0001558370-21-004629 | 10-Q | XBRL Viewer | Alpine Income Property Trust INC

Three Months Ended

March 31, 2021

March 31, 2020

Stock Compensation Expense – Director Restricted Stock

Stock Compensation Expense – Director Retainers Paid in Stock

Total Stock Compensation Expense (1)

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 15, 2021
Cover [Abstract]
Entity Central Index Key	0001786117
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2769895
Entity Address, Address Line One	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE
Trading Symbol	PINE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,932,510
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate:
Land, at cost	$ 88,635	$ 83,210
Building and Improvements, at cost	156,143	142,679
Total Real Estate, at cost	244,778	225,889
Less, Accumulated Depreciation	(8,499)	(6,550)
Real Estate—Net	236,279	219,339
Cash and Cash Equivalents	1,548	1,894
Intangible Lease Assets—Net	39,005	36,881
Straight-Line Rent Adjustment	1,920	2,045
Other Assets	2,185	2,081
Total Assets	280,937	262,240
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,159	1,984
Prepaid Rent and Deferred Revenue	1,313	1,055
Intangible Lease Liabilities—Net	3,348	3,299
Long-Term Debt	119,309	106,809
Total Liabilities	125,129	113,147
Commitments and Contingencies
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2021 and December 31, 2020
Common Stock, $0.01 par value per share, 500 million shares authorized, 7,896,542 shares issued and outstanding as of March 31, 2021 and 7,458,755 shares issued and outstanding as of December 31, 2021	79	75
Additional Paid-in Capital	140,591	132,878
Dividends in Excess of Net Income	(7,169)	(5,713)
Accumulated Other Comprehensive Income (Loss)	195	(481)
Stockholders' Equity	133,696	126,759
Noncontrolling Interest	22,112	22,334
Total Equity	155,808	149,093
Total Liabilities and Equity	$ 280,937	$ 262,240

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	7,896,542	7,458,755
Common Stock, shares outstanding	7,896,542	7,458,755

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Lease Income	$ 5,890	$ 4,171
Total Revenues	5,890	4,171
Operating Expenses:
Real Estate Expenses	651	600
General and Administrative Expenses	1,030	1,284
Depreciation and Amortization	3,143	2,023
Total Operating Expenses	4,824	3,907
Net Income from Operations	1,066	264
Interest Expense	555	249
Net Income	511	15
Less: Net Income Attributable to Noncontrolling Interest	(71)	(2)
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 440	$ 13
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share)	$ 0.06
Diluted (in dollars per share)	$ 0.05
Weighted Average Number of Common Shares:
Basic (in shares)	7,565,429	7,896,757
Diluted (in shares)	8,789,283	9,120,611
Dividends Declared and Paid (in dollars per share)	$ 0.24	$ 0.20

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 440	$ 13
Other Comprehensive Income
Cash Flow Hedging Derivative - Interest Rate Swap	676
Total Other Comprehensive Income	676
Total Comprehensive Income (Loss)	$ 1,116	$ 13

- Definition

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

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Common Stock at Par	Additional Paid-In Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Stockholders' Equity	Noncontrolling Interest	Total
Balance at Dec. 31, 2019	$ 79	$ 137,948	$ (498)		$ 137,529	$ 23,176	$ 160,705
Increase (decrease) in shareholders' equity
Net Income			13		13	2	15
Stock Repurchase		(592)			(592)		(592)
Stock Issuance to Directors		37			37		37
Cash Dividend			(1,578)		(1,578)	(245)	(1,823)
Balance at Mar. 31, 2020	79	137,393	(2,063)		135,409	22,933	158,342
Balance at Dec. 31, 2020	75	132,878	(5,713)	$ (481)	126,759	22,334	149,093
Increase (decrease) in shareholders' equity
Net Income			440		440	71	511
Stock Issuance to Directors		66			66		66
Stock Issuance Under 2020 ATM Program	4	7,800			7,804		7,804
Equity Issuance Costs		(153)			(153)		(153)
Cash Dividend			(1,896)		(1,896)	(293)	(2,189)
Other Comprehensive Income				676	676		676
Balance at Mar. 31, 2021	$ 79	$ 140,591	$ (7,169)	$ 195	$ 133,696	$ 22,112	$ 155,808

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

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

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Stock
Cash Dividends (in dollars per share)	$ 0.24	$ 0.20

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flow from Operating Activities:
Net Income	$ 511	$ 15
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	3,143	2,023
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(41)	(19)
Amortization of Deferred Financing Costs to Interest Expense	65	45
Non-Cash Compensation	73	67
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(147)	(323)
COVID-19 Rent Repayments	271
Other Assets	27	(310)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	(350)	646
Prepaid Rent and Deferred Revenue	257	667
Net Cash Provided By Operating Activities	3,809	2,811
Cash Flow from Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(22,117)	(47,379)
Net Cash Used In Investing Activities	(22,117)	(47,379)
Cash Flow from Financing Activities:
Draws on Credit Facility	12,500	57,000
Repurchase of Common Stock		(592)
Cash Paid for Equity Issuance Costs	(153)
Proceeds From Stock Issuance Under 2020 ATM Program	7,804
Dividends Paid	(2,189)	(1,823)
Net Cash Provided By Financing Activities	17,962	54,585
Net Increase (Decrease) in Cash and Cash Equivalents	(346)	10,017
Cash and Cash Equivalents, Beginning of Period	1,894	12,342
Cash and Cash Equivalents, End of Period	$ 1,548	$ 22,359

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Supplemental Disclosure of Cash Flow Information
Cash Paid for Interest	$ 482
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Unrealized Loss on Cash Flow Hedge	$ 676

BUSINESS AND ORGANIZATION

3 Months Ended

Mar. 31, 2021

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 commercial net lease properties. The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Alpine Income Property Trust, Inc. together with our consolidated subsidiaries.

