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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 30, 2020
Cover [Abstract]
Entity Central Index Key	0001786117
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2769895
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE
Trading Symbol	PINE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,546,703
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED AND BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Real Estate:
Total Real Estate, at cost	$ 170,034,453	$ 128,456,692
Less, Accumulated Depreciation	(1,679,046)	(416,235)
Real Estate—Net	168,355,407	128,040,457
Cash and Cash Equivalents	22,358,521	12,341,978
Intangible Lease Assets—Net	28,410,110	22,357,633
Straight-Line Rent Adjustment	390,936	68,016
Deferred Expenses		577,272
Other Assets	1,097,774	787,317
Total Assets	220,612,748	164,172,673
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	2,148,845	1,471,722
Prepaid Rent and Deferred Revenue	754,097	87,481
Intangible Lease Liabilities—Net	2,901,065	1,908,193
Long-Term Debt	56,467,132
Total Liabilities	62,271,139	3,467,396
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively
Common Stock, $0.01 par value per share, 500 million shares authorized, 7,904,006 shares issued and outstanding as of March 31, 2020 and 7,902,737 shares issued and outstanding December 31, 2019	79,040	79,027
Additional Paid-In Capital	137,392,197	137,947,575
Accumulated Deficit	(2,307,774)	(497,508)
Stockholders' Equity	135,163,463	137,529,094
Noncontrolling Interest	23,178,146	23,176,183
Total Equity	158,341,609	160,705,277
Total Liabilities and Equity	220,612,748	164,172,673
Land
Real Estate:
Total Real Estate, at cost	66,325,972	54,386,511
Buildings and Improvements
Real Estate:
Total Real Estate, at cost	$ 103,708,481	$ 74,070,181

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Lease Income	$ 4,171,311	$ 2,959,290
Total Revenues	4,171,311	2,959,290
Operating Expenses:
Real Estate Expenses	600,388	373,252
General and Administrative Expenses	1,283,790	508,687
Depreciation and Amortization	2,023,330	1,201,503
Total Operating Expenses	3,907,508	2,083,442
Net Income from Operations	263,803	875,848
Interest Expense	249,171
Net Income	14,632	875,848
Less: Net Income Attributable to Noncontrolling Interest	(1,963)
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 12,669	$ 875,848
Weighted Average Number of Common Shares:
Basic (in shares)	7,896,757
Diluted (in shares)	9,120,611
Dividends Declared and Paid (in dollars per share)	$ 0.200

CONSOLIDATED COMBINED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)	Predecessor Equity	Common Stock at Par Directors	Common Stock at Par	Additional Paid-In Capital Directors	Additional Paid-In Capital	Retained Earnings (Deficit)	Stockholders' Equity Directors	Stockholders' Equity	Noncontrolling Interest	Directors	Total
Increase (decrease) in shareholders' equity
Financial Designation, Predecessor and Successor [Fixed List]											Predecessor
Balance at Dec. 31, 2018	$ 124,189,096							$ 124,189,096			$ 124,189,096
Increase (decrease) in shareholders' equity
Net Income	875,848							875,848			875,848
Stock Compensation Expense from Consolidated-Tomoka Land Co.	114,907							114,907			114,907
Net Transactions with Consolidated-Tomoka Land Co.	(1,978,880)							(1,978,880)			(1,978,880)
Balance at Mar. 31, 2019	$ 123,200,971							123,200,971			123,200,971
Balance at Dec. 31, 2019			$ 79,027		$ 137,947,575	$ (497,508)		137,529,094	$ 23,176,183		160,705,277
Increase (decrease) in shareholders' equity
Net Income						12,669		12,669	1,963		14,632
Stock Repurchase					(592,356)			(592,356)			(592,356)
Stock Issuance to Directors		$ 13		$ 36,978			$ 36,991			$ 36,991
Cash Dividend ($0.20 per share)						(1,822,935)		(1,822,935)			(1,822,935)
Balance at Mar. 31, 2020			$ 79,040		$ 137,392,197	$ (2,307,774)		$ 135,163,463	$ 23,178,146		$ 158,341,609

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2020	Mar. 31, 2019
Cash Flow from Operating Activities:
Net Income	$ 14,632	$ 875,848
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	2,023,330	1,201,503
Amortization of Intangible Assets and Liabilities to Lease Income	(18,724)	(59,657)
Loan Cost Amortization included in Interest Expense	44,404
Amortization of Deferred Expenses to Lease Income		75,658
Non-Cash Compensation	36,991	114,907
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(322,920)	(108,684)
Deferred Expenses		56,988
Other Assets	(310,457)	120,072
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	677,123	(164,597)
Prepaid Rent and Deferred Revenue	666,616	(89,727)
Net Cash Provided By Operating Activities	2,810,995	2,022,311
Cash Flow from Investing Activities:
Acquisition of Real Estate	(47,379,161)
Net Cash Used In Investing Activities	(47,379,161)
Cash Flow from Financing Activities:
Draws on Credit Facility	57,000,000
Repurchase of Common Stock	(592,356)
Net Transactions with Consolidated-Tomoka Land Co.		(1,978,880)
Dividends Paid	(1,822,935)
Net Cash Provided By (Used In) Financing Activities	54,584,709	(1,978,880)
Net Increase in Cash	10,016,543	43,431
Cash, Beginning of Year	12,341,978	8,258
Cash, End of Period	$ 22,358,521	$ 51,689

BUSINESS AND ORGANIZATION

3 Months Ended

Mar. 31, 2020

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION

NOTE 1. BUSINESS AND ORGANIZATION

BUSINESS

Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a newly organized real estate company that owns and operates a high-quality portfolio of single-tenant commercial 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 29 single-tenant, primarily net leased retail and office properties located in 19 markets in 13 states. Twenty seven of the 29 properties in our portfolio, representing approximately 85% of our portfolio’s annualized base rent (as of March 31, 2020), are leased on a triple-net basis.

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 Consolidated-Tomoka Land Co. (our “Manager”). Consolidated-Tomoka Land Co. (NYSE American: CTO) is a Florida corporation that is a publicly traded, diversified real estate operating company and the sole member of our Manager (“CTO”).

COVID-19 PANDEMIC

In March 2020, the agency of the United Nations, responsible for international public health, declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has caused significant volatility in the U.S. and international markets and, in many industries, business activity has virtually shut down entirely. There is significant uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies. As a result, the Company is not yet able to determine the full impact of the COVID-19 Pandemic on its operations and therefore, the potential as to whether or not such impact will be material.

Our results of operations and cash flows for the three months ended March 31, 2020 were not materially impacted by the COVID-19 Pandemic. An assessment of the current or identifiable potential financial and operational impacts on the Company subsequent to March 31, 2020 as a result of the COVID-19 Pandemic are as follows:

Of the 29 income properties in the Company’s portfolio, 24 properties have remained open since the onset of the COVID-19 Pandemic, with 11 of those properties operating on a limited basis. The 24 properties represent approximately 78% of our annualized base rent.

The Company was contacted by certain of its tenants who are seeking rent relief through possible deferrals or other potential modifications of lease terms, beginning with the April 2020 rent. Tenants seeking rent relief for April 2020 represented approximately 38% of the Company’s annualized base rent as of March 31, 2020. Of the tenants that have not paid rent for April 2020, approximately 34%, representing approximately 13% of the Company’s total April rent, have reached an agreement on either a deferral arrangement or other accommodation. In all instances, the Company is not relinquishing any of its contractual rights under its lease agreements.

The Company believes certain of the programs available under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) may provide tenants with the ability to obtain proceeds from loans provided by the federal government which could provide liquidity that would allow the tenant to pay its near-term rent. However, no assurances can be given that the tenants will seek to access or will receive funds from these programs or will be able to use the proceeds to pay their rent in the near-term or otherwise.

When the pandemic was declared, given the uncertainties created by the COVID-19 Pandemic and the impact on the capital markets, the U.S. economy, and PINE’s tenants, the Company temporarily suspended its activities directed at identifying additional acquisition opportunities. In connection with that decision, the Company believed it prudent and necessary to withdraw its previously provided guidance for the full year of 2020, including its targeted level of acquisitions totaling up to $120 million. The Company has not provided any updated guidance. The Company notes, however, that depending upon the duration and severity of the COVID-19 Pandemic, the Company could ultimately reach the targeted level of acquisitions in 2020, although no assurances can be made regarding the likelihood or timing of attaining that level of acquisitions, and should such targets be reached, the timing of such would have an applicable impact on full year results of operations, and the related performance measurements of Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”).

