Alpine Income Property Trust Q3 2024 10-Q Filed

TL;DR

**ALPINE INCOME PROPERTY TRUST FILES Q3 10-Q: FINANCIALS OUT NOW**

AI Summary

Alpine Income Property Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its real estate assets and liabilities. Key financial data and operational updates are provided for the third quarter of 2024.

Why It Matters

This filing provides investors with crucial financial details about Alpine Income Property Trust's performance and assets as of the end of the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• Q3 2024 — Reporting Period (The period covered by the 10-Q filing.)

Key Players & Entities

• Alpine Income Property Trust, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 0001786117 (company) — Central Index Key for Alpine Income Property Trust, Inc.
• 369 N. NEW YORK AVE. SUITE 201, WINTER PARK, FL 32789 (location) — Business and mailing address

FAQ

Key Financial Figures

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

Filing Documents

• pine-20240930x10q.htm (10-Q) — 2419KB
• pine-20240930xex31d1.htm (EX-31.1) — 16KB
• pine-20240930xex31d2.htm (EX-31.2) — 15KB
• pine-20240930xex32d1.htm (EX-32.1) — 9KB
• pine-20240930xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-013368.txt ( ) — 11807KB
• pine-20240930.xsd (EX-101.SCH) — 89KB
• pine-20240930_cal.xml (EX-101.CAL) — 100KB
• pine-20240930_def.xml (EX-101.DEF) — 320KB
• pine-20240930_lab.xml (EX-101.LAB) — 678KB
• pine-20240930_pre.xml (EX-101.PRE) — 554KB
• pine-20240930x10q_htm.xml (XML) — 2284KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 3 Consolidated Balance Sheets – September 30, 2024 (Unaudited) and December 31, 2023 3 Consolidated Statements of Operations – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 4 Consolidated Statements of Comprehensive Income – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 5 Consolidated Statements of Stockholders' Equity – Three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Consolidated Statements of Cash Flows – Nine months ended September 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 36

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 46

Controls and Procedures

Item 4. Controls and Procedures 46

—OTHER INFORMATION

PART II—OTHER INFORMATION 46

Legal Proceedings

Item 1. Legal Proceedings 46

Risk Factors

Item 1A. Risk Factors 46

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 46

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 47

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 47

Other Information

Item 5. Other Information 47

Exhibits

Item 6. Exhibits 48

SIGNATURES

SIGNATURES 49 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 September 30, 2024 (Unaudited) December 31, 2023 ASSETS Real Estate: Land, at Cost $ 132,433 $ 149,314 Building and Improvements, at Cost 317,260 328,993 Total Real Estate, at Cost 449,693 478,307 Less, Accumulated Depreciation ( 42,302 ) ( 34,714 ) Real Estate—Net 407,391 443,593 Assets Held for Sale 4,100 4,410 Commercial Loans and Investments 86,549 35,080 Cash and Cash Equivalents 2,560 4,019 Restricted Cash 25,495 9,712 Intangible Lease Assets—Net 40,574 49,292 Straight-Line Rent Adjustment 1,366 1,409 Other Assets 10,951 17,045 Total Assets $ 578,986 $ 564,560 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities $ 7,279 $ 5,736 Prepaid Rent and Deferred Revenue 3,319 2,627 Intangible Lease Liabilities—Net 4,358 4,907 Obligation Under Participation Agreement 13,178 — Long-Term Debt 278,898 275,677 Total Liabilities 307,032 288,947 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 September 30, 2024 and December 31, 2023 — — Common Stock, $ 0.01 par value per share, 500 million shares authorized, 14,251,933 shares issued and outstanding as of September 30, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023 143 137 Additional Paid-in Capital 254,110 243,690 Dividends in Excess of Net Income ( 10,652 ) ( 2,359 ) Accumulated Other Comprehensive Income 4,641 9,275 Stockholders' Equity 248,242 250,743 Noncontrolling Interest 23,712 24,870 Total Equity 271,954 275,613 Total Liabilities and Equity $ 578,986 $ 564,560 The accompanying notes are an integral part of these consolidated financi

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 property portfolio consists of 133 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. As more fully described in Note 4, "Commercial Loans and Investments," the three Tampa Properties (defined in Note 4 below), which were purchased during the three months ended September 30, 2024 through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted for as a financing arrangement. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto. 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 trad

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