0001558370-22-001014 | 10-K | XBRL Viewer | Alpine Income Property Trust INC

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Land, at Cost	$ 178,172	$ 83,210
Building and Improvements, at Cost	266,236	142,679
Total Real Estate, at Cost	444,408	225,889
Less, Accumulated Depreciation	(15,419)	(6,550)
Real Estate-Net	428,989	219,339
Cash and Cash Equivalents	8,851	1,894
Restricted Cash	646
Intangible Lease Assets-Net	58,821	36,881
Straight-Line Rent Adjustment	1,838	2,045
Other Assets	6,369	2,081
Total Assets	505,514	262,240
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	2,363	1,984
Prepaid Rent and Deferred Revenue	2,033	1,055
Intangible Lease Liabilities-Net	5,476	3,299
Long-Term Debt	267,740	106,809
Total Liabilities	277,612	113,147
Commitments and Contingencies-See Note 16
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common Stock, $0.01 par value per share, 500 million shares authorized, 11,454,815 shares issued and outstanding as of December 31, 2021 and 7,458,755 shares issued and outstanding as of December 31, 2020	114	75
Additional Paid-in Capital	200,906	132,878
Dividends in Excess of Net Income	(6,419)	(5,713)
Accumulated Other Comprehensive Income (Loss)	1,922	(481)
Stockholders' Equity	196,523	126,759
Noncontrolling Interest	31,379	22,334
Total Equity	227,902	149,093
Total Liabilities and Equity	$ 505,514	$ 262,240

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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	11,454,815	7,458,755
Common Stock, shares outstanding	11,454,815	7,458,755

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Lease Income	$ 1,394	$ 11,837	$ 30,128	$ 19,248
Total Revenues	1,394	11,837	30,128	19,248
Operating Expenses:
Real Estate Expenses	372	1,664	3,673	2,316
General and Administrative Expenses	339	1,683	5,027	4,660
Depreciation and Amortization	687	4,859	15,939	9,949
Total Operating Expenses	1,398	8,206	24,639	16,925
Gain on disposition of assets			9,675	287
Net Income From Operations	(4)	3,631	15,164	2,610
Interest Expense	41		3,702	1,464
Net Income (Loss)	(45)	3,631	11,462	1,146
Less: Net (Income) Loss Attributable to Noncontrolling Interest	6		(1,498)	(161)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 9,964	$ 985
Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic (in dollars per share)			$ 1.02	$ 0.13
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted (in dollars per share)			$ 0.89	$ 0.11
Weighted Average Number of Common Shares:
Basic (in shares)	7,902,737		9,781,066	7,588,349
Diluted (in shares)	9,126,591		11,246,227	8,812,203

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 9,964	$ 985
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps			2,403	(481)
Total Other Comprehensive Income (Loss)			2,403	(481)
Total Comprehensive Income (Loss)	$ (39)	$ 3,631	$ 12,367	$ 504

- Definition

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

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+ Details

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Predecessor Equity	Common Stock at Par IPO	Common Stock at Par Private Placement	Common Stock at Par	Additional Paid-In Capital IPO	Additional Paid-In Capital Private Placement	Additional Paid-In Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Stockholders' Equity IPO	Stockholders' Equity Private Placement	Stockholders' Equity	Noncontrolling Interest	IPO	Private Placement	Total
Balance at Dec. 31, 2018	$ 124,189											$ 124,189				$ 124,189
Increase (decrease) in shareholders' equity
Net Income (Loss)	3,631											3,631				3,631
Stock Compensation Expense from CTO Realty Growth, Inc.	509											509				509
Net Transactions with CTO Realty Growth, Inc.	19,447											19,447				19,447
Balance at Nov. 25, 2019	$ 147,776											147,776				147,776
Increase (decrease) in shareholders' equity
Net Income (Loss)								$ (39)				(39)	$ (6)			(45)
Operating Units Issued													23,253			23,253
Equity Issuance Costs							$ (11,978)					(11,978)				(11,978)
Stock Issuance to Directors							4					4				4
Cash Dividend								(459)				(459)	(71)			(530)
Proceeds from Issuance of Stock		$ 75	$ 4		$ 142,425	$ 7,497				$ 142,500	$ 7,501			$ 142,500	$ 7,501
Stock Issuance, Net of Equity Issuance Costs		$ 75	$ 4		$ 142,425	$ 7,497				$ 142,500	$ 7,501			142,500	$ 7,501
Balance at Dec. 31, 2019				$ 79			137,948	(498)				137,529	23,176			160,705
Increase (decrease) in shareholders' equity
Net Income (Loss)								985				985	161			1,146
Equity Issuance Costs							(298)					(298)				(298)
Stock Issuance to Directors							238					238				238
Cash Dividend								(6,200)				(6,200)	(1,003)			(7,203)
Stock Repurchase				(4)			(5,010)					(5,014)				(5,014)
Other Comprehensive Income (Loss)									$ (481)			(481)				(481)
Balance at Dec. 31, 2020				75			132,878	(5,713)	(481)			126,759	22,334			149,093
Increase (decrease) in shareholders' equity
Net Income (Loss)								9,964				9,964	1,498			11,462
Operating Units Issued													9,041			9,041
Stock Issuance to Directors							297					297				297
Cash Dividend								(10,670)				(10,670)	(1,494)			(12,164)
Other Comprehensive Income (Loss)									2,403			2,403				2,403
Proceeds from Issuance of Stock				39			67,731					67,770		8,000		67,770
Stock Issuance, Net of Equity Issuance Costs				39			67,731					67,770		$ 8,000		67,770
Balance at Dec. 31, 2021				$ 114			$ 200,906	$ (6,419)	$ 1,922			$ 196,523	$ 31,379			$ 227,902

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock
Cash Dividends (in dollars per share)	$ 0.058	$ 1.015	$ 0.820	$ 0.058

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Cash Flow From Operating Activities:
Net Income (Loss)	$ (45)	$ 3,631	$ 11,462	$ 1,146
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	687	4,859	15,939	9,949
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(5)	(234)	(257)	(108)
Amortization of Deferred Financing Costs to Interest Expense	16		362	188
Amortization of Deferred Expenses to Lease Income		277
Gain on Disposition of Assets			(9,675)	(287)
Non-Cash Compensation	4	509	309	268
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(68)	(410)	(607)	(1,524)
COVID-19 Rent Repayments			430	(378)
Other Assets	(787)	(500)	(2,413)	(830)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,472	(243)	673	2
Prepaid Rent and Deferred Revenue	88	(343)	977	968
Net Cash Provided By Operating Activities	1,362	7,546	17,200	9,394
Cash Flow From Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(125,919)	(27,001)	(223,407)	(118,808)
Proceeds from Disposition of Assets			27,415	4,933
Net Cash Used In Investing Activities	(125,919)	(27,001)	(195,992)	(113,875)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			294,622	115,500
Payments on Long-Term Debt			(162,431)	(8,691)
Cash Paid for Loan Fees	(594)		(1,402)	(261)
Repurchase of Common Stock				(5,014)
Cash Received from Initial Public Offering	142,500
Cash Received from Private Placement	7,501
Cash Paid for Equity Issuance Costs	(11,978)			(298)
Net Transactions with CTO Realty Growth, Inc.		19,447
Proceeds From Stock Issuance, net			67,770
Dividends Paid	(530)		(12,164)	(7,203)
Net Cash Provided By Financing Activities	136,899	19,447	186,395	94,033
Net Increase (Decrease) in Cash and Cash Equivalents	12,342	(8)	7,603	(10,448)
Cash and Cash Equivalents, Beginning of Period		$ 8	1,894	12,342
Cash and Cash Equivalents, End of Period	12,342		9,497	1,894
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	12,342		8,851	1,894
Restricted Cash			646
Total Cash	$ 12,342		$ 9,497	$ 1,894

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest		$ 3,131	$ 1,230
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedge		2,403	$ (481)
Operating Units Issued in Exchange for Real Estate		9,041
Assumption of Mortgage Note Payable		$ 30,000
Contribution of OP Units in Exchange for Predecessor Income Properties	$ 23,253

BUSINESS AND ORGANIZATION

12 Months Ended

Dec. 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 113 net leased properties located in 76 markets in 32 states. The properties in our portfolio are primarily subject to long-term, 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 real estate investment trust (“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. 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 from CTO. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 units of the operating partnership (the “OP Units”) for a value of $23.3 million based on the IPO Price. As of December 31, 2021, four of the properties acquired from CTO, included within our initial portfolio, have been sold. 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 Alpine Income Property OP, LP (the “Operating Partnership”). Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. As of December 31, 2021, we have a total ownership interest in the Operating Partnership of 87.1%, with CTO holding, directly and indirectly, a 9.3% ownership interest in the Operating Partnership. The remaining 3.6% ownership interest is held by an unrelated third party in connection with the issuance of 479,640 OP Units valued at $9.0 million in the aggregate, or $18.85 per unit. The issuance of 479,640 OP Units includes (i) 424,951 OP Units issued as consideration for the portfolio of nine net lease properties acquired on June 30, 2021 and (ii) 54,689 OP Units issued as consideration for the acquisition of one net lease property on July 12, 2021 (see Note 4, “Property Portfolio”). 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 REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “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 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.

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

12 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

NOTE 2. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION

BASIS OF PRESENTATION

For the period prior to November 26, 2019, the accompanying combined financial statements of Alpine Income Property Trust Predecessor (the “Predecessor”) do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control that have been “carved out” from CTO’s consolidated financial statements. Historically, financial statements of the Predecessor have not been prepared as it has not operated separately from CTO. These combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of CTO that are specifically identifiable and generated through, or associated with, an in-place net lease, which have been reflected at CTO’s historical basis.

For periods subsequent to November 26, 2019, the accompanying consolidated financial statements represent the consolidated statements of Alpine Income Property Trust, Inc. together with our consolidated subsidiaries. As a result of the Company’s acquisitions of the initial portfolio from CTO, the consolidated financial statements subsequent to November 26, 2019 are presented on a new basis of accounting pursuant to Accounting Standards Codification (“ASC”) 805-10, Business Combinations.

The preparation of these consolidated and combined financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The combined financial statements for the period prior to November 26, 2019, include an allocation of general and administrative expenses to the Predecessor from CTO. In addition, general and administrative expenses include an allocation of the costs of certain CTO corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses (including stock-based compensation) represent a pro rata allocation of costs from CTO based on the revenues of the Predecessor as a percentage of CTO’s total revenue. The Company believes the allocation methodology for general and administrative expenses is reasonable. However, the allocated general and administrative expense presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a stand-alone public company for future reporting periods. Additionally, most of the Predecessor entities included in CTO’s financial statements did not have separately established bank accounts for the periods presented, and most cash transactions were historically transacted through bank accounts owned by CTO. The combined statements of cash flows for the periods presented were prepared as if operating, investing, and financing transactions had been transacted through separate bank accounts of the Predecessor. The combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows attributed to the Company.

PRINCIPLES OF CONSOLIDATION

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

SEGMENT REPORTING

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

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

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

REAL ESTATE

The Company’s real estate assets are primarily comprised of the properties in its portfolio, and are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the year ended December 31, 2021, the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019, was $10.0 million, $6.2 million, $0.4 million, and $3.2 million, respectively.

LONG-LIVED ASSETS

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

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

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

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless the management believes that it is likely that the tenant will renew the lease upon expiration, in which case both the Company and the Predecessor amortize the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

SALES OF REAL ESTATE

When properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gains on dispositions of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

PROPERTY LEASE REVENUE

The rental arrangements associated with the Company’s property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.

The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of December 31, 2021 and 2020, the Company’s allowance for doubtful accounts totaled $0.3 million and $0.1 million, respectively.

SALES TAX

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

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of December 31, 2021 and 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.

RESTRICTED CASH

Restricted cash totaled $0.6 million at December 31, 2021 which is being held in a capital replacement and leasing commissions reserve account in connection with our financing of six properties.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are 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 each interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the interest rate swaps and the associated debts are identical, both hedging instruments qualify for the shortcut method; therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 10, “Interest Rate Swaps”).

FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable included in other assets, accounts payable, and accrued expenses and other liabilities at December 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. The Company estimates the fair value of its mortgage note payable and term loans based on incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, which is a Level 2 non-recurring measurement, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.

FAIR VALUE MEASUREMENTS

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

●

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

●

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

●

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

EARNINGS PER COMMON SHARE

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

INCOME TAXES

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

STOCK-BASED COMPENSATION

The Company adopted the Individual Equity Incentive Plan (the “Individual Plan”) and the Manager Equity Incentive Plan (the “Manager Plan”), which are collectively referred to herein as the Equity Incentive Plans. The purpose of the Equity Incentive Plans is to provide equity incentive opportunities to members of the Manager’s management team and employees who perform services for the Company, the Company’s independent directors, advisers, consultants and other personnel, either individually or via grants of incentive equity to the Manager.