Our portfolio consists of 53 net leased retail and office properties located in 38 markets in 19 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.

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 REIT 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. Net proceeds from the Offering and the concurrent CTO Private Placement (defined below) were used to purchase 15 properties from CTO. Additionally, CTO contributed to Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership”), five additional properties in exchange for operating partnership units (“OP Units”).

The price per share paid in the Offering and the concurrent private placement was $19.00 (the “IPO Price”). The Offering raised $142.5 million in gross proceeds from the issuance of 7,500,000 shares of our common stock. We also raised $7.5 million from the concurrent private placement to CTO from the issuance of 394,737 shares of our common stock (“CTO Private Placement”). Included in the 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. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 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 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, and substantially all of our assets are held by, the Operating Partnership. Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. As of March 31, 2021, we have a total ownership interest in the Operating Partnership of 86.6%, with CTO holding, directly and indirectly, a 13.4% ownership interest in the Operating Partnership. Our interest in the Operating Partnership generally entitles us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our percentage ownership. We, through PINE GP, generally have the exclusive power under the partnership agreement to manage and conduct the business and affairs of the Operating Partnership, subject to certain approval and voting rights of the limited partners. Our Board of Directors (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”). 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.

The Company collected 100% of the Contractual Base Rent (“CBR”) due for the three months ended March 31, 2021. CBR represents the amount owed to the Company under the current terms of its lease agreements. During the year ended December 31, 2020, the Company agreed to defer or abate certain CBR in exchange for additional lease term or other lease enhancing additions. Repayment of such deferred CBR began in the third quarter of 2020, with payments continuing, in some cases, through mid-year 2022. An assessment of the current or identifiable potential financial and operational impacts on the Company as a result of the COVID-19 Pandemic are as follows:

During the first quarter of 2020, the Company completed the acquisition of nine properties for an aggregate purchase price of $46.8 million. When the pandemic was declared, given the uncertainties created by the COVID-19 Pandemic and the impact on the capital markets, the U.S. economy, and PINE’s tenants, the Company temporarily suspended its activities directed at identifying additional acquisition opportunities. Towards the end of the second quarter of 2020, the Company reached agreements with tenants for rent deferrals and abatements and the Company completed the acquisition of two properties for an aggregate purchase price of $28.6 million.

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

The preparation of 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 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.

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 the Company amortizes 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 March 31, 2021 and December 31, 2020, the Company had recorded an allowance for doubtful accounts of $0.1 million. As of March 31, 2020, no allowance for doubtful accounts was recorded.

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 March 31, 2021 and December 31, 2020 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.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

Effective April 30, 2020, in conjunction with the variable-rate Credit Facility (hereinafter defined in Note 8, “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 included in other assets, accounts payable, and accrued expenses and other liabilities at March 31, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Credit Facility, hereinafter defined, 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.

CONCENTRATION OF RISK

Certain of the tenants in the portfolio of 53 properties accounted for more than 10% of total revenues during the three months ended March 31, 2021 and 2020, respectively.

During the three months ended March 31, 2021, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented 14% and 11% of total revenues, respectively. During the three months ended March 31, 2020, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented 22% and 14% of total revenues, respectively.

As of March 31, 2021 and December 31, 2020, based on square footage, 16% and 17%, respectively, of the Company’s real estate portfolio was located in the State of Florida and 12% and 13%, respectively, of the Company’s real estate portfolio was located in the State of Oregon. Additionally, as of March 31, 2021 and December 31, 2020, more than 10% of the Company’s real estate portfolio, based on square footage, was located in the States of North Carolina and Michigan, respectively.

RECLASSIFICATIONS

Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs, net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $0.9 million, net of accumulated amortization of $0.2 million, were reclassified from long-term debt to other assets as of December 31, 2020. Additionally, in the first quarter of 2021, the Company increased non-cash compensation for the three months ended March 31, 2020 by $0.03 million through a reclassification from accounts payable, accrued expenses, and other liabilities within operating activities on the accompanying consolidated statements of cash flows which is the result of timing related to the issuance of shares for director retainers.

INCOME PROPERTY PORTFOLIO

3 Months Ended

Mar. 31, 2021

INCOME PROPERTY PORTFOLIO

INCOME PROPERTY PORTFOLIO

NOTE 3. INCOME PROPERTY PORTFOLIO

As of March 31, 2021, the Company’s income property portfolio consisted of 53 properties with total square footage of 1.8 million.

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

The components of leasing revenue are as follows (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Lease Income
Lease Payments	$	5,446	$	3,812
Variable Lease Payments		444		359
Total Lease Income	$	5,890	$	4,171

Minimum Future Rental Receipts. Minimum future rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to March 31, 2021, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2021	$	17,045
2022		22,681
2023		22,656
2024		22,188
2025		21,680
2026 and thereafter (cumulative)		82,921
Total	$	189,171

2021 Activity. During the three months ended March 31, 2021, the Company acquired five income properties for a combined purchase price of $21.9 million, or an acquisition cost of $22.1 million including capitalized acquisition costs. Of the total acquisition cost, $5.4 million was allocated to land, $13.4 million was allocated to buildings and improvements, $3.4 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $0.1 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 9.2 years at acquisition. No income properties were disposed of during the three months ended March 31, 2021.

