer or sale of securities, which could be &ldquo;integrated&rdquo; for purposes
of the 1933 Act with the offer and sale of the Securities pursuant to the Registration Statement, the General Disclosure Package and
the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xlvi)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Company
Distributions</U>. Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, the Company
is not a party to or otherwise bound by any instrument or agreements that limits or prohibits (whether with or without the giving of
notice or the passage of time or both), directly or indirectly, the Company from paying any dividends or making other distributions on
its capital stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(xlvii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Subsidiary
Distributions</U>. No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument
to which it is a party or is subject, from paying any dividends to the Company or from making any other distribution on such subsidiary&rsquo;s
capital stock or similar ownership interest, except as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: justify">(xlviii)&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Ratings</U>. No securities issued by the Company or any of its subsidiaries are rated by a &ldquo;nationally recognized statistical rating
organization,&rdquo; as such term is defined under Section&#8239;3(a)(62) of the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officer&rsquo;s
Certificates</U>. Any certificate signed by any officer or any authorized representative of the Company and delivered to the Underwriters
or to counsel for the Underwriters pursuant to or in connection with this Agreement shall be deemed a representation and warranty by
the Company to the Underwriters as to the matters covered thereby as of the date or dates indicated on such certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Company acknowledges that
the Underwriters and, for purposes of the opinions to be delivered pursuant to <U>Section&#8239;5</U> hereof, counsel to the Company and
counsel to the Underwriters, will rely upon the accuracy and truthfulness of the foregoing representations and hereby consents to such
reliance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">2.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Purchase of the Securities by the Underwriters;
                                            Closing</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Firm
Securities</U>. Subject to the terms and conditions and upon the basis of the representations, warranties and agreements herein set forth,
the Company agrees to issue and sell to each Underwriter, severally and not jointly, and each Underwriter, severally and not jointly,
agrees to purchase from the Company, at a price per share of $19.37, the number of Firm Securities set forth in <U>Schedule A</U> opposite
the name of such Underwriter, plus any additional number of Firm Securities which such Underwriter may become obligated to purchase pursuant
to the provisions of <U>Section&#8239;10</U> hereof, subject, in each case, to such adjustments among the Underwriters as the Representative
in its sole discretion shall make to eliminate any sales or purchases of fractional securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Option
Securities</U>. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, the Company hereby grants to the Underwriters an option to purchase from the Company all or any portion of the Option
Securities solely to cover over-allotments, if any, for a period of thirty (30) days from the date hereof at the purchase price per share
set forth in <U>Section&#8239;2(a)</U>&#8239;hereof less an amount per share equal to any dividends or distributions declared by the Company
and payable on each share of the Firm Securities but not payable on the Option Securities; provided that if such 30th day falls on a
day that is not a Business Day, the option granted in <U>Section&#8239;2(b)</U>&#8239;hereof will expire on the next succeeding Business
Day. Option Securities shall be purchased from the Company for the accounts of the several Underwriters in proportion to the number of
Firm Securities set forth opposite such Underwriter&rsquo;s name in <U>Schedule A</U> hereto, except that the respective purchase obligations
of each Underwriter shall be adjusted so that no Underwriter shall be obligated to purchase fractional Option Securities. No Option Securities
shall be sold and delivered unless the Firm Securities previously have been, or simultaneously are, sold and delivered. The option hereby
granted may be exercised in whole or in part from time to time upon notice by the Underwriters to the Company setting forth the number
of Option Securities as to which the Underwriters are then exercising the option and the time and date of payment and delivery for such
Option Securities. Any such time and date of delivery (a &ldquo;<U>Date of Delivery</U>&rdquo;) shall be determined by the Underwriters,
but shall not, unless agreed to in writing by the Company, be sooner than two full business days (other than a Date of Delivery coinciding
with the Closing Time) or later than seven full Business Days after the exercise of said option, nor in any event prior to the Closing
Time, as hereinafter defined.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Denominations;
Registration; Payment</U>. Unless the Representative shall otherwise instruct, the Securities to be purchased by the Underwriters hereunder
shall be delivered by or on behalf of the Company to the Representative through the facilities of The Depository Trust Company (&ldquo;<U>DTC</U>&rdquo;)
for the account of the Representative, against payment by or on behalf of the Underwriters of the purchase price therefor by wire transfer
of Federal (same-day) funds to the account specified to the Representative by the Company upon at least forty-eight hours&rsquo; prior
notice. The time and date of such delivery and payment shall be at 9:00 A.M.&#8239;(Eastern time) on the fifth Business Day after the
date hereof (unless postponed in accordance with the provisions of <U>Section&#8239;10</U>), or such other time not later than ten Business
Days after such date as shall be agreed upon by the Representative and the Company (such time and date of payment and delivery being
herein called &ldquo;<U>Closing Time</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Payment shall be made to the
Company by wire transfer of immediately available funds to the bank account(s)&#8239;designated by the Company against delivery through
the facilities of DTC to the Representative for the respective account of the Underwriters of the Securities to be purchased by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Representative may (but
shall not be obligated to) make payment of the purchase price for the Firm Securities or the Option Securities, if any, to be purchased
by any Underwriter whose funds have not been received by the Closing Time or the relevant Date of Delivery, as the case may be, but such
payment shall not relieve such Underwriter from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">3.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Covenants of the Company.</U> The Company
                                            covenants with the Underwriters as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Securities Regulations and Commission Requests</U>. The Company, subject to <U>Section&#8239;3(b)</U>, will promptly notify the Underwriters,
and confirm the notice in writing, (i)&#8239;when any post-effective amendment to the Registration Statement shall become effective, or
any supplement to the Prospectus or any amended Prospectus shall have been filed, (ii)&#8239;of the receipt of any comments from the Commission,
(iii)&#8239;of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus
or any document incorporated by reference therein or for additional information, (iv)&#8239;of the issuance by the Commission of any stop
order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus, or of the suspension of the qualification of the Securities for offering or sale in any jurisdiction, or of the initiation
or threatening of any proceedings for any of such purposes or of any examination pursuant to Section&#8239;8(e)&#8239;of the 1933 Act concerning
the Registration Statement and (v)&#8239;if the Company becomes the subject of a proceeding under Section&#8239;8A of the 1933 Act in connection
with the offering of the Securities. The Company will effect the filings required under Rule&#8239;424(b), in the manner and within the
time period required by Rule&#8239;424(b)&#8239;(without reliance on Rule&#8239;424(b)(8)), and will take such steps as it deems necessary
to ascertain promptly whether the form of prospectus transmitted for filing under Rule&#8239;424(b)&#8239;was received for filing by the
Commission and, in the event that it was not, it will promptly file such prospectus. The Company will make every reasonable effort to
prevent the issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the earliest possible moment.
The Company will pay any required registration fee for this offering pursuant to Rule&#8239;456(b)(1)&#8239;under the 1933 Act within the
time period required by such rule&#8239;(without regard to the proviso therein relating to the four Business Days extension to the payment
deadline) and in any event prior to the Closing Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Filing
of Amendments and 1934 Act Documents</U>. The Company will give the Underwriters notice of its intention to file or prepare any amendment
to the Registration Statement or any amendment, supplement or revision to either the prospectus included in the Registration Statement
at the time it became effective or to the Prospectus or any documents, if any, incorporated, or deemed to be incorporated, by reference
therein, and will furnish the Underwriters with copies of any such documents a reasonable amount of time prior to such proposed filing
or use, as the case may be, and will not file or use any such document to which the Underwriters or counsel for the Underwriters shall
reasonably object. The Company will give the Underwriters notice of its intention to make any such filing from the Applicable Time to
the Closing Time and will furnish the Underwriters with copies of any such documents at least 24 hours prior to such proposed filing,
as the case may be, and will not file or use any such document to which the Underwriters or counsel for the Underwriters shall reasonably
object unless the Company&rsquo;s legal counsel has advised the Company that filing such documents is required pursuant to the 1934 Act
or 1934 Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Registration Statements</U>. The Company has furnished or will deliver upon request to the Underwriters and counsel for the Underwriters,
without charge, signed copies of the Registration Statement as originally filed and of each amendment thereto (including exhibits filed
therewith or incorporated by reference therein and documents incorporated or deemed to be incorporated by reference therein) and signed
copies of all consents and certificates of experts, and will also deliver to the Underwriters, without charge, a conformed copy of the
Registration Statement as originally filed and of each amendment thereto (without exhibits) for the Underwriters. The copies of the Registration
Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission via EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Delivery
of Prospectuses</U>. The Company has delivered to the Underwriters, without charge, as many copies of each preliminary prospectus (if
any) as the Underwriters reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the
1933 Act. The Company will furnish to the Underwriters, without charge, during the period when the Prospectus is required to be delivered
under the 1933 Act, such number of copies of the Prospectus (as amended or supplemented) as the Underwriters may reasonably request.
