0001558370-21-001062 | 10-K | XBRL Viewer | Alpine Income Property Trust INC

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Feb. 10, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Central Index Key	0001786117
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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	true
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.01
Entity Public Float			$ 107,384,455
Entity Common Stock, Shares Outstanding		7,462,341
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Real Estate:
Land, at cost	$ 83,210	$ 54,387
Building and Improvements, at cost	142,679	74,070
Total Real Estate, at cost	225,889	128,457
Less, Accumulated Depreciation	(6,550)	(417)
Real Estate—Net	219,339	128,040
Cash and Cash Equivalents	1,894	12,342
Intangible Lease Assets—Net	36,881	22,358
Straight-Line Rent Adjustment	2,045	68
Deferred Expenses		577
Other Assets	1,431	788
Total Assets	261,590	164,173
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,984	1,472
Prepaid Rent and Deferred Revenue	1,055	88
Intangible Lease Liabilities—Net	3,299	1,908
Long-Term Debt	106,159
Total Liabilities	112,497	3,468
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively
Common Stock, $0.01 par value per share, 500 million shares authorized, 7,458,755 shares issued and outstanding as of December 31, 2020 and 7,902,737 shares issued and outstanding as of December 31, 2019	75	79
Additional Paid-in Capital	132,878	137,948
Dividends in Excess of Net Income	(5,713)	(498)
Accumulated Other Comprehensive Loss	(481)
Stockholders' Equity	126,759	137,529
Noncontrolling Interest	22,334	23,176
Total Equity	149,093	160,705
Total Liabilities and Equity	$ 261,590	$ 164,173

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
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
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	7,458,755	7,902,737
Common Stock, shares outstanding	7,458,755	7,902,737

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
Revenues:
Lease Income	$ 1,394	$ 11,837	$ 19,248	$ 11,720
Total Revenues	1,394	11,837	19,248	11,720
Operating Expenses:
Real Estate Expenses	372	1,664	2,316	1,620
General and Administrative Expenses	339	1,683	4,660	1,184
Depreciation and Amortization	687	4,859	9,949	4,901
Total Operating Expenses	1,398	8,206	16,925	7,705
Gain on Disposition of Assets			287
Net Income from Operations	(4)	3,631	2,610	4,015
Interest Expense	41		1,464
Net Income (Loss)	(45)	3,631	1,146	4,015
Less: Net (Income) Loss Attributable to Noncontrolling Interest	6		(161)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 985	$ 4,015
Net Income (loss) Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share)			$ 0.13
Diluted (in dollars per share)			$ 0.11
Weighted Average Number of Common Shares:
Basic (in shares)	7,902,737		7,588,349
Diluted (in shares)	9,126,591		8,812,203
Dividends Declared and Paid (in dollars per share)	$ 0.058		$ 0.82

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 985	$ 4,015
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swap			(481)
Total Other Comprehensive Loss			(481)
Total Comprehensive Income (Loss)	$ (39)	$ 3,631	$ 504	$ 4,015

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Predecessor Equity	Common Stock at Par	Additional Paid-In Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Loss	Stockholders' Equity	Noncontrolling Interest	Total
Balance at Dec. 31, 2017	$ 120,380					$ 120,380		$ 120,380
Increase (decrease) in shareholders' equity
Net Income (Loss)	4,015					4,015		4,015
Stock Compensation Expense from Consolidated-Tomoka Land Co.	232					232		232
Net Transactions with Consolidated-Tomoka Land Co.	(438)					(438)		(438)
Balance at Dec. 31, 2018	124,189					124,189		124,189
Increase (decrease) in shareholders' equity
Net Income (Loss)	3,631					3,631		3,631
Stock Compensation Expense from Consolidated-Tomoka Land Co.	509					509		509
Net Transactions with Consolidated-Tomoka Land Co.	19,447					19,447		19,447
Balance at Nov. 25, 2019	$ 147,776					147,776		147,776
Increase (decrease) in shareholders' equity
Net Income (Loss)				$ (39)		(39)	$ (6)	(45)
Proceeds from Initial Public Offering		$ 75	$ 142,425			142,500		142,500
Proceeds from Private Placement		4	7,497			7,501		7,501
Operating Units Issued, Value							23,253	23,253
Payment of Initial Public Offering Transaction Costs			(11,978)			(11,978)		(11,978)
Payment of Shelf Registration and ATM Transaction Costs								11,978
Stock Issuance to Directors			4			4		4
Cash Dividend				(459)		(459)	(71)	(530)
Balance at Dec. 31, 2019		79	137,948	(498)		137,529	23,176	160,705
Increase (decrease) in shareholders' equity
Net Income (Loss)				985		985	161	1,146
Stock Repurchase		(4)	(5,010)			(5,014)		(5,014)
Payment of Shelf Registration and ATM Transaction Costs			298			298		298
Stock Issuance to Directors			238			238		238
Cash Dividend				(6,200)		(6,200)	(1,003)	(7,203)
Other Comprehensive Income (Loss)					$ (481)	(481)		(481)
Balance at Dec. 31, 2020		$ 75	$ 132,878	$ (5,713)	$ (481)	$ 126,759	$ 22,334	$ 149,093

CONSOLIDATED COMBINED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Common Stock
Cash Dividends (in dollars per share)	$ 0.058	$ 0.82

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
Cash Flow from Operating Activities:
Net Income (Loss)	$ (45)	$ 3,631	$ 1,146	$ 4,015
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	687	4,859	9,949	4,901
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(5)	(234)	(108)	(229)
Amortization of Deferred Loan Costs to Interest Expense	16		188
Amortization of Deferred Expenses to Lease Income		277		302
Gain on Disposition of Assets			(287)
Non-Cash Compensation	4	509	268	232
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(68)	(410)	(1,524)	(451)
COVID-19 Rent Deferrals, Net			(378)
Deferred Expenses				(1)
Other Assets	(787)	(500)	(830)	41
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,472	(243)	2	(3,158)
Prepaid Rent and Deferred Revenue	88	(343)	968	(27)
Net Cash Provided By Operating Activities	1,362	7,546	9,394	5,625
Cash Flow from Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(125,919)	(27,001)	(118,808)	(5,186)
Proceeds from Disposition of Assets			4,933
Net Cash Used In Investing Activities	(125,919)	(27,001)	(113,875)	(5,186)
Cash Flow from Financing Activities:
Draws on Credit Facility			115,500
Payments on Credit Facility			(8,691)
Repurchase of Common Stock			(5,014)
Cash Received from Initial Public Offering	142,500
Cash Received from Private Placement	7,501
Cash Paid for Initial Public Offering, Shelf Registration and ATM Transaction Costs	(11,978)		(298)
Net Transactions with CTO Realty Growth, Inc.		19,447		(438)
Cash Paid for Loan Fees	(594)		(261)
Dividends Paid	(530)		(7,203)
Net Cash Provided By (Used In) Financing Activities	136,899	19,447	94,033	(438)
Net Increase (Decrease) in Cash and Cash Equivalents	12,342	(8)	(10,448)	1
Cash and Cash Equivalents, Beginning of Period		$ 8	12,342	7
Cash and Cash Equivalents, End of Period	$ 12,342		$ 1,894	$ 8

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information
Cash Paid for Interest		$ 1,230
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Unrealized Loss on Cash Flow Hedge		$ 481
Contribution of OP Units in Exchange for Predecessor Income Properties	$ 23,253

BUSINESS AND ORGANIZATION	12 Months Ended
BUSINESS AND ORGANIZATION	Dec. 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 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 48 single-tenant, primarily net leased, retail and office properties located in 34 markets in 18 states. All of the properties in our portfolio are subject to long-term, primarily triple-net leases, which generally require the tenant to pay all of the property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. See Note 17, “Subsequent Events”, for information related to the single-tenant income properties acquired subsequent to December 31, 2020. The Company has no employees and is externally managed by Alpine Income Property Manager, LLC, a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (our “Manager”). CTO Realty Growth, Inc. (NYSE: CTO) is a Maryland corporation that is a publicly traded, diversified real estate operating company and the sole member of our Manager (“CTO”). ORGANIZATION The Company is a Maryland corporation that was formed on August 19, 2019. On November 26, 2019, the Company closed its initial public offering (“IPO”) of shares of its common stock (the “Offering”) as well as a concurrent private placement of shares of common stock to CTO. 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. A total of $125.9 million of proceeds from the Offering were utilized to acquire 15 properties in our initial portfolio from CTO. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 units of the operating partnership (the “OP Units”) for a value of $23.3 million based on the IPO Price. The Company incurred a total of $12.0 million of transaction costs, which included underwriting fees of $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 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 Alpine Income Property OP, LP (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 December 31, 2020, we have a total ownership interest in the Operating Partnership of 85.9%, with CTO holding, directly and indirectly, a 14.1% 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. The Board manages our business and affairs. The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) commencing with its short taxable year beginning on November 26, 2019 and ending on December 31, 2019. 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 is generally not 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. COVID-19 PANDEMIC In March 2020, the World Health Organization 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 continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be 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. See Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” 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 lease modifications associated with tenant rent relief requests due to the COVID-19 Pandemic.

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	12 Months Ended
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	Dec. 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 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 Alpine Income Property Trust, Inc. 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 preparation of these consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America (“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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. 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 Company. 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 significant 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. SEGMENT REPORTING ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company is primarily in the business of acquiring and managing retail real estate which is considered to be one reporting segment. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 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.