The net lease income properties acquired during the three months ended March 31, 2021 are described below:


Tenant Description	Location	Date of Acquisition	Square-Feet	Purchase Price ($000's)			Remaining Lease Term at Acquisition Date (in years)
Dollar General	Cut and Shoot, TX	1/25/2021	9,096	$	1,727		14.8
Dollar General	Del Rio, TX	1/25/2021	9,219		1,403		14.0
Dollar General	Seguin, TX	1/25/2021	9,155		1,290		14.1
At Home	Canton, OH	3/9/2021	89,902		8,571	(1)	8.4
Pet Supplies Plus	Canton, OH	3/9/2021	8,400		1,135	(1)	6.6
Salon Lofts	Canton, OH	3/9/2021	4,000		694	(1)	7.0
Sportsman Warehouse	Albuquerque, NM	3/29/2021	48,974		7,100		8.4
	Total / Weighted Average		178,746	$	21,920		9.2

⁽¹⁾

These three tenants represent the acquisition of one property for a purchase price of $10.4 million which was allocated based on cash base rent in place at the time of acquisition.

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

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


Tenant Description	Location	Date of Acquisition	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
	Total / Weighted Average		268,695	$	46,833	11.5

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments at March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	1,548	$	1,548	$	1,894	$	1,894
Long-Term Debt - Level 2	$	119,309	$	119,309	$	106,809	$	106,809

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 tables present the fair value of assets (liabilities) measured on a recurring basis by Level as of March 31, 2021 and December 31, 2020 (in thousands).


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	Fair Value		Assets (Level 1)		(Level 2)		(Level 3)
March 31, 2021
Interest Rate Swap	$	195	$	—	$	195	$	—
December 31, 2020
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

3 Months Ended

Mar. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 5. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):


	As of
	March 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	29,885	$	27,494
Value of Above Market In-Place Leases		2,239		2,187
Value of Intangible Leasing Costs		12,400		11,459
Sub-total Intangible Lease Assets		44,524		41,140
Accumulated Amortization		(5,519)		(4,259)
Sub-total Intangible Lease Assets—Net		39,005		36,881
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,829)		(3,674)
Sub-total Intangible Lease Liabilities		(3,829)		(3,674)
Accumulated Amortization		481		375
Sub-total Intangible Lease Liabilities—Net		(3,348)		(3,299)
Total Intangible Assets and Liabilities—Net	$	35,657	$	33,582

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Amortization Expense	$	1,194	$	761
Increase to Income Properties Revenue		(41)		(19)
Net Amortization of Intangible Assets and Liabilities	$	1,153	$	742

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
Remainder of 2021	$	3,804	$	(131)	$	3,673
2022		5,072		(174)		4,898
2023		5,070		(174)		4,896
2024		4,843		(162)		4,681
2025		4,600		(161)		4,439
2026 and thereafter		13,701		(631)		13,070
Total	$	37,090	$	(1,433)	$	35,657

As of March 31, 2021, the weighted average amortization period of both the total intangible assets and liabilities was 9.1 years.

OTHER ASSETS

3 Months Ended

Mar. 31, 2021

OTHER ASSETS

OTHER ASSETS

NOTE 6. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of
	March 31, 2021		December 31, 2020
Tenant Receivables—Net (1)	$	73	$	67
Accrued Unbilled Tenant Receivables		201		216
Prepaid Insurance		426		606
Deposits on Acquisitions		600		100
Prepaid and Deposits—Other		105		442
Deferred Financing Costs—Net		585		650
Interest Rate Swap		195		—
Total Other Assets	$	2,185	$	2,081

⁽¹⁾

As of March 31, 2021 and December 31, 2020, includes $0.1 million allowance for doubtful accounts.

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

3 Months Ended

Mar. 31, 2021

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

NOTE 7. ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

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


	As of
	March 31, 2021		December 31, 2020
Accounts Payable	$	80	$	450
Accrued Expenses		441		474
Due to CTO		638		579
Interest Rate Swap		—		481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	1,159	$	1,984

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2021

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 8. LONG-TERM DEBT

As of March 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	119,309	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	119,309	1.70%

⁽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. The Credit Facility 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 March 31, 2021, the current commitment level under the Credit Facility was $150.0 million and the Company had an outstanding balance of $119.3 million.

Long-term debt as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	March 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	119,309	$	—	$	106,809	$	—
Total Long-Term Debt	$	119,309	$	—	$	106,809	$	—

Payments applicable to reduction of principal amounts as of March 31, 2021 will be required as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2021	$	—
2022		—
2023		119,309
2024		—
2025		—
2026 and thereafter		—
Total Long-Term Debt - Face Value	$	119,309

As of March 31, 2021, the Company had deferred financing costs of $0.9 million, net of accumulated amortization, of $0.3 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Interest Expense	$	490	$	204
Amortization of Deferred Financing Costs to Interest Expense		65		45
Total Interest Expense	$	555	$	249

Total Interest Paid	$	482	$	164

The Company was in compliance with all of its debt covenants as of March 31, 2021.

INTEREST RATE SWAP	3 Months Ended
INTEREST RATE SWAP	Mar. 31, 2021
INTEREST RATE SWAP
INTEREST RATE SWAP	NOTE 9. 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 8, “Long-Term Debt.” During the three months ended March 31, 2021, 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 income (loss). As of March 31, 2021, the fair value of our Interest Rate Swap agreement, which was a gain of $0.2 million, was included in other assets 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	3 Months Ended
EQUITY	Mar. 31, 2021
EQUITY
EQUITY	NOTE 10. 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” equity offering program (the “2020 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. Under the 2020 ATM Program, during the three months ended March 31, 2021, the Company sold 434,201 shares for $7.9 million at a weighted average price of $18.25 per share, generating net proceeds of $7.8 million due to $0.1 million of fees paid on the sales. DIVIDENDS The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code. 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 three months ended March 31, 2021, the Company declared and paid cash dividends on its common stock and OP Units of $0.24 per share. See Note 16, “Subsequent Events” for disclosure related to the second quarter 2021 dividend.