The Company has issued restricted shares of common stock pursuant to the Equity Incentive Plans. The Company’s determination of the grant date fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-

line basis over the vesting period and is included in general and administrative expenses in the Company’s consolidated and combined statements of operations. Award forfeitures are accounted for in the period in which they occur.

CONCENTRATION OF CREDIT RISK

Certain of the tenants in the portfolio of 113 properties accounted for more than 10% of total revenues during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019.

For the year ended December 31, 2021, Wells Fargo represented 12% of total revenues. Wells Fargo and Hilton Grand Vacations represented 19% and 12% of total revenues, respectively, for the year ended December 31, 2020 and 26%and 17% of total revenues, respectively, for the period from November 26, 2019 to December 31, 2019 and the Predecessor period from January 1, 2019 to November 25, 2019.

As of December 31, 2021, 20% of the Company’s real estate portfolio, based on square footage, was located in the state of Texas. As of December 31, 2020, 13% and 17%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the states of Oregon and Florida. Additionally, as of December 31, 2020, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the states of North Carolina and Michigan. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values.

RECLASSIFICATIONS

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.

RECENTLY ISSUED ACCOUNTING STANDARDS

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

Lease Modifications. In April 2020, the FASB issued interpretive guidance relating to the accounting for lease concessions provided as a result of the COVID-19 Pandemic. In this guidance, entities can elect not to apply lease modification accounting with respect to such lease concessions and, instead, treat the concession as if it was a part of the existing contract. This guidance is only applicable to lease concessions related to the COVID-19 Pandemic that do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As of and for the year ended December 31, 2020, the Company elected to not apply lease modification accounting with respect to rent deferrals as the concessions were related to COVID-19 and there was not a substantial increase in the lessor’s rights under the lease agreement. Accordingly, for leases in which deferred rent agreements were reached, the Company has continued to account for the lease by recognizing the normal straight-line rental income and as the deferred rents are repaid by the tenant, the straight-line receivable will be reduced. The Company did not enter into any deferred rent agreements related to the COVID-19 Pandemic during the year ended December 31, 2021. The portion of the straight-line adjustment related to COVID-19 concessions and subsequent repayments has been reflected separately in the Company’s statement of cash flows for the years ended December 31, 2021 and 2020. With respect to rent abatement agreements, lease modification

accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

PROPERTY PORTFOLIO

12 Months Ended

Dec. 31, 2021

PROPERTY PORTFOLIO

PROPERTY PORTFOLIO

NOTE 4. PROPERTY PORTFOLIO

As of December 31, 2021, the Company’s property portfolio consisted of 113 properties with total square footage of 3.3 million.

Leasing revenue consists of long-term rental revenue from retail and office 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):


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Lease Income
Lease Payments	$	27,138	$	17,746	$	1,294	$	10,810
Variable Lease Payments		2,990		1,502		100		1,027
Total Lease Income	$	30,128	$	19,248	$	1,394	$	11,837

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 December 31, 2021, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
2022	$	36,196
2023		35,747
2024		34,806
2025		33,519
2026		29,703
2027 and Thereafter (Cumulative)		120,057
Total	$	290,028

2021 Activity. During the year ended December 31, 2021, the Company acquired 68 properties for a combined purchase price of $260.3 million, or a total cost of $262.4 million including capitalized acquisition costs. Of the total acquisition cost, $100.8 million was allocated to land, $132.6 million was allocated to buildings and improvements, $31.8 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $2.8 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 8.6 years at acquisition.

The leases attributable to the properties acquired during the year ended December 31, 2021 are described below:


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	3/09/2021	89,902		8,571		8.4
Pet Supplies Plus	Canton, OH	3/09/2021	8,400		1,135		6.6
Salon Lofts	Canton, OH	3/09/2021	4,000		694		7.0
Sportsman's Warehouse	Albuquerque, NM	3/29/2021	48,974		7,100		8.4
Burlington	North Richland Hills, TX	4/23/2021	70,891		11,528		7.8
Academy Sports	Florence, SC	6/22/2021	58,410		7,650		7.7
Big Lots	Durant, OK	6/25/2021	36,794		1,836		5.5
Orscheln Farm and Home	Durant, OK	6/25/2021	37,965		2,017		1.7
Lowe's	Katy, TX	6/30/2021	131,644		14,672		11.1
Harris Teeter	Charlotte, NC	6/30/2021	45,089		8,273		6.8
Rite Aid	Renton, WA	6/30/2021	16,280		7,200		5.1
Walgreens	Clermont, FL	6/30/2021	13,650		5,085		7.2
Big Lots	Germantown, MD	6/30/2021	25,589		4,670		9.6
Big Lots	Phoenix, AZ	6/30/2021	34,512		4,599		9.6
Circle K	Indianapolis, IN	6/30/2021	4,283		2,800	⁽¹⁾	3.4
Burger King	Plymouth, NC	6/30/2021	3,142		1,736	⁽¹⁾	6.8
Dollar Tree	Demopolis, AL	6/30/2021	10,159		1,615	⁽¹⁾	8.7
Firestone	Pittsburgh, PA	6/30/2021	10,629		1,468	⁽¹⁾	7.8
Advance Auto Parts	Ware, MA	6/30/2021	6,889		1,396	⁽¹⁾	3.6
Grease Monkey	Stockbridge, GA	6/30/2021	1,846		1,318	⁽¹⁾	12.3
Hardee's	Boaz, AL	6/30/2021	3,542		1,185	⁽¹⁾	9.4
Schlotzsky's	Sweetwater, TX	6/30/2021	2,431		1,147	⁽¹⁾	14.0
Advance Auto Parts	Athens, GA	6/30/2021	6,871		1,127	⁽¹⁾	3.6
Family Dollar	Burlington, NC	7/01/2021	11,394		1,618		9.8
O'Reilly Auto Parts	Duluth, MN	7/12/2021	11,182		1,030	⁽¹⁾	6.4
Tractor Supply	Washington Court House, OH	8/27/2021	39,984		2,370		10.8
Harbor Freight	Midland, MI	8/31/2021	14,624		1,750		4.8
Camping World	Duluth, MN	9/14/2021	66,033		10,451		12.3
Advance Auto Parts	Ludington, MI	9/14/2021	6,604		1,050		10.3
Advance Auto Parts	New Baltimore, MI	9/14/2021	6,784		1,050		10.3
Dollar Tree	Stillwell, OK	9/17/2021	9,828		1,576		10.5
O'Reilly Auto Parts	Angels Camp, CA	9/22/2021	7,066		2,125		4.5
Walmart	Hempstead, TX	9/28/2021	52,190		4,450		5.3
7-Eleven	Olathe, KS	9/30/2021	4,146		3,782		5.7
At Home	Turnersville, NJ	9/30/2021	89,460		7,181		8.1
Boston Market	Turnersville, NJ	9/30/2021	2,627		1,027		8.3
Verizon	Turnersville, NJ	9/30/2021	6,027		3,568		5.8
Advance Auto Parts	St. Paul, MN	9/30/2021	7,201		2,305		7.1
Hobby Lobby	Aberdeen, SD	9/30/2021	49,034		3,150		3.4
Dollar Tree	Albuquerque, NM	9/30/2021	10,023		1,081		9.4
Office Depot	Albuquerque, NM	9/30/2021	30,346		3,814		2.3
Valero⁽²⁾	Jackson, MS	9/30/2021	1,920		1,067		20.0
Valero⁽²⁾	Leland, MS	9/30/2021	3,343		977		20.0
Valero	Cadiz, OH	10/14/2021	1,292		750		20.0
Valero	Massillon, OH	10/14/2021	1,363		1,059		20.0
Valero	Parma, OH	10/14/2021	1,884		988		20.0
Office Max	Gadsen, AL	10/26/2021	23,638		2,717		6.3
Orscheln Farm and Home	California, MO	11/2/2021	23,042		1,806		10.0
Family Dollar	Dearing, GA	11/12/2021	9,288		1,365		8.9
Buffalo Wild Wings	Hattiesburg, MS	11/23/2021	6,302		3,664		10.1
Best Buy	Dayton, OH	12/3/2021	45,535		5,898		3.3


Description	Location	Date of Acquisition	Square-Feet	Purchase Price ($000's)		Remaining Lease Term at Acquisition Date (in years)
Ashley HomeStore	Dayton, OH	12/3/2021	33,161		3,480	6.2
Mattress Firm	Richmond, IN	12/8/2021	5,108		2,271	9.3
Orscheln Farm and Home	Owensville, MO	12/8/2021	38,452		1,530	6.1
Family Dollar	McKenny, VA	12/10/2021	10,531		1,660	9.8
Family Dollar	Tipton, MO	12/14/2021	10,500		1,606	10.2
Family Dollar	Van Buren, MO	12/14/2021	10,500		1,563	10.2
Family Dollar	Lake Village, AR	12/14/2021	14,592		1,242	10.2
Academy Sports	Columbia, SC	12/16/2021	72,000		10,121	10.4
Academy Sports	Snellville, GA	12/16/2021	67,247		10,379	10.4
The Burger Joint	Friendswood, TX	12/22/2021	4,054		2,634	9.0
Charles Schwab	Webster, TX	12/22/2021	5,556		4,892	10.1
Crazy Alan's Swamp Shack	Friendswood, TX	12/22/2021	9,356		2,786	7.7
Ethan Allen	Friendswood, TX	12/22/2021	12,208		2,528	3.8
LongHorn Steakhouse	Webster, TX	12/22/2021	7,000		3,122	1.3
Lowe's	Webster, TX	12/22/2021	163,300		10,986	5.9
Olive Garden	Friendswood, TX	12/22/2021	8,388		3,001	1.8
Rooms To Go	Friendswood, TX	12/22/2021	51,868		10,760	10.3
Sportsman's Warehouse	Morgantown, WV	12/22/2021	30,547		6,050	5.4
Visionworks	Friendswood, TX	12/22/2021	3,949		2,791	0.9
	Total / Weighted Average		1,799,839	$	260,313	8.1

(1)	The aggregate purchase price of $14.8 million was partially funded through the issuance of 479,640 OP Units valued at $9.0 million, see Note 11, “Equity.”

(2)	Subject to a master lease agreement.

During the year ended December 31, 2021, the Company sold three properties for an aggregate sales price of $28.3 million, generating aggregate gains on sale of $9.7 million. On July 21, 2021, the Company sold one property, classified as held for sale as of June 30, 2021, leased to Outback Steakhouse located in Huntersville, North Carolina, for a sales price of $3.8 million, generating a gain on sale of $0.5 million. On December 2, 2021, the Company sold two properties leased to Hilton Grand Vacations in Orlando, Florida, for an aggregate sales price of $24.5 million, generating a combined gain on sale of $9.1 million.

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

The leases attributable to the properties acquired during the year ended December 31, 2020 are described below:


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

On September 25, 2020, the Company sold one property, classified as held for sale as of June 30, 2020, leased to Outback Steakhouse located in Charlottesville, Virginia, for a sales price of $5.1 million, generating a gain on sale of $0.3 million.

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

In connection with the accounting of the 20-property initial portfolio acquisition as a business combination, the purchase consideration was calculated as follows (in thousands, except unit and per share data):


	November 26, 2019
Total OP Units Issued (Number of Units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253
Total Cash Consideration Paid for Initial Portfolio		125,919
Total Purchase Consideration Paid for Initial Portfolio	$	149,172

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


	November 26, 2019
Land, at Cost	$	54,386
Building and Improvements, at Cost		74,070
Intangible Lease Assets		22,649
Intangible Lease Liabilities		(1,933)
Estimated Fair Value of Net Assets Acquired	$	149,172

The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of the initial portfolio was completed on January 1, 2018. The unaudited pro forma financial information includes adjustments for (i) depreciation on acquired building and improvements of $4.3 million for the pro forma year ended 2019; (ii) amortization of intangible lease assets and intangible lease liabilities recorded at the date of the transactions of $2.7 million for the pro forma year ended 2019; and (iii) the elimination of acquisition related costs of $0.2 million. This information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on January 1, 2018 (in thousands, except per share data):


	For the Year Ended December 31, 2019
Unaudited Pro Forma Total Revenues	$	13,964
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.	$	760
Unaudited Pro Forma Basic Net Income per Share	$	0.10
Unaudited Pro Forma Diluted Net Income per Share	$	0.08
Unaudited Pro Forma Funds From Operations	$	7,826
Unaudited Pro Form Adjusted Funds From Operations	$	7,438

Period from January 1, 2019 to November 25, 2019 Predecessor Activity. During the period from January 1, 2019 to November 25, 2019, the Predecessor acquired five properties for a combined purchase price of $26.8 million, or a total cost of $27.0 million including capitalized acquisition costs. Of the total acquisition cost, $10.0 million was allocated to land, $13.8 million was allocated to buildings and improvements, $3.6 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value, and $0.4 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 10.6 years at acquisition. No properties were disposed of during the period from January 1, 2019 to November 25, 2019.