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

REAL ESTATE

The Company’s real estate assets are primarily comprised of the income properties in its portfolio, and are 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 year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, the Predecessor period from January 1, 2019 to November 25, 2019, and the Predecessor year ended December 31, 2018, was $6.2 million, $0.4 million, $3.2 million, and $3.2 million, 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

Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, 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. 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. 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 the 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 value of in-place leases and leasing costs are 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.

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 Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

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 December 31, 2020, the Company recorded an allowance for doubtful accounts of $0.1 million. As of December 31, 2019, and 2018, 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 include 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 December 31, 2020 and 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.

DEFERRED EXPENSES

As of December 31, 2020, the Company’s long-term debt includes deferred financing costs associated with the Company’s Credit Facility. 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 and combined statements of operations. As of December 31, 2019, these costs are reflected as deferred expenses on the accompanying consolidated balance sheet as there was no outstanding debt as of December 31, 2019.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Effective April 30, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 9, “Long-Term Debt”), the Company entered into an Interest Rate Swap to fix the interest rate on $50.0 million of the outstanding Credit Facility balance (the “Interest Rate Swap”). The Company accounts for its cash flow hedging derivative in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the Interest Rate Swap’s value at each balance sheet date, the derivative is included in either other assets or accounts payable, accrued expenses, and other liabilities on the consolidated balance sheet at its fair value. On the date the Interest Rate Swap was entered into, the Company designated the derivative as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company formally documented the relationship between the hedging instrument and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transaction. At the Interest Rate Swap’s inception, the Company formally assessed whether the derivative that is used in hedging the transaction is highly effective in offsetting changes in cash flows of the hedged item, and we will continue to do so on an ongoing basis. As the terms of the Interest Rate Swap and the associated debt are identical, the hedging instrument qualifies for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instrument.

Changes in fair value of the hedging instrument that are highly effective and designated and qualified as cash-flow hedge are recorded in other comprehensive income and loss until earnings are affected by the variability in cash flows of the designated hedged item.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses and other liabilities at December 31, 2020 and December 31, 2019, approximate fair value because of the short maturity of these instruments. The carrying value of the Credit Facility approximates current market rates for revolving credit arrangements with similar risks and maturities.

FAIR VALUE MEASUREMENTS

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed by dividing net income attributable to the Company for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share is 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 has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code 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 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.

As of December 31, 2020, the Company has issued restricted shares of common stock pursuant to the Equity Incentive Plan. 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 and combined statements of operations. Award forfeitures are accounted for in the period in which they occur.

CONCENTRATION OF CREDIT RISK

Certain of the tenants in the portfolio of 48 single-tenant properties accounted for more than 10% of total revenues during the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, the Predecessor period from January 1, 2019 to November 25, 2019, and the Predecessor year ended December 31, 2018.

During the year ended December 31, 2020, the properties leased to Wells Fargo Bank and Hilton Grand Vacations represented 19% and 12% of total revenues, respectively. During the period from November 26, 2019 to December 31, 2019 and the Predecessor period from January 1, 2019 to November 25, 2019, the properties leased to Wells Fargo Bank and Hilton Grand Vacations represented 26% and 17% of total revenues, respectively. During the Predecessor year ended December 31, 2018, the properties leased to Wells Fargo Bank and Hilton Grand Vacations represented 31% and 18% of total revenues, respectively.

As of December 31, 2020 and 2019, 13% and 24%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the State of Oregon. As of December 31, 2020 and 2019, 17% and 29%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the State of Florida. Additionally, as of December 31, 2020, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the States of North Carolina and Michigan. As of December 31, 2019, 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 have an adverse impact on the Company’s real estate values.

RECENTLY ISSUED ACCOUNTING STANDARDS

Cessation of LIBOR. In January 2021, the FASB issued ASU 2021-01 which is in response to concerns about structural risks of interbank offered rates (“IBORs”), and, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”), regulators in numerous jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. The amendments in ASU 2021-01 are effective immediately and clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The Company believes it’s Interest Rate Swap (hereinafter defined) meets the scope of Topic 848-10-15-3A and therefore, Company will be able to continue to apply a perfectly effective assessment method by electing the corresponding optional expedient for subsequent assessments.

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. As of and for the year ended December 31, 2020, the Company elected to not apply lease modification accounting with respect to rent deferrals as the concessions were related to COVID-19 and there was not a substantial increase in the lessor’s rights under the lease agreement. Accordingly, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced. The portion of the straight-line adjustment related to COVID-19 concessions has been reflected separately in the Company’s statement of cash flows for the year ended December 31, 2020. With respect to rent abatement agreements, lease modification accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

ASC Topic 842, Leases. In February 2016, the FASB issued 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, Revenue from Contracts with Customers. 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

12 Months Ended

Dec. 31, 2020

INCOME PROPERTY PORTFOLIO

INCOME PROPERTY PORTFOLIO

NOTE 4. INCOME PROPERTY PORTFOLIO

As of December 31, 2020, the Company’s income property portfolio consisted of 48 single-tenant properties with 1.6 million total square feet. See Note 17, “Subsequent Events”, for information related to the single-tenant income properties acquired subsequent to December 31, 2020.

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 lease income are as follows (in thousands):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Lease Income
Lease Payments	$	17,746	$	1,294	$	10,810	$	10,779
Variable Lease Payments		1,502		100		1,027		941
Total Lease Income	$	19,248	$	1,394	$	11,837	$	11,720

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 as of December 31, 2020, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2021	$	20,974
2022		20,675
2023		20,825
2024		20,351
2025		19,824
2026 and thereafter (cumulative)		74,894
Total	$	177,543

See 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 and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for the amount of such rent relief.

2020 Activity. During the year ended December 31, 2020, the Company acquired 29 single-tenant income properties for a purchase price of $116.6 million, or an acquisition cost of $117.7 million including capitalized acquisition costs. The acquisitions made during the year ended December 31, 2020 were accounted for as asset acquisitions. Of the total acquisition cost, $30.3 million was allocated to land, $70.0 million was allocated to buildings and improvements, $19.1 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $1.7 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 10.1 years at acquisition.

The single-tenant net lease income properties acquired during the year ended December 31, 2020 are described below:


Tenant Description	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Remaining Lease Term at Acquisition Date (in years)
7-Eleven	Austin, TX	1/13/2020	6,400	$	5,762	15.0
7-Eleven	Georgetown, TX	1/13/2020	7,726		4,301	15.0
Conn's HomePlus	Hurst, TX	1/10/2020	37,957		6,100	11.6
Lehigh Gas Wholesale Services, Inc.	Highland Heights, KY	2/03/2020	2,578		4,250	10.8
American Multi-Cinema, Inc.	Tyngsborough, MA	2/19/2020	39,474		7,055	10.1
Hobby Lobby	Tulsa, OK	2/28/2020	84,180		12,486	10.8
Long John Silver's	Tulsa, OK	2/28/2020	3,000		264	N/A
Old Time Pottery	Orange Park, FL	2/28/2020	84,180		6,312	10.4
Freddy's Frozen Custard	Orange Park, FL	2/28/2020	3,200		303	6.8
Hobby Lobby	Arden, NC	6/24/2020	55,000		7,987	11.2
Walmart	Howell, MI	6/30/2020	214,172		20,590	6.6
Advanced Auto Parts	Severn, MD	9/14/2020	6,876		2,588	14.5
Dollar General	Heuvelton, NY	9/14/2020	9,342		1,462	12.1
Dollar General	Winthrop, NY	9/14/2020	9,167		1,589	11.0
Dollar General	Salem, NY	9/14/2020	9,199		1,485	13.0
Dollar General	Harrisville, NY	9/14/2020	9,309		1,466	13.3
Dollar General	Newtonsville, OH	9/14/2020	9,290		1,164	9.7
Dollar General	Hammond, NY	9/14/2020	9,219		1,384	12.3
Dollar General	Barker, NY	9/14/2020	9,275		1,439	13.2
Dollar General	Chazy, NY	9/14/2020	9,277		1,673	11.0
Dollar General	Milford, ME	9/21/2020	9,128		1,606	13.1
Dollar General	Limestone, ME	9/21/2020	9,167		1,456	13.1
Dollar General	Bingham, ME	9/21/2020	9,345		1,522	13.1
Dollar General	Willis, TX	9/23/2020	9,138		1,774	14.9
Dollar General	Somerville, TX	9/23/2020	9,252		1,472	14.8
Dollar General	Odessa, TX	9/30/2020	9,127		1,792	14.8
Dollar General	Kermit, TX	11/9/2020	10,920		1,941	14.8
Kohl's	Glendale, AZ	12/11/2020	14,125		11,600	9.1
Walgreens	Tacoma, WA	12/18/2020	87,875		3,810	9.6
	Total / Weighted Average		786,898	$	116,633	10.6

On September 25, 2020, the Company sold its single-tenant income property, classified as held for sale as of June 30, 2020, leased to Outback Steakhouse located in Charlottesville, Virginia, for total disposition volume of $5.1 million, reflecting an exit cap rate of 5.8%. The Company’s gain on the sale was $0.3 million, or $0.03 per diluted share.