The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted
copies thereof filed with the Commission via EDGAR, except to the extent permitted by Regulation S-T.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Continued
Compliance with Securities Laws</U>. The Company will comply with the 1933 Act and the 1933 Act Regulations so as to permit the completion
of the distribution of the Securities as contemplated in this Agreement and in the Prospectus. If at any time when a prospectus is required
by the 1933 Act to be delivered in connection with sales of the Securities, any event shall occur or condition shall exist as a result
of which it is necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the Registration Statement or amend
or supplement the Prospectus in order that the Prospectus will not include any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time
it is delivered to a purchaser, or if it shall be necessary, in the opinion of such counsel, at any such time to amend the Registration
Statement or amend or supplement the Prospectus in order to comply with the requirements of the 1933 Act or the 1933 Act Regulations,
the Company will promptly prepare and file with the Commission, subject to <U>Section&#8239;3(b)</U>, such amendment or supplement as
may be necessary to correct such statement or omission or to make the Registration Statement or the Prospectus comply with such requirements,
and the Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably
request. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a
result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement
relating to the Securities or included or would include an untrue statement of a material fact or omitted or would omit to state a material
fact necessary in order to make the statements therein, in the light of the circumstances, prevailing at that subsequent time, not misleading,
the Company will promptly notify the Underwriters and will promptly amend or supplement, at its own expense, such Issuer Free Writing
Prospectus to eliminate or correct such conflict, untrue statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Blue
Sky Qualifications</U>. The Company will use its best efforts, in cooperation with the Underwriters, to qualify the Securities for offering
and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Underwriters may reasonably
designate; <U>provided</U>, <U>however</U>, that the Company shall not be obligated to file any general consent to service of process
or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject
itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Rule&#8239;158</U>.
The Company will timely file such reports pursuant to the 1934 Act as are necessary in order to make generally available to its securityholders
as soon as practicable an earnings statement for the purposes of, and to provide to the Underwriters the benefits contemplated by, the
last paragraph of Section&#8239;11(a)&#8239;of the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Use
of Proceeds</U>. The Company will use the net proceeds received by it from the sale of the Securities in the manner specified in the
Prospectus under &ldquo;<U>Use of Proceeds</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Listing</U>.
The Company will use its best efforts to complete the listing of the Securities on the NYSE within thirty (30) days following the Closing
Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restriction
on Sale of Securities</U>. During a period of ninety (90) days from the date of the Prospectus, the Company will not, without the prior
written consent of the Underwriters, (i)&#8239;directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose
of any share of Series&#8239;A Preferred Stock or any other shares of Preferred Stock or any securities convertible into or exercisable
or exchangeable into shares thereof or file any registration statement under the 1933 Act with respect to any of the foregoing, or (ii)&#8239;enter
into any swap or any other agreement or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence
of ownership of the Series&#8239;A Preferred Stock or any other shares of Preferred Stock, whether any such swap or transaction described
in <U>clause (i)</U>&#8239;or <U>(ii)</U>&#8239;above is to be settled by delivery of Series&#8239;A Preferred Stock or such other securities,
in cash or otherwise; <U>provided</U>, <U>however</U>, that <U>clause (i)</U>&#8239;or <U>(ii)</U>&#8239;above shall not apply to the Securities
to be sold hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Reporting
Requirements</U>. The Company, during the period when the Prospectus is required to be delivered under the 1933 Act, will file all documents
required to be filed with the Commission pursuant to the 1934 Act within the time periods required by the 1934 Act and the 1934 Act Regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Price
Manipulation</U>. The Company will not, directly or indirectly, (i)&#8239;take any action designed to cause or result in, or that constitutes
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate
the sale or resale of the Securities or (ii)&#8239;sell, bid for, or purchase the Securities to be issued and sold pursuant to this Agreement,
or pay anyone any compensation for soliciting purchases of the Securities to be issued and sold pursuant to this Agreement other than
the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Compliance
with Laws</U>. The Company and each of its subsidiaries shall maintain, or cause to be maintained, all material environmental permits,
licenses and other authorizations required by federal, state and local law in order to conduct their businesses as described in the Prospectus,
and the Company and each of its subsidiaries shall conduct their businesses, or cause their businesses to be conducted, in substantial
compliance with such permits, licenses and authorizations and with applicable Environmental Laws, except where the failure to maintain
or be in compliance with such permits, licenses and authorizations could not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuer
Free Writing Prospectuses</U>. The Company represents and agrees that, unless it obtains the prior consent of the Underwriters, and each
Underwriter represents and agrees that, unless it obtains the prior consent of the Company, it has not made and will not make any offer
relating to the Securities that would constitute an &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&#8239;433, or that
would otherwise constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&#8239;405, required to be filed with the Commission;
<U>provided that</U> the prior consent of the Underwriters and the Company shall be deemed to have been given in respect of any &ldquo;issuer
free writing prospectus&rdquo; included in <U>Schedule B</U> attached hereto. Any such free writing prospectus consented to by the Company
and the Underwriters is hereinafter referred to as a &ldquo;<U>Permitted Free Writing Prospectus</U>.&rdquo; The Company represents that
it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an &ldquo;issuer free writing prospectus,&rdquo;
as defined in Rule&#8239;433, and has complied and will comply with the requirements of Rule&#8239;433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity,
nothing in this <U>Section&#8239;3(m)</U>&#8239;shall restrict the Company from making any filings required under the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Qualification
and Taxation as a REIT</U>. The Company will use its best efforts to continue to qualify for taxation as a REIT under the Code for its
taxable year ending December&#8239;31, 2024, and thereafter, and will not take any action to revoke or otherwise terminate the Company&rsquo;s
REIT election, unless the Company&rsquo;s board of directors determines in good faith that it is no longer in the best interests of the
Company and its stockholders to be so qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conversion
Shares</U>. For so long as any of the Securities are outstanding, the Company will reserve a sufficient number of shares of Common Stock
to satisfy the conversion of such outstanding Securities into shares of Common Stock in accordance with the terms of the Articles Supplementary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">4.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Payment of Expenses.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Expenses</U>.
The Company will pay or cause to be paid all expenses incident to the performance of the Company&rsquo;s obligations under this Agreement,
including (i)&#8239;the preparation, printing and filing of the Registration Statement (including financial statements and exhibits) as
originally filed and of each amendment thereto, (ii)&#8239;the preparation, printing and delivery to the Underwriters of this Agreement
and such other documents as may be reasonably required in connection with the offering, purchase, sale, issuance or delivery of the Securities,
(iii)&#8239;the preparation, issuance and delivery of the Securities to the Underwriters, including any stock or other transfer taxes
and any stamp or other duties payable upon the sale, issuance or delivery of the Securities to the Underwriters, (iv)&#8239;the fees and
disbursements of the Company&rsquo;s counsel, accountants and other advisors, (v)&#8239;the qualification of the Securities under securities
laws in accordance with the provisions of <U>Section&#8239;3(f)</U>&#8239;hereof, including filing fees and the reasonable fees and disbursements
of counsel for the Underwriters in connection therewith and in connection with the preparation of the blue sky survey, if any, and any
supplement thereto up to an aggregate amount not to exceed $10,000, (vi)&#8239;the printing and delivery to the Underwriters of copies
of each preliminary prospectus, any Permitted Free Writing Prospectus and of the Prospectus and any amendments or supplements thereto
and any costs associated with electronic delivery of any of the foregoing by the Underwriters to investors, (vii)&#8239;the fees and expenses
of any transfer agent or registrar for the Securities, (viii)&#8239;the costs and expenses of the Company relating to investor presentations
on any &ldquo;road show&rdquo; (if any) undertaken in connection with the marketing of the Securities, including without limitation,
expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection
with the road show presentations, travel and lodging expenses of the officers of the Company, and 50% of the cost of aircraft and other
transportation chartered in connection with the road show; <U>provided</U>, <U>however</U>, that (A)&#8239;the Underwriters shall pay
their direct costs and expenses associated with the road show and (B)&#8239;the Underwriters shall pay 50% of the costs of chartered aircraft
and other transportation chartered in connection with the road show, and (ix)&#8239;the filing fees incident to, and the reasonable fees
and disbursements of counsel to the Underwriters in connection with, the review by FINRA of the terms of the sale of the Securities up
to an aggregate amount not to exceed $1,000 and (x)&#8239;the fees and expenses incurred in connection with the listing of the Securities
and the shares of Common Stock to be issued upon conversion of the Securities on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination
of Agreement</U>. If this Agreement is terminated by the Underwriters in accordance with the provisions of <U>Sections 9(a)(i)</U>, <U>9(a)(iii)</U>&#8239;or
<U>11</U> hereof, the Company shall reimburse the Underwriters for all of their out-of-pocket expenses, including the reasonable fees
and disbursements of counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">5.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Conditions of Underwriter&rsquo;s Obligations.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The obligations of the Underwriters
hereunder are subject to the accuracy of the representations and warranties of the Company contained in <U>Section&#8239;1</U> hereof
or in certificates of any officer of the Company delivered pursuant to the provisions hereof, to the performance by the Company of its
covenants and other obligations hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Effectiveness
of Registration Statement</U>. The Registration Statement has become effective and at Closing Time no stop order suspending the effectiveness
of the Registration Statement shall have been issued under the 1933 Act or proceedings therefor initiated or threatened by the Commission,
and any request on the part of the Commission for additional information shall have been complied with to the reasonable satisfaction
of counsel to the Underwriters. A prospectus containing the Rule&#8239;430B Information in the form provided to the Underwriters immediately
prior to the Closing Time shall be filed with the Commission in the manner and within the time frame required by Rule&#8239;424(b)&#8239;without
reliance on Rule&#8239;424(b)(8)&#8239;or a post-effective amendment providing such information shall have been filed and declared effective
in accordance with the requirements of Rule&#8239;430B. No amendment or supplement to the Registration Statement or Prospectus shall have
been filed to which the Underwriters shall have reasonably objected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
of Counsel for Company</U>. At Closing Time, the Underwriters shall have received the favorable opinion, and in the case of <U>Section&#8239;5(b)(i)</U>&#8239;below,
negative assurance letter, dated as of Closing Time, from each of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Vinson&#8239;&amp;
Elkins L.L.P., counsel for the Company, in form and substance satisfactory to counsel for the Underwriters, to the effect set forth in
<U>Exhibit&#8239;A-1</U> hereto and to such further effect as counsel to the Underwriters may reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Vinson&#8239;&amp;
Elkins L.L.P., counsel for the Company, as to tax matters, in form and substance satisfactory to counsel for the Underwriters, to the
effect set forth in <U>Exhibit&#8239;A-2</U> hereto and to such further effect as counsel to the Underwriters may reasonably request;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Venable
LLP, Maryland counsel for the Company, in form and substance satisfactory to counsel for the Underwriters, to the effect set forth in
<U>Exhibit&#8239;A-3</U> hereto and to such further effect as counsel to the Underwriters may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
of Counsel for Underwriters</U>. At Closing Time, the Underwriters shall have received the favorable opinion, dated as of Closing Time,
of Hunton Andrews Kurth LLP, counsel for the Underwriters, in form and substance satisfactory to the Underwriters. In giving such opinion
such counsel may rely, as to all matters governed by the laws of jurisdictions other than the law of the State of New York and the federal
law of the United States and the General Corporation Law of the State of Delaware, upon the opinions of counsel satisfactory to the Underwriters.