Given uncertainty surrounding the depth, duration, and geographic impact of the COVID-19 Pandemic, as a precautionary measure intended to support the Company’s liquidity, the Company, in March 2020, drew $20 million of available capacity on its $100 million senior unsecured revolving Credit Facility (hereinafter defined in Note 8, “Long-Term Debt”). As a result, the Company, as of March 31, 2020, has approximately $22 million in cash on hand with approximately $57 million outstanding on the Credit Facility. Just prior to the $20 million in draws in March 2020, the Company had approximately $2 million in cash, as approximately $10.3 million of the $12.3 million in cash as of December 31, 2019 had been utilized for both general corporate and working capital purposes, as well as property acquisitions subsequent to December 31, 2019.

The total borrowing capacity on the Credit Facility, based on the assets currently in the borrowing base, is approximately $87 million, and as such the Company has the ability to draw an additional $30 million on the Credit Facility. Subsequent to March 31, 2020, if we were to add the first quarter 2020 acquisitions to the borrowing base, we anticipate that the total borrowing base will increase the borrowing capacity to the $100 million commitment on the Credit Facility. Pursuant to the terms of the Credit Facility, any property in the borrowing base with a tenant that is more than 60 days past due on its contractual rent obligations would be automatically removed from the borrowing base and the Company’s borrowing capacity would be reduced. The Company believes that where the Company and its tenants have agreed to lease modifications pertaining to rent, such as the deferral of current rent to be paid later in 2020, under the terms of the Credit Facility, such tenant would not be past due on its rental obligation if it adheres to such modification, and thus any of the Company’s applicable properties would not be required to be removed from the borrowing base.

As a result of the outbreak of the COVID-19 Pandemic, the federal government and the State of Florida issued orders encouraging everyone to remain at their residence and not go into work. In response to these orders and in the best interest of our Manager’s employees and our directors, our Manager implemented significant preventative measures to ensure the health and safety of its employees and our Board of Directors (the “Board”), including: i) conducting all meetings of our Board and Committees of the Board telephonically or via a visual conferencing service, permitting its employees to work from home at their election, enforcement of appropriate social distancing practices in our Manager’s office, encouraging its employees to wash their hands often and providing hand sanitizer throughout their office, requiring its employees who do not feel well, in any capacity, to stay at home, and requiring all third-party delivery services (e.g. mail, food delivery, etc.) to complete their service outside the front door of its offices.

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”) of shares of its common stock (the “Offering”) as well as a concurrent private placement of shares of common stock to CTO. Net proceeds from the Offering and the concurrent CTO Private Placement (defined below) were used to purchase 15 single-tenant properties from CTO. Additionally, CTO contributed to Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership”), five additional single-tenant properties in exchange for operating partnership units (“OP Units”).

The price per share paid in the Offering and the concurrent private placement was $19.00 (the “IPO Price”). The Offering raised $142.5 million in gross proceeds from the issuance of 7,500,000 shares of our common stock. We also raised $7.5 million from the concurrent private placement to CTO from the issuance of 394,737 shares of our common stock (“CTO Private Placement”) . Included in the $142.5 million Offering was CTO’s purchase of 421,053 shares of our common stock for $8.0 million, representing a cash investment by CTO of $15.5 million. Approximately $125.9 million of proceeds from the Offering were utilized to acquire 15 properties in our initial portfolio. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 OP Units of the Operating Partnership for a value of approximately $23.3 million based on the IPO Price. The Company incurred a total of approximately $12.0 million of transaction costs, which included underwriting fees of approximately $9.4 million. Upon completion of the Offering, the concurrent CTO Private Placement, and the other transactions executed at the time of our listing on the New York Stock Exchange (the “NYSE”) under the symbol “PINE” (collectively defined as the “Formation Transactions”), CTO owned approximately 22.3% of our outstanding common stock (assuming the OP Units issued to CTO in the Formation Transactions are exchanged for shares of our common stock on a one-for-one basis).

We conduct the substantial majority of our operations through the Operating Partnership. Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. As of March 31, 2020, we have a total ownership interest in the Operating Partnership of approximately 86.6%, with CTO holding, directly and indirectly, a 13.4% ownership interest in the Operating Partnership. Our interest in the Operating Partnership generally entitles us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our percentage ownership. We, through PINE GP, generally have the exclusive power under the partnership agreement to manage and conduct the business and affairs of the Operating Partnership, subject to certain approval and voting rights of the limited partners. Our board of directors manages our business and affairs.

The Company intends to elect to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its short taxable year beginning on November 26, 2019 and ending on December 31, 2019 upon the filing of our tax return for such taxable year, which will be filed on or before its due date. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, without regard to the dividends paid deduction or net capital gain, to its stockholders (which is computed and which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Company will generally not be subject to U.S. federal corporate income tax to the extent of its distributions to stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate rates and generally will not be permitted to qualify for treatment as a REIT for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates.

Because of, among other factors, the fluctuating market conditions that currently exist in the national real estate markets, and the volatility and uncertainty in the financial and credit markets, it is possible that the estimates and assumptions, most notably those related to the Predecessor’s investment in income properties, could change materially due to the continued volatility of the real estate and financial markets or as a result of a significant dislocation in those markets.

REAL ESTATE

Real estate, which is primarily comprised of the income properties in our portfolio, is stated at cost, less accumulated depreciation and amortization. Such income properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable income property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the three months ended March 31, 2020 and 2019 was approximately $1.3 million and $773,000, respectively.

LONG-LIVED ASSETS

The Company follows Financial Accounting Standards Board (“FASB”) ASC Topic 360-10, Property, Plant, and Equipment in conducting its impairment analyses. The Company reviews the recoverability of long-lived assets, primarily real estate, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Examples of situations considered to be triggering events include: a substantial decline in operating cash flows during the period, a current or projected loss from operations, an income property not fully leased or leased at rates that are less than current market rates, and any other quantitative or qualitative events deemed significant by management. Long-lived assets are evaluated for impairment by using an undiscounted cash flow approach, which considers future estimated capital expenditures. Impairment of long-lived assets is measured at fair value less cost to sell.

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interests in the acquiror based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and acquisition-related costs in the periods in which the costs are incurred. For acquisitions of assets, acquisition-related costs are capitalized on the Company's consolidated balance sheets. If the Company acquires real estate and simultaneously enters into a new lease of the real estate, the acquisition will be accounted for as an asset acquisition.

In accordance with ASC 805-10, Business Combinations, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values.

The fair value of the tangible assets of an acquired leased property is determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on the determination of the fair values of these assets.

In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases, and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease, including the probability of renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless management believes that it is likely that the tenant will renew the lease upon expiration, in which case both the Company and the Predecessor amortize the value attributable to the renewal over the renewal period.

The aggregate value of other acquired intangible assets, consisting of in-place leases, is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates over (ii) the estimated fair value of the property as-if-vacant, determined as set forth above. The value of in-place leases, exclusive of the value of above-market and below-market in-place leases, is amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off. The value of tenant relationships is reviewed on individual transactions to determine if future value was derived from the acquisition.

INCOME PROPERTY LEASE REVENUE

The rental arrangements associated with the Company’s income property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in Straight-line Rent Adjustment on the accompanying consolidated balance sheets.

The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of March 31, 2020 and December 31, 2019, no allowance for doubtful accounts was required.

SALES TAX

Sales tax collected on lease payments is recognized as a liability in the accompanying consolidated balance sheets when collected. The liability is reduced at the time payment is remitted to the applicable taxing authority.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of March 31, 2020 and December 31, 2019 include certain amounts over the Federal Deposit Insurance Corporation limits. The carrying value of cash and cash equivalents is reported at Level 1 in the fair value hierarchy, which represents valuation based upon quoted prices in active markets for identical assets or liabilities.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share are based on the assumption that the OP Units issued to CTO in the Formation Transactions are exchanged for shares of our common stock on a one-for-one basis.

INCOME TAXES

The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes commencing with its short taxable year beginning on November 26, 2019 and ending on December 31, 2019. The Company believes that, commencing with such short taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The short year tax return will be filed on or before its due date. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. The Company may form one or more taxable REIT subsidiaries (“TRSs”), which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company did not have any TRSs that would be subject to taxation.

STOCK-BASED COMPENSATION

The Company adopted the Individual Equity Incentive Plan (the “Individual Plan”) and the Manager Equity Incentive Plan (the “Manager Plan”), which are collectively referred to herein as the Equity Incentive Plans. The purpose of the Equity Incentive Plans is to provide equity incentive opportunities to members of the Manager’s management team and employees who perform services for the Company, the Company’s independent directors, advisers, consultants and other personnel, either individually or via grants of incentive equity to the Manager. The Equity Incentive Plans provide for grants of stock options, stock appreciation rights (“SARs”), stock awards, restricted stock units, cash awards, dividend equivalent rights, other equity-based awards, including long-term incentive plan (“LTIP”) units, and incentive awards. The Individual Plan is intended to provide a means through which the Company’s directors, officers, employees, consultants and advisors of the Company and its affiliates, as well as employees of the Manager and its affiliates who are providing services to the Company and its affiliates, can acquire and maintain an equity interest in the Company or be paid incentive compensation. The Manager Plan is intended to provide a means through which the Manager and its affiliates can acquire and maintain an equity interest in the Company, thereby strengthening their commitment to the welfare of the Company and aligning their interests with those of the Company’s stockholders.