Period from November 26, 2019 to December 31, 2019 Activity. On November 26, 2019, the Company closed its initial public offering. The Company used $125.9 million of the net proceeds from the Offering to acquire 15 of the 20 properties in the Company’s initial portfolio from CTO, or the Predecessor. The remaining five properties in the Company’s initial portfolio were contributed by CTO in exchange for 1,223,854 OP Units of the Operating Partnership for a value of $23.3 million based on the public offering price of $19.00 per share. The Company accounted for the 20‑property initial portfolio acquisition as a business combination and recorded the assets and liabilities acquired at their fair value in accordance with the provisions of ASC 805‑10, Business Combinations. No income properties were disposed of during the period from November 26, 2019 to December 31, 2019.

In connection with the accounting of the 20-property initial portfolio acquisition as a business combination, the purchase consideration was calculated as follows:


	November 26, 2019
Total OP Units Issued (number of units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253,230
Total Cash Consideration Paid for Initial Portfolio		125,918,773
Total Purchase Consideration Paid for Initial Portfolio	$	149,172,003

The Company utilized valuations by a third party valuation specialist as the basis for determining the allocation of the determined fair value of the asset group to the individual tangible and intangible assets and liabilities. The fair value of the total purchase consideration was allocated as follows:


	November 26, 2019
Land, at cost	$	54,386,511
Building and Improvements, at cost		74,070,181
Intangible Lease Assets		22,648,727
Intangible Lease Liabilities		(1,933,416)
Estimated Fair Value of Net Assets Acquired	$	149,172,003

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of the Initial Portfolio was completed on January 1, 2018. The unaudited pro forma financial information includes adjustments for (i) depreciation on acquired building and improvements of approximately $4.3 million for the pro forma years ended 2019 and 2018; (ii) amortization of intangible lease assets and intangible lease liabilities recorded at the date of the transactions of approximately $2.7 million for the pro forma years ended 2019 and 2018; and (iii) the elimination of acquisition related costs of approximately $216,000. This information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on January 1, 2018:


	For the Years Ended December 31,
	2019		2018
Unaudited Pro Forma Total Revenues	$	13,963,945	$	14,023,566
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.		759,512		723,274
Unaudited Pro Forma Basic Net Income per Share		0.10		0.09
Unaudited Pro Forma Diluted Net Income per Share		0.08		0.08
Unaudited Pro Forma Funds from Operations		7,825,645		7,789,407
Unaudited Pro Form Adjusted Funds from Operations		7,437,723		7,345,549

Period from January 1, 2019 to November 25, 2019 Predecessor Activity. During the period from January 1, 2019 to November 25, 2019, Predecessor acquired five single-tenant net lease income properties for an aggregate purchase price of $26.8 million, or an aggregate acquisition cost of $27.0 million including capitalized acquisition costs. The acquisitions made during the period from January 1, 2019 to November 25, 2019 were accounted for as asset acquisitions. Of the total acquisition cost, $10.0 million was allocated to land, $13.8 million was allocated to buildings and improvements, $3.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $0.4 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 10.6 years at acquisition.

No income properties were disposed of during the period from January 1, 2019 to November 25, 2019.

2018 Predecessor Activity. During the year ended December 31, 2018, the Predecessor acquired two single-tenant net lease properties, for an aggregate acquisition cost of $5.1 million, including capitalized acquisition costs. The acquisitions made during the year ended December 31, 2018 were accounted for as asset acquisitions. Of the total acquisition cost, $4.7 million was allocated to land, $0.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs and above market lease value, and $0.2 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 18.6 years at acquisition. No income properties were disposed of during the year ended December 31, 2018.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and December 31, 2019 (in thousands):


	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	1,894	$	1,894	$	12,342	$	12,342
Long-Term Debt - Level 2	$	106,159	$	106,159	$	—	$	—

The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets measured on a recurring basis by Level as of December 31, 2020, 2020. There were no assets or liabilities measured on a recurring basis by Level as of December 31, 2019 (in thousands).

Fair Value at Reporting Date Using

Quoted Prices in

Significant

Active Markets

Significant Other

Unobservable

for Identical

Observable Inputs

Inputs

12/31/2020

Assets (Level 1)

(Level 2)

(Level 3)

Interest Rate Swap

(481)

—

(481)

—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 6. 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 December 31, 2020 and 2019 (in thousands):


	As of
	December 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	27,494	$	14,479
Value of Above Market In-Place Leases		2,187		1,626
Value of Intangible Leasing Costs		11,459		6,544
Sub-total Intangible Lease Assets		41,140		22,649
Accumulated Amortization		(4,259)		(291)
Sub-total Intangible Lease Assets—Net		36,881		22,358
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,674)		(1,933)
Sub-total Intangible Lease Liabilities		(3,674)		(1,933)
Accumulated Amortization		375		25
Sub-total Intangible Lease Liabilities—Net		(3,299)		(1,908)
Total Intangible Assets and Liabilities—Net	$	33,582	$	20,450

The balances as of December 31, 2019 represent the Predecessor’s historical allocation of fair value of the 20 properties, representing the initial portfolio, of which values were adjusted based their fair values as determined on November 26, 2019, the acquisition date, in accordance with the provisions of ASC 805‑10, Business Combinations.

The following table reflects the net amortization of intangible assets and liabilities during the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, the Predecessor period from January 1, 2019 to November 25, 2019, and the Predecessor year ended December 31, 2018 (in thousands):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Depreciation and Amortization Expense	$	3,758	$	271	$	1,548	$	1,544
Increase to Income Properties Revenue		(108)		(5)		(234)		(229)
Net Amortization of Intangible Assets and Liabilities	$	3,650	$	266	$	1,314	$	1,315

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


Year Ending December 31,	Future Amortization Expense		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2021	$	4,695	$	(162)	$	4,533
2022		4,695		(162)		4,533
2023		4,694		(162)		4,532
2024		4,467		(151)		4,316
2025		4,224		(150)		4,074
2026 and thereafter		12,175		(581)		11,594
Total	$	34,950	$	(1,368)	$	33,582

As of December 31, 2020, the weighted average amortization period of both the total intangible assets and liabilities was 9.1 years.

OTHER ASSETS

12 Months Ended

Dec. 31, 2020

OTHER ASSETS

OTHER ASSETS

NOTE 7. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Tenant Receivables—Net (1)	$	67	$	—
Accrued Unbilled Tenant Receivables		216		—
Prepaid Insurance		606		499
Deposits on Acquisitions		100		200
Prepaid and Deposits - Other		442		89
Total Other Assets	$	1,431	$	788

⁽¹⁾

As of December 31, 2020, includes $0.1 million allowance for doubtful accounts.

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2020

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

NOTE 8. ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

Accounts payable, accrued expenses and other liabilities consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Accounts Payable	$	450	$	463
Accrued Expenses		474		—
Due to CTO (1)		579		381
Accrual for Tenant Improvement		—		628
Interest Rate Swap		481		—
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	1,984	$	1,472

⁽¹⁾

As of December 31, 2019, includes less than $0.1 million dividends declared and payable of $0.058 per share on the 1,223,854 OP Units due to CTO.

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 9. LONG-TERM DEBT

As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	106,809	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	106,809	1.71%

⁽¹⁾

Effective April 30, 2020, the Company utilized an Interest Rate Swap to achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the 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 $100.0 million and includes an accordion feature that may allow the Operating Partnership to increase the availability under the Credit Facility by an additional $50.0 million, subject to meeting specified requirements and obtaining additional commitments from lenders. 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 base term of four years, with the ability to extend the base term for one year.

On October 16, 2020, the Company executed the second amendment to the Credit Facility (the “Second Amendment”), with the addition of two lenders, Huntington National Bank and Truist Bank. As a result of the Second Amendment, the Credit Facility has a total borrowing capacity of $150.0 million with the ability to increase that capacity up to $200.0 million during the term, utilizing an accordion feature, subject to lender approval.

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 Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity.

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 ratios. In addition, the Operating Partnership is subject to additional financial maintenance covenants as described in the Credit Agreement. On June 30, 2020, the Company and the Operating Partnership entered into the first amendment to the Credit Agreement with the lenders whereby the tangible net worth covenant was adjusted to be more reflective of market terms.

At December 31, 2020, the current commitment level under the Credit Facility was $150.0 million and the Company had an outstanding balance of $106.8 million.

Long-term debt as of December 31, 2020 and December 31, 2019 consisted of the following (in thousands):


	December 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	106,809	$	—	$	—	$	—
Loan Costs, net of accumulated amortization		(650)		—		—		—
Total Long-Term Debt	$	106,159	$	—	$	—	$	—

Payments applicable to reduction of principal amounts as of December 31, 2020 will be required as follows (in thousands):


Year Ending December 31,	Amount
2021	$	—
2022		—
2023		106,809
2024		—
2025		—
2026 and thereafter		—
Total Long-Term Debt - Face Value	$	106,809

As of December 31, 2020, the Company’s long-term debt includes deferred financing costs of $0.9 million, net of accumulated amortization, of $0.2 million. 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 and combined 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 year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, the Predecessor period from January 1, 2019 to November 25, 2019, and the Predecessor year ended December 31, 2018 (in thousands):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Interest Expense	$	1,276	$	25	$	—	$	—
Amortization of Loan Costs		188		16		—		—
Total Interest Expense	$	1,464	$	41	$	—	$	—

Total Interest Paid	$	1,230	$	—	$	—	$	—

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

INTEREST RATE SWAP	12 Months Ended
INTEREST RATE SWAP	Dec. 31, 2020
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 10. INTEREST RATE SWAP During April 2020, the Company entered into an Interest Rate Swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $50.0 million of the outstanding balance on the Credit Facility as discussed in Note 9, “Long-Term Debt.” During the year ended December 31, 2020, the Interest Rate Swap agreement was 100% effective. Accordingly, the change in fair value on the Interest Rate Swap has been included in accumulated other comprehensive loss. As of December 31, 2020, the fair value of our Interest Rate Swap agreement, which was a loss of $0.5 million, was included in accounts payable, accrued expenses, and other liabilities on the consolidated balance sheets. The Interest Rate Swap was effective on April 30, 2020 and matures on November 26, 2024. The Interest Rate Swap fixed the variable rate debt on the notional amount of related debt of $50.0 million to a fixed rate of 0.48% plus the applicable spread.