Such counsel may also state that, insofar as such opinion involves factual matters, they have relied, to the extent they deem proper,
upon certificates of officers of the Company and certificates of public officials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officers&rsquo;
Certificate</U>. At Closing Time, the Underwriters shall have received a certificate of the President and Chief Executive Officer of
the Company and the Vice President, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer of the Company, dated
as of Closing Time, to the effect that the signers of such certificates have carefully examined the Prospectus and General Disclosure
Package and (i)&#8239;there has been no (A)&#8239;Material Adverse Effect, (B)&#8239;transaction that is material to the Company and all
of its subsidiaries considered as one enterprise, (C)&#8239;any obligation, direct or contingent, that is material to the Company and
all of its subsidiaries considered as one enterprise, incurred by the Company or a subsidiary of the Company, (D)&#8239;any change in
the capitalization of the Company or any subsidiary of the Company that is material to the Company and all of its subsidiaries considered
as one enterprise, or (E)&#8239;any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or
the capital stock, limited liability company membership interests or partnership interest of any subsidiary of the Company, except in
case of each of <U>clauses (A)</U>&#8239;through <U>(E)</U>&#8239;above, as set forth in or contemplated in the Prospectus (exclusive of
any supplement thereto), (ii)&#8239;the representations and warranties in <U>Section&#8239;1(a)</U>&#8239;hereof are true and correct with
the same force and effect as though expressly made at and as of Closing Time, (iii)&#8239;the Company has complied with all agreements
and satisfied all conditions on its part to be performed or satisfied at or prior to Closing Time, and (iv)&#8239;no stop order suspending
the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are pending
or, to their knowledge, contemplated by the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Accountant&rsquo;s
Comfort Letter</U>. At the time of execution of this Agreement, the Underwriters shall have received from Grant Thornton LLP a letter,
in form and substance satisfactory to the Representative, addressed to the Underwriters and dated the date hereof (i)&#8239;confirming
that they are independent public accountants within the meaning of the 1933 Act and are in compliance with the applicable requirements
relating to the qualification of accountants under Rule&#8239;2-01 of Regulation S-X of the Commission, and (ii)&#8239;stating, as of the
date hereof (or, with respect to matters involving changes or developments since the respective dates as of which specified financial
information is given in the most recent preliminary prospectus, as of a date not more than three days prior to the date hereof), the
conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&rsquo;
 &ldquo;comfort letters&rdquo; to underwriters with respect to the financial statements and other financial information included in the
Registration Statement, the General Disclosure Package and the Prospectus or any amendment or supplement thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Bring-down
Comfort Letter</U>. At Closing Time, the Underwriters shall have received from Grant Thornton LLP a letter, dated as of Closing Time,
to the effect that it reaffirms the statements made in the letter furnished pursuant to <U>subsection&#8239;(e)</U>&#8239;of this Section.
The affirmation of statements made in such letter shall be as of a date not more than two (2)&#8239;Business Days prior to Closing Time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Approval
of Listing</U>. Before the Closing Time, the Company shall have submitted an application to the NYSE to have the Securities approved
for listing on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>No
Material Adverse Effects</U>. At Closing Time, there shall not have been, since the date hereof or since the respective dates as of which
information is given in the Prospectus or the General Disclosure Package, any Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Conditions
to Purchase of Option Securities</U>. In the event that the Underwriters exercise the option provided in <U>Section&#8239;2(b)</U>&#8239;hereof
to purchase all or any portion of the Option Securities, the representations and warranties of the Company contained herein and the statements
in any certificates furnished by the Company hereunder shall be true and correct as of each Date of Delivery and, at the relevant Date
of Delivery, the Underwriters shall have received:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Officers&rsquo;
Certificate</U>. A certificate, dated such Date of Delivery, of the President and Chief Executive Officer of the Company and the Vice
President, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer of the Company confirming that the certificate
delivered at the Closing Time pursuant to <U>Section&#8239;5(d)</U>&#8239;hereof remains true and correct as of such Date of Delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinions
of Counsels for Company</U>. The favorable opinion and negative assurance letter of Vinson&#8239;&amp; Elkins L.L.P., counsel for the
Company, in form and substance satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option Securities
to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by <U>Section&#8239;5(b)(i)</U>&#8239;hereof.
The favorable opinion of Vinson&#8239;&amp; Elkins L.L.P., counsel for the Company, in form and substance satisfactory to counsel for
the Underwriters, dated such Date of Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise
to the same effect as the opinion required by Section&#8239;5(b)(ii)&#8239;hereof. The favorable opinion of Venable LLP, Maryland counsel
for the Company, in form and substance satisfactory to counsel for the Underwriters, dated such Date of Delivery, relating to the Option
Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion required by Section&#8239;5(b)(iii)&#8239;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Opinion
of Counsel for Underwriters</U>. The favorable opinion of Hunton Andrews Kurth LLP, counsel for the Underwriters, dated such Date of
Delivery, relating to the Option Securities to be purchased on such Date of Delivery and otherwise to the same effect as the opinion
required by <U>Section&#8239;5(c)</U>&#8239;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Bring-down
Comfort Letter. A letter from Grant Thornton LLP in form and substance satisfactory to the Underwriters and dated such Date of Delivery,
substantially in the same form and substance as the letter furnished to the Underwriters pursuant to <U>Section&#8239;5(f)</U>&#8239;hereof.