COMMON STOCK AND EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2021

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 11. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share are computed by dividing net income attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. 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):


	Three Months Ended
	March 31, 2021		March 31, 2020
Net Income Attributable to Alpine Income Property Trust, Inc.	$	440	$	13

Weighted Average Number of Common Shares Outstanding		7,565,429		7,896,757
Common Shares Applicable to OP Units using Treasury Stock Method (1)		1,223,854		1,223,854
Total Shares Applicable to Diluted Earnings per Share		8,789,283		9,120,611

Per Common Share Data:
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.06	$	—
Diluted	$	0.05	$	—

⁽¹⁾

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

SHARE REPURCHASES	3 Months Ended
SHARE REPURCHASES	Mar. 31, 2021
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 12. 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

3 Months Ended

Mar. 31, 2021

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 13. 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.

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 March 31, 2021, the first increment of this award had vested, leaving 5,336 shares unvested. 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 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. Award forfeitures are accounted for in the period in which they occur. During each of the three months ended March 31, 2021 and 2020, the Company recognized stock compensation expense totaling $0.01 million which is included in general and administrative expenses in the consolidated statements of operations.

A summary of activity for these awards during the three months ended March 31, 2021 is presented below:


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Outstanding at January 1, 2021	5,336	$	18.80
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Non-Vested at March 31, 2021	5,336	$	18.80

As of March 31, 2021, 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 1.7 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 three months ended March 31, 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.06 million, or 3,453 shares, which were issued on April 1, 2021. During the three months ended March 31, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.05 million, or 4,098 shares, which were issued on April 1, 2020.

Stock compensation expense for the three months ended March 31, 2021 and 2020 is summarized as follows (in thousands):

⁽¹⁾

Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the three months ended March 31, 2021 reported on the consolidated statements of stockholders’ equity does not agree to the total non-cash compensation reported on the consolidated statements of cash flows.

RELATED PARTY MANAGEMENT COMPANY

3 Months Ended

Mar. 31, 2021

RELATED PARTY MANAGEMENT COMPANY

RELATED PARTY MANAGEMENT COMPANY

NOTE 14. 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 with the Manager (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. 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 by the Manager 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 each of the three months ended March 31, 2021 and 2020, the Company incurred management fee expenses which totaled $0.6 million. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.5 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively.

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


	As of
Description	March 31, 2021		December 31, 2020
Management Fee due to CTO	$	638	$	631
Other		—		(52)
Total (1)	$	638	$	579

⁽¹⁾

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

Exclusivity and ROFO Agreement

On November 26, 2019, we also entered into an exclusivity and right of first offer (“ROFO”) agreement with CTO. During the term of the exclusivity and ROFO agreement, CTO will not, and will cause each of its affiliates (which for purposes of the exclusivity and ROFO agreement will not include our company and our subsidiaries) not to, acquire, directly or indirectly, a single-tenant, net leased property, unless CTO has notified us of the opportunity 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 that is developed and 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	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 15. 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. The Company is not currently a party to any pending or threatened legal proceedings that we believe could have a material adverse effect on the Company’s business or financial condition.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through April 22, 2021, the date the consolidated financial statements were issued. Second Quarter 2021 Dividend The Company declared a second quarter 2021 cash dividend of $0.25 per share, representing a 4.2% increase from the first quarter of 2021. The dividend is payable on June 30, 2021 to stockholders of record as of the close of business on June 21, 2021. Purchase and Sale Agreements On April 2, 2021, the Company entered into a Purchase and Sale Agreement (the “PSA”) with CTO Realty Growth, Inc. and certain of its subsidiaries (the “Sellers”) for the acquisition of six retail net lease properties (the “Properties”), for which PINE paid a deposit in the amount of $1.0 million. The terms of the PSA provide that the total purchase price for the Properties will be $44.5 million. The deposit is refundable to PINE pursuant to the terms of the PSA during an inspection period. If the PSA is not terminated by the end of the inspection period by PINE, the deposit will become non-refundable. There can be no assurance at this time that the Company will in fact complete the acquisition of any or all of the Properties. On April 6, 2021, the Company entered into a separate purchase and sale agreement with certain subsidiaries of CTO Realty Growth, Inc. for the acquisition of one net leased property (the “Single Property”) for a purchase price of $11.5 million. The acquisition of the Single Property is subject to certain closing conditions that are not currently satisfied, and there can be no assurance that the acquisition of the Single Property will be completed. There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

LONG-LIVED ASSETS

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

INCOME PROPERTY LEASE REVENUE

CASH AND CASH EQUIVALENTS

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.

CONCENTRATION OF RISK

Certain of the tenants in the portfolio of 53 properties accounted for more than 10% of total revenues during the three months ended March 31, 2021 and 2020, respectively.