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,851	$	8,851	$	1,894	$	1,894
Restricted Cash - Level 1	$	646	$	646	$	—	$	—
Long-Term Debt - Level 2	$	267,740	$	272,637	$	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 December 31, 2021 and December 31, 2020 (in thousands). See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2021
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	945	$	—	$	945	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	977	$	—	$	977	$	—
December 31, 2020
Credit Facility Interest Rate Swap ⁽³⁾	$	(481)	$	—	$	(481)	$	—

(1)	Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance.

(2)

Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of its redesignation of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027.

(3)	Effective April 30, 2020, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined).

- Definition

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

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 6. INTANGIBLE ASSETS AND LIABILITIES

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


	As of
	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	45,301	$	27,494
Value of Above Market In-Place Leases		3,623		2,187
Value of Intangible Leasing Costs		19,066		11,459
Sub-total Intangible Lease Assets		67,990		41,140
Accumulated Amortization		(9,169)		(4,259)
Sub-total Intangible Lease Assets—Net		58,821		36,881
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,397)		(3,674)
Sub-total Intangible Lease Liabilities		(6,397)		(3,674)
Accumulated Amortization		921		375
Sub-total Intangible Lease Liabilities—Net		(5,476)		(3,299)
Total Intangible Assets and Liabilities—Net	$	53,345	$	33,582

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands):



	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Amortization Expense	$	5,977	$	3,758	$	271	$	1,548
Accretion to Properties Revenue		(257)		(108)		(5)		(234)
Net Amortization of Intangible Assets and Liabilities	$	5,720	$	3,650	$	266	$	1,314

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 Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2022	$	8,268	$	(358)	$	7,910
2023		8,026		(364)		7,662
2024		7,697		(353)		7,344
2025		7,107		(306)		6,801
2026		5,990		(164)		5,826
2027 and Thereafter		18,385		(583)		17,802
Total	$	55,473	$	(2,128)	$	53,345

As of December 31, 2021, the weighted average amortization period of both the total intangible assets and liabilities was 9.0 years.

OTHER ASSETS

12 Months Ended

Dec. 31, 2021

OTHER ASSETS.

OTHER ASSETS

NOTE 7. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of
	December 31, 2021		December 31, 2020
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	790	$	67
Accrued Unbilled Tenant Receivables		553		216
Prepaid Insurance		616		606
Deposits on Acquisitions		350		100
Prepaid Expenses, Deposits, and Other		1,496		442
Deferred Financing Costs—Net		469		650
Interest Rate Swaps		2,095		—
Total Other Assets	$	6,369	$	2,081

(1)	Includes $0.3 million and $0.1 million allowance for doubtful accounts as of December 31, 2021 and December 31, 2020, respectively.

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2021

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

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

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


	As of
	December 31, 2021		December 31, 2020
Accounts Payable	$	213	$	450
Accrued Expenses		676		474
Due to CTO		1,301		579
Interest Rate Swap		173		481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	2,363	$	1,984

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 9. LONG-TERM DEBT

As of December 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	$	99,000	30-Day LIBOR + [1.35% - 1.95%]	November 2023
2026 Term Loan⁽¹⁾		60,000	30-Day LIBOR + [1.35% - 1.95%]	May 2026
2027 Term Loan⁽²⁾		80,000	30-Day LIBOR + [1.25% - 1.90%]	January 2027
Mortgage Note Payable – CMBS Portfolio		30,000	4.33%	October 2034
Total Debt/Weighted-Average Rate	$	269,000	2.10%

(1)

Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(2)

Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

Credit Facility. On November 26, 2019, the Company and the Operating Partnership entered into a credit agreement (the “Credit Facility 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 June 30, 2020, the Company and the Operating Partnership executed the first amendment to the Credit Facility Credit Agreement whereby the tangible net worth covenant was adjusted to be more reflective of market terms.

On October 16, 2020, the Company and the Operating Partnership 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.

On May 19, 2021, the Company and the Operating Partnership executed the third amendment to the Credit Facility (the “Third Amendment”). Among other things, the Third Amendment revised the Credit Facility Credit Agreement to provide that as of the last day of each fiscal quarter, the Operating Partnership shall not permit the ratio of Unsecured Indebtedness to Borrowing Base Value (as defined in the Credit Facility Credit Agreement) to be greater than 0.60 to 1:00. Prior to the Third Amendment, the Credit Facility Credit Agreement provided that as of the last day of each fiscal quarter, the Operating Partnership could not permit the ratio of Total Indebtedness to Total Asset Value (as defined in the Credit Facility Credit Agreement) to be greater than 0.60 to 1:00.

Pursuant to the Credit Facility 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 Facility 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 Credit Agreement, the 2026 Term Loan Credit Agreement (hereinafter defined), and the 2027 Term Loan Credit Agreement (hereinafter defined), collectively referred to herein as the “Credit Agreements”, 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 Agreements also contain financial covenants covering the Operating Partnership, including but not limited to, tangible net worth and fixed charge coverage ratios.

At December 31, 2021, the current commitment level under the Credit Facility was $150.0 million and the Company had an outstanding balance of $99.0 million.

2026 Term Loan. On May 21, 2021, the Operating Partnership, the Company and certain subsidiaries of the Company entered into a credit agreement (the “2026 Term Loan Credit Agreement”) for a term loan (the “2026 Term Loan”) in an aggregate principal amount of $60.0 million with a maturity of five years. Truist Securities, Inc. is acting as sole lead arranger and sole book runner, with Truist Bank, N.A. as administrative agent. Truist Bank, N.A., Bank of Montreal, Raymond James Bank, N.A. and Stifel Bank are lenders under the 2026 Term Loan. In addition, the Operating Partnership may request up to three incremental term loan commitments in an aggregate amount not to exceed $100.0 million.

2027 Term Loan. On September 30, 2021, the Operating Partnership, the Company and certain subsidiaries of the Company entered into a credit agreement (the “2027 Term Loan Credit Agreement”) for a term loan (the “2027 Term Loan”) in an aggregate principal amount of $80.0 million (the “Term Commitment”) maturing in January 2027. KeyBanc Capital Markets Inc., Regions Capital Markets, and U.S. Bank National Association acted as joint lead arrangers, with

KeyBanc Capital Markets Inc. as sole book runner, and KeyBank National Association as administrative agent. KeyBank National Association, Regions Bank, U.S. Bank National Association, Bank of Montreal, Raymond James Bank, and The Huntington National Bank are lenders under the 2027 Term Loan. In addition, the Operating Partnership may request up to three incremental term loan commitments in an aggregate amount, together with the Term Commitment, not to exceed $200.0 million.

Mortgage Notes Payable. On June 30, 2021, in connection with the acquisition of six net lease properties from CTO (the “CMBS Portfolio”), the Company assumed an existing $30.0 million secured mortgage, which bears interest at a fixed rate of 4.33%. The mortgage note matures in October 2034 and is prepayable without penalty beginning in October 2024. Additionally, on June 30, 2021, in connection with the acquisition of two net lease properties from an unrelated third party, the Company assumed mortgage notes totaling an aggregate of $1.6 million, which balance was repaid on July 1, 2021.

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


	December 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	99,000	$	—	$	106,809	$	—
2026 Term Loan		60,000		—		—		—
2027 Term Loan		80,000		—		—		—
Mortgage Note Payable – CMBS Portfolio		30,000		—		—		—
Financing Costs, net of Accumulated Amortization		(1,260)		—		—		—
Total Long-Term Debt	$	267,740	$	—	$	106,809	$	—

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


Year Ending December 31,	Amount
2022	$	—
2023		99,000
2024		—
2025		—
2026		60,000
2027 and Thereafter		110,000
Total Long-Term Debt - Face Value	$	269,000

The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	269,000
Financing Costs, net of Accumulated Amortization		(1,260)
Total Long-Term Debt	$	267,740

In addition to the $1.3 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.5 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 Company’s accompanying consolidated and combined statements of operations.

The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands):


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Interest Expense	$	3,340	$	1,276	$	25	$	—
Amortization of Deferred Financing Costs to Interest Expense		362		188		16		—
Total Interest Expense	$	3,702	$	1,464	$	41	$	—

Total Interest Paid	$	3,131	$	1,230	$	—	$	—

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

INTEREST RATE SWAPS

12 Months Ended

Dec. 31, 2021

INTEREST RATE SWAPS.

INTEREST RATE SWAPS

NOTE 10. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the year ended December 31, 2021. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2021
2026 Term Loan ⁽¹⁾	5/21/2021	5/21/2026	0.81% + applicable spread	$	60,000	$	945
2027 Term Loan⁽²⁾	9/30/2021	11/26/2024	0.53% + applicable spread	$	80,000	$	(173)
2027 Term Loan ⁽³⁾	11/26/2024	1/31/2027	1.60% + applicable spread	$	80,000	$	1,150

(1)	Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan balance.

(2)

(3)	The interest rate swap agreement hedges the $80.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 26, 2024.

EQUITY

12 Months Ended

Dec. 31, 2021

EQUITY

EQUITY

NOTE 11. EQUITY

SHELF REGISTRATION

On December 1, 2020, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on December 11, 2020.

ATM PROGRAM

On December 14, 2020, the Company implemented a $100.0 million “at-the-market” 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. During the year ended December 31, 2021, the Company sold 761,902 shares under the 2020 ATM Program for gross proceeds of $14.0 million at a weighted average price of $18.36 per share, generating net proceeds of $13.8 million after deducting transaction fees totaling $0.2 million. The Company was not active under the 2020 ATM Program during the year ended December 31, 2020.

FOLLOW-ON PUBLIC OFFERING

In June 2021, the Company completed a follow-on public offering of 3,220,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 420,000 shares of common stock. Upon closing, the Company issued 3,220,000 shares and received net proceeds of $54.3 million, after deducting the underwriting discount and expenses.

NONCONTROLLING INTEREST

As of December 31, 2021, CTO holds, directly and indirectly, a 9.3% noncontrolling ownership interest in the Operating Partnership as a result of 1,223,854 OP Units issued to CTO at the time of the Company’s Formation Transactions, as further described in Note 1, “Business and Organization.” An additional 3.6% noncontrolling ownership interest is held by an unrelated third party in connection with the issuance of 479,640 OP Units valued at $9.0 million in the aggregate, or $18.85 per unit. The issuance of 479,640 OP Units includes (i) 424,951 OP Units issued as partial consideration for the portfolio of nine net lease properties acquired on June 30, 2021 and (ii) 54,689 OP Units issued in connection with the acquisition of one net lease property on July 12, 2021.

DIVIDENDS

The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the 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 years ended December 31, 2021, 2020, and 2019, the Company declared and paid cash dividends on its common stock and OP Units of $1.015 per share, $0.820 per share, and $0.058 per share, respectively. The dividends paid on the Company’s common stock and OP Units for the year ended December 31, 2019 represent the initial stub period of the Company’s operations from November 26, 2019 to December 31, 2019.

PREDECESSOR EQUITY

The Predecessor equity represents net contributions from and distributions to CTO.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMON STOCK AND EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 12. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share are computed by dividing net income attributable to the Company 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):



	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$	9,964	$	985	$	(39)	$	3,631

Weighted Average Number of Common Shares Outstanding		9,781,066		7,588,349		7,902,737		N/A
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,465,161		1,223,854		1,223,854		N/A
Total Shares Applicable to Diluted Earnings per Share		11,246,227		8,812,203		9,126,591		N/A

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	1.02	$	0.13	$	—		N/A
Diluted	$	0.89	$	0.11	$	—		N/A

(1)

Represents shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of ten net lease properties during the year ended December 31, 2021 (see Note 11, “Equity”).

SHARE REPURCHASES

12 Months Ended

Dec. 31, 2021

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 13. SHARE REPURCHASES

In March 2020, the Board approved a $5.0 million stock repurchase program (the “$5.0 Million Repurchase Program”). During the first half of 2020, the Company repurchased 456,237 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $11.02, which completed the $5.0 Million Repurchase Program. There were no repurchases of the Company’s common stock during the year ended December 31, 2021.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2021

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 14. STOCK-BASED COMPENSATION

In connection with the closing of the IPO, on November 26, 2019, the Company granted restricted shares of common stock to each of the non-employee directors under the Individual Plan. Each of the non-employee directors received an award of 2,000 restricted shares of common stock on November 26, 2019. The restricted shares will vest in substantially equal installments on each of the first, second, and third anniversaries of the grant date. As of December 31, 2021, the first and second increments of this award had vested, leaving 2,668 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. The Company recognized stock compensation expense totaling $0.1 million during each of the years ended December 31, 2021 and 2020. During the period from November 26, 2019 to December 31, 2019, the Company recognized stock compensation expense totaling less than $0.1 million.