The affirmation of statements made in such letter shall be as of a date not more than two (2)&#8239;Business Days prior to the date thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional
Documents</U>. At the Closing Time and at each Date of Delivery counsel for the Underwriters shall have been furnished with such documents
and opinions as they may reasonably require for the purpose of enabling them to pass upon the issuance and sale of the Securities as
herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the
conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Securities as
herein contemplated shall be reasonably satisfactory in form and substance to the Underwriters and counsel for the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">6.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Indemnification.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of Underwriters</U>. The Company agrees to indemnify and hold harmless the Underwriters, their selling agents and each person, if any,
who controls the Underwriters within the meanin</FONT>g of Section&#8239;15 of the 1933 Act or Section&#8239;20 of the 1934 Act as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;against
any and all losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and attorney&rsquo;s fees
and expenses (collectively &ldquo;<U>Damages</U>&rdquo;) (A)&#8239;arising out of or based upon (i)&#8239;any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), including the Rule&#8239;430B
Information or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, or (B)&#8239;arising out of any untrue statement or alleged untrue statement of a material fact included
in any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;against
any Damages, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged
untrue statement or omission; <U>provided</U> that (subject to <U>Section&#8239;6(d)</U>&#8239;below) any such settlement is effected with
the written consent of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;against
any and all expense whatsoever, as incurred (including the fees and disbursements of counsel chosen by the Underwriter), reasonably incurred
in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body,
commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement
or omission, to the extent that any such expense is not paid under (<U>i)</U>&#8239;or <U>(ii)</U>&#8239;above;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>provided</U></FONT>,
<U>however</U>, that this indemnity agreement shall not apply to any Damages to the extent arising out of any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity with written information furnished to the Company by
the Underwriters expressly for use in the Registration Statement (or any amendment thereto), including the Rule&#8239;430B Information,
or any preliminary prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Indemnification
of Company and its Directors and Officers</U>. Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the
Company, its directors and its officers who sign the Registration Statement, and any person who controls the Company within the meaning
of Section&#8239;15 of the 1933 Act or Section&#8239;20 of the 1934 Act, to the same extent as the foregoing indemnity from the Company
to the Underwriters, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the
Registration Statement (or any amendment thereto), including the Rule&#8239;430B Information or any preliminary prospectus, any Issuer
Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information
furnished to the Company by the Underwriters expressly for use therein as such appears in the Prospectus in (i)&#8239;the last paragraph
on the cover page&#8239;related to the delivery of the Securities; (ii)&#8239;the list of Underwriters under the heading &ldquo;Underwriting&rdquo;
and their respective participation in the sale of the Securities; (iii)&#8239;the third paragraph of text under the heading &ldquo;Underwriting&rdquo;
related to the public offering price and concessions; and (iv)&#8239;the ninth and tenth paragraphs of text under the heading &ldquo;Underwriting&rdquo;
related to stabilization and syndicate covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Actions
against Parties; Notification</U>. Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying
party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying
party shall not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result
thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity agreement.
In the case of parties indemnified pursuant to <U>Section&#8239;6(a)</U>&#8239;above, counsel to the indemnified parties shall be selected
by the Underwriters and, in the case of parties indemnified pursuant to <U>Section&#8239;6(b)</U>&#8239;above, counsel to the indemnified
parties shall be selected by the Company. An indemnifying party may participate at its own expense in the defense of any such action;
<U>provided</U>, <U>however</U>, that counsel to the indemnifying party shall not (except with the consent of the indemnified party)
also be counsel to the indemnified party; <U>provided</U>, <U>further</U>, that if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that a conflict may arise between
the positions of the indemnifying party and the indemnified party in conducting the defense of any such action or that there may be legal
defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying
party, the indemnified party or parties shall have the right to select separate counsel to assume such legal defenses and to otherwise
participate in the defense of such action on behalf of such indemnified party or parties. Upon receipt of notice from the indemnifying
party to such indemnified party of such indemnifying party&rsquo;s election so to assume the defense of such action and approval by the
indemnified party of counsel, the indemnifying party will not be liable to such indemnified party under this <U>Section&#8239;6</U> for
any legal or other expenses subsequently incurred by such indemnified party in connection with the defense thereof unless (i)&#8239;the
indemnified party shall have employed separate counsel in accordance with the second proviso to the preceding sentence (it being understood,
however, that the indemnifying party shall not be liable for the expenses of more than one separate counsel (other than local counsel),
reasonably approved by the indemnifying party (or by the Underwriters in the case of <U>Section&#8239;6(b)</U>), representing the indemnified
parties who are parties to such action) or (ii)&#8239;the indemnifying party shall not have employed counsel satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice of commencement of the action, in each of which cases
the fees and expenses of counsel shall be at the expense of the indemnifying party. No indemnifying party shall, without the prior written
consent of the indemnified parties, settle or compromise or consent to the entry of any judgment in any proceeding or threatened claim,
action, suit or proceeding in respect of which indemnification may be sought under this <U>Section&#8239;6</U> hereof (whether or not
the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent (A)&#8239;includes an
unconditional release of each indemnified party from all liability arising out of or based upon such proceeding or threatened claim,
action, suit or proceeding, (B)&#8239;does not include a statement as to or an admission of fault, culpability or a failure to act by
or on behalf of any indemnified party and (C)&#8239;the indemnifying party confirms in writing its indemnification obligations hereunder
with respect to such settlement, compromise or consent to the entry of judgement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Settlement
without Consent if Failure to Reimburse</U>. If at any time an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of
the nature contemplated by <U>Section&#8239;6(a)(ii)</U>&#8239;effected without its written consent if (i)&#8239;such settlement is entered
into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&#8239;such indemnifying party shall have
received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&#8239;such indemnifying
party shall not have reimbursed such indemnified party in accordance with such request prior to the date of such settlement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">7.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Contribution.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the indemnification provided for in <U>Section&#8239;6</U> hereof is unavailable or insufficient for any reason whatsoever to an indemnified
party in respect of any Damages referred to therein, then an indemnifying party, in lieu of indemnifying such indemnified party, shall
contribute to the amount paid or payable by such indemnified party as a result of such Damages, (i)&#8239;in such proportion as is appropriate
to reflect the relative benefits received by the Company, on the one hand, and the Underwriters, on the other hand, from the offering
of the Securities pursuant to this Agreement or (ii)&#8239;if the allocation provided by clause (i)&#8239;above is not permitted by applicable
law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i)&#8239;above but also the
relative fault of the Company, on the one hand, and of the Underwriters, on the other hand, in connection with the statements or omissions
that resulted in such Damages</FONT>, as well as any other relevant equitable considerations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative benefits received
by the Company, on the one hand, and the Underwriters, on the other hand, in connection with the offering of the Securities pursuant
to this Agreement shall be deemed to be in the same respective proportions as the total net proceeds from the offering of the Securities
pursuant to this Agreement (before deducting expenses) received by the Company, on the one hand, and the total underwriting discounts
and commissions received by the Underwriters, in each case as set forth on the cover of the Prospectus, bear to the aggregate public
offering price of the Securities as set forth on the cover of the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The relative fault of the
Company, on the one hand, and the Underwriters, on the other hand, shall be determined by reference to, among other things, (i)&#8239;whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Company, on the one hand, or by the Underwriters, on the other hand; (ii)&#8239;the intent of the parties and their relative
knowledge; (iii)&#8239;access to information; and (iv)&#8239;the opportunity to correct or prevent such statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Underwriters
agree that it would not be just and equitable if contribution pursuant to this <U>Section&#8239;7</U> were determined by a pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take into account
the equitable considerations referred to above in this <U>Section&#8239;7</U>. The amount paid or payable by an indemnified party as a
result of the Damages referred to above in this <U>Section&#8239;7</U> shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such
action or claim.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the provisions
of this <U>Section&#8239;7</U>, the Underwriters shall not be required to contribute any amount in excess of the amount by which the total
price at which the Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages
which the Underwriters have otherwise been required to pay by reason of any such untrue or alleged untrue statement or omission or alleged
omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No person guilty of fraudulent
misrepresentation (within the meaning of Section&#8239;11(f)&#8239;of the 1933 Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">8.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Representations, Warranties and Agreements
                                            to Survive.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All representations, warranties
and agreements contained in this Agreement or in certificates of officers of the Company submitted pursuant hereto, shall remain operative
and in full force and effect regardless of (a)&#8239;any investigation made by or on behalf of the Underwriters or their Affiliates or
selling agents, any person controlling the Underwriters, its officers or directors or any person controlling the Company and (b)&#8239;delivery
of and payment for the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">9.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Termination of Agreement.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Termination;
General</U>. The Underwriters may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time or
any Date of Delivery (i)&#8239;if there has been, since the time of execution of this Agreement or since the respective dates as of which
information is given in the Registration Statement, the General Disclosure Package or the Prospectus, any material adverse change in
the condition, financial or otherwise, or in the earnings, business affairs or business prospects of the Company and all of its subsidiaries
considered as one enterprise, whether or not arising in the ordinary course of business, or (ii)&#8239;if there has occurred any material
adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation
thereof or other calamity or crisis or any change or development involving a prospective change in national or international political,
financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of the Underwriters, impracticable
or inadvisable to proceed with the completion of the offering or to enforce contracts for the sale of the Securities, or (iii)&#8239;if
trading in any securities of the Company has been suspended or materially limited by the Commission or the NYSE, or (iv)&#8239;if trading
generally on the NYSE has been suspended or materially limited, or minimum or maximum prices for trading have been fixed, or maximum
ranges for prices have been required, by any of said exchanges or by order of the Commission, FINRA or any other governmental authority,
or (v)&#8239;a material disruption has occurred in commercial banking or securities settlement or clearance services in the United States,
or (vi)&#8239;if a banking moratorium has been declared by either Federal or New York authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Liabilities</U>.