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2020
EQUITY
EQUITY	NOTE 11. EQUITY SHELF REGISTRATION On December 1, 2020, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on December 11, 2020. ATM PROGRAM On December 14, 2020, the Company implemented a $100.0 million at-the-market (“ATM”) offering program (the “2020 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock at its current trading prices. As of December 31, 2020, the Company had not sold any shares under the 2020 ATM Program. DIVIDENDS The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code commencing with its short taxable year beginning on November 26, 2019 and ending on December 31, 2019. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and 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 Company. 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 year ended December 31, 2020, the Company declared and paid cash dividends on its common stock and OP Units of $0.82 per share. See Note 17, “Subsequent Events” for disclosure related to the first quarter 2021 dividend. PREDECESSOR EQUITY The Predecessor equity represents net contributions from and distributions to CTO.

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 12. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share are computed by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share are determined based on the assumption of the conversion of OP Units on a one-for-one basis using the treasury stock method at average market prices for the periods.

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Net Income Attributable to Alpine Income Property Trust, Inc.	$	985	$	(39)	$	3,631	$	4,015

Weighted Average Number of Common Shares Outstanding		7,588,349		7,902,737		N/A		N/A
Common Shares Applicable to OP Units using Treasury Stock Method (1)		1,223,854		1,223,854		N/A		N/A
Total Shares Applicable to Diluted Earnings per Share		8,812,203		9,126,591		N/A		N/A

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.13	$	—		N/A		N/A
Diluted	$	0.11	$	—		N/A		N/A

⁽¹⁾

Represents OP Units owned by CTO Realty Growth, Inc. issued in connection with our Formation Transactions.

SHARE REPURCHASES	12 Months Ended
SHARE REPURCHASES	Dec. 31, 2020
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 13. SHARE REPURCHASES In March 2020, the Board approved a $5.0 million stock repurchase program (the “$5.0 Million Repurchase Program”). During the first half of 2020, the Company repurchased 456,237 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $11.02 which completed the $5.0 Million Repurchase Program.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 14. 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. As of December 31, 2020, the first increment of this award had vested, leaving 5,336 shares outstanding. 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 $0.2 million. 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 year ended December 31, 2020 and the period from November 26, 2019 to December 31, 2019, the Company recognized stock compensation expense totaling $0.1 million and less than $0.1 million, respectively, which is included in general and administrative expenses in the consolidated statement of operations.

A summary of activity for these awards during the year ended December 31, 2020 and during the period from November 26, 2019 to December 31, 2019, is presented below:


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Outstanding at November 25, 2019	—		—
Granted	8,000	$	18.80
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	8,000	$	18.80
Granted	—		—
Vested	(2,664)	$	18.80
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	5,336	$	18.80

As of December 31, 2020, there was $0.1 million of unrecognized compensation cost related to the three-year vest restricted shares, which will be recognized over a remaining period of 1.9 years.

Each member of the Board 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 year ended December 31, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 14,572 shares, of which 4,098 shares were issued on April 1, 2020, 3,414 shares were issued on July 1, 2020, and 3,474 shares were issued on October 1, 2020 and 3,586 shares were issued on January 1, 2021. During the period from November 26, 2019 to December 31, 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled less than $0.1 million, or 1,269 shares which were issued on January 2, 2020.

Stock compensation expense for the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, the Predecessor period from January 1, 2019 to November 25, 2019, and the Predecessor year ended December 31, 2018 is summarized as follows (in thousands):


	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Stock Compensation Expense – Director Restricted Stock	$	51	$	4	$	—	$	—
Stock Compensation Expense – Director Retainers Paid in Stock		217		—		—		—
Allocation from CTO/Predecessor		—		—		509		232
Total Stock Compensation Expense (1)	$	268	$	4	$	509	$	232

⁽¹⁾

Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the year ended December 31, 2020 is equal to total stock compensation expense of $0.3 million, less the $0.05 million of fourth quarter 2020 director retainers, as those shares were issued on January 1, 2021 plus the fourth quarter 2019 director retainers of $0.02 million, as those shares were issued on January 2, 2020.

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 period from January 1, 2019 to November 25, 2019 and the year ended December 31, 2018, reflected an allocation of a portion of the stock compensation expense of CTO for the applicable periods.

RELATED PARTY MANAGEMENT COMPANY

12 Months Ended

Dec. 31, 2020

RELATED PARTY MANAGEMENT COMPANY

RELATED PARTY MANAGEMENT COMPANY

NOTE 15. 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 $8.0 million in shares of our common stock, or 421,053 shares, in the IPO. Upon completion of the Formation Transactions, CTO owned 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 the Board and in accordance with the investment guidelines approved and monitored by the Board. Our Manager is subject to the direction and oversight of the 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. No incentive fee was due for the year ended December 31, 2020.

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 the 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 year ended December 31, 2020 and the period from November 26, 2019 to December 31, 2019, the Company incurred management fee expenses which totaled $2.6 million and $0.3 million, respectively. The Company also paid dividends on the common stock owned by affiliates of its Manager in the amount of $1.7 million and $0.1 million for the year ended December 31, 2020 and the period from November 26, 2019 to December 31, 2019, respectively. There were no Manager dividends or management fees applicable to the Predecessor period from January 1, 2019 to November 25, 2019 or the Predecessor year ended December 31, 2018.

The following table represents amounts due from the Company to CTO (in thousands):


	As of
Description	December 31, 2020		December 31, 2019
Management Fee due to CTO	$	631	$	254
Dividend Payable on OP Units		—		71
Other		(52)		56
Total (1)	$	579	$	381

⁽¹⁾

Included in Accrued Expenses, see Note 8, “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 the IPO; or is owned by CTO or any of its affiliates after the closing date of the 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 the Board.

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 the 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.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16. 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 Through December 31, 2020, the Company incurred $0.9 million of tenant improvements related to the property leased to 7-Eleven in Georgetown, Texas, of which the tenant reimbursed $0.4 million subsequent to year end pursuant to the lease. As of December 31, 2020, $0.1 million of the total $0.9 million was left to be funded.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through February 16, 2021, the date the consolidated and combined financial statements were issued. COVID-19 Pandemic – 2021 Collections Update The Company has received payments for CBR due in January and February 2021 from tenants representing 100% of the CBR due during such periods. Income Property Acquisitions On January 25, 2021 the Company acquired three single-tenant income properties in three separate transactions for an aggregate purchase price of $4.4 million, reflecting a weighted-average going-in cash cap rate of 6.5%. The three properties are located in Cut and Shoot, Del Rio, and Seguin, Texas and are leased to Dollar General. As of the acquisition date, the properties had a weighted-average remaining lease term of 14.3 years. First Quarter 2021 Dividend The Company declared a first quarter 2021 cash dividend of $0.24 per share, representing a 9.1% increase from the fourth quarter of 2020. The dividend is payable on March 31, 2021 to stockholders of record as of the close of business on March 22, 2021. There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 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 significant 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.

SEGMENT REPORTING

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company is primarily in the business of acquiring and managing retail real estate which is considered to be one reporting segment. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance.

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

DEFERRED EXPENSES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

EARNINGS PER COMMON SHARE

INCOME TAXES

STOCK-BASED COMPENSATION

CONCENTRATION OF CREDIT RISK

RECENTLY ISSUED ACCOUNTING STANDARDS

INCOME PROPERTY PORTFOLIO (Tables)

12 Months Ended

Dec. 31, 2020

INCOME PROPERTY PORTFOLIO

Schedule of components of leasing revenue

The components of lease income are as follows (in thousands):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Lease Income
Lease Payments	$	17,746	$	1,294	$	10,810	$	10,779
Variable Lease Payments		1,502		100		1,027		941
Total Lease Income	$	19,248	$	1,394	$	11,837	$	11,720

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


Year Ending December 31,	Amounts
2021	$	20,974
2022		20,675
2023		20,825
2024		20,351
2025		19,824
2026 and thereafter (cumulative)		74,894
Total	$	177,543

Schedule of single-tenant net lease income properties acquired

The single-tenant net lease income properties acquired during the year ended December 31, 2020 are described below:


Tenant Description	Property Location	Date of Acquisition	Property Square-Feet	Purchase Price ($000's)		Remaining Lease Term at Acquisition Date (in years)
7-Eleven	Austin, TX	1/13/2020	6,400	$	5,762	15.0
7-Eleven	Georgetown, TX	1/13/2020	7,726		4,301	15.0
Conn's HomePlus	Hurst, TX	1/10/2020	37,957		6,100	11.6
Lehigh Gas Wholesale Services, Inc.	Highland Heights, KY	2/03/2020	2,578		4,250	10.8
American Multi-Cinema, Inc.	Tyngsborough, MA	2/19/2020	39,474		7,055	10.1
Hobby Lobby	Tulsa, OK	2/28/2020	84,180		12,486	10.8
Long John Silver's	Tulsa, OK	2/28/2020	3,000		264	N/A
Old Time Pottery	Orange Park, FL	2/28/2020	84,180		6,312	10.4
Freddy's Frozen Custard	Orange Park, FL	2/28/2020	3,200		303	6.8
Hobby Lobby	Arden, NC	6/24/2020	55,000		7,987	11.2
Walmart	Howell, MI	6/30/2020	214,172		20,590	6.6
Advanced Auto Parts	Severn, MD	9/14/2020	6,876		2,588	14.5
Dollar General	Heuvelton, NY	9/14/2020	9,342		1,462	12.1
Dollar General	Winthrop, NY	9/14/2020	9,167		1,589	11.0
Dollar General	Salem, NY	9/14/2020	9,199		1,485	13.0
Dollar General	Harrisville, NY	9/14/2020	9,309		1,466	13.3
Dollar General	Newtonsville, OH	9/14/2020	9,290		1,164	9.7
Dollar General	Hammond, NY	9/14/2020	9,219		1,384	12.3
Dollar General	Barker, NY	9/14/2020	9,275		1,439	13.2
Dollar General	Chazy, NY	9/14/2020	9,277		1,673	11.0
Dollar General	Milford, ME	9/21/2020	9,128		1,606	13.1
Dollar General	Limestone, ME	9/21/2020	9,167		1,456	13.1
Dollar General	Bingham, ME	9/21/2020	9,345		1,522	13.1
Dollar General	Willis, TX	9/23/2020	9,138		1,774	14.9
Dollar General	Somerville, TX	9/23/2020	9,252		1,472	14.8
Dollar General	Odessa, TX	9/30/2020	9,127		1,792	14.8
Dollar General	Kermit, TX	11/9/2020	10,920		1,941	14.8
Kohl's	Glendale, AZ	12/11/2020	14,125		11,600	9.1
Walgreens	Tacoma, WA	12/18/2020	87,875		3,810	9.6
	Total / Weighted Average		786,898	$	116,633	10.6

Schedule of purchase consideration, calculation


	November 26, 2019
Total OP Units Issued (number of units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253,230
Total Cash Consideration Paid for Initial Portfolio		125,918,773
Total Purchase Consideration Paid for Initial Portfolio	$	149,172,003

Schedule of purchase consideration, units issued


	November 26, 2019
Total OP Units Issued (number of units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253,230
Total Cash Consideration Paid for Initial Portfolio		125,918,773
Total Purchase Consideration Paid for Initial Portfolio	$	149,172,003

Schedule of fair value of the total purchase consideration


	November 26, 2019
Land, at cost	$	54,386,511
Building and Improvements, at cost		74,070,181
Intangible Lease Assets		22,648,727
Intangible Lease Liabilities		(1,933,416)
Estimated Fair Value of Net Assets Acquired	$	149,172,003

Schedule of unaudited pro forma consolidated financial information

This information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on January 1, 2018:


	For the Years Ended December 31,
	2019		2018
Unaudited Pro Forma Total Revenues	$	13,963,945	$	14,023,566
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.		759,512		723,274
Unaudited Pro Forma Basic Net Income per Share		0.10		0.09
Unaudited Pro Forma Diluted Net Income per Share		0.08		0.08
Unaudited Pro Forma Funds from Operations		7,825,645		7,789,407
Unaudited Pro Form Adjusted Funds from Operations		7,437,723		7,345,549

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at December 31, 2020 and December 31, 2019 (in thousands):


	December 31, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	1,894	$	1,894	$	12,342	$	12,342
Long-Term Debt - Level 2	$	106,159	$	106,159	$	—	$	—

Schedule of fair value of assets measured on recurring basis by Level

There were no assets or liabilities measured on a recurring basis by Level as of December 31, 2019 (in thousands).

Fair Value at Reporting Date Using

Quoted Prices in

Significant

Active Markets

Significant Other

Unobservable

for Identical

Observable Inputs

Inputs

12/31/2020

Assets (Level 1)

(Level 2)

(Level 3)

Interest Rate Swap

(481)

—

(481)

—

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2020		December 31, 2019
Intangible Lease Assets:
Value of In-Place Leases	$	27,494	$	14,479
Value of Above Market In-Place Leases		2,187		1,626
Value of Intangible Leasing Costs		11,459		6,544
Sub-total Intangible Lease Assets		41,140		22,649
Accumulated Amortization		(4,259)		(291)
Sub-total Intangible Lease Assets—Net		36,881		22,358
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,674)		(1,933)
Sub-total Intangible Lease Liabilities		(3,674)		(1,933)
Accumulated Amortization		375		25
Sub-total Intangible Lease Liabilities—Net		(3,299)		(1,908)
Total Intangible Assets and Liabilities—Net	$	33,582	$	20,450

Schedule of amortization of intangible assets and liabilities



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Depreciation and Amortization Expense	$	3,758	$	271	$	1,548	$	1,544
Increase to Income Properties Revenue		(108)		(5)		(234)		(229)
Net Amortization of Intangible Assets and Liabilities	$	3,650	$	266	$	1,314	$	1,315

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

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


Year Ending December 31,	Future Amortization Expense		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2021	$	4,695	$	(162)	$	4,533
2022		4,695		(162)		4,533
2023		4,694		(162)		4,532
2024		4,467		(151)		4,316
2025		4,224		(150)		4,074
2026 and thereafter		12,175		(581)		11,594
Total	$	34,950	$	(1,368)	$	33,582

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

OTHER ASSETS

Schedule of components of other assets

Other assets consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Tenant Receivables—Net (1)	$	67	$	—
Accrued Unbilled Tenant Receivables		216		—
Prepaid Insurance		606		499
Deposits on Acquisitions		100		200
Prepaid and Deposits - Other		442		89
Total Other Assets	$	1,431	$	788

As of December 31, 2020, includes $0.1 million allowance for doubtful accounts.

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

Schedule of components of accounts payable accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consisted of the following (in thousands):


	As of
	December 31, 2020		December 31, 2019
Accounts Payable	$	450	$	463
Accrued Expenses		474		—
Due to CTO (1)		579		381
Accrual for Tenant Improvement		—		628
Interest Rate Swap		481		—
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	1,984	$	1,472

As of December 31, 2019, includes less than $0.1 million dividends declared and payable of $0.058 per share on the 1,223,854 OP Units due to CTO.

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2020

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 31, 2020, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	106,809	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	106,809	1.71%

Schedule of components of long-term debt

Long-term debt as of December 31, 2020 and December 31, 2019 consisted of the following (in thousands):


	December 31, 2020				December 31, 2019
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	106,809	$	—	$	—	$	—
Loan Costs, net of accumulated amortization		(650)		—		—		—
Total Long-Term Debt	$	106,159	$	—	$	—	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of December 31, 2020 will be required as follows (in thousands):


Year Ending December 31,	Amount
2021	$	—
2022		—
2023		106,809
2024		—
2025		—
2026 and thereafter		—
Total Long-Term Debt - Face Value	$	106,809

Schedule of interest expense on debt



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Interest Expense	$	1,276	$	25	$	—	$	—
Amortization of Loan Costs		188		16		—		—
Total Interest Expense	$	1,464	$	41	$	—	$	—

Total Interest Paid	$	1,230	$	—	$	—	$	—

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share

The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data):



	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Net Income Attributable to Alpine Income Property Trust, Inc.	$	985	$	(39)	$	3,631	$	4,015

Weighted Average Number of Common Shares Outstanding		7,588,349		7,902,737		N/A		N/A
Common Shares Applicable to OP Units using Treasury Stock Method (1)		1,223,854		1,223,854		N/A		N/A
Total Shares Applicable to Diluted Earnings per Share		8,812,203		9,126,591		N/A		N/A

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.13	$	—		N/A		N/A
Diluted	$	0.11	$	—		N/A		N/A

⁽¹⁾

Represents OP Units owned by CTO Realty Growth, Inc. issued in connection with our Formation Transactions.