A summary of activity for these awards during the years ended December 31, 2021 and 2020, and during the period from November 26, 2019 to December 31, 2019, is presented below:


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Non-Vested at November 25, 2019	—		—
Granted	8,000	$	18.80
Vested	—		—
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2019	8,000	$	18.80
Granted	—		—
Vested	(2,664)	$	18.80
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2020	5,336	$	18.80
Granted	—		—
Vested	(2,668)	$	18.80
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2021	2,668	$	18.80

As of December 31, 2021, there was less than $0.1 million of unrecognized compensation cost related to the three-year vest restricted shares, which will be recognized over a remaining period of 0.9 years.

Each member of the Board has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing the amount of the quarterly retainer payment due to such director by the trailing 20-day average price of the Company’s common stock as of the last business day of the calendar quarter, rounded down to the nearest whole number of shares. During the year ended December 31, 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.3 million, or 14,049 shares, of which 3,453 shares were issued on April 1, 2021, 3,525 shares were issued on July 1, 2021, 3,594 shares were issued on October 1, 2021, and 3,477 shares were issued on January 3, 2022. During the year ended December 31, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 14,572 shares, of which 4,098 shares were issued on April 1, 2020, 3,414 shares were issued on July 1, 2020, 3,474 shares were issued on October 1, 2020, and 3,586 shares were issued on January 1, 2021. During the period from November 26, 2019 to December 31, 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled less than $0.1 million, or 1,269 shares, which were issued on January 2, 2020.

Stock compensation expense for the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 is summarized as follows (in thousands):


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Stock Compensation Expense – Director Restricted Stock	$	50	$	51	$	4	$	—
Stock Compensation Expense – Director Retainers Paid in Stock		259		217		—		—
Allocation From CTO/Predecessor		—		—		—		509
Total Stock Compensation Expense ⁽¹⁾	$	309	$	268	$	4	$	509

(1)

Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the years ended December 31, 2021 and 2020 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.

For the period prior to November 26, 2019, the Predecessor’s stock-based compensation expense, included in general and administrative expenses in the combined statements of operations for the period from January 1, 2019 to November 25, 2019, reflected an allocation of a portion of the stock compensation expense of CTO.

RELATED PARTY MANAGEMENT COMPANY

12 Months Ended

Dec. 31, 2021

RELATED PARTY MANAGEMENT COMPANY

RELATED PARTY MANAGEMENT COMPANY

NOTE 15. RELATED PARTY MANAGEMENT COMPANY

We are externally managed by the Manager, a wholly owned subsidiary of CTO. During the year ended December 31, 2021, CTO purchased 8,088 shares of PINE common stock in the open market for $0.1 million, or an average price per share of $17.65. As of December 31, 2021, CTO owns, in the aggregate, 1,223,854 OP Units and 823,878 shares of PINE common stock, inclusive of (i) 394,737 shares of common stock totaling $7.5 million issued in connection with the CTO Private Placement, (ii) 421,053 shares of common stock totaling $8.0 million issued in connection with the IPO, and (iii) 8,088 shares of common stock totaling $0.1 million purchased by CTO. The aggregate 1,223,854 OP Units and 823,878 shares of PINE common stock held by CTO represent an investment totaling $41.0 million, or 15.6% of PINE’s outstanding equity, as of December 31, 2021.

Management Agreement

On November 26, 2019, the Operating Partnership and PINE entered into a 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 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, 2021 or 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 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 pay directly or reimburse our Manager for certain expenses, if incurred by our Manager. We do not reimburse any compensation expenses incurred by our Manager or its affiliates. Expense reimbursements to our Manager are made in cash on a quarterly basis following the end of each quarter. In addition, we pay all of our operating expenses, except those specifically required to be borne by our Manager pursuant to the Management Agreement.

The Company incurred management fee expenses totaling $3.2 million, $2.6 million, and $0.3 million during the years ended December 31, 2021 and 2020, and for the period from November 26, 2019 to December 31, 2019, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $2.1 million, $1.7 million, and $0.1 million for the years ended December, 31, 2021 and 2020, and for the period from November 26, 2019 to December 31, 2019, respectively. There were no Manager dividends or management fees applicable to the Predecessor period from January 1, 2019 to November 25, 2019.

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


	As of
Description	December 31, 2021		December 31, 2020
Management Fee due to CTO	$	913	$	631
Other		388		(52)
Total ⁽¹⁾	$	1,301	$	579

(1)	Included in accrued expenses, see Note 8, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

ROFO Agreement

On November 26, 2019, PINE also entered into an Exclusivity and Right of First Offer Agreement with CTO (the “ROFO Agreement”). During the term of the ROFO Agreement, CTO will not, and will cause each of its affiliates (which for purposes of the 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 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 ROFO Agreement, neither CTO nor any of its affiliates (which for purposes of the 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 ROFO Agreement will continue for so long as the Management Agreement with our Manager is in effect.

On April 6, 2021, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property (the “Single Property”) for $11.5 million. The acquisition of the Single Property was completed on April 23, 2021.

On April 2, 2021, the Company entered into a separate purchase and sale agreement with certain subsidiaries of CTO for the purchase of the CMBS Portfolio. The terms of the purchase and sale agreement, as amended on April 20, 2021, provided a total purchase price of $44.5 million for the CMBS Portfolio. The acquisition of the CMBS Portfolio was completed on June 30, 2021.

Subsequent to December 31, 2021, on January 5, 2022, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property. The terms of the purchase and sale agreement provided a total purchase price of $6.9 million, which acquisition was completed on January 7, 2022 (see Note 17, “Subsequent Events”).

The entry into the purchase and sale agreements, and subsequent completion of acquisitions, are a result of the Company exercising its right to purchase the aforementioned properties under the ROFO agreement.

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 net leased properties that would potentially fit the investment criteria for our Manager or its affiliates. Similarly, our Manager or its affiliates may acquire or sell net leased properties that would potentially fit our investment criteria. Although such acquisitions or dispositions could 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 net leased property from CTO or one of its affiliates or sell a 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 arm’s 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 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 ROFO Agreement will not prevent CTO from pursuing certain acquisition opportunities that otherwise satisfy our then-current investment criteria.

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

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 16. COMMITMENTS AND CONTINGENCIES

LEGAL PROCEEDINGS

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. 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.

CONTRACTUAL COMMITMENTS – EXPENDITURES

As of December 31, 2021, the Company had no commitments related to capital expenditures.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 17. SUBSEQUENT EVENTS

The Company reviewed all subsequent events and transactions through February 10, 2022, the date the consolidated and combined financial statements were issued.

On January 5, 2022, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property located in Oceanside, New York, occupied by Party City. The terms of the purchase and sale agreement provided a total purchase price of $6.9 million. The acquisition was completed on January 7, 2022. As of the acquisition date, the property had a remaining lease term of 10.4 years.

There were no other reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2021

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION

SEGMENT REPORTING

SEGMENT REPORTING

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS

REAL ESTATE

REAL ESTATE

LONG-LIVED ASSETS

LONG-LIVED ASSETS

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE AND SALES OF REAL ESTATE

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

SALES OF REAL ESTATE

PROPERTY LEASE REVENUE

PROPERTY LEASE REVENUE

SALES TAX

SALES TAX

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

RESTRICTED CASH

RESTRICTED CASH

Restricted cash totaled $0.6 million at December 31, 2021 which is being held in a capital replacement and leasing commissions reserve account in connection with our financing of six properties.

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

●

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

●

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE

INCOME TAXES

INCOME TAXES

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

CONCENTRATION OF RISK

CONCENTRATION OF CREDIT RISK

RECLASSIFICATIONS

RECLASSIFICATIONS

RECENTLY ISSUED ACCOUNTING STANDARDS

RECENTLY ISSUED ACCOUNTING STANDARDS

accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

PROPERTY PORTFOLIO (Tables)

12 Months Ended

Dec. 31, 2021

PROPERTY PORTFOLIO

Schedule of components of leasing revenue

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


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Lease Income
Lease Payments	$	27,138	$	17,746	$	1,294	$	10,810
Variable Lease Payments		2,990		1,502		100		1,027
Total Lease Income	$	30,128	$	19,248	$	1,394	$	11,837

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


Year Ending December 31,	Amounts
2022	$	36,196
2023		35,747
2024		34,806
2025		33,519
2026		29,703
2027 and Thereafter (Cumulative)		120,057
Total	$	290,028

Schedule of single-tenant net lease income properties acquired


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	3/09/2021	89,902		8,571		8.4
Pet Supplies Plus	Canton, OH	3/09/2021	8,400		1,135		6.6
Salon Lofts	Canton, OH	3/09/2021	4,000		694		7.0
Sportsman's Warehouse	Albuquerque, NM	3/29/2021	48,974		7,100		8.4
Burlington	North Richland Hills, TX	4/23/2021	70,891		11,528		7.8
Academy Sports	Florence, SC	6/22/2021	58,410		7,650		7.7
Big Lots	Durant, OK	6/25/2021	36,794		1,836		5.5
Orscheln Farm and Home	Durant, OK	6/25/2021	37,965		2,017		1.7
Lowe's	Katy, TX	6/30/2021	131,644		14,672		11.1
Harris Teeter	Charlotte, NC	6/30/2021	45,089		8,273		6.8
Rite Aid	Renton, WA	6/30/2021	16,280		7,200		5.1
Walgreens	Clermont, FL	6/30/2021	13,650		5,085		7.2
Big Lots	Germantown, MD	6/30/2021	25,589		4,670		9.6
Big Lots	Phoenix, AZ	6/30/2021	34,512		4,599		9.6
Circle K	Indianapolis, IN	6/30/2021	4,283		2,800	⁽¹⁾	3.4
Burger King	Plymouth, NC	6/30/2021	3,142		1,736	⁽¹⁾	6.8
Dollar Tree	Demopolis, AL	6/30/2021	10,159		1,615	⁽¹⁾	8.7
Firestone	Pittsburgh, PA	6/30/2021	10,629		1,468	⁽¹⁾	7.8
Advance Auto Parts	Ware, MA	6/30/2021	6,889		1,396	⁽¹⁾	3.6
Grease Monkey	Stockbridge, GA	6/30/2021	1,846		1,318	⁽¹⁾	12.3
Hardee's	Boaz, AL	6/30/2021	3,542		1,185	⁽¹⁾	9.4
Schlotzsky's	Sweetwater, TX	6/30/2021	2,431		1,147	⁽¹⁾	14.0
Advance Auto Parts	Athens, GA	6/30/2021	6,871		1,127	⁽¹⁾	3.6
Family Dollar	Burlington, NC	7/01/2021	11,394		1,618		9.8
O'Reilly Auto Parts	Duluth, MN	7/12/2021	11,182		1,030	⁽¹⁾	6.4
Tractor Supply	Washington Court House, OH	8/27/2021	39,984		2,370		10.8
Harbor Freight	Midland, MI	8/31/2021	14,624		1,750		4.8
Camping World	Duluth, MN	9/14/2021	66,033		10,451		12.3
Advance Auto Parts	Ludington, MI	9/14/2021	6,604		1,050		10.3
Advance Auto Parts	New Baltimore, MI	9/14/2021	6,784		1,050		10.3
Dollar Tree	Stillwell, OK	9/17/2021	9,828		1,576		10.5
O'Reilly Auto Parts	Angels Camp, CA	9/22/2021	7,066		2,125		4.5
Walmart	Hempstead, TX	9/28/2021	52,190		4,450		5.3
7-Eleven	Olathe, KS	9/30/2021	4,146		3,782		5.7
At Home	Turnersville, NJ	9/30/2021	89,460		7,181		8.1
Boston Market	Turnersville, NJ	9/30/2021	2,627		1,027		8.3
Verizon	Turnersville, NJ	9/30/2021	6,027		3,568		5.8
Advance Auto Parts	St. Paul, MN	9/30/2021	7,201		2,305		7.1
Hobby Lobby	Aberdeen, SD	9/30/2021	49,034		3,150		3.4
Dollar Tree	Albuquerque, NM	9/30/2021	10,023		1,081		9.4
Office Depot	Albuquerque, NM	9/30/2021	30,346		3,814		2.3
Valero⁽²⁾	Jackson, MS	9/30/2021	1,920		1,067		20.0
Valero⁽²⁾	Leland, MS	9/30/2021	3,343		977		20.0
Valero	Cadiz, OH	10/14/2021	1,292		750		20.0
Valero	Massillon, OH	10/14/2021	1,363		1,059		20.0
Valero	Parma, OH	10/14/2021	1,884		988		20.0
Office Max	Gadsen, AL	10/26/2021	23,638		2,717		6.3
Orscheln Farm and Home	California, MO	11/2/2021	23,042		1,806		10.0
Family Dollar	Dearing, GA	11/12/2021	9,288		1,365		8.9
Buffalo Wild Wings	Hattiesburg, MS	11/23/2021	6,302		3,664		10.1
Best Buy	Dayton, OH	12/3/2021	45,535		5,898		3.3


Description	Location	Date of Acquisition	Square-Feet	Purchase Price ($000's)		Remaining Lease Term at Acquisition Date (in years)
Ashley HomeStore	Dayton, OH	12/3/2021	33,161		3,480	6.2
Mattress Firm	Richmond, IN	12/8/2021	5,108		2,271	9.3
Orscheln Farm and Home	Owensville, MO	12/8/2021	38,452		1,530	6.1
Family Dollar	McKenny, VA	12/10/2021	10,531		1,660	9.8
Family Dollar	Tipton, MO	12/14/2021	10,500		1,606	10.2
Family Dollar	Van Buren, MO	12/14/2021	10,500		1,563	10.2
Family Dollar	Lake Village, AR	12/14/2021	14,592		1,242	10.2
Academy Sports	Columbia, SC	12/16/2021	72,000		10,121	10.4
Academy Sports	Snellville, GA	12/16/2021	67,247		10,379	10.4
The Burger Joint	Friendswood, TX	12/22/2021	4,054		2,634	9.0
Charles Schwab	Webster, TX	12/22/2021	5,556		4,892	10.1
Crazy Alan's Swamp Shack	Friendswood, TX	12/22/2021	9,356		2,786	7.7
Ethan Allen	Friendswood, TX	12/22/2021	12,208		2,528	3.8
LongHorn Steakhouse	Webster, TX	12/22/2021	7,000		3,122	1.3
Lowe's	Webster, TX	12/22/2021	163,300		10,986	5.9
Olive Garden	Friendswood, TX	12/22/2021	8,388		3,001	1.8
Rooms To Go	Friendswood, TX	12/22/2021	51,868		10,760	10.3
Sportsman's Warehouse	Morgantown, WV	12/22/2021	30,547		6,050	5.4
Visionworks	Friendswood, TX	12/22/2021	3,949		2,791	0.9
	Total / Weighted Average		1,799,839	$	260,313	8.1

(1)	The aggregate purchase price of $14.8 million was partially funded through the issuance of 479,640 OP Units valued at $9.0 million, see Note 11, “Equity.”