If this Agreement is terminated pursuant to this Section, such termination shall be without liability of any party to any other party
except as provided in <U>Section&#8239;4</U> hereof, and <U>provided further</U> that <U>Sections 1</U>, <U>6</U>, <U>7</U> and <U>8</U>
shall survive such termination and remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Notice
of Termination</U>. If the Underwriters elect to terminate this Agreement as provided in this <U>Section&#8239;9</U>, the Company shall
be notified promptly by electronic communication to the Company&rsquo;s Chief Executive Officer or by facsimile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">10.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Substitution of Underwriters.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any Underwriter defaults
in its obligation to purchase the number of Securities which it has agreed to purchase under this Agreement, the non-defaulting Underwriters
shall be obligated to purchase (in the respective proportions which the number of Securities set forth opposite the name of each non-defaulting
Underwriter in Schedule A hereto bears to the total number of Securities set forth opposite the names of all the non-defaulting Underwriters
in Schedule A hereto) the Securities which the defaulting Underwriter agreed but failed to purchase (the &ldquo;<U>Default Securities</U>&rdquo;);
except that the non-defaulting Underwriters shall not be obligated to purchase any of the Securities if the total number of Securities
which the defaulting Underwriter or Underwriters agreed but failed to purchase exceeds 10% of the total number of Firm Securities, and
any non-defaulting Underwriter shall not be obligated to purchase more than 110% of the number of Securities set forth opposite its name
in <U>Schedule A</U> attached hereto purchasable by it pursuant to the terms of <U>Section&#8239;2</U> hereof. If the foregoing maximums
are exceeded, the non-defaulting Underwriters, and any other underwriters satisfactory to the Underwriters who so agree, shall have the
right, but shall not be obligated, to purchase (in such proportions as may be agreed upon among them) all the Default Securities on the
terms contained herein. If the non-defaulting Underwriters or the other underwriters satisfactory to the Underwriters do not elect to
purchase the Default Securities, this Agreement shall terminate without liability on the part of any non-defaulting Underwriter or the
Company except for the payment of expenses to be borne by the Company and the Underwriters as provided in <U>Section&#8239;4</U> hereof
and the indemnity and contribution agreements of the Company and the Underwriters contained in <U>Section&#8239;6</U> and <U>Section&#8239;7
</U>hereof. Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have for damages caused by its default.
If the other underwriters satisfactory to the Underwriters are obligated or agree to purchase the Securities of a defaulting Underwriter,
either the Underwriters or the Company may postpone the Closing Time for up to five full SEC Business Days in order to effect any changes
that may be necessary in the Registration Statement, the General Disclosure Package or the Prospectus or in any other document or agreement,
and to file promptly any amendments or any supplements to the Registration Statement or the General Disclosure Package or the Prospectus
which in the Underwriters&rsquo; opinion may thereby be made necessary. The term &ldquo;Underwriter&rdquo; as used in this Agreement
shall include any party substituted under this <U>Section&#8239;10</U> with like effect as if it had originally been a party to this Agreement
with respect to the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">11.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Default by the Company.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Company shall fail
at Closing Time or at the Date of Delivery to sell the number of Securities that it is obligated to sell hereunder, then this Agreement
shall terminate without any liability on the part of any nondefaulting party; <U>provided</U>, <U>however</U>, that the provisions of
<U>Sections 1</U>, <U>4</U>, <U>6</U>, <U>7</U> and <U>8</U> shall remain in full force and effect. No action taken pursuant to this
Section&#8239;shall relieve the Company from liability, if any, in respect of such default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">12.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Tax Disclosure.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding any other
provision of this Agreement, immediately upon commencement of discussions with respect to the transactions contemplated hereby, the Company
(and each employee, representative or other agent of the Company) may disclose to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions
or other tax analyses) that are provided to the Company relating to such tax treatment and tax structure. For purposes of the foregoing,
the term &ldquo;tax treatment&rdquo; is the purported or claimed federal income tax treatment of the transactions contemplated hereby,
and the term &ldquo;tax structure&rdquo; includes any fact that may be relevant to understanding the purported or claimed federal income
tax treatment of the transactions contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">13.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Notices.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All notices and other communications
hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication.
Notices to the Underwriters shall be directed to Raymond James&#8239;&amp; Associates,&#8239;Inc., 880 Carillon Parkway, St. Petersburg,
Florida 33716, Attention: Equity Syndicate Department, Phone: 727-567-2400; Email: Syndicate@RaymondJames.com, with a copy (which shall
not constitute notice) to Hunton Andrews Kurth LLP, 600 Travis Street, Suite&#8239;4200, Houston, Texas 77002, Attention: James V. Davidson;
notices to the Company shall be directed to CTO Realty Growth,&#8239;Inc., 369 North New York Avenue, Suite&#8239;201, Winter Park, Florida
32789, Attention: General Counsel, with a copy to Vinson&#8239;&amp; Elkins L.L.P., 1114 Avenue of the Americas, 32nd Floor, New York,
New York 10036, Attention: Zachary A. Swartz.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">14.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>No Advisory or Fiduciary Relationship.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
and agrees that (a)&#8239;the purchase and sale of the Securities pursuant to this Agreement, including the determination of the public
offering price of the Securities and any related discounts and commissions, is an arm&rsquo;s-length commercial transaction between the
Company, on the one hand, and the Underwriters, on the other hand, (b)&#8239;in connection with the offering contemplated hereby and the
process leading to such transaction each Underwriter is and has been acting solely as a principal and is not the agent or fiduciary of
the Company, or its stockholders, creditors, employees or any other party, (c)&#8239;the Underwriters have not assumed nor will assume
an advisory or fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby or the process leading
thereto (irrespective of whether the Underwriters have advised or are currently advising the Company on other matters) and the Underwriters
have no obligation to the Company with respect to the offering contemplated hereby except the obligations expressly set forth in this
Agreement, (d)&#8239;the Underwriters and their affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Company, and (e)&#8239;the Underwriters have not provided any legal, accounting, regulatory or tax advice with
respect to the offering contemplated hereby and the Company has consulted its own respective legal, accounting, regulatory and tax advisors
to the extent it deemed appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">15.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Parties.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall inure
to the benefit of and be binding upon each of the Underwriters and the Company and their respective successors. Nothing expressed or
mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than the Underwriters and
the Company and their respective successors and the controlling persons and officers and directors referred to in <U>Sections&#8239;6
</U>and <U>7</U> and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole
and exclusive benefit of the Underwriters and the Company and their respective successors, and said controlling persons and officers
and directors and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of
Securities from the Underwriters shall be deemed to be a successor by reason merely of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">16.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>GOVERNING LAW.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">17.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>TIME.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TIME SHALL BE OF THE ESSENCE
OF THIS AGREEMENT. EXCEPT AS OTHERWISE SET FORTH HEREIN, SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">18.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Counterparts.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may be executed
in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one
and the same Agreement. Counterparts may be delivered via facsimile, electronic mail (including any electronic signature covered by the
U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered
and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">19.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Effect of Headings.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Section&#8239;headings
herein are for convenience only and shall not affect the construction hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">20.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>USA Patriot Act.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&#8239;26, 2001)), each Underwriter is required to obtain,
verify and record information that identifies its clients, including the Company, which information may include the name and address
of its clients, as well as other information that will allow each Underwriter to properly identify its clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">21.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Recognition of the U.S. Special Resolution
                                            Regimes.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer
from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation,
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Underwriter are permitted to
be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement
were governed by the laws of the United States or a state of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
purposes of this <U>Section&#8239;21</U>, a &ldquo;<U>BHC Act Affiliate</U>&rdquo; has the meaning assigned to the term &ldquo;affiliate&rdquo;
in, and shall be interpreted in accordance with, 12 U.S.C. &sect; 1841(k). &ldquo;<U>Covered Entity</U>&rdquo; means any of the following:
(i)&#8239;a &ldquo;covered entity&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 252.82(b); (ii)&#8239;a
 &ldquo;covered bank&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 47.3(b); or (iii)&#8239;a
 &ldquo;covered FSI&rdquo; as that term is defined in, and interpreted in accordance with, 12 C.F.R. &sect; 382.2(b). &ldquo;<U>Default
Right</U>&rdquo; has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. &sect;&sect; 252.81,
47.2 or 382.1, as applicable. &ldquo;<U>U.S. Special Resolution Regime</U>&rdquo; means each of (A)&#8239;the Federal Deposit Insurance
Act and the regulations promulgated thereunder and (B)&#8239;Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">22.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><U>Definitions.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms which follow, when
used in this Agreement, shall have the meanings indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Business Day</U>&rdquo;
shall mean any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized
or obligated by law to close in New York City.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Execution Time</U>&rdquo;
shall mean the date and time that this Agreement is executed and delivered by the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of <U>Section&#8239;1(a)</U>&#8239;and
for the avoidance of doubt, the phrase &ldquo;to the knowledge of the Company&rdquo;, to the extent such phrase is used to qualify the
representations and warranties of the Company, refers to the knowledge of the Company or its employees or agents gained in the ordinary
course of the Company&rsquo;s business and through the Company&rsquo;s correspondence and communications made in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>SEC Business Day</U>&rdquo;
shall mean any day other than a Saturday, a Sunday, a legal holiday or any other day on which the Commission is authorized or obligated
by law to be closed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>U.S.</U>&rdquo;