A total of 684,494 shares of our common stock have been authorized for issuance under the Equity Incentive Plans. If an award granted under the Equity Incentive Plans expires, is forfeited or terminates, the shares of common stock subject to any portion of the award that expires, is forfeited or terminates without having been exercised or paid, as the case may be, will again become available for the issuance of additional awards. Shares of stock (i) surrendered or withheld in payment of the exercise price or taxes related to an award and (ii) covered by a SAR (without regard to the number of shares actually issued upon the exercise of such SAR) will not again be available for award under the Equity Incentive Plans. Unless previously terminated by the Board, no new award may be granted under the Equity Incentive Plans after November 18, 2029. The maximum aggregate compensation, including cash compensation and the grant date fair value of awards granted under the Individual Plan, to a non-employee director will not exceed $300,000 in any single calendar year.

Compensation cost is recognized on a straight-line basis over the vesting period and is included in general and administrative expenses in the Company’s consolidated and combined statements of operations. Award forfeitures, if any, are accounted for in the period in which they occur.

For the periods prior to November 26, 2019, Predecessor’s stock-based compensation expense, included in general and administrative expenses in the combined statements of operations for the three months ended March 31, 2019, reflected an allocation of a portion of the stock compensation expense of CTO for the applicable period.

CONCENTRATION OF CREDIT RISK

Certain of the tenants in the portfolio of 29 single-tenant properties accounted for more than 10% of total revenues during the three months ended March 31, 2020 and 2019.

During the three months ended March 31, 2020, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented approximately 22% and 14% of total revenues, respectively. During the three months ended March 31, 2019, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented approximately 28% and 18% of total revenues, respectively.

As of March 31, 2020 and December 31, 2019, approximately 26% and 29%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the State of Florida. As of March 31, 2020 and December 31, 2019, approximately 20% and 24%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the State of Oregon. Additionally, as of March 31, 2020, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the state of North Carolina. As of December 31, 2019, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the states of Georgia and North Carolina. Uncertainty of the duration of a prolonged real estate and economic downturn could in any or all of these geographic areas have an adverse impact on the Company’s real estate values.

RECENTLY ISSUED ACCOUNTING STANDARDS

Lease Modifications. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 Pandemic. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and, instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to lease concessions related to the COVID-19 Pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. We are currently evaluating the impact of this guidance and whether we will make the permitted election for lease concessions such as rent deferrals for the quarter ended June 30, 2020.

ASC Topic 842, Leases. In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, which requires entities to recognize assets and liabilities that arise from financing and operating leases and to classify those finance and operating lease payments in the financing or operating sections, respectively, of the statement of cash flows pursuant to FASB ASC Topic 842, Leases. The amendments in this update are effective for annual reporting periods beginning after December 15, 2018.

During the Company’s and Predecessor’s evaluation of FASB ASC Topic 842, Leases, the following practical expedients and accounting policies with respect to ASC 842 were elected and/or adopted effective January 1, 2019:

The Company, as lessor, will not reassess (i) whether any expired or existing contracts are or contain leases (ii) lease classification for any expired or existing leases or (iii) initial direct costs for any expired or existing leases.

The Company, as lessor, will not separate nonlease components from lease components and, instead, will account for each separate lease component and the nonlease components associated with that lease as a single component if the nonlease components otherwise would be accounted for under ASC Topic 606. The primary reason for this election is related to instances where common area maintenance is, or may be, a component of base rent within a lease agreement.

INCOME PROPERTY PORTFOLIO

3 Months Ended

Mar. 31, 2020

INCOME PROPERTY PORTFOLIO

INCOME PROPERTY PORTFOLIO

NOTE 4. INCOME PROPERTY PORTFOLIO

As of March 31, 2020, the Company’s income property portfolio consisted of 29 single-tenant properties with total square footage of approximately 1.1 million.

Leasing revenue consists of long-term rental revenue from retail and office income properties, which is recognized as earned, using the straight-line method over the life of each lease.

The components of leasing revenue are as follows:


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company ($000's)		Predecessor ($000's)
Leasing Revenue
Lease Payments	$	3,812	$	2,768
Variable Lease Payments		359		191
Total Leasing Revenue	$	4,171	$	2,959

Minimum Future Rental Receipts. Minimum future rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to March 31, 2020, are summarized as follows:


Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	11,942
2021		16,046
2022		16,229
2023		16,382
2024		15,899
2025 and thereafter (cumulative)		64,868
Total	$	141,366

See Note 15, “Subsequent Events” for the Company’s disclosure related to the potential cash flow impact as well as Note 3, “Summary of Significant Accounting Policies” for the accounting treatment of potential lease modifications associated with tenant rent relief requests due to the COVID-19 Pandemic.

2020 Activity. During the three months ended March 31, 2020, the Company acquired nine single-tenant income properties for a purchase price of approximately $46.8 million, or an acquisition cost of approximately $47.0 million including capitalized acquisition costs. Of the total acquisition cost, approximately $11.9 million was allocated to land, approximately $29.3 million was allocated to buildings and improvements, approximately $6.9 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and approximately $1.1 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was approximately 11.2 years at acquisition. No income properties were disposed of during the three months ended March 31, 2020.

The single-tenant net lease income properties acquired during the three months ended March 31, 2020 are described below:


Tenant Description	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Remaining Lease Term at Acquisition Date (in years)
7-Eleven (1)	Austin, TX	1/13/2020	6,400	$	5,762,416	15.0
7-Eleven (1)	Georgetown, TX	1/13/2020	7,726		4,300,474	15.0
Conn's HomePlus	Hurst, TX	1/10/2020	37,957		6,100,000	11.6
Lehigh Gas Wholesale Services, Inc.	Highland Heights, KY	2/03/2020	2,578		4,250,000	10.8
American Multi-Cinema, Inc.	Tyngsborough, MA	2/19/2020	39,474		7,055,000	10.1
Hobby Lobby	Tulsa, OK	2/28/2020	84,180		12,486,334	10.8
Long John Silver's	Tulsa, OK	2/28/2020	3,000		263,666	N/A
Old Time Pottery	Orange Park, FL	2/28/2020	84,180		6,311,702	10.4
Freddy's Frozen Custard	Orange Park, FL	2/28/2020	3,200		303,298	6.8
	Total / Weighted Average		268,695	$	46,832,890	11.5

⁽¹⁾

Cash rent has not yet commenced on the 7-Eleven tenant leases, although control of the properties have transferred during tenant improvement periods.

2019 Predecessor Activity. No income properties were acquired or disposed of during the three months ended March 31, 2019.

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 5. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of March 31, 2020 and December 31, 2019:


	As of
	March 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	18,725,315	$	14,479,323
Value of Above Market In-Place Leases		1,929,258		1,625,325
Value of Intangible Leasing Costs		8,862,493		6,544,079
Sub-total Intangible Lease Assets		29,517,066		22,648,727
Accumulated Amortization		(1,106,956)		(291,094)
Sub-total Intangible Lease Assets—Net		28,410,110		22,357,633
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,000,355)		(1,933,416)
Sub-total Intangible Lease Liabilities		(3,000,355)		(1,933,416)
Accumulated Amortization		99,290		25,223
Sub-total Intangible Lease Liabilities—Net		(2,901,065)		(1,908,193)
Total Intangible Assets and Liabilities—Net	$	25,509,045	$	20,449,440

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company		Predecessor
Depreciation and Amortization Expense	$	760,519	$	400,392
Increase to Income Properties Revenue		(18,724)		(59,657)
Net Amortization of Intangible Assets and Liabilities	$	741,795	$	340,735

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows:


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Expense		Revenue		and Liabilities
Remainder of 2020	$	2,538,288	$	(90,179)	$	2,448,109
2021		3,384,384		(120,239)		3,264,145
2022		3,384,384		(120,239)		3,264,145
2023		3,384,384		(120,239)		3,264,145
2024		3,153,851		(108,908)		3,044,943
2025 and thereafter		10,711,248		(487,690)		10,223,558
Total	$	26,556,539	$	(1,047,494)	$	25,509,045

As of March 31, 2020, the weighted average amortization period of both the total intangible assets and liabilities was approximately 9.0 years.

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2020

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 8. LONG-TERM DEBT

As of March 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows:


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	57,000,000	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	57,000,000	2.27%

⁽¹⁾

See Note 15, “Subsequent Events” for a description of the interest rate swap, effective as of April 30, 2020, whereby LIBOR was fixed at 0.48% for approximately $50 million of the outstanding balance on the Company’s revolving credit facility.