(2)	Subject to a master lease agreement.


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

Schedule of purchase consideration, calculation


	November 26, 2019
Total OP Units Issued (Number of Units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253
Total Cash Consideration Paid for Initial Portfolio		125,919
Total Purchase Consideration Paid for Initial Portfolio	$	149,172

Schedule of purchase consideration, units issued


	November 26, 2019
Total OP Units Issued (Number of Units)		1,223,854
Company's IPO Price per Share	$	19.00
Total OP Unit Consideration Paid for Initial Portfolio	$	23,253
Total Cash Consideration Paid for Initial Portfolio		125,919
Total Purchase Consideration Paid for Initial Portfolio	$	149,172

Schedule of fair value of the total purchase consideration


	November 26, 2019
Land, at Cost	$	54,386
Building and Improvements, at Cost		74,070
Intangible Lease Assets		22,649
Intangible Lease Liabilities		(1,933)
Estimated Fair Value of Net Assets Acquired	$	149,172

Schedule of unaudited pro forma consolidated financial information


	For the Year Ended December 31, 2019
Unaudited Pro Forma Total Revenues	$	13,964
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.	$	760
Unaudited Pro Forma Basic Net Income per Share	$	0.10
Unaudited Pro Forma Diluted Net Income per Share	$	0.08
Unaudited Pro Forma Funds From Operations	$	7,826
Unaudited Pro Form Adjusted Funds From Operations	$	7,438

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	December 31, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,851	$	8,851	$	1,894	$	1,894
Restricted Cash - Level 1	$	646	$	646	$	—	$	—
Long-Term Debt - Level 2	$	267,740	$	272,637	$	106,809	$	106,809

Schedule of fair value of assets (liabilities) measured on recurring basis by Level


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2021
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	945	$	—	$	945	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	977	$	—	$	977	$	—
December 31, 2020
Credit Facility Interest Rate Swap ⁽³⁾	$	(481)	$	—	$	(481)	$	—

(1)	Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance.

(2)

(3)	Effective April 30, 2020, the Company utilized an interest rate swap to fix LIBOR and achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined).

INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities


	As of
	December 31, 2021		December 31, 2020
Intangible Lease Assets:
Value of In-Place Leases	$	45,301	$	27,494
Value of Above Market In-Place Leases		3,623		2,187
Value of Intangible Leasing Costs		19,066		11,459
Sub-total Intangible Lease Assets		67,990		41,140
Accumulated Amortization		(9,169)		(4,259)
Sub-total Intangible Lease Assets—Net		58,821		36,881
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,397)		(3,674)
Sub-total Intangible Lease Liabilities		(6,397)		(3,674)
Accumulated Amortization		921		375
Sub-total Intangible Lease Liabilities—Net		(5,476)		(3,299)
Total Intangible Assets and Liabilities—Net	$	53,345	$	33,582

Schedule of amortization of intangible assets and liabilities



	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Amortization Expense	$	5,977	$	3,758	$	271	$	1,548
Accretion to Properties Revenue		(257)		(108)		(5)		(234)
Net Amortization of Intangible Assets and Liabilities	$	5,720	$	3,650	$	266	$	1,314

Schedule of estimated future amortization expense (income) related to net intangible 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 Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2022	$	8,268	$	(358)	$	7,910
2023		8,026		(364)		7,662
2024		7,697		(353)		7,344
2025		7,107		(306)		6,801
2026		5,990		(164)		5,826
2027 and Thereafter		18,385		(583)		17,802
Total	$	55,473	$	(2,128)	$	53,345

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

OTHER ASSETS.

Schedule of components of other assets

Other assets consisted of the following (in thousands):


	As of
	December 31, 2021		December 31, 2020
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	790	$	67
Accrued Unbilled Tenant Receivables		553		216
Prepaid Insurance		616		606
Deposits on Acquisitions		350		100
Prepaid Expenses, Deposits, and Other		1,496		442
Deferred Financing Costs—Net		469		650
Interest Rate Swaps		2,095		—
Total Other Assets	$	6,369	$	2,081

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

12 Months Ended

Dec. 31, 2021

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

Schedule of components of accounts payable accrued expenses and other liabilities


	As of
	December 31, 2021		December 31, 2020
Accounts Payable	$	213	$	450
Accrued Expenses		676		474
Due to CTO		1,301		579
Interest Rate Swap		173		481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	2,363	$	1,984

LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2021

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of December 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	$	99,000	30-Day LIBOR + [1.35% - 1.95%]	November 2023
2026 Term Loan⁽¹⁾		60,000	30-Day LIBOR + [1.35% - 1.95%]	May 2026
2027 Term Loan⁽²⁾		80,000	30-Day LIBOR + [1.25% - 1.90%]	January 2027
Mortgage Note Payable – CMBS Portfolio		30,000	4.33%	October 2034
Total Debt/Weighted-Average Rate	$	269,000	2.10%

(1)

(2)

Schedule of components of long-term debt

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


	December 31, 2021				December 31, 2020
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	99,000	$	—	$	106,809	$	—
2026 Term Loan		60,000		—		—		—
2027 Term Loan		80,000		—		—		—
Mortgage Note Payable – CMBS Portfolio		30,000		—		—		—
Financing Costs, net of Accumulated Amortization		(1,260)		—		—		—
Total Long-Term Debt	$	267,740	$	—	$	106,809	$	—

Schedule of payments applicable to reduction of principal amounts

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


Year Ending December 31,	Amount
2022	$	—
2023		99,000
2024		—
2025		—
2026		60,000
2027 and Thereafter		110,000
Total Long-Term Debt - Face Value	$	269,000

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands):


	Total
Current Face Amount	$	269,000
Financing Costs, net of Accumulated Amortization		(1,260)
Total Long-Term Debt	$	267,740

Schedule of interest expense on debt


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Interest Expense	$	3,340	$	1,276	$	25	$	—
Amortization of Deferred Financing Costs to Interest Expense		362		188		16		—
Total Interest Expense	$	3,702	$	1,464	$	41	$	—

Total Interest Paid	$	3,131	$	1,230	$	—	$	—

- Definition

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

+ References

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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 3
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+ Details

INTEREST RATE SWAPS (Tables)

12 Months Ended

Dec. 31, 2021

INTEREST RATE SWAPS.

Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements are noted below (in thousands):


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of December 31, 2021
2026 Term Loan ⁽¹⁾	5/21/2021	5/21/2026	0.81% + applicable spread	$	60,000	$	945
2027 Term Loan⁽²⁾	9/30/2021	11/26/2024	0.53% + applicable spread	$	80,000	$	(173)
2027 Term Loan ⁽³⁾	11/26/2024	1/31/2027	1.60% + applicable spread	$	80,000	$	1,150

(1)	Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan balance.

(2)

(3)	The interest rate swap agreement hedges the $80.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 26, 2024.

COMMON STOCK AND EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 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):



	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$	9,964	$	985	$	(39)	$	3,631

Weighted Average Number of Common Shares Outstanding		9,781,066		7,588,349		7,902,737		N/A
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,465,161		1,223,854		1,223,854		N/A
Total Shares Applicable to Diluted Earnings per Share		11,246,227		8,812,203		9,126,591		N/A

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	1.02	$	0.13	$	—		N/A
Diluted	$	0.89	$	0.11	$	—		N/A

(1)

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity


Non-Vested Restricted Shares	Shares	Wtd. Avg. Fair Value
Non-Vested at November 25, 2019	—		—
Granted	8,000	$	18.80
Vested	—		—
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2019	8,000	$	18.80
Granted	—		—
Vested	(2,664)	$	18.80
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2020	5,336	$	18.80
Granted	—		—
Vested	(2,668)	$	18.80
Expired	—		—
Forfeited	—		—
Non-Vested at December 31, 2021	2,668	$	18.80

Summary of activity for stock option awards


	For the Year Ended December 31, 2021		For the Year Ended December 31, 2020		For the Period from November 26, 2019 to December 31, 2019		For the Period from January 1, 2019 to November 25, 2019

	The Company						Predecessor
Stock Compensation Expense – Director Restricted Stock	$	50	$	51	$	4	$	—
Stock Compensation Expense – Director Retainers Paid in Stock		259		217		—		—
Allocation From CTO/Predecessor		—		—		—		509
Total Stock Compensation Expense ⁽¹⁾	$	309	$	268	$	4	$	509

(1)

RELATED PARTY MANAGEMENT COMPANY (Tables)

12 Months Ended

Dec. 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	December 31, 2021		December 31, 2020
Management Fee due to CTO	$	913	$	631
Other		388		(52)
Total ⁽¹⁾	$	1,301	$	579

(1)	Included in accrued expenses, see Note 8, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

BUSINESS AND ORGANIZATION - Business (Details)	Dec. 31, 2021 item state property
Description of business
Number of real estate properties	113
Number of markets in which entity operates \| item	76
Number of states in which entity operates \| state	32
Single-tenant
Description of business
Number of real estate properties	113

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Jul. 12, 2021 property shares	Jun. 30, 2021 property shares	Nov. 26, 2019 USD ($) property $ / shares shares	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) property $ / shares shares
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock					$ 67,770
Share issued \| shares			421,053
Proceeds from Issuance of Stock					$ 67,770
Cash investment			$ 15,500
Cash Received from Private Placement			$ 125,900	$ 7,501
OP units exchanged \| shares			1,223,854
Value of OP units converted			$ 23,300
Net Transactions with Consolidated-Tomoka Land Co.			12,000
Underwriting fees			$ 9,400
Percentage of outstanding common stock			22.30%
Stock split ratio			1
Percentage of ownership interest in limited liability company					3.60%
Partners' capital account, units issued \| shares	54,689	424,951			479,640
Partners' capital account, units issued, value					$ 9,000
Partners' capital account, units issued, value per unit \| $ / shares					$ 18.85
Number of lease properties acquired \| property	1	9			10
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		421,053
Proceeds from Issuance of Stock				142,500	$ 8,000
Private Placement
Class of Stock [Line Items]
Share issued \| shares			394,737
Proceeds from Issuance of Stock			$ 7,500	$ 7,501
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					87.10%
CTO
Class of Stock [Line Items]
Share issued \| shares					8,088
Proceeds from Issuance of Stock			$ 8,000		$ 100
Partners' capital account, units issued \| shares					1,223,854
CTO \| Private Placement
Class of Stock [Line Items]
Share issued \| shares					394,737
Proceeds from Issuance of Stock					$ 7,500
CTO \| Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership					9.30%
Partners' capital account, units issued \| shares					1,223,854
CTO \| PINE GP
Class of Stock [Line Items]
Share issued \| shares					823,878
Cash investment					$ 41,000
Percentage of outstanding common stock					15.60%