or &ldquo;<U>United States</U>&rdquo; shall mean the United States of America (including the states thereof and the District of Columbia),
its territories, its possessions and other areas subject to its jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement among the Underwriters and the Company in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&#8239;intentionally left
blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">CTO REALTY GROWTH,&#8239;INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:&#8239;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/&#8239;&#8239;Lisa Vorakoun</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Lisa Vorakoun</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Vice President, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&#8239;to Underwriting Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accepted and agreed to as of the date first above written:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">Raymond James&#8239;&amp; Associates,&#8239;Inc.</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/&#8239;&#8239;Brad Butcher</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%">Brad Butcher</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top"></TD>
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Co-Head of Real Estate Investment Banking Group, Senior Managing Director</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For itself and as Representative of the several Underwriters named
in <U>Schedule A</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page&#8239;to Underwriting Agreement</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase">Schedule
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Underwriting
Agreement dated April&#8239;4, 2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of Firm Securities</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left">Raymond James &amp; Associates, Inc.</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">877,500</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">BMO Capital Markets Corp.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">146,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">KeyBanc Capital Markets Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">146,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Robert W. Baird &amp; Co. Incorporated</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">PNC Capital Markets LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">71,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">B. Riley Securities,&#8239;Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Janney Montgomery Scott LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">JonesTrading Institutional Services LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Regions Securities LLC</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Synovus Securities Inc.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,500,000</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Schedule A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Schedule
B</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Issuer
General-Use Free Writing Prospectus</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Issuer Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule&#8239;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Relating to Preliminary Prospectus Supplement
dated April&#8239;3, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>to Prospectus dated October&#8239;26, 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&#8239;333-267819</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>6.375% Series&#8239;A Cumulative Redeemable
Preferred Stock<BR>
(Liquidation Preference $25.00 per Share)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>April&#8239;4, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 67%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTO
    Realty Growth,&#8239;Inc., a Maryland corporation</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Security:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.375%
    Series&#8239;A Cumulative Redeemable Preferred Stock</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of Shares:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,500,000
    shares (1,725,000 shares if the underwriters&rsquo; over-allotment option to purchase additional shares is exercised in full)*</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Public
    Offering Price:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$20.00
    per share; $30,000,000 total (not including the underwriters&rsquo; over-allotment option to purchase additional shares)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting
    Discounts:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$0.63
    per share; $945,000 total</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Perpetual
    (unless redeemed by the Issuer on or after July&#8239;6, 2026 or pursuant to its special optional redemption right, or converted by
    a holder in connection with a change of control described below under &ldquo;Change of Control&rdquo;)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trade
    Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&#8239;4,
    2024</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Settlement
    Date:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April&#8239;11,
    2024 (T + 5)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation
    Preference:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$25.00,
    plus accrued and unpaid dividends</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
    Rate:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.375%
    per annum of the $25.00 per share liquidation preference (equivalent to $1.59375 per annum per share)</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
    Payment Dates:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quarterly
    on or about the March&#8239;31, June&#8239;30, September&#8239;30 and December&#8239;31 of each year</FONT></TD>
    </TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional
    Redemption:</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-bottom: 5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 67%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Issuer may not redeem the Series&#8239;A
    Preferred Stock prior to July&#8239;6, 2026, except in limited circumstances to preserve its status as a real estate investment trust
    and pursuant to the special optional redemption provision described below under &ldquo;Special Optional Redemption.&rdquo;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On and after July&#8239;6, 2026, the Issuer
    may, at its option, redeem the Series&#8239;A Preferred Stock, in whole or in part, at any time or from time to time, for cash at
    a redemption price of $25.00 per share, plus any accrued and unpaid dividends up to, but excluding, the date of redemption.</P></TD>
    </TR>
</TABLE>
<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Schedule B&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
    Optional Redemption:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
    the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the Series&#8239;A Preferred Stock,
    in whole or in part, within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus
    any accrued and unpaid dividends up to, but excluding, the date of redemption. If, prior to the Change of Control Conversion Date
    (as defined below), the Issuer exercises any of its redemption rights relating to the Series&#8239;A Preferred Stock (whether the
    optional redemption right or the special optional redemption right), the holders of Series&#8239;A Preferred Stock will not have the
    conversion rights described below.</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change
    of Control:</b></font> </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">A &ldquo;Change of Control&rdquo; is when, after the original issuance of the Series&#8239;A Preferred Stock, the following have occurred and are continuing:</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#8239;&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section&#8239;13(d)(3)&#8239;of the Securities Exchange Act of 1934, as amended, of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of the Issuer entitling that person to exercise more than 50% of the total voting power of all stock of the Issuer entitled to vote generally in the election of the Issuer&rsquo;s directors (except that such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and</P>
                                                                                <P STYLE="text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="text-indent: -0.25in; margin-left: 0.25in; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;following
the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or surviving entity has a
class of common securities (or American Depositary Receipts representing such securities) listed on the New York Stock Exchange (the
 &ldquo;NYSE&rdquo;), the NYSE American, LLC (the &ldquo;NYSE American&rdquo;) or the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;), or listed
or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq.</P>
                                                                                <P STYLE="margin-left: 0.5in; margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Schedule B</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-bottom: 5pt; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conversion
    Rights:</B></FONT></TD>
    <TD STYLE="padding-bottom: 5pt; border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 67%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence of a Change of Control,
    each holder of Series&#8239;A Preferred Stock will have the right (unless, prior to the Change of Control Conversion Date, the Issuer
    has provided or provides notice of its election to redeem the Series&#8239;A Preferred Stock) to convert some or all of the Series&#8239;A
    Preferred Stock held by such holder (the &ldquo;Change of Control Conversion Right&rdquo;) on the Change of Control Conversion Date
    into a number of shares of the Issuer&rsquo;s common stock per share of Series&#8239;A Preferred Stock to be converted equal to the
    lesser of:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#8239;&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;the
quotient obtained by dividing (i)&#8239;the sum of (x)&#8239;the $25.00 liquidation preference plus (y)&#8239;the amount of any accrued
and unpaid dividends up to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after
a record date for a Series&#8239;A Preferred Stock dividend payment and prior to the corresponding Series&#8239;A Preferred Stock dividend
payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (ii)&#8239;the
Common Stock Price; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>2.8218
(i.e., the Share Cap), subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration
as described in the preliminary prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Share Cap is subject to pro rata adjustments
    for any share splits (including those effected pursuant to a distribution of the Issuer&rsquo;s common stock), subdivisions or combinations
    with respect to the Issuer&rsquo;s common stock as described in the preliminary prospectus supplement.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon such a conversion, the holders will
    be limited to a maximum number of shares of the Issuer&rsquo;s common stock equal to the Share Cap multiplied by the number of shares
    of Series&#8239;A Preferred Stock converted. If the Common Stock Price is less than $8.86, subject to adjustment in certain circumstances,
    the holders will receive a maximum of 2.8218 shares of the Issuer&rsquo;s common stock per share of Series&#8239;A Preferred Stock,
    which may result in the holders receiving a value that is less than the liquidation preference of the Series&#8239;A Preferred Stock.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, prior to the Change of Control Conversion
    Date, the Issuer has provided a redemption notice, whether pursuant to its special optional redemption right in connection with a
    Change of Control or its optional redemption right, holders of Series&#8239;A Preferred Stock will not have any right to convert the
    Series&#8239;A Preferred Stock in connection with the Change of Control Conversion Right and any shares of Series&#8239;A Preferred
    Stock selected for redemption that have been tendered for conversion will be redeemed on the related date of redemption instead of
    converted on the Change of Control Conversion Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Change of Control Conversion Date&rdquo;
    is the date the Series&#8239;A Preferred Stock is to be converted, which will be a business day that is no fewer than 20 days nor
    more than 35 days after the date on which the Issuer provides the required notice of the occurrence of a Change of Control to the
    holders of Series&#8239;A Preferred Stock.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Common Stock Price&rdquo; will