RECLASSIFICATIONS

INCOME PROPERTY PORTFOLIO (Tables)

3 Months Ended

Mar. 31, 2021

INCOME PROPERTY PORTFOLIO

Schedule of components of leasing revenue

The components of leasing revenue are as follows (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Lease Income
Lease Payments	$	5,446	$	3,812
Variable Lease Payments		444		359
Total Lease Income	$	5,890	$	4,171

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


Year Ending December 31,	Amounts
Remainder of 2021	$	17,045
2022		22,681
2023		22,656
2024		22,188
2025		21,680
2026 and thereafter (cumulative)		82,921
Total	$	189,171

Schedule of single-tenant net lease income properties acquired


Tenant Description	Location	Date of Acquisition	Square-Feet	Purchase Price ($000's)			Remaining Lease Term at Acquisition Date (in years)
Dollar General	Cut and Shoot, TX	1/25/2021	9,096	$	1,727		14.8
Dollar General	Del Rio, TX	1/25/2021	9,219		1,403		14.0
Dollar General	Seguin, TX	1/25/2021	9,155		1,290		14.1
At Home	Canton, OH	3/9/2021	89,902		8,571	(1)	8.4
Pet Supplies Plus	Canton, OH	3/9/2021	8,400		1,135	(1)	6.6
Salon Lofts	Canton, OH	3/9/2021	4,000		694	(1)	7.0
Sportsman Warehouse	Albuquerque, NM	3/29/2021	48,974		7,100		8.4
	Total / Weighted Average		178,746	$	21,920		9.2

⁽¹⁾

These three tenants represent the acquisition of one property for a purchase price of $10.4 million which was allocated based on cash base rent in place at the time of acquisition.


Tenant Description	Location	Date of Acquisition	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
	Total / Weighted Average		268,695	$	46,833	11.5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	1,548	$	1,548	$	1,894	$	1,894
Long-Term Debt - Level 2	$	119,309	$	119,309	$	106,809	$	106,809

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

The following tables present the fair value of assets (liabilities) measured on a recurring basis by Level as of March 31, 2021 and December 31, 2020 (in thousands).


			Fair Value at Reporting Date Using
			Quoted Prices in				Significant
			Active Markets		Significant Other		Unobservable
			for Identical		Observable Inputs		Inputs
	Fair Value		Assets (Level 1)		(Level 2)		(Level 3)
March 31, 2021
Interest Rate Swap	$	195	$	—	$	195	$	—
December 31, 2020
Interest Rate Swap	$	(481)	$	—	$	(481)	$	—

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	March 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	29,885	$	27,494
Value of Above Market In-Place Leases		2,239		2,187
Value of Intangible Leasing Costs		12,400		11,459
Sub-total Intangible Lease Assets		44,524		41,140
Accumulated Amortization		(5,519)		(4,259)
Sub-total Intangible Lease Assets—Net		39,005		36,881
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(3,829)		(3,674)
Sub-total Intangible Lease Liabilities		(3,829)		(3,674)
Accumulated Amortization		481		375
Sub-total Intangible Lease Liabilities—Net		(3,348)		(3,299)
Total Intangible Assets and Liabilities—Net	$	35,657	$	33,582

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Amortization Expense	$	1,194	$	761
Increase to Income Properties Revenue		(41)		(19)
Net Amortization of Intangible Assets and Liabilities	$	1,153	$	742

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
Remainder of 2021	$	3,804	$	(131)	$	3,673
2022		5,072		(174)		4,898
2023		5,070		(174)		4,896
2024		4,843		(162)		4,681
2025		4,600		(161)		4,439
2026 and thereafter		13,701		(631)		13,070
Total	$	37,090	$	(1,433)	$	35,657

OTHER ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

OTHER ASSETS

Schedule of components of other assets

	As of
	March 31, 2021		December 31, 2020
Tenant Receivables—Net (1)	$	73	$	67
Accrued Unbilled Tenant Receivables		201		216
Prepaid Insurance		426		606
Deposits on Acquisitions		600		100
Prepaid and Deposits—Other		105		442
Deferred Financing Costs—Net		585		650
Interest Rate Swap		195		—
Total Other Assets	$	2,185	$	2,081

As of March 31, 2021 and December 31, 2020, includes $0.1 million allowance for doubtful accounts.

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

3 Months Ended

Mar. 31, 2021

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
	March 31, 2021		December 31, 2020
Accounts Payable	$	80	$	450
Accrued Expenses		441		474
Due to CTO		638		579
Interest Rate Swap		—		481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	1,159	$	1,984

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2021

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of March 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Maturity Date
Credit Facility	$	119,309	30-Day LIBOR + 1.35% - 1.95% (1)	November 2023
Total Debt/Weighted-Average Rate	$	119,309	1.70%

⁽¹⁾

Schedule of components of long-term debt

Long-term debt as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	March 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	119,309	$	—	$	106,809	$	—
Total Long-Term Debt	$	119,309	$	—	$	106,809	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of March 31, 2021 will be required as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2021	$	—
2022		—
2023		119,309
2024		—
2025		—
2026 and thereafter		—
Total Long-Term Debt - Face Value	$	119,309

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended
	March 31, 2021		March 31, 2020
Interest Expense	$	490	$	204
Amortization of Deferred Financing Costs to Interest Expense		65		45
Total Interest Expense	$	555	$	249

Total Interest Paid	$	482	$	164

- Definition

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

+ References

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-Paragraph 1
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

COMMON STOCK AND EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2021

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):


	Three Months Ended
	March 31, 2021		March 31, 2020
Net Income Attributable to Alpine Income Property Trust, Inc.	$	440	$	13

Weighted Average Number of Common Shares Outstanding		7,565,429		7,896,757
Common Shares Applicable to OP Units using Treasury Stock Method (1)		1,223,854		1,223,854
Total Shares Applicable to Diluted Earnings per Share		8,789,283		9,120,611

Per Common Share Data:
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.06	$	—
Diluted	$	0.05	$	—