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details) - segment		12 Months Ended
	Nov. 26, 2019	Dec. 31, 2021
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
Financial Designation, Predecessor and Successor	Predecessor
Number of reportable segments		1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real estate depreciation, excluding intangible assets amortization	$ 0.4	$ 3.2	$ 10.0	$ 6.2
Allowance for doubtful accounts			$ 0.3	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Earnings per common share and Income taxes (Details) $ in Thousands	Nov. 26, 2019	Dec. 31, 2021 USD ($) property
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash \| $		$ 646
Number of real estate properties, held in replacement \| property		6
Stock split ratio	1
Minimum taxable income excluding capital gain to be distributed to be taxed as a REIT		90.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2021
Non employee \| Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - property		1 Months Ended			9 Months Ended	12 Months Ended
	Nov. 30, 2019	Dec. 31, 2019	Nov. 25, 2019	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Number of real estate properties						113
Real estate property at Oregon
Product Information [Line Items]
Real estate portfolio (as a percent)							13.00%
Real estate property at Florida
Product Information [Line Items]
Real estate portfolio (as a percent)							17.00%
Real estate property at Texas
Product Information [Line Items]
Real estate portfolio (as a percent)						20.00%
Single-tenant
Product Information [Line Items]
Number of real estate properties						113
Minimum \| Real estate property located At North Carolina And Michigan
Product Information [Line Items]
Real estate portfolio (as a percent)							10.00%
Customer Concentration Risk \| Hilton Grand Vacations \| Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	17.00%	17.00%	17.00%	17.00%	17.00%		12.00%
Customer Concentration Risk \| Wells Fargo Bank, NA \| Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	26.00%	26.00%	26.00%	26.00%	26.00%	12.00%	19.00%
Customer Concentration Risk \| Minimum \| Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Adjustment $ in Millions	Dec. 31, 2020 USD ($)
Reclassification [Line Items]
Deferred financing costs	$ 0.9
Net of accumulated amortization	$ 0.2

PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Dec. 31, 2021 ft² property
PROPERTY PORTFOLIO
Number of real estate properties \| property	113
Area of real estate property \| ft²	3.3

PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Lease Income
Lease Payments	$ 1,294	$ 10,810	$ 27,138	$ 17,746
Variable Lease Payments	100	1,027	2,990	1,502
Total Lease Income	$ 1,394	$ 11,837	$ 30,128	$ 19,248

PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Minimum future base rental revenue on non-cancelable leases
2022	$ 36,196
2023	35,747
2024	34,806
2025	33,519
2026	29,703
2026 and thereafter (cumulative)	120,057
Total	$ 290,028

PROPERTY PORTFOLIO - Properties Acquired - General Information (Details) $ in Thousands				11 Months Ended	12 Months Ended
	Dec. 02, 2021 USD ($) property	Jul. 21, 2021 USD ($) property	Sep. 25, 2020 USD ($) property	Nov. 25, 2019 USD ($) property	Dec. 31, 2021 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 property
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed \| property				0			0
Gain on sale					$ 9,675	$ 287
Number of real estate properties \| property					113
Purchase price					$ 14,800
Acquired intangible liabilities for the below market lease					$ 5,476	3,299
Disposal Group, Disposed of by Sale, Not Discontinued Operations
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed \| property					3
Sales price of property					$ 28,300
Gain on sale					$ 9,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single Tenant Net Lease Income Property, Outback Steakhouse, Huntersville, North Carolina
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed \| property		1
Sales price of property		$ 3,800
Gain on sale		$ 500
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single-tenant Net Lease Income Property, Outback Steakhouse, Charlottesville, Virginia
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed \| property			1
Sales price of property			$ 5,100
Gain on sale			$ 300
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Single Tenant Net Lease Income Property Hilton Grand Vacations Orlando Florida
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed \| property	2
Sales price of property	$ 24,500
Gain on sale	$ 9,100
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property					68
Purchase price					$ 260,313
Acquired properties, cost					262,400
Initial cost of land					100,800
Initial cost of building and improvements					132,600
Acquired in-place lease value, leasing fees, and above market lease value					31,800
Acquired intangible liabilities for the below market lease					$ 2,800
Weighted average amortization period of intangible liabilities					8 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property					29
Purchase price					$ 116,600	$ 116,633
Acquired properties, cost					117,700
Initial cost of land					30,300
Initial cost of building and improvements					70,000
Acquired in-place lease value, leasing fees, and above market lease value					19,100
Acquired intangible liabilities for the below market lease					$ 1,700
Weighted average amortization period of intangible liabilities					10 years 1 month 6 days
Single-tenant Net Lease Income Properties Acquired in 2019
INCOME PROPERTY PORTFOLIO
Number of real estate properties \| property				5
Purchase price				$ 26,800
Acquired properties, cost				27,000
Initial cost of land				10,000
Initial cost of building and improvements				13,800
Acquired in-place lease value, leasing fees, and above market lease value				3,600
Acquired intangible liabilities for the below market lease				$ 400
Weighted average amortization period of intangible liabilities				10 years 7 months 6 days

PROPERTY PORTFOLIO - Properties Acquired - Tabular Disclosure (Details) $ in Thousands			12 Months Ended
	Jul. 12, 2021 shares	Jun. 30, 2021 shares	Dec. 31, 2021 USD ($) ft² shares	Dec. 31, 2020 USD ($) ft²
INCOME PROPERTY PORTFOLIO
Purchase price			$ 14,800
Partners' capital account, units issued \| shares	54,689	424,951	479,640
Partners' capital account, units issued, value			$ 9,000
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Property square-feet \| ft²			1,799,839
Purchase price			$ 260,313
Remaining lease term at acquisition			8 years 1 month 6 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Property square-feet \| ft²				786,898
Purchase price			$ 116,600	$ 116,633
Weighted Average \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition				10 years 7 months 6 days
Single-tenant Net Lease Income Property, Dollar General, Cut and Shoot, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 \| Single-tenant Net Lease Income Properties Acquired in 2021
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 Property, Burlington Stores, Inc, North Richland Hills, Texas \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Apr. 23, 2021
Property square-feet \| ft²			70,891
Purchase price			$ 11,528
Remaining lease term at acquisition			7 years 9 months 18 days
Single Tenant Net Lease Income Property, Academy Sports, Florence, SC \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 22, 2021
Property square-feet \| ft²			58,410
Purchase price			$ 7,650
Remaining lease term at acquisition			7 years 8 months 12 days
Single Tenant Net Lease Income Property, Big Lots, Durant, OK \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 25, 2021
Property square-feet \| ft²			36,794
Purchase price			$ 1,836
Remaining lease term at acquisition			5 years 6 months
Single Tenant Net Lease Income Property, Orscheln, Durant, OK \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 25, 2021
Property square-feet \| ft²			37,965
Purchase price			$ 2,017
Remaining lease term at acquisition			1 year 8 months 12 days
Single Tenant Net Lease Income Property, Lowe's, Katy, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			131,644
Purchase price			$ 14,672
Remaining lease term at acquisition			11 years 1 month 6 days
Single Tenant Net Lease Income Property, Harris Teeter, Charlotte, NC \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			45,089
Purchase price			$ 8,273
Remaining lease term at acquisition			6 years 9 months 18 days
Single Tenant Net Lease Income Property, Rite Aid, Renton, WA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			16,280
Purchase price			$ 7,200
Remaining lease term at acquisition			5 years 1 month 6 days
Single Tenant Net Lease Income Property Walgreens, Clermont, FL \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			13,650
Purchase price			$ 5,085
Remaining lease term at acquisition			7 years 2 months 12 days
Single Tenant Net Lease Income Property, Big Lots, Germantown, Maryland \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			25,589
Purchase price			$ 4,670
Remaining lease term at acquisition			9 years 7 months 6 days
Single Tenant Net Lease Income Property, Big Lots, Phoenix, Arizona \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			34,512
Purchase price			$ 4,599
Remaining lease term at acquisition			9 years 7 months 6 days
Single Tenant Net Lease Income Property, Circle K, Indianapolis, IN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			4,283
Purchase price			$ 2,800
Remaining lease term at acquisition			3 years 4 months 24 days
Single Tenant Net Lease Income Property, Burger King, Plymouth, NC \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			3,142
Purchase price			$ 1,736
Remaining lease term at acquisition			6 years 9 months 18 days
Single Tenant Net Lease Income Property, Dollar Tree, Demopolis, AL \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			10,159
Purchase price			$ 1,615
Remaining lease term at acquisition			8 years 8 months 12 days
Single Tenant Net Lease Income Property, Firestone, Pittsburgh, PA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			10,629
Purchase price			$ 1,468
Remaining lease term at acquisition			7 years 9 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, Ware, MA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			6,889
Purchase price			$ 1,396
Remaining lease term at acquisition			3 years 7 months 6 days
Single Tenant Net Lease Income Property, Grease Monkey, Stockbridge, GA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			1,846
Purchase price			$ 1,318
Remaining lease term at acquisition			12 years 3 months 18 days
Single Tenant Net Lease Income Property, Hardee's, Boaz, AL \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			3,542
Purchase price			$ 1,185
Remaining lease term at acquisition			9 years 4 months 24 days
Single Tenant Net Lease Income Property, Schlotzsky's, Sweetwater, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			2,431
Purchase price			$ 1,147
Remaining lease term at acquisition			14 years
Single Tenant Net Lease Income Property, Advance Auto Parts, Athens, GA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jun. 30, 2021
Property square-feet \| ft²			6,871
Purchase price			$ 1,127
Remaining lease term at acquisition			3 years 7 months 6 days
Single Tenant Net Lease Income Property, Family Dollar, Burlington, NC \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jul. 01, 2021
Property square-feet \| ft²			11,394
Purchase price			$ 1,618
Remaining lease term at acquisition			9 years 9 months 18 days
Single Tenant Net Lease Income Property, O'Reilly Auto Parts, Duluth, MN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jul. 12, 2021
Property square-feet \| ft²			11,182
Purchase price			$ 1,030
Remaining lease term at acquisition			6 years 4 months 24 days
Single Tenant Net Lease Income Property, Tractor Supply, Washington Court House, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Aug. 27, 2021
Property square-feet \| ft²			39,984
Purchase price			$ 2,370
Remaining lease term at acquisition			10 years 9 months 18 days
Single Tenant Net Lease Income Property, Harbor Freight, Midland, MI \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Aug. 31, 2021
Property square-feet \| ft²			14,624
Purchase price			$ 1,750
Remaining lease term at acquisition			4 years 9 months 18 days
Single Tenant Net Lease Income Property, Camping World, Duluth, MN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet \| ft²			66,033
Purchase price			$ 10,451
Remaining lease term at acquisition			12 years 3 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, Ludington, MI \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet \| ft²			6,604
Purchase price			$ 1,050
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, New Baltimore, MI \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet \| ft²			6,784
Purchase price			$ 1,050
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Dollar Tree, Stillwell, OK \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 17, 2021
Property square-feet \| ft²			9,828
Purchase price			$ 1,576
Remaining lease term at acquisition			10 years 6 months
Single Tenant Net Lease Income Property, O'Reilly Auto Parts, Angels Camp, CA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 22, 2021
Property square-feet \| ft²			7,066
Purchase price			$ 2,125
Remaining lease term at acquisition			4 years 6 months
Single Tenant Net Lease Income Property, Walmart, Hempstead, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 28, 2021
Property square-feet \| ft²			52,190
Purchase price			$ 4,450
Remaining lease term at acquisition			5 years 3 months 18 days
Single Tenant Net Lease Income Property, 7-Eleven, Olathe, KS \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			4,146
Purchase price			$ 3,782
Remaining lease term at acquisition			5 years 8 months 12 days
Single Tenant Net Lease Income Property, At Home, Turnersville, NJ \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			89,460
Purchase price			$ 7,181
Remaining lease term at acquisition			8 years 1 month 6 days
Single Tenant Net Lease Income Property, Boston Market, Turnersville, NJ \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			2,627
Purchase price			$ 1,027
Remaining lease term at acquisition			8 years 3 months 18 days
Single Tenant Net Lease Income Property, Verizon, Turnersville, NJ \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			6,027
Purchase price			$ 3,568
Remaining lease term at acquisition			5 years 9 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, St. Paul, MN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			7,201
Purchase price			$ 2,305
Remaining lease term at acquisition			7 years 1 month 6 days
Single Tenant Net Lease Income Property, Hobby Lobby, Aberdeen, SD \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			49,034
Purchase price			$ 3,150
Remaining lease term at acquisition			3 years 4 months 24 days
Single Tenant Net Lease Income Property, Dollar Tree, Albuquerque, MN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			10,023
Purchase price			$ 1,081
Remaining lease term at acquisition			9 years 4 months 24 days
Single Tenant Net Lease Income Property, Office Depot, Albuquerque, MN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			30,346
Purchase price			$ 3,814
Remaining lease term at acquisition			2 years 3 months 18 days
Single Tenant Net Lease Income Property, Valero, Jackson, MS \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			1,920
Purchase price			$ 1,067
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Leland, MS \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet \| ft²			3,343
Purchase price			$ 977
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Cadiz, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet \| ft²			1,292
Purchase price			$ 750
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Massillon, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet \| ft²			1,363
Purchase price			$ 1,059
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Parma, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet \| ft²			1,884
Purchase price			$ 988
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Office Max, Gadsen, AL \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 26, 2021
Property square-feet \| ft²			23,638
Purchase price			$ 2,717
Remaining lease term at acquisition			6 years 3 months 18 days
Single Tenant Net Lease Income Property, Orscheln, California, MO \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 02, 2021
Property square-feet \| ft²			23,042
Purchase price			$ 1,806
Remaining lease term at acquisition			10 years
Single Tenant Net Lease Income Property, Family Dollar, Dearing, GA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 12, 2021
Property square-feet \| ft²			9,288
Purchase price			$ 1,365
Remaining lease term at acquisition			8 years 10 months 24 days
Single Tenant Net Lease Income Property, Buffalo Wild Wings, Hattiesburg, MS \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 23, 2021
Property square-feet \| ft²			6,302
Purchase price			$ 3,664
Remaining lease term at acquisition			10 years 1 month 6 days
Single Tenant Net Lease Income Property, Best Buy, Dayton, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 03, 2021
Property square-feet \| ft²			45,535
Purchase price			$ 5,898
Remaining lease term at acquisition			3 years 3 months 18 days
Single Tenant Net Lease Income Property, Ashley HomeStore , Dayton, OH \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 03, 2021
Property square-feet \| ft²			33,161
Purchase price			$ 3,480
Remaining lease term at acquisition			6 years 2 months 12 days
Single Tenant Net Lease Income Property, Mattress Firm, Richmond, IN \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 08, 2021
Property square-feet \| ft²			5,108
Purchase price			$ 2,271
Remaining lease term at acquisition			9 years 3 months 18 days
Single Tenant Net Lease Income Property, Orscheln, Owensville, MO \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 08, 2021
Property square-feet \| ft²			38,452
Purchase price			$ 1,530
Remaining lease term at acquisition			6 years 1 month 6 days
Single Tenant Net Lease Income Property, Family Dollar, McKenny, VA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 10, 2021
Property square-feet \| ft²			10,531
Purchase price			$ 1,660
Remaining lease term at acquisition			9 years 9 months 18 days
Single Tenant Net Lease Income Property, Family Dollar, Tipton, MO \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet \| ft²			10,500
Purchase price			$ 1,606
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Family Dollar, Van Buren, MO \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet \| ft²			10,500
Purchase price			$ 1,563
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Family Dollar, Lake Village, AR \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet \| ft²			14,592
Purchase price			$ 1,242
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Academy Sports, Columbia, SC \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 16, 2021
Property square-feet \| ft²			72,000
Purchase price			$ 10,121
Remaining lease term at acquisition			10 years 4 months 24 days
Single Tenant Net Lease Income Property, Academy Sports, Snellville, GA \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 16, 2021
Property square-feet \| ft²			67,247
Purchase price			$ 10,379
Remaining lease term at acquisition			10 years 4 months 24 days
Single Tenant Net Lease Income Property, The Burger Joint, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			4,054
Purchase price			$ 2,634
Remaining lease term at acquisition			9 years
Single Tenant Net Lease Income Property, Charles Schwab, Webster, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			5,556
Purchase price			$ 4,892
Remaining lease term at acquisition			10 years 1 month 6 days
Single Tenant Net Lease Income Property, Crazy Alan's Swamp Shack, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			9,356
Purchase price			$ 2,786
Remaining lease term at acquisition			7 years 8 months 12 days
Single Tenant Net Lease Income Property, Ethan Allen, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			12,208
Purchase price			$ 2,528
Remaining lease term at acquisition			3 years 9 months 18 days
Single Tenant Net Lease Income Property, LongHorn Steakhouse, Webster, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			7,000
Purchase price			$ 3,122
Remaining lease term at acquisition			1 year 3 months 18 days
Single Tenant Net Lease Income Property, Lowe's, Webster, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			163,300
Purchase price			$ 10,986
Remaining lease term at acquisition			5 years 10 months 24 days
Single Tenant Net Lease Income Property, Olive Garden, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			8,388
Purchase price			$ 3,001
Remaining lease term at acquisition			1 year 9 months 18 days
Single Tenant Net Lease Income Property, Rooms To Go, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			51,868
Purchase price			$ 10,760
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Sportsman's Warehouse, Morgantown, WV \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			30,547
Purchase price			$ 6,050
Remaining lease term at acquisition			5 years 4 months 24 days
Single Tenant Net Lease Income Property, Visionworks, Friendswood, TX \| Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet \| ft²			3,949
Purchase price			$ 2,791
Remaining lease term at acquisition			10 months 24 days
Single-tenant Net Lease Income Property, Conn's HomePlus, Hurst, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
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, 7-Eleven, Austin, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
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, Lehigh Gas Wholesale Services, Inc, Highland Heights, Kentucky \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
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 \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Feb. 28, 2020
Property square-feet \| ft²				3,200
Purchase price				$ 303
Remaining lease term at acquisition				6 years 9 months 18 days
Single-tenant Net Lease Income Property, Hobby Lobby, Arden, North Carolina \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 24, 2020
Property square-feet \| ft²				55,000
Purchase price				$ 7,987
Remaining lease term at acquisition				11 years 2 months 12 days
Single-tenant Net Lease Income Property, Walmart, Howell, Michigan \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2020
Property square-feet \| ft²				214,172
Purchase price				$ 20,590
Remaining lease term at acquisition				6 years 7 months 6 days
Single-tenant Net Lease Income Property, Advanced Auto Parts, Severn, Maryland \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				6,876
Purchase price				$ 2,588
Remaining lease term at acquisition				14 years 6 months
Single-tenant Net Lease Income Property, Dollar General, Heuvelton, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,342
Purchase price				$ 1,462
Remaining lease term at acquisition				12 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Winthrop, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,167
Purchase price				$ 1,589
Remaining lease term at acquisition				11 years
Single-tenant Net Lease Income Property, Dollar General, Salem, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,199
Purchase price				$ 1,485
Remaining lease term at acquisition				13 years
Single-tenant Net Lease Income Property, Dollar General, Harrisville, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,309
Purchase price				$ 1,466
Remaining lease term at acquisition				13 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Newtonsville, Ohio \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,290
Purchase price				$ 1,164
Remaining lease term at acquisition				9 years 8 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Hammond, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,219
Purchase price				$ 1,384
Remaining lease term at acquisition				12 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Barker, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,275
Purchase price				$ 1,439
Remaining lease term at acquisition				13 years 2 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Chazy, New York \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet \| ft²				9,277
Purchase price				$ 1,673
Remaining lease term at acquisition				11 years
Single-tenant Net Lease Income Property, Dollar General, Milford, Maine \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet \| ft²				9,128
Purchase price				$ 1,606
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Limestone, Maine \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet \| ft²				9,167
Purchase price				$ 1,456
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Bingham, Maine \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet \| ft²				9,345
Purchase price				$ 1,522
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Willis, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 23, 2020
Property square-feet \| ft²				9,138
Purchase price				$ 1,774
Remaining lease term at acquisition				14 years 10 months 24 days
Single-tenant Net Lease Income Property, Dollar General, Somerville, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 23, 2020
Property square-feet \| ft²				9,252
Purchase price				$ 1,472
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Odessa, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 30, 2020
Property square-feet \| ft²				9,127
Purchase price				$ 1,792
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Kermit, Texas \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Nov. 09, 2020
Property square-feet \| ft²				10,920
Purchase price				$ 1,941
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Kohl's, Glendale, Arizona \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Dec. 11, 2020
Property square-feet \| ft²				14,125
Purchase price				$ 11,600
Remaining lease term at acquisition				9 years 1 month 6 days
Single-tenant Net Lease Income Property, Walgreens, Tacoma, Washington \| Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Dec. 18, 2020
Property square-feet \| ft²				87,875
Purchase price				$ 3,810
Remaining lease term at acquisition				9 years 7 months 6 days

