Alpine Income Property Trust, Inc. Files 10-Q for Period Ending March 31, 2024

AI Summary

Alpine Income Property Trust, Inc. (PINE-PA) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Alpine Income Property Trust, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 369 N. New York Ave., Suite 201, Winter Park, FL 32789. The company's fiscal year ends on December 31. The filing is made under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking Alpine Income Property Trust, Inc., this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on Alpine Income Property Trust's financial health, operational performance, and any material changes since the last filing. Understanding the details within this report is crucial for investors to assess the REIT's current standing, evaluate its investment strategy, and make informed decisions regarding their holdings.

Risk Assessment

Risk Level: low — Alpine Income Property Trust, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not appear to contain any immediately alarming information, indicating a low level of immediate risk from this specific filing.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-18 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end date)
• 001-39143 — SEC File Number (SEC file number associated with the company)

Key Players & Entities

• Alpine Income Property Trust, Inc. (company) — Filer of the 10-Q report
• Winter Park (location) — City of the company's business address
• FL (location) — State of the company's business address
• 32789 (location) — ZIP code of the company's business address
• Securities Exchange Act of 1934 (regulation) — Act under which the filing is made

FAQ

Industry Context

Alpine Income Property Trust, Inc. operates as a real estate investment trust (REIT), focusing on acquiring and managing a portfolio of income-producing properties.

Regulatory Implications

The company is subject to SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing its financial performance and operations.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding debt, equity, and cash flow.
3. Examine management's discussion and analysis for insights into operational performance and future outlook.

Key Dates

• 2024-03-31: Quarterly Period End — The end date for the financial reporting period covered by the 10-Q.
• 2024-04-18: Filing Date — The date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Key Financial Figures

• $0.01 — ge on which registered: COMMON STOCK, $0.01 PAR VALUE PINE NYSE Indicate by c

Filing Documents

• pine-20240331x10q.htm (10-Q) — 1778KB
• pine-20240331xex31d1.htm (EX-31.1) — 16KB
• pine-20240331xex31d2.htm (EX-31.2) — 16KB
• pine-20240331xex32d1.htm (EX-32.1) — 9KB
• pine-20240331xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-005313.txt ( ) — 9812KB
• pine-20240331.xsd (EX-101.SCH) — 78KB
• pine-20240331_cal.xml (EX-101.CAL) — 98KB
• pine-20240331_def.xml (EX-101.DEF) — 283KB
• pine-20240331_lab.xml (EX-101.LAB) — 618KB
• pine-20240331_pre.xml (EX-101.PRE) — 507KB
• pine-20240331x10q_htm.xml (XML) — 1799KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets – March 31, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations – Three months ended March 31, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income – Three months ended March 31, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity – Three months ended March 31, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 2023 (Unaudited) 7

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 38

Controls and Procedures

Item 4. Controls and Procedures 38

—OTHER INFORMATION

PART II—OTHER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 2 Table of Contents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ALPINE INCOME PROPERTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of March 31, 2024 (Unaudited) December 31, 2023 ASSETS Real Estate: Land, at Cost $ 150,327 $ 149,314 Building and Improvements, at Cost 329,118 328,993 Total Real Estate, at Cost 479,445 478,307 Less, Accumulated Depreciation ( 38,931 ) ( 34,714 ) Real Estate—Net 440,514 443,593 Assets Held for Sale 4,410 4,410 Commercial Loans and Investments 38,046 35,080 Cash and Cash Equivalents 5,145 4,019 Restricted Cash 2,833 9,712 Intangible Lease Assets—Net 47,019 49,292 Straight-Line Rent Adjustment 1,473 1,409 Other Assets 19,581 17,045 Total Assets $ 559,021 $ 564,560 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities $ 6,108 $ 5,736 Prepaid Rent and Deferred Revenue 3,112 2,627 Intangible Lease Liabilities—Net 4,689 4,907 Long-Term Debt 272,256 275,677 Total Liabilities 286,165 288,947 Commitments and Contingencies—See Note 19 Equity: Preferred Stock, $ 0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common Stock, $ 0.01 par value per share, 500 million shares authorized, 13,618,108 shares issued and outstanding as of March 31, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023 136 137 Additional Paid-in Capital 242,944 243,690 Dividends in Excess of Net Income ( 6,364 ) ( 2,359 ) Accumulated Other Comprehensive Income 11,436 9,275 Stockholders' Equity 248,152 250,743 Noncontrolling Interest 24,704 24,870 Total Equity 272,856 275,613 Total Liabilities and Equity $ 559,021 $ 564,560 The accompanying notes are an integral part of these consolidated financial statements. 3 Table of Contents ALPINE INCOME PROPERTY TRUS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1. BUSINESS AND ORGANIZATION

BUSINESS

BUSINESS Alpine Income Property Trust, Inc. (the "Company" or "PINE") is a real estate investment trust ("REIT") that owns and operates a high-quality portfolio of commercial net lease properties. The terms "us," "we," "our," and "the Company" as used in this report refer to Alpine Income Property Trust, Inc. together with our consolidated subsidiaries. Our portfolio consists of 138 net leased properties located in 35 states. The properties in our portfolio are primarily subject to long-term, net 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. The Company 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. See Note 4, "Commercial Loans and Investments" for further disclosure related to the Company's commercial loans and investments. 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, a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (our "Manager"). CTO Realty Growth, Inc. (NYSE: CTO) is a Maryland corporation that is a publicly traded REIT and the sole member of our Manager ("CTO"). All of our executive officers also serve as executive officers of CTO, and one of our executive officers and directors, John P. Albright, also serves as an executive officer and director of CTO. ORGANIZATION The Company is a Maryland corporation that was formed on August 19, 2019. On November 26, 2019, the Company closed its initial public offering ("IPO"). We conduct the substantial majority of our operations th

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