Credit Facility. On November 26, 2019, the Company and the Operating Partnership entered into a credit agreement (the “Credit Agreement”) with a group of lenders for a senior unsecured revolving credit facility (the “Credit Facility”) in the maximum aggregate initial original principal amount of up to $100 million. BMO Capital Markets Corp. and Raymond James Bank, N.A. are joint lead arrangers and joint bookrunners, with Bank of Montreal (“BMO”) as administrative agent.

The Credit Facility has a term of four years, with the ability to extend the term for one year. The Credit Facility has an accordion feature that may allow the Operating Partnership to increase the availability under the Credit Facility by an additional $50 million, subject to meeting specified requirements and obtaining additional commitments from lenders.

Pursuant to the Credit Agreement, the indebtedness outstanding under the Credit Facility accrues at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Operating Partnership, as defined in the Credit Agreement.

The Operating Partnership is subject to customary restrictive covenants under the Credit Facility, including, but not limited to, limitations on the Operating Partnership’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. The Credit Facility also contains financial covenants covering the Operating Partnership, including but not limited to, tangible net worth and fixed charge coverage ratio. In addition, the Operating Partnership is subject to additional financial maintenance covenants as described in the Credit Agreement.

At March 31, 2020, the current commitment level under the Credit Facility was $100.0 million. The available borrowing capacity under the Credit Facility was $30.1 million, based on the level of borrowing base assets. As of March 31, 2020, the Credit Facility had an outstanding balance of $57.0 million. See Note 15, “Subsequent Events” for a discussion of the potential impact on borrowing base assets due to the COVID-19 Pandemic and the interest rate swap entered into by the Company that fixes the rate on $50 million of the outstanding balance on the Credit Facility to a range of 1.83% to 2.43%.

Long-term debt as of March 31, 2020 and December 31, 2019 consisted of the following:


	March 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	57,000,000	$	—	$	—	$	—
Loan Costs, net of accumulated amortization		(532,868)		—		—		—
Total Long-Term Debt	$	56,467,132	$	—	$	—	$	—

Payments applicable to reduction of principal amounts as of March 31, 2020 will be required as follows:


Year Ending December 31,	Amount
Remainder of 2020	$	—
2021		—
2022		—
2023		57,000,000
2024		—
2025 and thereafter		—
Total Long-Term Debt - Face Value	$	57,000,000

As of March 31, 2020, the Company’s long-term debt includes initial deferred financing costs of approximately $594,000, net of accumulated amortization, of approximately $61,000. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations. As of December 31, 2019, these costs were reflected as deferred expenses on the accompanying consolidated balance sheets as there was no outstanding debt as of December 31, 2019.

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company ($000's)		Predecessor ($000's)
Interest Expense	$	205	$	—
Amortization of Loan Costs		44		—
Total Interest Expense	$	249	$	—

Total Interest Paid	$	164	$	—

The Company was in compliance with all of its debt covenants as of March 31, 2020.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 12. STOCK-BASED COMPENSATION

In connection with the closing of the IPO, on November 26, 2019, the Company granted restricted shares of common stock to each of the non-employee directors under the Individual Plan. Each of the non-employee directors received an award of 2,000 restricted shares of common stock on November 26, 2019. The restricted shares will vest in substantially equal installments on each of the first, second and third anniversaries of the grant date. In addition, the restricted shares are subject to a holding period beginning on the grant date and ending on the date that the grantee ceases to serve as a member of the Board (the “Holding Period”). During the Holding Period, the restricted shares may not be sold, pledged or otherwise transferred by the grantee. Except for the grant of these 8,000 restricted shares of Common Stock, the Company has not made any grants under the Equity Incentive Plans. Any future grants under the Equity Incentive Plans will be approved by the independent members of the compensation committee of the Board. The 2019 non-employee director share awards had an aggregate grant date fair value of approximately $150,000. The Company’s determination of the grant date fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the vesting period and is included in general and administrative expenses in the Company’s consolidated statements of operations. During the three months ended March 31, 2020, the Company recognized stock compensation expense totaling approximately $13,000 which is included in general and administrative expenses in the consolidated statement of operations.

A summary of activity for these awards during the three months ended March 31, 2020, is presented below:


		Wtd. Avg.
Non-Vested Restricted Shares	Shares	Fair Value
Outstanding at January 1, 2020	8,000	$	18.80
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at March 31, 2020	8,000	$	18.80

As of March 31, 2020, there was approximately $133,000 of unrecognized compensation cost related to the three-year vest restricted shares, which will be recognized over a remaining period of 2.7 years.

Each member of the Company’s Board of Directors has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing the amount of the quarterly retainer payment due to such director by the trailing 20-day average price of the Company’s common stock as of the last business day of the calendar quarter, rounded down to the nearest whole number of shares. During the three months ended March 31, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled approximately $54,000, or 4,098 shares, which were issued on April 1, 2020.

Stock compensation expense for the three months ended March 31, 2020 is summarized as follows:


	Three Months Ended
	March 31, 2020 ($ 000's)
Stock Compensation Expense – Director Restricted Stock	$	13
Stock Compensation Expense – Director Retainers Paid in Stock		54
Total Stock Compensation Expense (1)	$	67

⁽¹⁾

Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the three months ended March 31, 2020 is equal to total stock compensation expense of $67,000, less the $54,000 of first quarter 2020 director retainers, as those shares were issued on April 1, 2020, plus the fourth quarter 2019 director retainers of $24,000, as those shares were issued on January 2, 2020.

RELATED PARTY MANAGEMENT COMPANY

3 Months Ended

Mar. 31, 2020

RELATED PARTY MANAGEMENT COMPANY

RELATED PARTY MANAGEMENT COMPANY

NOTE 13. RELATED PARTY MANAGEMENT COMPANY

We are externally managed by the Manager, a wholly owned subsidiary of CTO. In addition to the CTO Private Placement, CTO purchased from us $8 million in shares of our common stock, or 421,053 shares, in our IPO. Upon completion of our IPO, CTO Private Placement, and the other transactions in the Formation Transactions, CTO owned approximately 22.3% of our outstanding common stock (assuming the OP Units issued to CTO in the Formation Transactions are exchanged for shares of our common stock on a one-for-one basis).

On November 26, 2019, we entered into the Management Agreement. Pursuant to the terms of the Management Agreement, our Manager manages, operates and administers our day-to-day operations, business and affairs, subject to the direction and supervision of our Board and in accordance with the investment guidelines approved and monitored by our Board. Our Manager is subject to the direction and oversight of our Board. We pay our Manager a base management fee equal to 0.375% per quarter of our “total equity” (as defined in the Management Agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears.

Our Manager has the ability to earn an annual incentive fee based on our total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. We would pay our Manager an incentive fee to with respect to each annual measurement period in the amount of the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares.

The initial term of the Management Agreement will expire on November 26, 2024 and will automatically renew for an unlimited number of successive one-year periods thereafter, unless the agreement is not renewed or is terminated in accordance with its terms.

Our independent directors will review our Manager’s performance and the management fees annually and, following the initial term, the Management Agreement may be terminated annually upon the affirmative vote of two-thirds of our independent directors or upon a determination by the holders of a majority of the outstanding shares of our common stock, based upon (i) unsatisfactory performance that is materially detrimental to us or (ii) a determination that the management fees payable to our Manager are not fair, subject to our Manager’s right to prevent such termination due to unfair fees by accepting a reduction of management fees agreed to by two-thirds of our independent directors. We may also terminate the Management Agreement for cause at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from our Board. During the initial term of the Management Agreement, we may not terminate the Management Agreement except for cause.

We will pay directly or reimburse our Manager for certain expenses, if incurred by our Manager. We will not reimburse any compensation expenses incurred by our Manager or its affiliates. Expense reimbursements to our Manager will be made in cash on a quarterly basis following the end of each quarter. In addition, we will pay all of our operating expenses, except those specifically required to be borne by our Manager pursuant to the Management Agreement.

During the three months ended March 31, 2020, the Company incurred management fee expenses which totaled approximately $649,000. The Company also paid dividends on the common stock owned by affiliates of its Manager in the amount of approximately $163,000. There were no Manager dividends or management fees applicable to the three months ended March 31, 2019.

The following table represents amounts due from the Company to CTO:


	As of
Description	March 31, 2020 ($000's)		December 31, 2019 ($000's)
Management Fee due to CTO (1)	$	649	$	254
Dividend Payable on OP Units		316		71
Other		(13)		56
Total	$	952	$	381

⁽¹⁾

Included in Accrued Expenses, see Note 7, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

Exclusivity and ROFO Agreement

On November 26, 2019, we also entered into an exclusivity and right of first offer (“ROFO”) agreement with CTO. During the term of the exclusivity and ROFO agreement, CTO will not, and will cause each of its affiliates (which for purposes of the exclusivity and ROFO agreement will not include our company and our subsidiaries) not to, acquire, directly or indirectly, a single-tenant, net leased property, without providing us with notice and we have affirmatively rejected the opportunity to acquire the applicable property or properties.