    be (i)&#8239;if the consideration to be received in the Change of Control by the holders of the Issuer&rsquo;s common stock is solely
    cash, the amount of cash consideration per share of the Issuer&rsquo;s common stock or (ii)&#8239;if the consideration to be received
    in the Change of Control by holders of the Issuer&rsquo;s common stock is other than solely cash (x)&#8239;the average of the closing
    sale prices per share of the Issuer&rsquo;s common stock (or, if no closing sale price is reported, the average of the closing bid
    and ask prices or, if more than one in either case, the average of the average closing bid and the average closing ask prices) for
    the ten consecutive trading days immediately preceding, but not including, the effective date of the Change of Control as reported
    on the principal U.S. securities exchange on which the Issuer&rsquo;s common stock is then traded, or (y)&#8239;the average of the
    last quoted bid prices for the Issuer&rsquo;s common stock in the over-the-counter market as reported by OTC Markets Group Inc. or
    similar organization for the ten consecutive trading days immediately preceding, but not including, the effective date of the Change
    of Control, if the Issuer&rsquo;s common stock is not then listed for trading on a U.S. securities exchange.</P></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">Schedule B</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CUSIP/ISIN:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22948Q
    200 / US22948Q2003</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Book-Running
    Manager:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raymond
    James&#8239;&amp; Associates,&#8239;Inc.</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 5pt">BMO
Capital Markets Corp.<BR>
KeyBanc Capital Markets Inc.<BR>
Robert W. Baird&#8239;&amp; Co. Incorporated<BR>
PNC Capital Markets LLC<BR>
B. Riley Securities,&#8239;Inc.<BR>
Janney Montgomery Scott LLC<BR>
JonesTrading Institutional Services LLC<BR>
Regions Securities LLC<BR>
Synovus Securities Inc.</P></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NYSE
    Listing Symbol:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CTO
    PrA</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*The
Series&#8239;A Preferred Stock offered hereby constitutes an additional issuance of 1,500,000 shares </FONT>(1,725,000 shares if the
underwriters&rsquo; over-allotment option to purchase additional shares is exercised in full) of Series&#8239;A Preferred Stock that
we previously issued on July&#8239;6, 2021. The shares of Series&#8239;A Preferred Stock hereby will form a single series with all outstanding
Series&#8239;A Preferred Stock. The Series&#8239;A Preferred Stock will have the same CUSIP number as the outstanding Series&#8239;A
Preferred Stock and will trade interchangeably with the previously issued Series&#8239;A Preferred Stock on the NYSE upon settlement
and approval for listing thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>This communication is intended for the sole
use of the person to whom it is provided by the sender.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Issuer has filed a registration statement
(including a prospectus and a prospectus supplement) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for the offering
to which this communication relates. Before you invest, you should read the base prospectus and prospectus supplement in that registration
statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You
may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Issuer, any underwriter or
any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by contacting
Raymond James&#8239;&amp; Associates,&#8239;Inc. toll-free at 1-800-248-8863.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#8239;Schedule B</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Exhibit&#8239;A-1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&#8239;of Opinion and Negative Assurance Letter
of Vinson&#8239;&amp; Elkins L.L.P.<BR>
to be delivered pursuant to section&#8239;5(b)(i)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Exhibit&#8239;A-1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Exhibit&#8239;A-2</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&#8239;of Tax Opinion of Vinson&#8239;&amp;
Elkins L.L.P.<BR>
to be delivered pursuant to section&#8239;5(b)(ii)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit&#8239;A-2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Exhibit&#8239;A-3</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&#8239;of Opinion of Venable LLP<BR>
to be delivered pursuant to section&#8239;5(b)(iii)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Exhibit&#8239;A-3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2411443d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="tm2411443d1_ex5-1img01.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">April&#8239;10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CTO Realty Growth,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">369 N. New York Ave., Suite&#8239;201<BR>
Winter Park, Florida 32789</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.5in; text-align: center; width: 15%">Re:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%; text-align: left">Registration Statement on Form&#8239;S-3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><U>Commission File No.&#8239;333-267819</U></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">We have served as Maryland counsel to CTO Realty
Growth,&#8239;Inc., a Maryland corporation (the &ldquo;Company&rdquo;), in connection with certain matters of Maryland law arising out
of the registration of the sale by the Company of up to 1,725,000 shares of the 6.375% Series&#8239;A Cumulative Redeemable Preferred
Stock, $0.01 par value per share (the &ldquo;Preferred Shares&rdquo;), of the Company, including up to 225,000 Preferred Shares issuable
upon the exercise of an option granted to the underwriters in the offering. The offering and sale of the Preferred Shares are covered
by the above-referenced Registration Statement, and all amendments thereto (the &ldquo;Registration Statement&rdquo;), filed by the Company
with the United States Securities and Exchange Commission (the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In connection with our representation of the Company,
and as a basis for the opinion hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our
satisfaction, of the following documents (hereinafter collectively referred to as the &ldquo;Documents&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Registration Statement, in the form filed with the Commission under the Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company&rsquo;s Prospectus, dated October&#8239;26, 2022, that forms part of the Registration Statement, as supplemented by the Company&rsquo;s
Prospectus Supplement, dated April&#8239;4, 2024, in the form filed with the Commission pursuant to Rule&#8239;424(b)&#8239;under the
Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
charter of the Company (the &ldquo;Charter&rdquo;), certified by the State Department of Assessments and Taxation of Maryland (the &ldquo;SDAT&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Third Amended and Restated Bylaws of the Company, certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Resolutions
adopted by the Board of Directors of the Company, and a duly authorized committee thereof, relating to, among other matters, the registration,
sale and issuance of (i)&#8239;the Preferred Shares and (ii)&#8239;the shares (the &ldquo;Conversion Shares&rdquo;) of common stock,
$0.01 par value per share (the &ldquo;Common Stock&rdquo;), of the Company, issuable upon conversion of the Preferred Shares (the &ldquo;Resolutions&rdquo;),
certified as of the date hereof by an officer of the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2411443d1_ex5-1img002.jpg" ALT="" STYLE="height: 73px; width: 750px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CTO Realty Growth, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&#8239;10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&#8239;2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate of the SDAT as to the good standing of the Company, dated as of a recent date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">A
certificate executed by an officer of the Company, dated as of the date hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Such
other documents and matters as we have deemed necessary or appropriate to express the opinion set forth below, subject to the assumptions,
limitations and qualifications stated herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In expressing the opinion set forth below, we have
assumed the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents, whether on behalf of such individual or another person, is legally competent to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
individual executing any of the Documents on behalf of a party (other than the Company) is duly authorized to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the parties (other than the Company) executing any of the Documents has duly and validly executed and delivered each of the Documents
to which such party is a signatory, and such party&rsquo;s obligations set forth therein are legal, valid and binding and are enforceable
in accordance with all stated terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as unexecuted drafts do not
differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted
to us as certified or photostatic copies conform to the original documents. All signatures on all Documents are genuine. All public records
reviewed or relied upon by us or on our behalf are true and complete. All representations, warranties, statements and information contained
in the Documents are true and complete. There has been no oral or written modification of or amendment to any of the Documents, and there
has been no waiver of any provision of any of the Documents, by action or omission of the parties or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Preferred Shares or the Conversion Shares will be issued or transferred in violation of the restrictions or limitations contained
in Article&#8239;VII of the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
any issuance of the Conversion Shares, the total number of shares of Common Stock issued and outstanding will not exceed the total number
of shares of Common Stock that the Company then has authority to issue under the Charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2411443d1_ex5-1img002.jpg" ALT="" STYLE="height: 73px; width: 750px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CTO Realty Growth,&#8239;Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April&#8239;10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&#8239;3</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Based upon the foregoing, and subject to the assumptions,
limitations and qualifications stated herein, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is a corporation duly incorporated and validly existing under and by virtue of the laws of the State of Maryland and is in good
standing with the SDAT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
issuance of the Preferred Shares has been duly authorized and, upon payment and delivery in accordance with the Registration Statement
and the Resolutions, the Preferred Shares will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
issuance of the Conversion Shares has been duly authorized and, when and if issued upon conversion of any Preferred Shares in accordance
with the terms of the Preferred Shares and the Charter, the Conversion Shares will be validly issued, fully paid and nonassessable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The foregoing opinion is limited to the laws of
the State of Maryland and we do not express any opinion herein concerning federal law or the laws of any other jurisdiction. We express
no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, federal
or state laws regarding fraudulent transfers or the laws, codes or regulations of any municipality or other local jurisdiction. To the
extent that any matter as to which our opinion is expressed herein would be governed by the laws of any jurisdiction other than the State
of Maryland, we do not express any opinion on such matter. The opinion expressed herein is subject to the effect of judicial decisions
which may permit the introduction of parol evidence to modify the terms or the interpretation of agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinion expressed herein is limited to the matters
specifically set forth herein and no other opinion shall be inferred beyond the matters expressly stated. We assume no obligation to
supplement this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion
expressed herein after the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This opinion is being furnished to you for submission
to the Commission as an exhibit to the Company&rsquo;s Current Report on Form&#8239;8-K relating to the sale of the Preferred Shares