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Outstanding at November 25, 2019	—		—
Granted	8,000	$	18.80
Vested	—		—
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2019	8,000	$	18.80
Granted	—		—
Vested	(2,664)	$	18.80
Expired	—		—
Forfeited	—		—
Outstanding at December 31, 2020	5,336	$	18.80

Summary of activity for stock option awards


	For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019		For the Year Ended December 31, 2018
	The Company				Predecessor
Stock Compensation Expense – Director Restricted Stock	$	51	$	4	$	—	$	—
Stock Compensation Expense – Director Retainers Paid in Stock		217		—		—		—
Allocation from CTO/Predecessor		—		—		509		232
Total Stock Compensation Expense (1)	$	268	$	4	$	509	$	232

RELATED PARTY MANAGEMENT COMPANY (Tables)

12 Months Ended

Dec. 31, 2020

RELATED PARTY MANAGEMENT COMPANY

Schedule of amount due to parent company

The following table represents amounts due from the Company to CTO (in thousands):


	As of
Description	December 31, 2020		December 31, 2019
Management Fee due to CTO	$	631	$	254
Dividend Payable on OP Units		—		71
Other		(52)		56
Total (1)	$	579	$	381

Included in Accrued Expenses, see Note 8, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

BUSINESS AND ORGANIZATION - Business (Details)	Dec. 31, 2020 employee state item property
Description of business
Number of real estate properties	48
Number of markets in which entity operates \| item	34
Number of states in which entity operates \| state	18
Entity Number of Employees \| employee	0
Single-tenant
Description of business
Number of real estate properties	48

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 26, 2019 USD ($) property $ / shares shares	Dec. 31, 2019 USD ($)	Dec. 31, 2020
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock	$ 142,500
Share issued \| shares	421,053
Cash investment	$ 15,500
Cash Received from Private Placement	$ 125,900	$ 7,501
OP units exchanged \| shares	1,223,854
Value of OP units converted	$ 23,300
Net Transactions with Consolidated-Tomoka Land Co.	12,000
Underwriting fees	$ 9,400
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	$ 142,500
Share issued \| shares	7,500,000
Private Placement
Class of Stock [Line Items]
Share issued \| shares	394,737
Stock Issuance to Directors	$ 7,500
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			85.90%
CTO
Class of Stock [Line Items]
Stock Issuance to Directors	$ 8,000
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			14.10%

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details) - segment		12 Months Ended
	Nov. 26, 2019	Dec. 31, 2020
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
Financial Designation, Predecessor and Successor	Predecessor
Number of reportable segments		1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) $ in Thousands		1 Months Ended	11 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019 USD ($)	Nov. 25, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real estate depreciation, excluding intangible assets amortization		$ 400	$ 3,200	$ 6,200		$ 3,200
Allowance for doubtful accounts		$ 0		$ 100	$ 0	$ 0
Debt outstanding					$ 0
Stock split ratio	1
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains		90.00%			90.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2020	Apr. 30, 2020
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares	8,000
Granted (in shares)	8,000
Credit Facility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate swap				$ 50.0
Non employee \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of restricted shares	2,000	8,000	0
Aggregate grant date fair value	$ 0.2
Granted (in shares)	2,000	8,000	0
Vesting period			3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - property		1 Months Ended			9 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2019	Nov. 25, 2019	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Product Information [Line Items]
Number of real estate properties						48
Real estate property at Oregon
Product Information [Line Items]
Real estate portfolio (as a percent)						13.00%	24.00%
Real estate property at Florida
Product Information [Line Items]
Real estate portfolio (as a percent)						17.00%	29.00%
Single-tenant
Product Information [Line Items]
Number of real estate properties						48
Hilton Grand Vacations \| Consolidated revenues
Product Information [Line Items]
Concentration risk ( as a percent)	17.00%	17.00%	17.00%	17.00%	17.00%	12.00%		18.00%
Wells Fargo Bank, NA \| Consolidated revenues
Product Information [Line Items]
Concentration risk ( as a percent)	26.00%	26.00%	26.00%	26.00%	26.00%	19.00%		31.00%
Minimum \| Real estate property located at Georgia And North Carolina
Product Information [Line Items]
Real estate portfolio (as a percent)							10.00%
Minimum \| Real estate property located At North Carolina And Michigan [Member]
Product Information [Line Items]
Real estate portfolio (as a percent)						10.00%
Revenue risk \| Minimum \| Consolidated revenues
Product Information [Line Items]
Concentration risk ( as a percent)	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%		10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - General Information (Details) - Accounting Standards Update 2016-02	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2019

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards - Practical Expedients (Details)	12 Months Ended
	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Lessor Single Lease Component	true

INCOME PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Dec. 31, 2020 ft² property
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property	48
Area of real estate property \| ft²	1.6

INCOME PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
Lease Income
Lease Payments	$ 1,294	$ 10,810	$ 17,746	$ 10,779
Variable Lease Payments	100	1,027	1,502	941
Total Lease Income	$ 1,394	$ 11,837	$ 19,248	$ 11,720

INCOME PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Minimum future base rental revenue on non-cancelable leases
2021	$ 20,974
2022	20,675
2023	20,825
2024	20,351
2025	19,824
2026 and thereafter (cumulative)	74,894
Total	$ 177,543

INCOME PROPERTY PORTFOLIO - Properties Acquired - General Information (Details) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 25, 2019 USD ($) property	Dec. 31, 2020 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2019 USD ($)
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property		48
Acquired intangible liabilities for the below market lease		$ 3,299		$ 1,908
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property		29
Purchase price		$ 116,633
Acquired properties, cost		117,700
Initial cost of land		30,300
Initial cost of building and improvements		70,000
Acquired in-place lease value, leasing fees, and above market lease value		19,100
Acquired intangible liabilities for the below market lease		$ 1,700
Weighted average amortization period of intangible liabilities		10 years 1 month 6 days
Single-tenant Net Lease Income Properties Acquired in 2019
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property	5
Purchase price	$ 26,800
Acquired properties, cost	27,000
Initial cost of land	10,000
Initial cost of building and improvements	13,800
Acquired in-place lease value, leasing fees, and above market lease value	3,600
Acquired intangible liabilities for the below market lease	$ 400
Weighted average amortization period of intangible liabilities	10 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2018
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property			2
Acquired properties, cost			$ 5,100
Initial cost of land			4,700
Acquired in-place lease value, leasing fees, and above market lease value			600
Acquired intangible liabilities for the below market lease			$ 200
Weighted average amortization period of intangible liabilities			18 years 7 months 6 days

INCOME PROPERTY PORTFOLIO - Properties Acquired - Tabular Disclosure (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) ft²
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Property square-feet \| ft²	786,898
Purchase price \| $	$ 116,633
Single-tenant Net Lease Income Properties Acquired in 2020 \| Weighted Average
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition	10 years 7 months 6 days
Single-tenant Net Lease Income Property, 7-Eleven, Austin, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 13, 2020
Property square-feet \| ft²	6,400
Purchase price \| $	$ 5,762
Remaining lease term at acquisition	15 years
Single-tenant Net Lease Income Property, 7-Eleven, Georgetown, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 13, 2020
Property square-feet \| ft²	7,726
Purchase price \| $	$ 4,301
Remaining lease term at acquisition	15 years
Single-tenant Net Lease Income Property, Conn's HomePlus, Hurst, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 10, 2020
Property square-feet \| ft²	37,957
Purchase price \| $	$ 6,100
Remaining lease term at acquisition	11 years 7 months 6 days
Single-tenant Net Lease Income Property, Lehigh Gas Wholesale Services, Inc, Highland Heights, Kentucky
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 03, 2020
Property square-feet \| ft²	2,578
Purchase price \| $	$ 4,250
Remaining lease term at acquisition	10 years 9 months 18 days
Single-tenant Net Lease Income Property, American Multi-Cinema, Inc, Tyngsborough, Massachusetts
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 19, 2020
Property square-feet \| ft²	39,474
Purchase price \| $	$ 7,055
Remaining lease term at acquisition	10 years 1 month 6 days
Single-tenant Net Lease Income Property, Hobby Lobby, Tulsa, Oklahoma
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 28, 2020
Property square-feet \| ft²	84,180
Purchase price \| $	$ 12,486
Remaining lease term at acquisition	10 years 9 months 18 days
Single-tenant Net Lease Income Property, Long John Silver's, Tulsa, Oklahoma
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 28, 2020
Property square-feet \| ft²	3,000
Purchase price \| $	$ 264
Single-tenant Net Lease Income Property, Old Time Pottery, Orange Park, Florida
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 28, 2020
Property square-feet \| ft²	84,180
Purchase price \| $	$ 6,312
Remaining lease term at acquisition	10 years 4 months 24 days
Single-tenant Net Lease Income Property, Freddy's Frozen Custard, Orange Park, Florida
INCOME PROPERTY PORTFOLIO
Date of acquisition	Feb. 28, 2020
Property square-feet \| ft²	3,200
Purchase price \| $	$ 303
Remaining lease term at acquisition	6 years 9 months 18 days
Single-tenant Net Lease Income Property, Hobby Lobby, Arden, North Carolina
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jun. 24, 2020
Property square-feet \| ft²	55,000
Purchase price \| $	$ 7,987
Remaining lease term at acquisition	11 years 2 months 12 days
Single-tenant Net Lease Income Property, Walmart, Howell, Michigan
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jun. 30, 2020
Property square-feet \| ft²	214,172
Purchase price \| $	$ 20,590
Remaining lease term at acquisition	6 years 7 months 6 days
Single-tenant Net Lease Income Property, Advanced Auto Parts, Severn, Maryland
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	6,876
Purchase price \| $	$ 2,588
Remaining lease term at acquisition	14 years 6 months
Single-tenant Net Lease Income Property, Dollar General, Heuvelton, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,342
Purchase price \| $	$ 1,462
Remaining lease term at acquisition	12 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Winthrop, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,167
Purchase price \| $	$ 1,589
Remaining lease term at acquisition	11 years
Single-tenant Net Lease Income Property, Dollar General, Salem, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,199
Purchase price \| $	$ 1,485
Remaining lease term at acquisition	13 years
Single-tenant Net Lease Income Property, Dollar General, Harrisville, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,309
Purchase price \| $	$ 1,466
Remaining lease term at acquisition	13 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Newtonsville, Ohio
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,290
Purchase price \| $	$ 1,164
Remaining lease term at acquisition	9 years 8 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Hammond, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,219
Purchase price \| $	$ 1,384
Remaining lease term at acquisition	12 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Barker, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,275
Purchase price \| $	$ 1,439
Remaining lease term at acquisition	13 years 2 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Chazy, New York
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 14, 2020
Property square-feet \| ft²	9,277
Purchase price \| $	$ 1,673
Remaining lease term at acquisition	11 years
Single-tenant Net Lease Income Property, Dollar General, Milford, Maine
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 21, 2020
Property square-feet \| ft²	9,128
Purchase price \| $	$ 1,606
Remaining lease term at acquisition	13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Limestone, Maine
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 21, 2020
Property square-feet \| ft²	9,167
Purchase price \| $	$ 1,456
Remaining lease term at acquisition	13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Bingham, Maine
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 21, 2020
Property square-feet \| ft²	9,345
Purchase price \| $	$ 1,522
Remaining lease term at acquisition	13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Willis, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 23, 2020
Property square-feet \| ft²	9,138
Purchase price \| $	$ 1,774
Remaining lease term at acquisition	14 years 10 months 24 days
Single-tenant Net Lease Income Property, Dollar General, Somerville, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 23, 2020
Property square-feet \| ft²	9,252
Purchase price \| $	$ 1,472
Remaining lease term at acquisition	14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Odessa, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Sep. 30, 2020
Property square-feet \| ft²	9,127
Purchase price \| $	$ 1,792
Remaining lease term at acquisition	14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Kermit, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition	Nov. 09, 2020
Property square-feet \| ft²	10,920
Purchase price \| $	$ 1,941
Remaining lease term at acquisition	14 years 9 months 18 days
Single-tenant Net Lease Income Property, Kohl’s, Glendale, Arizona
INCOME PROPERTY PORTFOLIO
Date of acquisition	Dec. 11, 2020
Property square-feet \| ft²	14,125
Purchase price \| $	$ 11,600
Remaining lease term at acquisition	9 years 1 month 6 days
Single-tenant Net Lease Income Property, Walgreens, Tacoma, Washington
INCOME PROPERTY PORTFOLIO
Date of acquisition	Dec. 18, 2020
Property square-feet \| ft²	87,875
Purchase price \| $	$ 3,810
Remaining lease term at acquisition	9 years 7 months 6 days