The terms of the exclusivity and ROFO agreement do not restrict CTO or any of its affiliates from providing financing for a third party’s acquisition of single-tenant, net leased properties or from developing and owning any single-tenant, net leased property.

Pursuant to the exclusivity and ROFO agreement, neither CTO nor any of its affiliates (which for purposes of the exclusivity and ROFO agreement does not include our company and our subsidiaries) may sell to any third party any single-tenant, net leased property that was owned by CTO or any of its affiliates as of the closing date of our IPO; or is owned by CTO or any of its affiliates after the closing date of our IPO, without first offering us the right to purchase such property.

The term of the exclusivity and ROFO agreement will continue for so long as the Management Agreement with our Manager is in effect.

Conflicts of Interest

Conflicts of interest may exist or could arise in the future with CTO and its affiliates, including our Manager, the individuals who serve as our executive officers and executive officers of CTO, any individual who serves as a director of our company and as a director of CTO and any limited partner of the Operating Partnership. Conflicts may include, without limitation: conflicts arising from the enforcement of agreements between us and CTO or our Manager; conflicts in the amount of time that executive officers and employees of CTO, who are provided to us through our Manager, will spend on our affairs versus CTO’s affairs; and conflicts in future transactions that we may pursue with CTO and its affiliates. We do not generally expect to enter into joint ventures with CTO, but if we do so, the terms and conditions of our joint venture investment will be subject to the approval of a majority of disinterested directors of our board of directors.

In addition, we are subject to conflicts of interest arising out of our relationships with our Manager. Pursuant to the Management Agreement, our Manager is obligated to supply us with our senior management team. However, our Manager is not obligated to dedicate any specific CTO personnel exclusively to us, nor are the CTO personnel provided to us by our Manager obligated to dedicate any specific portion of their time to the management of our business. Additionally, our Manager is a wholly owned subsidiary of CTO. All of our executive officers are executive officers and employees of CTO and one of our officers (John P. Albright) is also a member of CTO’s board of directors. As a result, our Manager and the CTO personnel it provides to us may have conflicts between their duties to us and their duties to, and interests in, CTO.

We may acquire or sell single-tenant, net leased properties in which our Manager or its affiliates have or may have an interest. Similarly, our Manager or its affiliates may acquire or sell single-tenant, net leased properties in which we have or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, we nonetheless may pursue and consummate such transactions. Additionally, we may engage in transactions directly with our Manager or its affiliates, including the purchase and sale of all or a portion of a portfolio asset. If we acquire a single-tenant, net leased property from CTO or one of its affiliates or sell a single-tenant, net leased property to CTO or one of its affiliates, the purchase price we pay to CTO or one of its affiliates or the purchase price paid to us by CTO or one of its affiliates may be higher or lower, respectively, than the purchase price that would have been paid to or by us if the transaction were the result of arms’ length negotiations with an unaffiliated third party.

In deciding whether to issue additional debt or equity securities, we will rely in part on recommendations made by our Manager. While such decisions are subject to the approval of our Board, our Manager is entitled to be paid a base management fee that is based on our “total equity” (as defined in the Management Agreement). As a result, our Manager may have an incentive to recommend that we issue additional equity securities at dilutive prices.

All of our executive officers are executive officers and employees of CTO. These individuals and other CTO personnel provided to us through our Manager devote as much time to us as our Manager deems appropriate. However, our executive officers and other CTO personnel provided to us through our Manager may have conflicts in allocating their time and services between us, on the one hand, and CTO and its affiliates, on the other. During a period of prolonged economic weakness or another economic downturn affecting the real estate industry or at other times when we need focused support and assistance from our Manager and the CTO executive officers and other personnel provided to us through our Manager, we may not receive the necessary support and assistance we require or that we would otherwise receive if we were self-managed.

Additionally, the exclusivity and ROFO agreement does contain exceptions to CTO’s exclusivity for opportunities that include only an incidental interest in single-tenant, net leased properties. Accordingly, the exclusivity and ROFO agreement will not prevent CTO from pursuing certain acquisition opportunities that otherwise satisfy our then-current investment criteria.

Our directors and executive officers have duties to our company under applicable Maryland law in connection with their management of our company. At the same time, PINE GP has fiduciary duties, as the general partner, to the Operating Partnership and to the limited partners under Delaware law in connection with the management of the Operating Partnership. These duties as a general partner to the Operating Partnership and its partners may come into conflict with the duties of our directors and executive officers to us. Unless otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty standards under which it owes its limited partners the highest duties of loyalty and care and which generally prohibits such general partner from taking any action or engaging in any transaction as to which it has a conflict of interest. The partnership agreement provides that in the event of a conflict between the interests of our stockholders on the one hand and the limited partners of the Operating Partnership on the other hand, PINE GP will endeavor in good faith to resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that so long as we own a controlling interest in the Operating Partnership, any such conflict that we, in our sole and absolute discretion, determine cannot be resolved in a manner not adverse to either our stockholders or the limited partners of the Operating Partnership shall be resolved in favor of our stockholders, and we shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the limited partners in connection with such decisions.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 15. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions that have occurred after March 31, 2020, the date of the consolidated balance sheet.

COVID-19 PANDEMIC

In March 2020, the agency of the United Nations, responsible for international public health, declared the outbreak of the COVID-19 Pandemic, which has spread throughout the United States. The spread of the COVID-19 Pandemic has caused significant volatility in the U.S. and international markets and, in many industries, business activity has virtually shut down entirely. There is significant uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies. As a result, the Company is not yet able to determine the full impact of the COVID-19 Pandemic on its operations and therefore, the potential as to whether or not such impact will be material.

The Company believes certain of the programs available under the CARES Act may provide tenants with the ability to obtain proceeds from loans provided by the federal government which could provide liquidity that would allow the tenant to pay its near-term rent. However, no assurances can be given that the tenants will seek to access or will receive funds from these programs or will be able to use the proceeds to pay their rent in the near-term or otherwise.

Given uncertainty surrounding the depth, duration, and geographic impact of the COVID-19 Pandemic, as a precautionary measure intended to support the Company’s liquidity, the Company, in March 2020, drew $20 million of available capacity on its $100 million senior unsecured revolving Credit Facility. As a result, the Company, as of March 31, 2020, has approximately $22 million in cash on hand with approximately $57 million outstanding on the Credit Facility. Just prior to the $20 million in draws in March 2020, the Company had approximately $2 million in cash, as approximately $10.3 million of the $12.3 million in cash as of December 31, 2019 had been utilized for both general corporate and working capital purposes, as well as property acquisitions subsequent to December 31, 2019.

As a result of the outbreak of the COVID-19 Pandemic, the federal government and the State of Florida issued orders encouraging everyone to remain at their residence and not go into work. In response to these orders and in the best interest of our Manager’s employees and our directors, our Manager implemented significant preventative measures to ensure the health and safety of its employees and our Board, including: i) conducting all meetings of our Board and Committees of the Board telephonically or via a visual conferencing service, permitting its employees to work from home at their election, enforcement of appropriate social distancing practices in our Manager’s office, encouraging its employees to wash their hands often and providing hand sanitizer throughout their office, requiring its employees who do not feel well, in any capacity, to stay at home, and requiring all third-party delivery services (e.g. mail, food delivery, etc.) to complete their service outside the front door of its offices.

INTEREST RATE SWAP

In April of 2020, the Company executed a five-year interest rate swap agreement whereby, effective as of April 30, 2020, LIBOR was fixed at 0.48% for approximately $50 million of the outstanding balance on the Company’s revolving Credit Facility. As a result of the interest rate swap, $50 million of the Company’s long-term debt has a fixed interest rate ranging from 1.83% up to 2.43%, based on the Company’s leverage as a percent of total asset value, as defined in the Credit Facility agreement.

SHARE REPURCHASES

For the period subsequent to March 31, 2020, through May 6, 2020, the Company has repurchased approximately 311,000 shares of our common stock for approximately $3.4 million, an average purchase price of $10.96 per share, under the $5 Million Repurchase Program. As a result, approximately $1 million of the $5 Million Repurchase Program remains as of May 6, 2020.

There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

For periods subsequent to November 26, 2019, the consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. All inter-company balances and transactions have been eliminated in the consolidated financial statements. For periods prior to November 26, 2019, the combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows of the Predecessor.

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

REAL ESTATE

LONG-LIVED ASSETS

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

INCOME PROPERTY LEASE REVENUE

SALES TAX

CASH AND CASH EQUIVALENTS

EARNINGS PER COMMON SHARE

INCOME TAXES

STOCK-BASED COMPENSATION

CONCENTRATION OF CREDIT RISK

Certain of the tenants in the portfolio of 29 single-tenant properties accounted for more than 10% of total revenues during the three months ended March 31, 2020 and 2019.