(the &ldquo;Current Report&rdquo;). We hereby consent to the filing of this opinion as an exhibit to the Current Report and to the use
of the name of our firm therein. In giving this consent, we do not admit that we are within the category of persons whose consent is
required by Section&#8239;7 of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Venable LLP</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>tm2411443d1_ex8-1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 8.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2411443d1_ex8-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">April 10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">CTO Realty Growth, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">369 N. New York Avenue, Suite 201</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Winter Park, FL 32789</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">Re:</TD><TD STYLE="text-align: left">Qualification as Real Estate Investment Trust</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as counsel to CTO Realty Growth,
Inc., a Maryland corporation, previously known as CTO NEWCO REIT, Inc. (the &ldquo;<U>Company</U>&rdquo;), in connection with the offer
and sale of 1,718,417 shares of 6.375% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, of the Company, pursuant
to a preliminary prospectus supplement filed with the Securities and Exchange Commission (&ldquo;<U>SEC</U>&rdquo;) on April 3, 2024 and
a final prospectus supplement filed with the SEC on April 5, 2024 (together, the &ldquo;<U>Prospectus Supplement</U>&rdquo;) to the prospectus
filed on October 11, 2022 (the &ldquo;<U>Prospectus</U>&rdquo;), forming part of a Registration Statement on Form S-3, filed with the
SEC on October 11, 2022 (File No. 333-267819) (the &ldquo;<U>Registration Statement</U>&rdquo;), with respect to the offer and sale from
time-to time of the shares of <FONT STYLE="font-family: Times New Roman, Times, Serif">common stock, par value $0.01 per share, of the
Company (&ldquo;<U>Common Stock</U>&rdquo;), shares of preferred stock, par value $0.01 per share, of the Company (&ldquo;<U>Preferred
Stock</U>&rdquo;), debt securities, warrants entitling the holders to purchase Common Stock or Preferred Stock, rights entitling the holders
to purchase Common Stock or Preferred Stock and units comprising two or more of the preceding securities of the Company. On January 29,
2021, pursuant to an Agreement and Plan of Merger, dated as of September 3, 2020, by and between the Company and CTO Realty Growth, Inc.,
a Florida Corporation (&ldquo;<U>CTO</U>&rdquo;) (the &ldquo;<U>Merger Agreement</U>&rdquo;), CTO merged with and into the Company, with
the Company surviving. References to the Company prior to the merger refer to CTO. </FONT>You have requested our opinion regarding certain
U.S. federal income tax matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the opinions rendered in (a)
and (b) below (together, the &ldquo;<U>Tax Opinion</U>&rdquo;), we have examined the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; text-align: justify; font-size: 10pt">1.</TD>
    <TD STYLE="width: 97%">the Registration Statement, the Prospectus, and the Prospectus Supplement; &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">2.</TD>
    <TD STYLE="text-align: justify">CTO&rsquo;s Amended and Restated Articles of Incorporation, filed with the Florida Department of State (&ldquo;<U>FDS</U>&rdquo;) and effective as of October 26, 2011, CTO&rsquo;s Articles of Amendment, filed with FDS and effective as of April 30, 2020, and CTO&rsquo;s Articles of Correction, filed with FDS and effective as of May 1, 2020; &nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 58%; padding-right: 5.75pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vinson &amp; Elkins LLP Attorneys at Law</P>
    <P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Austin Dallas Dubai Houston London Los Angeles
    New York</P>
    <P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Richmond San Francisco Tokyo Washington</P></TD>
    <TD STYLE="width: 42%; padding-right: 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2200 Pennsylvania Avenue NW, Suite 500 West</P>
    <P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20037-1701</P>
    <P STYLE="font: bold 5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tel</B> +1.202.639.6500 <B>Fax</B> +1.202.639.6604 <B>velaw.com</B></P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
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  <TD STYLE="vertical-align: middle; text-align: right; width: 50%">April 10, 2024 Page 2</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">3.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">the Company&rsquo;s Articles of Incorporation, filed with the Department of Assessments and Taxation of the State of Maryland (&ldquo;<U>SDAT</U>&rdquo;) and effective as of August 19, 2020, and the Company&rsquo;s Articles of Amendment and Restatement filed with SDAT and effective as of September 2, 2020, as amended and supplemented; </TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">4.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">the Company&rsquo;s Bylaws; </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">5.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">The Merger Agreement; and</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">6.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">such other documents as we have deemed necessary or appropriate for purposes of this opinion.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the opinions rendered below,
we have assumed, with your consent, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">1.</TD>
    <TD>each of the documents referred to above is authentic, if an original, or is accurate, if a copy; and has not been amended; &nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">2.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">during its taxable year ending December&nbsp;31, 2024, and future taxable years, the Company will operate in a manner that will make the factual representations contained in a certificate, dated the date hereof and executed by a duly appointed officer of the Company (the &ldquo;<U>Officer&rsquo;s Certificate</U>&rdquo;), true for such years;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">3.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">the Company will not make any amendments to its organizational documents after the date of this opinion that would affect the Company&rsquo;s qualification as a real estate investment trust (a &ldquo;<U>REIT</U>&rdquo;) for any taxable year; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">4.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">no action will be taken by the Company after the date hereof that would have the effect of altering the facts upon which the opinions set forth below are based.</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the opinions rendered below,
we also have relied upon the correctness of the factual representations contained in the Officer&rsquo;s Certificate. No facts have come
to our attention that would cause us to question the accuracy and completeness of such factual representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based solely on the documents and assumptions
set forth above, the representations set forth in the Officer&rsquo;s Certificate and the discussion in the Prospectus under the caption
 &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and in the Prospectus Supplement under the caption &ldquo;Additional Material
U.S. Federal Income Tax Considerations&rdquo; (which are incorporated herein by reference), we are of the opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 150pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify; font-size: 10pt">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">the Company qualified to be taxed as a REIT pursuant to sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the &ldquo;<U>Code</U>&rdquo;), for its taxable years ended December 31, 2020 and December 31, 2023, and the Company&rsquo;s current and proposed method of operations will enable it to satisfy the requirements for qualification and taxation as a REIT under the Code for its taxable years ending December&nbsp;31, 2024 and thereafter; and </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 4%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; text-align: justify; font-size: 10pt">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">the descriptions of the law and the legal conclusions in the Prospectus under the caption &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and in the Prospectus Supplement under the heading &ldquo;Additional Material U.S. Federal Income Tax Considerations&rdquo; are correct in all material respects. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not review on a continuing basis the Company&rsquo;s
compliance with the documents or assumptions set forth above, or the factual representations set forth in the Officer&rsquo;s Certificate.
Accordingly, no assurance can be given that the actual results of the Company&rsquo;s operations for any given taxable year will satisfy
the requirements for qualification and taxation as a REIT. Although we have made such inquiries and performed such investigations as we
have deemed necessary to fulfill our professional responsibilities as counsel, we have not undertaken an independent investigation of
all of the facts referred to in this letter or the Officer&rsquo;s Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing Tax Opinion is based on current
provisions of the Code, the Treasury regulations thereunder (the &ldquo;<U>Regulations</U>&rdquo;), published administrative interpretations
thereof, and published court decisions. The Internal Revenue Service has not issued Regulations or administrative interpretations with
respect to various provisions of the Code relating to REIT qualification. No assurance can be given that the law will not change in a
way that will prevent the Company from qualifying as a REIT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing Tax Opinion is limited to the U.S.
federal income tax matters addressed herein, and no other opinions are rendered with respect to other U.S. federal tax matters or to any
issues arising under the tax laws of any other country, or any state or locality. We undertake no obligation to update the Tax Opinion
expressed herein after the date of this letter. This opinion letter speaks only as of the date hereof. Except as provided in the next
paragraph, this opinion letter may not be distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with
any governmental agency without our express written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the filing of this opinion
as an exhibit to the Registration Statement and to the use of our name under the captions &ldquo;Material U.S. Federal Income Tax Considerations&rdquo;
and &ldquo;Legal Matters&rdquo; in the Prospectus and under the caption &ldquo;Legal Matters&rdquo; in the Prospectus Supplement. In giving
this consent, we do not admit that we are in the category of persons whose consent is required by Section 7 of the Securities Act of 1933,
as amended, or the rules and regulations promulgated thereunder by the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Vinson &amp; Elkins LLP</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vinson
    &amp; Elkins LLP</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>



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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>7
<FILENAME>cto-20240404_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
<FILENAME>cto-20240404_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.24.1.u1</span><table class="report" border="0" cellspacing="2" id="idm140430295184832">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Apr. 04, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Apr.  04,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-11350<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">CTO Realty Growth, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000023795<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">59-0483700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">369 N. New York Ave.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Suite&#160;201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Winter Park<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">FL<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">32789<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">274-2202<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CTO_CommonStock0.01ParValuePerShareMember', window );">Common Stock 0. 01 Par Value Per Share [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CTO<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=CTO_Sec6.375SeriesCumulativeRedeemablePreferredStock0.01ParValuePerShareMember', window );">Sec 6. 375 Series Cumulative Redeemable Preferred Stock 0. 01 Par Value Per Share [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.375% Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CTO PrA<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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