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - General Information (Details)	Nov. 26, 2019 USD ($) property $ / shares shares	Dec. 31, 2021 property
Consideration transferred
Number of real estate properties \| property		113
Predecessor properties
Date of acquisition
Effective date of acquisition	Nov. 26, 2019
Consideration transferred
Cash consideration paid for initial portfolio \| $	$ 125,919
OP Unit consideration paid for initial portfolio \| $	$ 23,253
Number of real estate properties \| property	20
OP Units issued (in shares) \| shares	1,223,854
Public offering price per share (in dollars per share) \| $ / shares	$ 19.00
Predecessor properties, acquired
Consideration transferred
Cash consideration paid for initial portfolio \| $	$ 125,900,000
Number of real estate properties \| property	15
Predecessor properties, contributed
Consideration transferred
OP Unit consideration paid for initial portfolio \| $	$ 23,300,000
Number of real estate properties \| property	5
OP Units issued (in shares) \| shares	1,223,854
Public offering price per share (in dollars per share) \| $ / shares	$ 19.00

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

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Consideration (Details) - Predecessor properties	Nov. 26, 2019 USD ($)
Consideration transferred
Total OP Unit Consideration Paid for Initial Portfolio	$ 23,253
Total Cash Consideration Paid for Initial Portfolio	125,919
Total Purchase Consideration Paid for Initial Portfolio	$ 149,172

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Estimated Fair Value of Net Assets Acquired (Details) - Predecessor properties	Nov. 26, 2019 USD ($)
Land, and Buildings and Improvements, at cost
Land, at cost	$ 54,386
Buildings and Improvements, at cost	74,070
Intangible Lease Assets
Intangible Lease Assets	22,649
Intangible Lease Liabilities
Intangible Lease Liabilities	(1,933)
Estimated Fair Value of Net Assets Acquired	$ 149,172

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - General Information (Details) - Predecessor properties $ in Millions	12 Months Ended
	Dec. 31, 2019 USD ($)
Unaudited Pro Forma Information
Pro Forma Depreciation	$ 4.3
Pro Forma Amortization of Intangible Lease Assets and Lease Liabilities	2.7
Pro Forma Elimination of Acquisition Related Costs	$ 0.2

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - Tabular Disclosure (Details) - Predecessor properties $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares
Unaudited Pro Forma Information
Unaudited Pro Forma Total Revenues	$ 13,964
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.	$ 760
Unaudited Pro Forma Basic Net Income per Share (in dollars per share) \| $ / shares	$ 0.10
Unaudited Pro Forma Diluted Net Income per Share (in dollars per share) \| $ / shares	$ 0.08
Unaudited Pro Forma Funds from Operations	$ 7,826
Unaudited Pro Form Adjusted Funds from Operations	$ 7,438

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Carrying value and estimated fair value of financial instruments
Restricted Cash	$ 646
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	8,851	$ 1,894
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	267,740	106,809
Estimated Fair Value
Carrying value and estimated fair value of financial instruments
Restricted Cash	646
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	8,851	1,894
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	$ 272,637	$ 106,809

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Dec. 31, 2020	Apr. 30, 2020
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 2,095
Outstanding balance	269,000
Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest rate					0.48%
Credit Facility \| LIBOR
Assets, Fair Value Disclosure [Abstract]
Outstanding balance					$ 50,000
2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Outstanding balance			$ 60,000
2026 Term Loan Interest Rate Swap \| LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate			0.81%
2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Outstanding balance		$ 80,000			$ 50,000
2027 Term Loan Interest Rate Swap \| LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate		0.53%
Recurring basis \| Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap				$ (481)
Recurring basis \| Credit Facility \| Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap				$ (481)
Recurring basis \| 2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Recurring basis \| 2026 Term Loan Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Recurring basis \| 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	977
Recurring basis \| 2027 Term Loan Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 977

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 67,990	$ 41,140
Accumulated Amortization	(9,169)	(4,259)
Sub-total Intangible Lease Assets-Net	58,821	36,881
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(6,397)	(3,674)
Sub-total Intangible Lease Liabilities	(6,397)	(3,674)
Accumulated Amortization	921	375
Sub-total Intangible Lease Liabilities -Net	(5,476)	(3,299)
Total Intangible Assets and Liabilities-Net	53,345	33,582
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	45,301	27,494
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	3,623	2,187
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 19,066	$ 11,459

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 271	$ 1,548	$ 5,977	$ 3,758
Accretion to Properties Revenue	(5)	(234)	(257)	(108)
Net Amortization of Intangible Assets and Liabilities	$ 266	$ 1,314	$ 5,720	$ 3,650