RECENTLY ISSUED ACCOUNTING STANDARDS

INCOME PROPERTY PORTFOLIO (Tables)

3 Months Ended

Mar. 31, 2020

INCOME PROPERTY PORTFOLIO

Schedule of components of leasing revenue


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company ($000's)		Predecessor ($000's)
Leasing Revenue
Lease Payments	$	3,812	$	2,768
Variable Lease Payments		359		191
Total Leasing Revenue	$	4,171	$	2,959

Schedule of minimum future base rental revenue on non-cancelable leases


Year Ending December 31,	Amounts ($000's)
Remainder of 2020	$	11,942
2021		16,046
2022		16,229
2023		16,382
2024		15,899
2025 and thereafter (cumulative)		64,868
Total	$	141,366

Schedule of properties acquired

The single-tenant net lease income properties acquired during the three months ended March 31, 2020 are described below:


Tenant Description	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price		Remaining Lease Term at Acquisition Date (in years)
7-Eleven (1)	Austin, TX	1/13/2020	6,400	$	5,762,416	15.0
7-Eleven (1)	Georgetown, TX	1/13/2020	7,726		4,300,474	15.0
Conn's HomePlus	Hurst, TX	1/10/2020	37,957		6,100,000	11.6
Lehigh Gas Wholesale Services, Inc.	Highland Heights, KY	2/03/2020	2,578		4,250,000	10.8
American Multi-Cinema, Inc.	Tyngsborough, MA	2/19/2020	39,474		7,055,000	10.1
Hobby Lobby	Tulsa, OK	2/28/2020	84,180		12,486,334	10.8
Long John Silver's	Tulsa, OK	2/28/2020	3,000		263,666	N/A
Old Time Pottery	Orange Park, FL	2/28/2020	84,180		6,311,702	10.4
Freddy's Frozen Custard	Orange Park, FL	2/28/2020	3,200		303,298	6.8
	Total / Weighted Average		268,695	$	46,832,890	11.5

⁽¹⁾

Cash rent has not yet commenced on the 7-Eleven tenant leases, although control of the properties have transferred during tenant improvement periods.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	March 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	18,725,315	$	14,479,323
Value of Above Market In-Place Leases		1,929,258		1,625,325
Value of Intangible Leasing Costs		8,862,493		6,544,079
Sub-total Intangible Lease Assets		29,517,066		22,648,727
Accumulated Amortization		(1,106,956)		(291,094)
Sub-total Intangible Lease Assets—Net		28,410,110		22,357,633
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,000,355)		(1,933,416)
Sub-total Intangible Lease Liabilities		(3,000,355)		(1,933,416)
Accumulated Amortization		99,290		25,223
Sub-total Intangible Lease Liabilities—Net		(2,901,065)		(1,908,193)
Total Intangible Assets and Liabilities—Net	$	25,509,045	$	20,449,440

Schedule of amortization of intangible assets and liabilities


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company		Predecessor
Depreciation and Amortization Expense	$	760,519	$	400,392
Increase to Income Properties Revenue		(18,724)		(59,657)
Net Amortization of Intangible Assets and Liabilities	$	741,795	$	340,735

Schedule of estimated future amortization and accretion of intangible lease assets and liabilities


			Future Accretion		Net Future
	Future		to Income		Amortization of
	Amortization		Property		Intangible Assets
Year Ending December 31,	Expense		Revenue		and Liabilities
Remainder of 2020	$	2,538,288	$	(90,179)	$	2,448,109
2021		3,384,384		(120,239)		3,264,145
2022		3,384,384		(120,239)		3,264,145
2023		3,384,384		(120,239)		3,264,145
2024		3,153,851		(108,908)		3,044,943
2025 and thereafter		10,711,248		(487,690)		10,223,558
Total	$	26,556,539	$	(1,047,494)	$	25,509,045

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2020

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	57,000,000	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	57,000,000	2.27%

Schedule of components of long-term debt


	March 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	57,000,000	$	—	$	—	$	—
Loan Costs, net of accumulated amortization		(532,868)		—		—		—
Total Long-Term Debt	$	56,467,132	$	—	$	—	$	—

Schedule of payments applicable to reduction of principal amounts


Year Ending December 31,	Amount
Remainder of 2020	$	—
2021		—
2022		—
2023		57,000,000
2024		—
2025 and thereafter		—
Total Long-Term Debt - Face Value	$	57,000,000

Schedule of interest expense on debt


	Three Months Ended
	March 31, 2020		March 31, 2019
	The Company ($000's)		Predecessor ($000's)
Interest Expense	$	205	$	—
Amortization of Loan Costs		44		—
Total Interest Expense	$	249	$	—

Total Interest Paid	$	164	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

BUSINESS AND ORGANIZATION - COVID-19 Pandemic (Details)	1 Months Ended		2 Months Ended	3 Months Ended
BUSINESS AND ORGANIZATION - COVID-19 Pandemic (Details)	May 07, 2020 USD ($) property	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Mar. 31, 2020 USD ($)	Apr. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
Description of business
Acquisition total amount		$ 120,000,000		$ 120,000,000
Drew amount of credit facility		20,000,000		57,000,000
Available credit facility			$ 100,000,000		$ 100,000,000
Cash on hand		22,000,000	2,000,000	22,000,000		$ 12,300,000
Outstanding on credit facility		57,000,000		57,000,000
Total borrowing capacity on the credit facility		87,000,000		87,000,000	87,000,000
Credit facility, additional draw amount		$ 30,000,000		$ 30,000,000	$ 30,000,000
Cash as of December 31, 2019 utilized for both general corporate and working capital purposes, as well as property acquisitions subsequent to December 31, 2019			$ 10,300,000
Subsequent Event
Description of business
Number of Income Properties \| property	29
Number of income properties opened \| property	24
Number of properties operating on limited basis \| property	11
Percentage of annualized base rent of 24 properties	78.00%
Percentage of rent relief on annualized rent	38.00%
Percentage of rent relief on annualized rent, reached an agreement on either a deferral arrangement or other accommodation	34.00%
Percentage of rent relief on annualized rent, reached an agreement on either a deferral arrangement or other accommodation, percentage of April's rent	13.00%
Total borrowing capacity on the credit facility	$ 100,000,000

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Millions	Mar. 31, 2020	Nov. 26, 2019 USD ($) property $ / shares shares	Dec. 31, 2019
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock		$ 142.5
Share issued \| shares		421,053
Value of shares issued		$ 8.0
Cash investment		15.5
Proceeds from offering		$ 125.9
Number of properties acquired \| property		15
Number of contributed properties \| property		5
OP units exchanged \| shares		1,223,854
Value of OP units converted		$ 23.3
Transaction cost		12.0
Underwriting fees		$ 9.4
Percentage Of outstanding common stock		22.30%
Stock split ratio		1
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains			90.00%
IPO
Class of Stock [Line Items]
Price per share \| $ / shares		$ 19.00
Gross proceeds form the issuance of common stock		$ 142.5
Share issued \| shares		7,500,000
CTO Private Placement
Class of Stock [Line Items]
Share issued \| shares		394,737
Value of shares issued		$ 7.5
Single-tenant
Class of Stock [Line Items]
Number of properties acquired \| property		15
Number of contributed properties \| property		5
PINE GP \| Operating Partnership
Class of Stock [Line Items]
Ownership interest in Operating partnership	86.60%
CTO
Class of Stock [Line Items]
Value of shares issued		$ 8.0
Percentage Of outstanding common stock		22.30%
Stock split ratio		1
CTO \| Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership	13.40%

