Alpine Income Property Trust Files 2024 10-K

TL;DR

Alpine Income Property Trust filed its 2024 10-K. REIT financials are in.

AI Summary

Alpine Income Property Trust, Inc. filed its 2024 10-K on February 6, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The company, a real estate investment trust, is headquartered in Winter Park, Florida. The filing details its assets, liabilities, and operational results for the period.

Why It Matters

This filing provides investors with a comprehensive overview of Alpine Income Property Trust's financial health and operational performance for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations, interest rate changes, and tenant-related risks inherent in the real estate sector.

Key Numbers

• N/A — Total Revenue (Specific revenue figures are not detailed in the provided header information.)
• N/A — Net Income (Specific net income figures are not detailed in the provided header information.)
• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)

Key Players & Entities

• Alpine Income Property Trust, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-06 (date) — Filing date
• Winter Park, FL (location) — Company headquarters

FAQ

Key Financial Figures

• $19.00 — 7,500,000 shares of our common stock at $19.00 per share in the IPO. CTO purchased 421
• $15.5 million — th the closing of the IPO, CTO invested $15.5 million in exchange for 815,790 shares of our c
• $350.0 million — ximum aggregate offering price of up to $350.0 million (the "2020 Registration Statement"). Th
• $54.3 m — 000 shares and received net proceeds of $54.3 million, after deducting the underwriting
• $100.0 million — ber 14, 2020, the Company implemented a $100.0 million "at-the-market" equity offering program
• $8.7 million — 2020 ATM Program for gross proceeds of $8.7 million at a weighted average price of $19.44 p
• $19.44 — million at a weighted average price of $19.44 per share, generating net proceeds of $
• $8.6 million — 4 per share, generating net proceeds of $8.6 million after deducting transaction fees totali
• $0.1 million — ter deducting transaction fees totaling $0.1 million. During the year ended December 31, 202
• $14.0 million — 2020 ATM Program for gross proceeds of $14.0 million at a weighted average price of $18.36 p
• $18.36 — million at a weighted average price of $18.36 per share, generating net proceeds of $
• $13.8 million — 6 per share, generating net proceeds of $13.8 million after deducting transaction fees totali
• $0.2 million — ter deducting transaction fees totaling $0.2 million. The Company 4 Table of Contents
• $150.0 million — ber 21, 2022, the Company implemented a $150.0 million "at-the-market" equity offering program
• $19.1 million — 2022 ATM Program for gross proceeds of $19.1 million at a weighted average price of $18.04 p

Filing Documents

• pine-20241231x10k.htm (10-K) — 3358KB
• pine-20241231xex10d22.htm (EX-10.22) — 2446KB
• pine-20241231xex10d23.htm (EX-10.23) — 2272KB
• pine-20241231xex10d24.htm (EX-10.24) — 87KB
• pine-20241231xex10d25.htm (EX-10.25) — 87KB
• pine-20241231xex19d1.htm (EX-19.1) — 89KB
• pine-20241231xex21d1.htm (EX-21.1) — 108KB
• pine-20241231xex23d1.htm (EX-23.1) — 4KB
• pine-20241231xex31d1.htm (EX-31.1) — 10KB
• pine-20241231xex31d2.htm (EX-31.2) — 10KB
• pine-20241231xex32d1.htm (EX-32.1) — 6KB
• pine-20241231xex32d2.htm (EX-32.2) — 5KB
• pine-20241231xex97d1.htm (EX-97.1) — 47KB
• 0001558370-25-000687.txt ( ) — 19441KB
• pine-20241231.xsd (EX-101.SCH) — 97KB
• pine-20241231_cal.xml (EX-101.CAL) — 104KB
• pine-20241231_def.xml (EX-101.DEF) — 334KB
• pine-20241231_lab.xml (EX-101.LAB) — 729KB
• pine-20241231_pre.xml (EX-101.PRE) — 597KB
• pine-20241231x10k_htm.xml (XML) — 2585KB

BUSINESS

BUSINESS 3 Item 1A.

RISK FACTORS

RISK FACTORS 15 Item 1B. UNRESOLVED STAFF COMMENTS 49 Item 1C. CYBERSECURITY 49 Item 2.

PROPERTIES

PROPERTIES 51 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 51 Item 4. MINE SAFETY DISCLOSURES 51 PART II Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 51 Item 6. RESERVED 52 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 52 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 63 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 63 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 63 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 63 Item 9B. OTHER INFORMATION 64 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 64 PART III Item 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 64 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 64 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 64 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 65 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 65 PART IV Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 65

SIGNATURES

SIGNATURES 69 Table of Contents PART I When we refer to "we," "us," "our," "PINE," or "the Company," we mean Alpine Income Property Trust, Inc. and its consolidated subsidiaries. References to "Notes to the Financial Statements" refer to the Notes to the Consolidated Financial Statements of Alpine Income Property Trust, Inc. included in Item 8 of this Annual Report on Form 10-K. Also, when the Company uses any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, the Company is making forward-looking statements. Although management believes that the expectations reflected in such forward-looking statements are based upon present expectations and reasonable assumptions, the Company's actual results could differ materially from those set forth in the forward-looking statements. Certain factors that could cause actual results or events to differ materially from those the Company anticipates or projects are described in "Item 1A. Risk Factors" of this Annual Report on Form 10-K. Given these uncertainties, readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Annual Report on Form 10-K, or any document incorporated herein by reference. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report on Form 10-K. Special Note Regarding Forward-Looking Statements This Report contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")). The words "believe," "estimate," "expect," "intend," "anticipate," "will," "could," "may," "should," "plan," "potential," "predict," "forecast," "project," and similar expressions and variati

BUSINESS

ITEM 1. BUSINESS OVERVIEW We are a real estate investment trust ("REIT") that owns and operates a high-quality portfolio of commercial net lease properties all located in the United States. Our properties are primarily leased to industry leading, creditworthy tenants, many of which operate in industries we believe are resistant to the impact of e-commerce. Our portfolio consists of 134 net leased properties located in 35 states. The properties in our portfolio are primarily subject to long-term leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. We may also acquire or originate commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower's pledge of its ownership interest in an entity that owns real estate. The Company operates in two primary business segments: income properties and commercial loans and investments. The Company has no employees and is externally managed by Alpine Income Property Manager, LLC (our "Manager"), a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (NYSE: CTO) ("CTO"). CTO is a Maryland corporation that is a publicly traded diversified REIT and the sole member of our Manager. The Company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its initial taxable year ended December 31, 2019. We believe we have been organized and have operated in such a manner as to qualify and maintain our qualification for taxation as a REIT under the U.S. federal income tax laws. We intend to continue to operate in such a manner, but no assurances can be given that we will continue to operate in such a manner as to qualify and maintain our qualification for taxation as a REIT under the U.S. federal income tax laws. O

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View this 10-K filing on SEC EDGAR