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

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Outstanding at January 1, 2021	5,336	$	18.80
Granted	—		—
Vested	—		—
Expired	—		—
Forfeited	—		—
Non-Vested at March 31, 2021	5,336	$	18.80

Summary of activity for stock option awards

Stock compensation expense for the three months ended March 31, 2021 and 2020 is summarized as follows (in thousands):

RELATED PARTY MANAGEMENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2021

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	March 31, 2021		December 31, 2020
Management Fee due to CTO	$	638	$	631
Other		—		(52)
Total (1)	$	638	$	579

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

BUSINESS AND ORGANIZATION - Business (Details)	Mar. 31, 2021 employee state item property	Mar. 31, 2020 property
Description of business
Number of real estate properties	53	53
Number of markets in which entity operates \| item	38
Number of states in which entity operates \| state	19
Entity Number of Employees \| employee	0
Single-tenant
Description of business
Number of real estate properties	53

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Nov. 26, 2019 USD ($) property $ / shares shares	Mar. 31, 2021 USD ($)
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock		$ 7,804
Share issued \| shares	421,053
Aggregate offer price	$ 8,000	$ 7,804
Cash investment	15,500
Cash Received from Private Placement	$ 125,900
Number of properties acquired \| property	15
Number of contributed properties \| property	5
OP units exchanged \| shares	1,223,854
Value of OP units converted	$ 23,300
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
Aggregate offer price	$ 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		86.60%
CTO
Class of Stock [Line Items]
Aggregate offer price	$ 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		13.40%

BUSINESS AND ORGANIZATION - COVID-19 Pandemic (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020 USD ($) property	Mar. 31, 2020 USD ($) property
BUSINESS AND ORGANIZATION
Number of Income Properties \| property	2	9
Payments to Acquire Commercial Real Estate \| $	$ 28.6	$ 46.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) $ in Thousands	Nov. 26, 2019	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allowance for doubtful accounts		$ 100	$ 100	$ 100		$ 0
Stock split ratio	1
Credit Facility
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate swap					$ 50,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - property	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Product Information [Line Items]
Number of real estate properties	53	53
Real estate property at Oregon
Product Information [Line Items]
Real estate portfolio (as a percent)	12.00%		13.00%
Real estate property at Florida
Product Information [Line Items]
Real estate portfolio (as a percent)	16.00%		17.00%
Single-tenant
Product Information [Line Items]
Number of real estate properties	53
Minimum \| Real estate property located At North Carolina And Michigan [Member]
Product Information [Line Items]
Real estate portfolio (as a percent)	10.00%		10.00%
Customer Concentration Risk \| Hilton Grand Vacations \| Revenue Benchmark
Product Information [Line Items]
Concentration risk (as a percent)	11.00%	14.00%
Customer Concentration Risk \| Wells Fargo Bank, NA \| Revenue Benchmark
Product Information [Line Items]
Concentration risk (as a percent)	14.00%	22.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Reclassification [Line Items]
Net of accumulated amortization		$ 300
Adjustment
Reclassification [Line Items]
Deferred financing costs			$ 900
Net of accumulated amortization			$ 200
Increase in share based compensation expense	$ 30

INCOME PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Mar. 31, 2021 ft² property	Mar. 31, 2020 property
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property	53	53
Area of real estate property \| ft²	1.8

INCOME PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Income
Lease Payments	$ 5,446	$ 3,812
Variable Lease Payments	444	359
Total Lease Income	$ 5,890	$ 4,171

INCOME PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2021	$ 17,045
2022	22,681
2023	22,656
2024	22,188
2025	21,680
2026 and thereafter (cumulative)	82,921
Total	$ 189,171

INCOME PROPERTY PORTFOLIO - Properties Acquired - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) property	Mar. 31, 2020 USD ($) property	Dec. 31, 2020 USD ($)
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property	53	53
Acquired intangible liabilities for the below market lease	$ 3,348		$ 3,299
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property	5
Purchase price	$ 21,920
Acquired properties, cost	22,100
Initial cost of land	5,400
Initial cost of building and improvements	13,400
Acquired in-place lease value, leasing fees, and above market lease value	3,400
Acquired intangible liabilities for the below market lease	$ 100
Weighted average amortization period of intangible liabilities	9 years 2 months 12 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property		9
Purchase price		$ 46,833
Acquired properties, cost		47,000
Initial cost of land		11,900
Initial cost of building and improvements		29,300
Acquired in-place lease value, leasing fees, and above market lease value		6,900
Acquired intangible liabilities for the below market lease		$ 1,100
Weighted average amortization period of intangible liabilities		11 years 2 months 12 days