INCOME PROPERTY PORTFOLIO - Properties Acquired (Details)	3 Months Ended
	Mar. 31, 2020 USD ($) ft² property
Acquisitions of Income Properties
Number of Real Estate Properties \| property	29
Single-tenant
Acquisitions of Income Properties
Number of Real Estate Properties \| property	29
2020 Acquisitions \| Weighted Average
Acquisitions of Income Properties
Remaining Lease Term at Acquisition	11 years 6 months
2020 Acquisitions \| Austin, TX \| 7-Eleven
Acquisitions of Income Properties
Property Square-Feet \| ft²	6,400
Purchase price \| $	$ 5,762,416
Remaining Lease Term at Acquisition	15 years
2020 Acquisitions \| Georgetown, TX \| 7-Eleven
Acquisitions of Income Properties
Property Square-Feet \| ft²	7,726
Purchase price \| $	$ 4,300,474
Remaining Lease Term at Acquisition	15 years
2020 Acquisitions \| Hurst, TX \| Conn's HomePlus
Acquisitions of Income Properties
Property Square-Feet \| ft²	37,957
Purchase price \| $	$ 6,100,000
Remaining Lease Term at Acquisition	11 years 7 months 6 days
2020 Acquisitions \| Highland Heights, KY \| Lehigh Gas Wholesale Services, Inc.
Acquisitions of Income Properties
Property Square-Feet \| ft²	2,578
Purchase price \| $	$ 4,250,000
Remaining Lease Term at Acquisition	10 years 9 months 18 days
2020 Acquisitions \| Tyngsborough, MA \| American Multi-Cinema
Acquisitions of Income Properties
Property Square-Feet \| ft²	39,474
Purchase price \| $	$ 7,055,000
Remaining Lease Term at Acquisition	10 years 1 month 6 days
2020 Acquisitions \| Tulsa, OK \| Hobby Lobby
Acquisitions of Income Properties
Property Square-Feet \| ft²	84,180
Purchase price \| $	$ 12,486,334
Remaining Lease Term at Acquisition	10 years 9 months 18 days
2020 Acquisitions \| Tulsa, OK \| Long John Silver's
Acquisitions of Income Properties
Property Square-Feet \| ft²	3,000
Purchase price \| $	$ 263,666
2020 Acquisitions \| Orange Park, FL \| Old Time Pottery
Acquisitions of Income Properties
Property Square-Feet \| ft²	84,180
Purchase price \| $	$ 6,311,702
Remaining Lease Term at Acquisition	10 years 4 months 24 days
2020 Acquisitions \| Orange Park, FL \| Freddy's Frozen Custard
Acquisitions of Income Properties
Property Square-Feet \| ft²	3,200
Purchase price \| $	$ 303,298
Remaining Lease Term at Acquisition	6 years 9 months 18 days

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Future Amortization Amount
Sub-total Intangible Lease Assets—Net	$ 28,410,110	$ 22,357,633
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities —Net	(2,901,065)	$ (1,908,193)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2020	2,448,109
2021	3,264,145
2022	3,264,145
2023	3,264,145
2024	3,044,943
2025 and thereafter	10,223,558
Total	$ 25,509,045
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	9 years
Weighted average amortization period of intangible liabilities	9 years
Future Amortization
Future Amortization Amount
Remainder of 2020	$ 2,538,288
2021	3,384,384
2022	3,384,384
2023	3,384,384
2024	3,153,851
2025 and thereafter	10,711,248
Sub-total Intangible Lease Assets—Net	26,556,539
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2020	(90,179)
2021	(120,239)
2022	(120,239)
2023	(120,239)
2024	(108,908)
2025 and thereafter	(487,690)
Sub-total Intangible Lease Liabilities —Net	$ (1,047,494)

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Millions		3 Months Ended
	Nov. 26, 2019	Mar. 31, 2020	Apr. 01, 2020	Feb. 29, 2020
Long-term debt
Current commitment under credit facility, amount		$ 87.0	$ 87.0
Available borrowing capacity			$ 100.0	$ 100.0
Amount outstanding		57.0
Credit Facility
Long-term debt
Maximum borrowing capacity	$ 100.0
Credit facility term	4 years
Extension term	1 year
Additional borrowing capacity	$ 50.0
Current commitment under credit facility, amount		100.0
Available borrowing capacity		30.1
Amount outstanding		$ 57.0
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details)	Mar. 31, 2020 USD ($)
Payments applicable to reduction of principal amounts
Remainder of 2020
2021
2022
2023	57,000,000
2024
2025 and thereafter
Total Long-Term Debt - Face Value	$ 57,000,000

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares		3 Months Ended
	Nov. 26, 2019	Mar. 31, 2020
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)		$ 18.80
Granted (in dollars per share		0.00
Vested (in dollars per share)		0.00
Forfeited (in dollars per share)		0.00
Outstanding (in dollars per share)		$ 18.80
Restricted Shares
Shares
Granted (in shares)	8,000
Restricted Shares \| Non employee
Shares
Outstanding (in shares)		8,000
Granted (in shares)	2,000	0
Vested (in shares)		0
Forfeited (in shares)		0
Outstanding (in shares)		8,000

RELATED PARTY MANAGEMENT COMPANY - General Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 26, 2019	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Value of shares issued	$ 8,000
Share issued	421,053
Percentage Of outstanding common stock	22.30%
Stock split ratio	1
IPO
Related Party Transaction [Line Items]
Share issued	7,500,000
CTO
Related Party Transaction [Line Items]
Value of shares issued	$ 8,000
Percentage Of outstanding common stock	22.30%
Stock split ratio	1
CTO \| Management Agreement
Related Party Transaction [Line Items]
Quarterly base management fee (as a percent)	0.375%
Annual base management fee (as a percent)	1.50%
Cumulative annual hurdle rate (as a percent)	8.00%
Incentive fee	$ 0
Multiplying factor of outperformance amount with weighted average shares (as a percent)	15.00%
Management agreement renewal term	1 year
Voting rights (as a percent)	66.67%
Notice period	30 days
Payment of dividend		$ 649	$ 0
Payment of management fees		$ 163	$ 0

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Thousands	1 Months Ended				2 Months Ended	3 Months Ended
	May 07, 2020 USD ($) property	May 06, 2020 USD ($) $ / shares shares	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Feb. 29, 2020 USD ($)	Mar. 31, 2020 USD ($)	Apr. 01, 2020 USD ($)	Dec. 31, 2019 USD ($)
SUBSEQUENT EVENTS
Acquisition total amount				$ 120,000,000		$ 120,000,000
Drew amount of credit facility				20,000,000		57,000,000
Available credit facility					$ 100,000,000		$ 100,000,000
Cash on hand				22,000,000	2,000,000	22,000,000		$ 12,300,000
Outstanding on credit facility				57,000,000		57,000,000
Total borrowing capacity on the credit facility				87,000,000		87,000,000	87,000,000
Credit facility, additional draw amount				$ 30,000,000		$ 30,000,000	$ 30,000,000
Cash as of December 31, 2019 utilized for both general corporate and working capital purposes, as well as property acquisitions subsequent to December 31, 2019					$ 10,300,000
Interest rate				2.27%		2.27%
Average purchase price of stock \| $ / shares		$ 10.96
Subsequent Event
SUBSEQUENT EVENTS
Number of Income Properties \| property	29
Number of income properties opened \| property	24
Number of properties operating on limited basis \| property	11
Percentage of annualized base rent of 24 properties	78.00%
Percentage of rent relief on annualized rent	38.00%
Percentage of rent relief on annualized rent, reached an agreement on either a deferral arrangement or other accommodation	34.00%
Percentage of rent relief on annualized rent, reached an agreement on either a deferral arrangement or other accommodation, percentage of April's rent	13.00%
Total borrowing capacity on the credit facility	$ 100,000,000
Common stock repurchased \| shares		311
Amount of stock repurchased		$ 3,400,000
Authorised amount of stock		$ 5,000,000
Subsequent Event \| Minimum
SUBSEQUENT EVENTS
Interest rate			1.83%
Subsequent Event \| Maximum
SUBSEQUENT EVENTS
Interest rate			2.43%
Subsequent Event \| Revolving credit facility
SUBSEQUENT EVENTS
Outstanding on credit facility			$ 50,000,000
Subsequent Event \| Revolving credit facility \| LIBOR
SUBSEQUENT EVENTS
Spread fixed rate			0.48%
Subsequent Event \| INTEREST RATE SWAP
SUBSEQUENT EVENTS
Debt instrument term (in years)			5 years

CONSOLIDATED AND BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	7,904,006	7,902,737
Common Stock, shares outstanding	7,904,006	7,902,737
Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0

CONSOLIDATED COMBINED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2020 $ / shares
Common Stock
Cash Dividends (in dollars per share)	$ 0.200

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	3 Months Ended
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	Mar. 31, 2020
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	NOTE 2. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION BASIS OF PRESENTATION For the periods prior to November 26, 2019, the accompanying combined financial statements of Alpine Income Property Trust, Inc. Predecessor (the “Predecessor”) do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control that have been “carved out” from CTO’s consolidated financial statements. Historically, financial statements of the Predecessor have not been prepared as it has not operated separately from CTO. These combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of CTO that are specifically identifiable and generated through, or associated with, an in-place net lease, which have been reflected at CTO’s historical basis. For periods subsequent to November 26, 2019, the accompanying consolidated financial statements represent the consolidated statements of PINE together with our consolidated subsidiaries. As a result of the Company’s acquisitions of the initial portfolio from CTO, the consolidated financial statements subsequent to November 26, 2019 are presented on a new basis of accounting pursuant to Accounting Standards Codification (“ASC”) 805-10, Business Combinations. The accompanying unaudited consolidated and combined financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated and combined financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. The unaudited consolidated and combined financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020. The combined financial statements for the periods prior to November 26, 2019 include an allocation of general and administrative expenses to the Predecessor from CTO. In addition, general and administrative expenses include an allocation of the costs of certain CTO corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses (including stock-based compensation) represent a pro rata allocation of costs from CTO based on the revenues of the Predecessor as a percentage of CTO’s total revenue. The Company believes the allocation methodology for general and administrative expenses is reasonable. However, the allocated general and administrative expense presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a stand-alone public company for future reporting periods. Additionally, most of the Predecessor entities included in CTO’s financial statements did not have separately established bank accounts for the periods presented, and most cash transactions were historically transacted through bank accounts owned by CTO. The combined statements of cash flows for the periods presented were prepared as if operating, investing, and financing transactions had been transacted through separate bank accounts of the Predecessor. The combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. PRINCIPLES OF CONSOLIDATION For periods subsequent to November 26, 2019, the consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. All inter-company balances and transactions have been eliminated in the consolidated financial statements. For periods prior to November 26, 2019, the combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows of the Predecessor.