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - General Information (Details)	Nov. 26, 2019 USD ($) property $ / shares shares	Dec. 31, 2020 property
Consideration transferred
Number of real estate properties \| property		48
Predecessor properties
Date of acquisition
Effective date of acquisition	Nov. 26, 2019
Consideration transferred
Cash consideration paid for initial portfolio \| $	$ 125,918,773
OP Unit consideration paid for initial portfolio \| $	$ 23,253,230
Number of real estate properties \| property	20
OP Units issued (in shares) \| shares	1,223,854
Public offering price per share (in dollars per share) \| $ / shares	$ 19.00
Predecessor properties, acquired
Consideration transferred
Cash consideration paid for initial portfolio \| $	$ 125,900,000
Number of real estate properties \| property	15
Predecessor properties, contributed
Consideration transferred
OP Unit consideration paid for initial portfolio \| $	$ 23,300,000
Number of real estate properties \| property	5
OP Units issued (in shares) \| shares	1,223,854
Public offering price per share (in dollars per share) \| $ / shares	$ 19.00

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Units Issued (Details) - Predecessor properties	Nov. 26, 2019 USD ($) $ / shares shares
Purchase consideration
Total OP Units Issued (number of units) (in shares) \| shares	1,223,854
Company's IPO Price per Share (in dollars per share) \| $ / shares	$ 19.00
Total OP Unit Consideration Paid for Initial Portfolio \| $	$ 23,253,230

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Consideration (Details) - Predecessor properties	Nov. 26, 2019 USD ($)
Consideration transferred
Total OP Unit Consideration Paid for Initial Portfolio	$ 23,253,230
Total Cash Consideration Paid for Initial Portfolio	125,918,773
Total Purchase Consideration Paid for Initial Portfolio	$ 149,172,003

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Estimated Fair Value of Net Assets Acquired (Details) - Predecessor properties	Nov. 26, 2019 USD ($)
Land, and Buildings and Improvements, at cost
Land, at cost	$ 54,386,511
Buildings and Improvements, at cost	74,070,181
Intangible Lease Assets
Intangible Lease Assets	22,648,727
Intangible Lease Liabilities
Intangible Lease Liabilities	(1,933,416)
Estimated Fair Value of Net Assets Acquired	$ 149,172,003

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - General Information (Details) - Predecessor properties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unaudited Pro Forma Information
Pro Forma Depreciation	$ 4,300	$ 4,300
Pro Forma Amortization of Intangible Lease Assets and Lease Liabilities	2,700	2,700
Pro Forma Elimination of Acquisition Related Costs	$ 216	$ 216

INCOME PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - Tabular Disclosure (Details) - Predecessor properties - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unaudited Pro Forma Information
Unaudited Pro Forma Total Revenues	$ 13,963,945	$ 14,023,566
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.	$ 759,512	$ 723,274
Unaudited Pro Forma Basic Net Income per Share (in dollars per share)	$ 0.10	$ 0.09
Unaudited Pro Forma Diluted Net Income per Share (in dollars per share)	$ 0.08	$ 0.08
Unaudited Pro Forma Funds from Operations	$ 7,825,645	$ 7,789,407
Unaudited Pro Form Adjusted Funds from Operations	$ 7,437,723	$ 7,345,549

INCOME PROPERTY PORTFOLIO - Properties Sold (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Sep. 25, 2020 USD ($) property $ / shares	Dec. 31, 2020 USD ($)	Dec. 31, 2019 property	Nov. 25, 2019 property	Dec. 31, 2018 property
Income Properties Sold
Gain on sale of assets		$ 287
Number of properties sold \| property	1		0	0	0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single-tenant Net Lease Income Property, Outback Steakhouse, Charlottesville, Virginia
Income Properties Sold
Sales price	$ 5,100
Percentage leased (as a percent)	5.80%
Gain on sale of assets	$ 300
Gain on sale of assets per diluted share \| $ / shares	$ 0.03

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 1,894	$ 12,342
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	106,159
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	1,894	$ 12,342
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	$ 106,159

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - Recurring basis - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ (481)	$ 0
Derivatives liabilities		$ 0
Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ (481)

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) $ in Thousands	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Nov. 26, 2019 property
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 41,140	$ 22,649
Accumulated Amortization	(4,259)	(291)
Sub-total Intangible Lease Assets—Net	36,881	22,358
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(3,674)	(1,933)
Sub-total Intangible Lease Liabilities	(3,674)	(1,933)
Accumulated Amortization	375	25
Sub-total Intangible Lease Liabilities —Net	(3,299)	(1,908)
Total Intangible Assets and Liabilities—Net	$ 33,582	20,450
INCOME PROPERTY PORTFOLIO
Number of Real Estate Properties \| property	48
Predecessor properties
INCOME PROPERTY PORTFOLIO
Number of Real Estate Properties \| property			20
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 27,494	14,479
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,187	1,626
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 11,459	$ 6,544

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
INTANGIBLE ASSETS AND LIABILITIES
Depreciation and Amortization Expense	$ 271	$ 1,548	$ 3,758	$ 1,544
Increase to Income Properties Revenue	(5)	(234)	(108)	(229)
Net Amortization of Intangible Assets and Liabilities	$ 266	$ 1,314	$ 3,650	$ 1,315

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Future Amortization Amount
Sub-total Intangible Lease Assets—Net	$ 36,881	$ 22,358
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities —Net	(3,299)	$ (1,908)
Net Future Amortization of Intangible Assets and Liabilities
2021	4,533
2022	4,533
2023	4,532
2024	4,316
2025	4,074
2026 and thereafter	11,594
Total	$ 33,582
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	9 years 1 month 6 days
Future Amortization
Future Amortization Amount
2021	$ 4,695
2022	4,695
2023	4,694
2024	4,467
2025	4,224
2026 and thereafter	12,175
Sub-total Intangible Lease Assets—Net	34,950
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2021	(162)
2022	(162)
2023	(162)
2024	(151)
2025	(150)
2026 and thereafter	(581)
Sub-total Intangible Lease Liabilities —Net	$ (1,368)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
OTHER ASSETS
Tenant Receivables	$ 67
Accrued Unbilled Tenant Receivables	216
Prepaid Insurance	606	$ 499
Deposits on Acquisitions	100	200
Prepaid and Deposits - Other	442	89
Total Other Assets	1,431	788
Allowance for doubtful accounts	$ 100	$ 0	$ 0

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) item $ / shares
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 450	$ 463
Accrued Expenses	474
Due to CTO	579	381
Dividend Payable		100
Accrual for Tenant Improvement		628
Interest Rate Swap	481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 1,984	1,472
Dividends declared and payable		$ 100
Dividend declared and payable (in dollars per share) \| $ / shares		$ 0.058
Number of OP units due to Consolidated Tomoka Land Co \| item		1,223,854