INCOME PROPERTY PORTFOLIO - Properties Acquired - Tabular Disclosure (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) ft²	Mar. 31, 2020 USD ($) ft²
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Property square-feet \| ft²	178,746
Purchase price \| $	$ 21,920
Single-tenant Net Lease Income Properties Acquired in 2021 \| Weighted Average
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition	9 years 2 months 12 days
Single-tenant Net Lease Income Property Dollar General, Cut and Shoot, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 25, 2021
Property square-feet \| ft²	9,096
Purchase price \| $	$ 1,727
Remaining lease term at acquisition	14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Del Rio, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 25, 2021
Property square-feet \| ft²	9,219
Purchase price \| $	$ 1,403
Remaining lease term at acquisition	14 years
Single-tenant Net Lease Income Property, Dollar, General Seguin, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition	Jan. 25, 2021
Property square-feet \| ft²	9,155
Purchase price \| $	$ 1,290
Remaining lease term at acquisition	14 years 1 month 6 days
Single-tenant Net Lease Income Property, At Home, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition	Mar. 09, 2021
Property square-feet \| ft²	89,902
Purchase price \| $	$ 8,571
Remaining lease term at acquisition	8 years 4 months 24 days
Single-tenant Net Lease Income Property, Pet Supplies Plus, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition	Mar. 09, 2021
Property square-feet \| ft²	8,400
Purchase price \| $	$ 1,135
Remaining lease term at acquisition	6 years 7 months 6 days
Single-tenant Net Lease Income Property, Salon Lofts, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition	Mar. 09, 2021
Property square-feet \| ft²	4,000
Purchase price \| $	$ 694
Remaining lease term at acquisition	7 years
Single-tenant Net Lease Income Property, Sportsman Warehouse, Albuquerque, NM
INCOME PROPERTY PORTFOLIO
Date of acquisition	Mar. 29, 2021
Property square-feet \| ft²	48,974
Purchase price \| $	$ 7,100
Remaining lease term at acquisition	8 years 4 months 24 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Property square-feet \| ft²		268,695
Purchase price \| $		$ 46,833
Single-tenant Net Lease Income Properties Acquired in 2020 \| Weighted Average
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition		11 years 6 months
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

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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	$ 1,548	$ 1,894
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	119,309	106,809
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	1,548	1,894
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	$ 119,309	$ 106,809

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 195
Interest Rate Swap		$ (481)
Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 195
Interest Rate Swap		$ (481)

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) $ in Thousands	Mar. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Mar. 31, 2020 property
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 44,524	$ 41,140
Accumulated Amortization	(5,519)	(4,259)
Sub-total Intangible Lease Assets—Net	39,005	36,881
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(3,829)	(3,674)
Sub-total Intangible Lease Liabilities	(3,829)	(3,674)
Accumulated Amortization	481	375
Sub-total Intangible Lease Liabilities —Net	(3,348)	(3,299)
Total Intangible Assets and Liabilities—Net	$ 35,657	33,582
INCOME PROPERTY PORTFOLIO
Number of Real Estate Properties \| property	53		53
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 29,885	27,494
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,239	2,187
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 12,400	$ 11,459

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 1,194	$ 761
Increase to Income Properties Revenue	(41)	(19)
Net Amortization of Intangible Assets and Liabilities	$ 1,153	$ 742

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Future Amortization Amount
Sub-total Intangible Lease Assets—Net	$ 39,005	$ 36,881
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities —Net	(3,348)	$ (3,299)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	3,673
2022	4,898
2023	4,896
2024	4,681
2025	4,439
2026 and thereafter	13,070
Total	$ 35,657
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	9 years 1 month 6 days
Future Amortization
Future Amortization Amount
Remainder of 2021	$ 3,804
2022	5,072
2023	5,070
2024	4,843
2025	4,600
2026 and thereafter	13,701
Sub-total Intangible Lease Assets—Net	37,090
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2021	(131)
2022	(174)
2023	(174)
2024	(162)
2025	(161)
2026 and thereafter	(631)
Sub-total Intangible Lease Liabilities —Net	$ (1,433)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Other assets
Tenant Receivables-Net		$ 73	$ 67
Accrued Unbilled Tenant Receivables		201	216
Prepaid Insurance		426	606
Deposits on Acquisitions		600	100
Prepaid and Deposits - Other		105	442
Deferred Financing Costs—Net		585	650
Interest Rate Swap		195
Total Other Assets		2,185	2,081
Allowance for doubtful accounts	$ 100	$ 100	$ 100	$ 0

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 80	$ 450
Accrued Expenses	441	474
Due to CTO	638	579
Dividend Payable	638	579
Interest Rate Swap		481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 1,159	$ 1,984

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Mar. 31, 2021
Long-term debt
Total Debt		$ 119,309
Weighted-average interest rate (as a percent)		1.70%
Interest Rate Swap
Long-term debt
Interest rate swap		$ 200
LIBOR \| Interest Rate Swap
Long-term debt
Margin added to variable rate basis (as a percent)	0.48%
Credit Facility
Long-term debt
Total Debt		$ 119,309
Interest rate swap	$ 50,000
Credit Facility \| LIBOR
Long-term debt
Stated Interest Rate (as a percent)	0.48%
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			3 Months Ended
LONG-TERM DEBT - Credit Facility (Details) $ in Thousands	Oct. 16, 2020 USD ($) Lender	Nov. 26, 2019 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Long-term debt
Maximum borrowing capacity including accordion feature	$ 200,000
Long-term Debt.			$ 119,309	$ 106,809
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
Current commitment under credit facility, amount			150,000
Number Of Lenders \| Lender	2
Long-term Debt.			$ 119,309	$ 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	Mar. 31, 2021	Dec. 31, 2020	Apr. 30, 2020
Long-term debt
Loan Costs, net of accumulated amortization	$ (585)	$ (650)
Long-Term Debt	119,309	106,809
Credit Facility
Long-term debt
Gross Long-term debt			$ 50,000
Long-Term Debt	$ 119,309	$ 106,809

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Payments applicable to reduction of principal amounts
2023	$ 119,309
Total Long-Term Debt - Face Value	$ 119,309

LONG-TERM DEBT - Debt and financing costs (Details) $ in Millions	Mar. 31, 2021 USD ($)
LONG-TERM DEBT
Long term debt, deferred financing costs	$ 0.9
Net of accumulated amortization	$ 0.3