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2020
EQUITY
EQUITY	NOTE 9. EQUITY PREDECESSOR EQUITY The Predecessor Equity represents net contributions from and distributions to CTO. Most of the entities included in the Predecessor’s financial statements did not have bank accounts for the periods presented and most cash transactions for the Predecessor were transacted through bank accounts owned by CTO and are included in the Predecessor Equity. DIVIDENDS The Company intends to elect to be taxed as a REIT for U.S. federal income tax purposes commencing with its short taxable year beginning on November 26, 2019 and ending on December 31, 2019 upon the filing of our tax return for such taxable year, which will be filed on or before its due date. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. 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. During the three months ended March 31, 2020, the Company declared and paid cash dividends on its common stock and OP Units of $0.20 per share.

SHARE REPURCHASES	3 Months Ended
SHARE REPURCHASES	Mar. 31, 2020
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 11. SHARE REPURCHASES In March 2020, the Company’s Board of Directors approved a $5 million stock repurchase program (the “$5 Million Repurchase Program”). During the three months ended March 31, 2020, the Company repurchased 57,852 shares of its common stock on the open market for a total cost of approximately $592,000, or an average price per share of $10.43. The $5 Million Repurchase Program does not have an expiration date. See Note 15, “Subsequent Events”, for information related to share repurchases made by the Company subsequent to March 31, 2020.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14. COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations. CONTRACTUAL COMMITMENTS - EXPENDITURES The Company is obligated to fund approximately $708,000 to construct a new roof at the 102,019 square-foot property leased to Hilton Grand Vacations. A credit in the amount of approximately $708,000 was received from CTO at the closing of the acquisition of the property on November 26, 2019 and the Company has made payments to date of approximately $379,000, leaving a remaining commitment of approximately $329,000 as of March 31, 2020.

BUSINESS AND ORGANIZATION - Business (Details)	3 Months Ended
BUSINESS AND ORGANIZATION - Business (Details)	Mar. 31, 2020 employee state item property
Description of business
Number of real estate properties	29
Number of markets in which entity operates \| item	19
Number of states in which entity operates \| state	13
Number of properties representing the majority of the annualized base rent	27
Percent of annualized base rent under triple-net leases	85.00%
Entity Number of Employees \| employee	0
Single-tenant
Description of business
Number of real estate properties	29

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) $ in Thousands		3 Months Ended
	Nov. 26, 2019	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real estate depreciation, excluding intangible assets amortization		$ 1,300	$ 773
Allowance for doubtful accounts		$ 0		$ 0
Stock split ratio	1
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains				90.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) shares
Non employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum aggregate compensation and grant fair value of awards \| $	$ 300
Equity Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance	684,494
Awards granted	0

INCOME PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leasing Revenue
Lease Payments	$ 3,812	$ 2,768
Variable Lease Payments	359	191
Total Leasing Revenue	$ 4,171	$ 2,959

INCOME PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2020	$ 11,942
2021	16,046
2022	16,229
2023	16,382
2024	15,899
2025 and thereafter (cumulative)	64,868
Total	$ 141,366

INCOME PROPERTY PORTFOLIO - General Information (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) ft² property	Mar. 31, 2019 property
Acquisitions of Income Properties
Number of real estate properties \| property	29
Area of real estate property \| ft²	1.1
Number of properties sold	0	0
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	9 years
Weighted average amortization period of intangible liabilities	9 years
2020 acquisitions of income property subject to lease
Acquisitions of Income Properties
Number of real estate properties	9
Payments to Acquire Commercial Real Estate	$ 46,800,000
Aggregate acquisition cost including capitalized acquisition costs	47,000,000
Land	11,900,000
Buildings and improvements	29,300,000
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	6,900,000
Intangible liabilities for below market lease value	$ 1,100,000
Amount allocated of total acquisition cost
Weighted average amortization period of intangible liabilities	11 years 2 months 12 days

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 29,517,066	$ 22,648,727
Accumulated Amortization	(1,106,956)	(291,094)
Sub-total Intangible Lease Assets—Net	28,410,110	22,357,633
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(3,000,355)	(1,933,416)
Sub-total Intangible Lease Liabilities	(3,000,355)	(1,933,416)
Accumulated Amortization	99,290	25,223
Sub-total Intangible Lease Liabilities —Net	(2,901,065)	(1,908,193)
Total Intangible Assets and Liabilities—Net	25,509,045	20,449,440
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	18,725,315	14,479,323
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	1,929,258	1,625,325
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 8,862,493	$ 6,544,079

OTHER ASSETS (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
OTHER ASSETS
Tenant Receivables	$ 38,761
Accrued Unbilled Tenant Receivables	235,335
Prepaid Insurance	357,157	$ 498,999
Deposits on Acquisitions	100,000	200,000
Prepaid Expenses, Deposits, and Other	366,521	88,318
Total Other Assets	$ 1,097,774	$ 787,317

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details)	Mar. 31, 2020 USD ($) item $ / shares	Dec. 31, 2019 USD ($) item $ / shares
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 585,045	$ 462,524
Accrued Expenses	918,393	311,342
Dividend Payable	315,755	70,984
Accrual for Tenant Improvement	329,652	626,872
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 2,148,845	$ 1,471,722
Dividend declared and payable (in dollars per share) \| $ / shares	$ 0.200	$ 0.058
Number of OP units due to Consolidated Tomoka Land Co \| item	1,223,854	1,223,854

LONG-TERM DEBT - Components (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Long-term debt
Loan Costs, net of accumulated amortization	$ (532,868)
Long-Term Debt	56,467,132
Long-term debt due within one year
Due Within One Year
Credit Facility
Long-term debt
Long-Term Debt	57,000,000
Long-term debt due within one year
Due Within One Year

LONG-TERM DEBT - Interest Expense (Details) - USD ($)	3 Months Ended
LONG-TERM DEBT - Interest Expense (Details) - USD ($)	Mar. 31, 2020	Mar. 31, 2019
LONG-TERM DEBT
Interest Expense	$ 205,000
Amortization of Loan Costs	44,404
Total Interest Expense	249,000
Total Interest Paid	$ 164,000	$ 0

EQUITY (Details) - $ / shares	3 Months Ended
EQUITY (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Dividends, Common Stock [Abstract]
Minimum taxable income excluding capital gain to be distributed to be taxed as a REIT		90.00%
Minimum taxable income including capital gain to be distributed to be taxed as a REIT		100.00%
Dividends on common stock and OP Units declared	$ 0.200
Dividends on common stock and OP Units paid	$ 0.200

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Available to Common Shareholders:
Net Income	$ 14,632	$ 875,848
Weighted Average Number of Common Shares Outstanding	7,896,757
Common Shares Applicable to Stock
Common Shares Applicable to OP Units using Treasury Stock Method	1,223,854
Total Shares Applicable to Diluted Earnings Per Share	9,120,611

SHARE REPURCHASES (Details) - USD ($)	1 Months Ended	3 Months Ended
SHARE REPURCHASES (Details) - USD ($)	May 06, 2020	Mar. 31, 2020
SHARE REPURCHASES [Line Items]
Stock repurchased amount		$ 592,356
Average price per share of stock repurchased	$ 10.96
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount		$ 5,000,000
Shares repurchased (in shares)		57,852
Stock repurchased amount		$ 592,000
Average price per share of stock repurchased		$ 10.43

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) D shares	Dec. 31, 2019 USD ($) shares	Apr. 01, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense recognized	$ 67	$ 24
Non employee \| Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period for average closing price \| D	20
Expense recognized	$ 54
Shares received \| shares	8,000	8,000	4,098

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - CTO - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Management Fee due to CTO	$ 649	$ 254
Dividend Payable on OP Units	316	71
Other	(13)	56
Total	$ 952	$ 381

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Nov. 26, 2019 USD ($)	Mar. 31, 2020 USD ($) ft²
COMMITMENTS AND CONTINGENCIES
Contractual Fund		$ 708
Amount received from Consolidated Tomoka	$ 708
Area of property leased with obligation to construct new roof \| ft²		102,019
Payments to construct new roof	$ 379
Remaining commitment		$ 329