Alpine Income Property Trust Q2 2024 10-Q Filed

TL;DR

Alpine Income Property Trust filed its Q2 2024 10-Q. REIT financials are in.

AI Summary

Alpine Income Property Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The company, a real estate investment trust, reported its financial performance and position. Key financial data and operational details for the second quarter of 2024 are included in this filing.

Why It Matters

This filing provides investors with a detailed look at Alpine Income Property Trust's financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)

Key Players & Entities

• Alpine Income Property Trust, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 0001786117 (company) — Central Index Key for Alpine Income Property Trust, Inc.
• 407-904-3324 (dollar_amount) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• pine-20240630x10q.htm (10-Q) — 2334KB
• pine-20240630xex31d1.htm (EX-31.1) — 16KB
• pine-20240630xex31d2.htm (EX-31.2) — 15KB
• pine-20240630xex32d1.htm (EX-32.1) — 9KB
• pine-20240630xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-009895.txt ( ) — 11383KB
• pine-20240630.xsd (EX-101.SCH) — 85KB
• pine-20240630_cal.xml (EX-101.CAL) — 100KB
• pine-20240630_def.xml (EX-101.DEF) — 303KB
• pine-20240630_lab.xml (EX-101.LAB) — 653KB
• pine-20240630_pre.xml (EX-101.PRE) — 534KB
• pine-20240630x10q_htm.xml (XML) — 2191KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets – June 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations – Three and six months ended June 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity – Three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows – Six months ended June 30, 2024 and 2023 (Unaudited) 8

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 10

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 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 43

—OTHER INFORMATION

PART II—OTHER INFORMATION 43

Legal Proceedings

Item 1. Legal Proceedings 43

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 43

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 44

Other Information

Item 5. Other Information 44

Exhibits

Item 6. Exhibits 45

SIGNATURES

SIGNATURES 46 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 June 30, 2024 (Unaudited) December 31, 2023 ASSETS Real Estate: Land, at Cost $ 152,678 $ 149,314 Building and Improvements, at Cost 334,312 328,993 Total Real Estate, at Cost 486,990 478,307 Less, Accumulated Depreciation ( 41,879 ) ( 34,714 ) Real Estate—Net 445,111 443,593 Assets Held for Sale 3,943 4,410 Commercial Loans and Investments 44,730 35,080 Cash and Cash Equivalents 3,260 4,019 Restricted Cash 3,136 9,712 Intangible Lease Assets—Net 45,761 49,292 Straight-Line Rent Adjustment 1,545 1,409 Other Assets 18,291 17,045 Total Assets $ 565,777 $ 564,560 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities $ 7,238 $ 5,736 Prepaid Rent and Deferred Revenue 3,216 2,627 Intangible Lease Liabilities—Net 5,017 4,907 Obligation Under Participation Agreement 13,632 — Long-Term Debt 268,320 275,677 Total Liabilities 297,423 288,947 Commitments and Contingencies—See Note 20 Equity: Preferred Stock, $ 0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common Stock, $ 0.01 par value per share, 500 million shares authorized, 13,626,589 shares issued and outstanding as of June 30, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023 136 137 Additional Paid-in Capital 243,019 243,690 Dividends in Excess of Net Income ( 9,907 ) ( 2,359 ) Accumulated Other Comprehensive Income 10,780 9,275 Stockholders' Equity 244,028 250,743 Noncontrolling Interest 24,326 24,870 Total Equity 268,354 275,613 Total Liabilities and Equity $ 565,777 $ 564,560 The accompanying notes are an integral part of these consolidated financial statements.

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 137 net leased properties located in 34 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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