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
LONG-TERM DEBT
Interest Expense	$ 490	$ 204
Amortization of Deferred Financing Costs to Interest Expense	65	45
Total Interest Expense	555	249
Total Interest Paid	$ 482	$ 164

INTEREST RATE SWAP (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
INTEREST RATE SWAP (Details) - USD ($) $ in Millions	Apr. 30, 2020	Mar. 31, 2021
Interest Rate Swap
INTEREST RATE SWAP
Interest rate swap		$ 0.2
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 ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Dec. 14, 2020	Dec. 01, 2020	Nov. 26, 2019	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Aggregate offer price			$ 8,000	$ 7,804
Number of shares sold				7,896,542	7,458,755
Proceeds from Issuance of Common Stock				$ 7,804
Payments of Stock Issuance Costs				$ 153
ATM Program
Class of Stock [Line Items]
Aggregate offer price	$ 100,000
Number of shares sold				434,201
Gross proceeds from issuance of common stock				$ 7,900
Average price per share				$ 18.25
Proceeds from Issuance of Common Stock				$ 7,800
Payments of Stock Issuance Costs				$ 100
Maximum
Class of Stock [Line Items]
Aggregate offer price		$ 350,000

EQUITY - Additional Information (Details) - $ / shares	3 Months Ended
EQUITY - Additional Information (Details) - $ / shares	Mar. 31, 2021	Mar. 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	$ 0.24	$ 0.20
Dividends on common stock and OP Units paid	$ 0.24	$ 0.20

COMMON STOCK AND EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Available to Common Shareholders:
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 440	$ 13
Net Income Attributable to Alpine Income Property Trust, Inc. - Basic	440	13
Net Income Attributable to Alpine Income Property Trust, Inc. - Diluted	$ 440	$ 13
Weighted Average Number of Common Shares Outstanding (in shares)	7,565,429	7,896,757
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)	8,789,283	9,120,611
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share)	$ 0.06
Diluted (in dollars per share)	$ 0.05

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount	$ 5,000
Stock repurchased amount	592	$ 5,000
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount	$ 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) - USD ($) $ in Thousands			3 Months Ended
	Mar. 31, 2021	Nov. 26, 2019	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		8,000
Non employee \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,000	0
Vested (in shares)	5,336		0
Aggregate grant date fair value		$ 200
Vesting period			3 years

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
General and Administrative Expense [Member]
STOCK-BASED COMPENSATION
Stock compensation expense	$ 10	$ 10

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares			3 Months Ended
	Mar. 31, 2021	Nov. 26, 2019	Mar. 31, 2021
Shares
Granted (in shares)		8,000
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 18.80
Granted (in dollars per share)			0.00
Vested (in dollars per share)			0.00
Expired (in dollars per share)			0.00
Forfeited (in dollars per share)			0.00
Outstanding (in dollars per share)	$ 18.80		$ 18.80
Restricted shares \| Non employee
Shares
Outstanding (in shares)			5,336
Granted (in shares)		2,000	0
Vested (in shares)	(5,336)		0
Expired (in shares)			0
Forfeited (in shares)			0
Outstanding (in shares)	5,336		5,336

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) - Non employee - Restricted shares $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 100
Vesting period	3 years
Compensation cost to be recognized over a remaining period	1 year 8 months 12 days

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) D shares	Mar. 31, 2020 USD ($) shares
STOCK-BASED COMPENSATION
Stock Issuance to Directors	$ 66	$ 37
Non employee \| Restricted shares
STOCK-BASED COMPENSATION
Period for average closing price \| D	20
Stock Issuance to Directors	$ 60	$ 50
Shares issued (in shares) \| shares	3,453	4,098

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CTO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 73	$ 67
Director Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	12	13
Director Retainers Paid in Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 61	$ 54

RELATED PARTY MANAGEMENT COMPANY - General Information (Details) - USD ($)		3 Months Ended
	Nov. 26, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Stock Issuance Under 2020 ATM Program	$ 8,000,000	$ 7,804,000
Share issued	421,053
Percentage of outstanding common stock	22.30%
Stock split ratio	1
IPO
Related Party Transaction [Line Items]
Share issued	7,500,000
CTO
Related Party Transaction [Line Items]
Stock Issuance Under 2020 ATM Program	$ 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
Incentive fee payable				$ 0
Multiplying factor of outperformance amount with weighted average shares (as a percent)	15.00%
Management agreement renewal term	1 year
Voting rights (as a percent)	66.67%
Notice period	30 days
Payment of management fees		600,000	$ 600,000
Payment of dividend		$ 500,000	$ 400,000

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total	$ 638	$ 579
CTO
Related Party Transaction [Line Items]
Management Fee due to CTO	638	631
Other		(52)
Total	$ 638	$ 579

SUBSEQUENT EVENTS - Dividend (Details) - Subsequent Event	3 Months Ended
	Jun. 30, 2021 $ / shares
SUBSEQUENT EVENTS
Dividend declared and payable (in dollars per share)	$ 0.25
Percentage of increase in cash dividend	4.20%
Dividend payable, date payable	Jun. 30, 2021
Dividend payable, record date	Jun. 21, 2021

SUBSEQUENT EVENTS - Income Property Acquisitions (Details) $ in Thousands	Apr. 06, 2021 USD ($) property	Apr. 02, 2021 USD ($) property	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SUBSEQUENT EVENTS
Deposits on Acquisitions			$ 600	$ 100
Subsequent Event \| CTO Realty Growth, Inc. and Certain of its Subsidiaries
SUBSEQUENT EVENTS
Number of properties sold \| property	1	6
Deposits on Acquisitions		$ 1,000
Sales price	$ 11,500	$ 44,500