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2020
Long-term debt
Total Debt		$ 106,809
Stated Interest Rate (as a percent)		1.71%
LIBOR \| Interest Rate Swap
Long-term debt
Margin added to variable rate basis (as a percent)	0.48%
Stated Interest Rate (as a percent)	0.48%
Credit Facility
Long-term debt
Total Debt		$ 106,809
Interest rate swap	$ 50,000
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 - Credit Facility (Details) $ in Thousands			12 Months Ended
LONG-TERM DEBT - Credit Facility (Details) $ in Thousands	Oct. 16, 2020 USD ($) Lender	Nov. 26, 2019 USD ($)	Dec. 31, 2020 USD ($)
Long-term debt
Amount outstanding			$ 150,000
Long-term Debt.			106,159
Credit Facility
Long-term debt
Maximum borrowing capacity	$ 150,000	$ 100,000
Credit facility term		4 years
Extension term		1 year
Additional borrowing capacity		$ 50,000
Number Of Lenders \| Lender	2
Maximum borrowing capacity including accordion feature	$ 200,000
Long-term Debt.			$ 106,809
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Marginal rate of fee on unused credit limit			0.15%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Marginal rate of fee on unused credit limit			0.25%

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Apr. 30, 2020
Long-term debt
Loan Costs, net of accumulated amortization	$ (650)
Long-Term Debt	106,159
Credit Facility
Long-term debt
Gross Long-term debt		$ 50,000
Long-Term Debt	$ 106,809

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Payments applicable to reduction of principal amounts
2023	$ 106,809
Total Long-Term Debt - Face Value	$ 106,809

LONG-TERM DEBT - Debt and financing costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
LONG-TERM DEBT
Long term debt, deferred financing costs		$ 0.9
Net of accumulated amortization		$ 0.2
Debt outstanding	$ 0.0

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
LONG-TERM DEBT
Interest Expense	$ 25	$ 1,276
Amortization of Loan Costs	16	188
Total Interest Expense	$ 41	1,464
Total Interest Paid		$ 1,230

INTEREST RATE SWAP (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
INTEREST RATE SWAP (Details) - USD ($) $ in Millions	Apr. 30, 2020	Dec. 31, 2020
INTEREST RATE SWAP
Outstanding on credit facility		$ 150.0
Interest Rate Swap
INTEREST RATE SWAP
Loss of interest rate swap		$ 0.5
Credit Facility
INTEREST RATE SWAP
Interest rate swap	$ 50.0
Notional amount	50.0
Revolving credit facility
INTEREST RATE SWAP
Outstanding on credit facility	$ 50.0
Revolving credit facility \| Interest Rate Swap
INTEREST RATE SWAP
Effective percentage of interest rate swaps percentage		100.00%
LIBOR \| Interest Rate Swap
INTEREST RATE SWAP
Spread fixed rate	0.48%

EQUITY - Shelf Registration (Details) - USD ($) $ in Millions	Dec. 14, 2020	Dec. 01, 2020	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Number of shares sold			7,458,755	7,902,737
ATM Program
Class of Stock [Line Items]
Aggregate offer price	$ 100.0
Number of shares sold	0
Maximum
Class of Stock [Line Items]
Aggregate offer price		$ 350.0

EQUITY - Additional Information (Details) - $ / shares	1 Months Ended	12 Months Ended
EQUITY - Additional Information (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2020
Dividends
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	$ 0.058	$ 0.82
Dividends on common stock and OP Units paid	$ 0.058	$ 0.82

COMMON STOCK AND EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 985	$ 4,015
Net Income Attributable to Alpine Income Property Trust, Inc. - Basic	(39)	3,631	985	4,015
Net Income Attributable to Alpine Income Property Trust, Inc. - Diluted	$ (39)	$ 3,631	$ 985	$ 4,015
Weighted Average Number of Common Shares Outstanding (in shares)	7,902,737		7,588,349
Common Shares Applicable to Stock
Common Shares Applicable to OP Units using Treasury Stock Method (in shares)	1,223,854		1,223,854
Total Shares Applicable to Diluted Earnings Per Share (in shares)	9,126,591		8,812,203
Net Income (loss) Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share)			$ 0.13
Diluted (in dollars per share)			$ 0.11

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2020
SHARE REPURCHASES [Line Items]
Stock repurchased amount		$ 5,014
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount	$ 5,000		$ 5,000
Shares repurchased (in shares)	456,237
Stock repurchased amount	$ 5,000
Average price per share of stock repurchased	$ 11.02

STOCK-BASED COMPENSATION - IPO (Details) - Restricted shares - USD ($) $ in Millions			1 Months Ended	12 Months Ended
	Dec. 31, 2020	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		8,000
Non employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,000	8,000	0
Vested (in shares)	5,336		0	2,664
Aggregate grant date fair value		$ 0.2
Vesting period				3 years

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
STOCK-BASED COMPENSATION
Stock compensation expense	$ 4	$ 509	$ 268	$ 232
General and Administrative Expense [Member]
STOCK-BASED COMPENSATION
Stock compensation expense	$ 100		$ 100

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares			1 Months Ended	12 Months Ended
	Dec. 31, 2020	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2020
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)		$ 0.00	$ 0.00	$ 18.80
Granted (in dollars per share)			18.80	0.00
Vested (in dollars per share)			0.00	18.80
Expired (in dollars per share)			0.00	0.00
Forfeited (in dollars per share)			0.00	0.00
Outstanding (in dollars per share)	$ 18.80		$ 18.80	$ 18.80
Restricted shares
Shares
Granted (in shares)		8,000
Restricted shares \| Non employee
Shares
Outstanding (in shares)		0	0	8,000
Granted (in shares)		2,000	8,000	0
Vested (in shares)	(5,336)		0	(2,664)
Expired (in shares)			0	0
Forfeited (in shares)			0	0
Outstanding (in shares)	5,336		8,000	5,336

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) - Non employee - Restricted shares $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1
Vesting period	3 years
Compensation cost to be recognized over a remaining period	1 year 10 months 24 days

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands						1 Months Ended	12 Months Ended
	Jan. 01, 2021 shares	Oct. 01, 2020 shares	Jul. 01, 2020 shares	Apr. 01, 2020 shares	Jan. 02, 2020 shares	Dec. 31, 2019 USD ($)	Dec. 31, 2020 USD ($) D shares
STOCK-BASED COMPENSATION
Stock Issuance to Directors						$ 4	$ 238
Non employee
STOCK-BASED COMPENSATION
Stock Issuance to Directors						$ 100
Non employee \| Restricted shares
STOCK-BASED COMPENSATION
Period for average closing price \| D							20
Stock Issuance to Directors							$ 200
Shares issued (in shares) \| shares	3,586	3,474	3,414	4,098	1,269		14,572

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2020	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4			$ 509	$ 268	$ 232
CTO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense				$ 509		$ 232
Director Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4				51
Director Retainers Paid in Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 50	$ 20		$ 217

RELATED PARTY MANAGEMENT COMPANY - General Information (Details) - USD ($)		1 Months Ended			9 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019	Nov. 25, 2019	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2018
Related Party Transaction [Line Items]
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]
Stock Issuance to Directors	$ 8,000,000
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	$ 0.00
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 management fees		$ 300,000				$ 2,600,000
Payment of dividend		$ 100,000				$ 1,700,000
Payment of managers dividend and management fee			$ 0	$ 0	$ 0		$ 0

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
RELATED PARTY MANAGEMENT COMPANY
Management Fee due to CTO	$ 631	$ 254
Dividend Payable on OP Units		71
Other	(52)	56
Total	$ 579	$ 381

COMMITMENTS AND CONTINGENCIES (Details) - Georgetown, Texas $ in Millions		12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Commitments
Funding for tenant improvements	$ 0.9	$ 0.9
Expected tenant improvement expenses	0.1	0.1
Refund of tenant improvements	$ 0.4	$ 0.4

SUBSEQUENT EVENTS - COVID-19 Pandemic (Details)	Feb. 19, 2021	Jan. 01, 2021
Subsequent Event
Subsequent Event [Line Items]
Percentage of contractual base rent received (as a percent)	100.00%	100.00%

SUBSEQUENT EVENTS - Income Property Acquisitions (Details) $ in Millions	Jan. 25, 2021 USD ($) property	Dec. 31, 2020 property
SUBSEQUENT EVENTS
Number of real estate properties		48
Subsequent Event \| Single-tenant Net Lease Income Properties, Dollar General, Cut and Shoot, Texas, Del Rio, Texas, and Seguin, Texas
SUBSEQUENT EVENTS
Date of acquisition	Jan. 25, 2021
Number of real estate properties	3
Purchase price \| $	$ 4.4
Weighted-average going-in cash cap rate (as a percent)	6.50%
Subsequent Event \| Single-tenant Net Lease Income Properties, Dollar General, Cut and Shoot, Texas, Del Rio, Texas, and Seguin, Texas \| Weighted Average
SUBSEQUENT EVENTS
Remaining lease term at acquisition	14 years 3 months 18 days

SUBSEQUENT EVENTS - Dividend (Details) - $ / shares	3 Months Ended
SUBSEQUENT EVENTS - Dividend (Details) - $ / shares	Mar. 31, 2021	Dec. 31, 2019
SUBSEQUENT EVENTS
Dividend declared and payable (in dollars per share)		$ 0.058
Subsequent Event
SUBSEQUENT EVENTS
Dividend declared and payable (in dollars per share)	$ 0.24
Percentage of increase in cash dividend	9.10%
Dividend payable, date payable	Mar. 31, 2021
Dividend payable, record date	Mar. 22, 2021