<SEC-DOCUMENT>0001104659-24-111330.txt : 20241204
<SEC-HEADER>0001104659-24-111330.hdr.sgml : 20241204
<ACCEPTANCE-DATETIME>20241025095049
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-111330
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20241025

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">October 25, 2024</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"><B><U>VIA EDGAR</U></B></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">United States Securities and Exchange Commission</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Washington, D.C. 20549-3561</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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">Attn:</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify">Kellie Kim </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify">Kristine Marrone </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0; text-align: justify">Office of Real Estate &amp; Construction</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>Re:</B></TD>
    <TD STYLE="padding: 0; text-align: left"><B>CTO Realty Growth, Inc.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>Form 10-K for the fiscal year ended December 31, 2023</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>Filed February 22, 2024</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>Form 8-K</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>Filed February 22, 2024</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: left"><B>File No. 001-11350</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: left; text-indent: -0.5in"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</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; text-indent: 0.5in">Set forth below is the response
of CTO Realty Growth, Inc. (the &ldquo;<B><U>Company</U></B>&rdquo;, &ldquo;<B><U>we</U></B>,&rdquo; &ldquo;<B><U>us</U></B>&rdquo; or
&ldquo;<B><U>our</U></B>&rdquo;) to a comment received from the staff of the Division of Corporation Finance (the &ldquo;<B><U>Staff</U></B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B><U>Commission</U></B>&rdquo;) by letter dated October 16, 2024, with respect
to Exhibit 99.2 to the Company&rsquo;s Form 8-K filed with the Commission on February 22, 2024.</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: 0.5in">For your convenience, the
Company&rsquo;s response is prefaced by the exact text of the Staff&rsquo;s corresponding comment in bold, italicized text.</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 0pt 0.5in; text-align: justify; text-indent: -0.5in"><B><I>Form 8-K
filed February 22, 2024</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I><U>Exhibit 99.2</U></I></B></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"><B><I><U>Consistent Dividend Growth, page 13</U></I></B></P>

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

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

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your response to comment 5. Please explain your assertions that &quot;increasing cash flow
and earnings have driven a more than 67% increase to CTO's annualized common stock dividend since 2020&quot; and &quot;dividend increases
are driven by increasing taxable income&quot; given that operating cash flow decreased in 2023 and income before income tax benefit (expense)
decreased in 2022 and 2023 compared to 2021.</I></B></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><B><I>&nbsp;</I></B></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></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: 0.5in"><U>RESPONSE</U>:</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 0pt 0.5in; text-align: justify; text-indent: 0in">The Company respectfully
advises the Staff that the Company&rsquo;s dividend distributions are not directly impacted by GAAP net cash provided by operating activities
or GAAP income before income tax benefit (expense). As a REIT, the Company is required to distribute at least 90% of its annual &ldquo;REIT
taxable income&rdquo; to its stockholders. REIT taxable income is not calculated in the same way that net cash provided by operating activities
or income before income tax benefit (expense) is calculated under GAAP. The Company discusses this in the notes to the financial statements
included in the periodic reports that the Company files with the Commission, specifically in Note 13. Equity, under the subtitle &ldquo;Dividends&rdquo;,
where the Company states: &ldquo;Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such
as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or
alternatively, may need to make dividend payments in excess of operating cash flows.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Company respectfully
advises the Staff that the Company&rsquo;s REIT taxable income increased in each of 2021, 2022 and 2023, which obligated the Company to
pay a higher amount of dividends in each of those years in order to maintain its status as a REIT for U.S. federal income tax purposes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Company respectfully
advises the Staff that the Company has removed this slide from its investor presentation, including the investor presentation furnished
as Exhibit 99.2 to the Company&rsquo;s Current Report on Form 8-K filed with the Commission on October 24, 2024. The Company also currently
does not intend to include this slide in future investor presentations. However, if the Company decides to include this slide in future
investor presentations, consistent with the Company&rsquo;s prior response and to be more clear on this topic, the Company will not reference
&ldquo;cash flow,&rdquo; &ldquo;earnings&rdquo; or &ldquo;free cash flow&rdquo;.</P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If you have any questions or
comments regarding the foregoing, please contact the undersigned at (407) 904-3324 or Zach Swartz of Vinson &amp; Elkins L.L.P. at (804)
327-6324.</P>

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

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

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    <TD STYLE="width: 60%; padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt">Sincerely,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">CTO REALTY GROWTH, INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt">/s/ Philip R. Mays</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Philip R. Mays</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt">Senior Vice President, Chief Financial Officer and Treasurer</TD></TR>
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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">&nbsp;</P>

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

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

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    <TD STYLE="padding: 0; width: 0.25in; text-align: justify; font-size: 10pt">cc:</TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt">Daniel Smith, Senior Vice President, General Counsel and Corporate Secretary</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding: 0; text-align: justify; font-size: 10pt">Zach Swartz, Vinson &amp; Elkins L.L.P.</TD></TR>
  </TABLE>

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