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Future Amortization Amount
Sub-total Intangible Lease Assets-Net	$ 58,821	$ 36,881
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities -Net	(5,476)	$ (3,299)
Net Future Amortization of Intangible Assets and Liabilities
2022	7,910
2023	7,662
2024	7,344
2025	6,801
2026	5,826
2026 and thereafter	17,802
Total	$ 53,345
Amount allocated of total acquisition cost
Weighted average amortization period	9 years
Future Amortization
Future Amortization Amount
2022	$ 8,268
2023	8,026
2024	7,697
2025	7,107
2026	5,990
2026 and thereafter	18,385
Sub-total Intangible Lease Assets-Net	55,473
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2022	(358)
2023	(364)
2024	(353)
2025	(306)
2026	(164)
2026 and thereafter	(583)
Sub-total Intangible Lease Liabilities -Net	$ (2,128)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets
Tenant Receivables - Net of Allowance for Doubtful Accounts	$ 790	$ 67
Accrued Unbilled Tenant Receivables	553	216
Prepaid Insurance	616	606
Deposits on Acquisitions	350	100
Prepaid and Deposits - Other	1,496	442
Deferred Financing Costs-Net	469	650
Interest Rate Swaps	2,095
Total Other Assets	6,369	2,081
Allowance for doubtful accounts	$ 300	$ 100

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 213	$ 450
Accrued Expenses	676	474
Due to CTO	1,301	579
Interest Rate Swap	173	481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 2,363	$ 1,984

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($)		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Apr. 30, 2020
Long-term debt
Total Debt		$ 269,000,000
Margin added to variable rate basis (as a percent)		2.10%
Credit Facility
Long-term debt
Total Debt		$ 99,000,000
Credit Facility \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.35%
Credit Facility \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%
2026 Term Loan
Long-term debt
Total Debt		$ 60,000,000		$ 60,000,000.0
2026 Term Loan \| LIBOR
Long-term debt
Stated Interest Rate (as a percent)				0.81%
2026 Term Loan \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.35%
2026 Term Loan \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%
2027 Term Loan
Long-term debt
Total Debt		$ 80,000,000	$ 80,000,000.0
2027 Term Loan \| Interest Rate Swap
Long-term debt
Notional amount					$ 50,000,000.0
2027 Term Loan \| LIBOR
Long-term debt
Stated Interest Rate (as a percent)			0.53%
2027 Term Loan \| LIBOR \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2027 Term Loan \| LIBOR \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.90%
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Total Debt	$ 30,000,000.0	$ 30,000,000
Margin added to variable rate basis (as a percent)	4.33%	4.33%

LONG-TERM DEBT - Credit Facility (Details) $ in Thousands			12 Months Ended
LONG-TERM DEBT - Credit Facility (Details) $ in Thousands	Oct. 16, 2020 USD ($) Lender	Nov. 26, 2019 USD ($)	Dec. 31, 2021 USD ($)	May 19, 2021	Dec. 31, 2020 USD ($)
Long-term debt
Margin added to variable rate basis (as a percent)			2.10%
Long-term debt			$ 267,740		$ 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
Percentage of borrowing capacity			50.00%
Amount outstanding			$ 150,000
Number Of Lenders \| Lender	2
Maximum borrowing capacity including accordion feature	$ 200,000
Long-term debt			$ 99,000		$ 106,809
Credit Facility \| Minimum
Long-term debt
Ratio of unsecured indebtedness to base value				0.60
Ratio of unsecured indebtedness to total asset value				0.60
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 - Term Loan (Details)	May 21, 2021 USD ($) loan	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) loan
Long-term debt
Face amount of debt		$ 269,000,000
2026 Term Loan
Long-term debt
Face amount of debt	$ 60,000,000.0	60,000,000
Debt instrument term (in years)	5 years
Maximum number of incremental term loan \| loan	3
Aggregate amount of incremental Term loan	$ 100,000,000.0
2027 Term Loan
Long-term debt
Face amount of debt		$ 80,000,000	$ 80,000,000.0
Maximum number of incremental term loan \| loan			3
Aggregate amount of incremental Term loan			$ 200,000,000.0

LONG-TERM DEBT - Mortgage Notes Payable (Details) $ in Thousands		12 Months Ended
	Jun. 30, 2021 USD ($) property	Dec. 31, 2021 USD ($) property	Jul. 12, 2021 property
Long-term debt
Face amount of debt \| $		$ 269,000
Interest rate		2.10%
Number of lease properties acquired \| property	9	10	1
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Face amount of debt \| $	$ 30,000	$ 30,000
Interest rate	4.33%	4.33%
Number of lease properties acquired \| property	6
Mortgage Note Payable - CMBS Portfolio \| Unrelated Third Party
Long-term debt
Number of lease properties acquired \| property	2
Aggregate notes payable \| $	$ 1,600

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Long-Term Debt, Gross	$ 269,000
Financing Costs, net of accumulated amortization	(1,260)
Long-Term Debt	267,740	$ 106,809
Credit Facility
Long-term debt
Long-Term Debt	99,000	$ 106,809
2026 Term Loan
Long-term debt
Long-Term Debt, Gross	60,000
2027 Term Loan
Long-term debt
Long-Term Debt, Gross	80,000
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Long-Term Debt, Gross	$ 30,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Payments applicable to reduction of principal amounts
2022	$ 0
2023	99,000
2024	0
2025	0
2026	60,000
2027 and thereafter	110,000
Total Long-Term Debt - Face Value	$ 269,000

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Current Face Amount	$ 269,000
Financing Costs, net of accumulated amortization	(1,260)
Total Long-Term Debt - Face Value	267,740	$ 106,809
Deferred financing costs-net	$ 469	$ 650

- Definition

+ References + Details

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Interest Expense	$ 25	$ 3,340	$ 1,276
Amortization of Deferred Financing Costs to Interest Expense	16	362	188
Total Interest Expense	$ 41	3,702	1,464
Total Interest Paid		$ 3,131	$ 1,230

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Apr. 30, 2020
INTEREST RATE SWAPS
Effective percentage of interest rate swaps percentage	100.00%
Fair Value	$ 2,095
2026 Term Loan Interest Rate Swap
INTEREST RATE SWAPS
Interest rate swaps amount	60,000		$ 60,000
Fair Value	$ 945
2026 Term Loan Interest Rate Swap \| LIBOR
INTEREST RATE SWAPS
Interest rate	0.81%		0.81%
2027 Term Loan Maturing November 26, 2024
INTEREST RATE SWAPS
Interest rate		0.53%
Interest rate swaps amount	$ 80,000	$ 80,000		$ 50,000
Fair Value	$ (173)
2027 Term Loan Maturing November 26, 2024 \| LIBOR
INTEREST RATE SWAPS
Interest rate	0.53%
2027 Term Loan Maturing January 31, 2027
INTEREST RATE SWAPS
Interest rate swaps amount	$ 80,000
Fair Value	$ 1,150
2027 Term Loan Maturing January 31, 2027 \| LIBOR
INTEREST RATE SWAPS
Interest rate	1.60%

EQUITY - Shelf Registration & ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Dec. 14, 2020	Dec. 01, 2020	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Equity
Proceeds from Issuance of Stock					$ 67,770
Share issued			421,053
Proceeds From Stock Issuance, net					$ 67,770
Payment of Initial Public Offering Transaction Costs				$ 11,978		$ 298
ATM Program
Equity
Proceeds from Issuance of Stock	$ 100,000
Share issued					761,902
Gross proceeds from issuance of common stock					$ 14,000
Average price per share					$ 18.36
Proceeds From Stock Issuance, net					$ 13,800
Payment of Initial Public Offering Transaction Costs					$ 200
Maximum
Equity
Proceeds from Issuance of Stock		$ 350,000

EQUITY - Follow-on Public offering (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Jun. 30, 2021	Dec. 31, 2021
Equity
Share issued	421,053
Proceeds From Stock Issuance, net			$ 67,770
Follow on Public Offering
Equity
Share issued		3,220,000
Proceeds From Stock Issuance, net		$ 54,300
Over-Allotment Option
Equity
Share issued		420,000

EQUITY - Noncontrolling Interest (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Jul. 12, 2021 property shares	Jun. 30, 2021 property shares	Dec. 31, 2021 USD ($) property $ / shares shares
Class of Stock [Line Items]
Additional noncontrolling interest ownership percentage			3.60%
Partners' capital account, units issued	54,689	424,951	479,640
Partners' capital account, units issued, value \| $			$ 9.0
Partners' capital account, units issued, value per unit \| $ / shares			$ 18.85
Number of lease properties acquired \| property	1	9	10
CTO
Class of Stock [Line Items]
Partners' capital account, units issued			1,223,854
CTO \| Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership			9.30%
Partners' capital account, units issued			1,223,854

EQUITY - Dividends (Details) - $ / shares	1 Months Ended	12 Months Ended
EQUITY - Dividends (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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		$ 1.015
Dividends on common stock and OP Units paid	$ 0.058	$ 1.015	$ 0.820	$ 0.058

COMMON STOCK AND EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands			1 Months Ended	11 Months Ended	12 Months Ended
	Jul. 12, 2021 property shares	Jun. 30, 2021 property shares	Dec. 31, 2019 USD ($) shares	Nov. 25, 2019 USD ($)	Dec. 31, 2021 USD ($) property $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. \| $			$ (39)	$ 3,631	$ 9,964	$ 985
Net Income Attributable to Alpine Income Property Trust, Inc. - Basic \| $			(39)	3,631	9,964	985
Net Income Attributable to Alpine Income Property Trust, Inc. - Diluted \| $			$ (39)	$ 3,631	$ 9,964	$ 985
Weighted Average Number of Common Shares Outstanding (in shares)			7,902,737		9,781,066	7,588,349
Common Shares Applicable to Stock
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (in shares)			1,223,854		1,465,161	1,223,854
Total Shares Applicable to Diluted Earnings Per Share (in shares)			9,126,591		11,246,227	8,812,203
Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic (in dollars per share) \| $ / shares					$ 1.02	$ 0.13
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted (in dollars per share) \| $ / shares					$ 0.89	$ 0.11
Partners' capital account, units issued	54,689	424,951			479,640
Number of lease properties acquired \| property	1	9			10
CTO
Per Common Share Data:
Partners' capital account, units issued					1,223,854

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
SHARE REPURCHASES [Line Items]
Stock repurchased amount			$ 5,014
Repurchases of common stock		$ 0
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount	$ 5,000			$ 5,000
Shares repurchased (in shares)	456,237
Stock repurchased amount	$ 5,000
Average price per share of stock repurchased	$ 11.02

STOCK-BASED COMPENSATION - IPO (Details) - Restricted Shares - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	8,000
Non employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,000	8,000	0	0
Vested (in shares)		0	2,668	2,664
Aggregate grant date fair value	$ 0.2
Vesting period			3 years

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
STOCK-BASED COMPENSATION
Stock compensation expense	$ 4	$ 509	$ 309	$ 268
General and Administrative Expense [Member]
STOCK-BASED COMPENSATION
Stock compensation expense	$ 100		$ 100	$ 100

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares		1 Months Ended	12 Months Ended
	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 0	$ 0	$ 18.80	$ 18.80
Granted (in dollars per share)		18.80	0	0
Vested (in dollars per share)		0	18.80	18.80
Expired (in dollars per share)		0	0	0
Forfeited (in dollars per share)		0	0	0
Outstanding (in dollars per share)		$ 18.80	$ 18.80	$ 18.80
Restricted Shares
Shares
Granted (in shares)	8,000
Restricted Shares \| Non employee
Shares
Outstanding (in shares)	0	0	5,336	8,000
Granted (in shares)	2,000	8,000	0	0
Vested (in shares)		0	(2,668)	(2,664)
Expired (in shares)		0	0	0
Forfeited (in shares)		0	0	0
Outstanding (in shares)		8,000	2,668	5,336

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) - Non employee - Restricted Shares $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1
Vesting period	3 years
Compensation cost to be recognized over a remaining period	10 months 24 days

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands										1 Months Ended	12 Months Ended
	Jan. 03, 2022 shares	Oct. 01, 2021 shares	Jul. 01, 2021 shares	Apr. 01, 2021 shares	Jan. 01, 2021 shares	Oct. 01, 2020 shares	Jul. 01, 2020 shares	Apr. 01, 2020 shares	Jan. 02, 2020 shares	Dec. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) D shares	Dec. 31, 2020 USD ($) shares
STOCK-BASED COMPENSATION
Stock Issuance to Directors										$ 4	$ 297	$ 238
Non employee \| Restricted Shares
STOCK-BASED COMPENSATION
Period for average closing price \| D											20
Stock Issuance to Directors										$ 100	$ 300	$ 200
Shares issued (in shares) \| shares	3,477	3,594	3,525	3,453	3,586	3,474	3,414	4,098	1,269		14,049	14,572

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4	$ 509	$ 309	$ 268
CTO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 509
Director Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4		50	51
Director Retainers Paid in Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ 259	$ 217

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)									1 Months Ended	12 Months Ended
	Jan. 07, 2022 USD ($)	Jul. 12, 2021 shares	Jun. 30, 2021 shares	Apr. 06, 2021 USD ($) property	Apr. 02, 2021 USD ($)	Nov. 26, 2019 USD ($) shares	Nov. 25, 2019 USD ($) property	Jan. 01, 2019 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Jan. 05, 2022 property
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs										$ 67,770,000
Share issued \| shares						421,053
Percentage of outstanding common stock						22.30%
Stock split ratio						1
Cash investment						$ 15,500,000
Incentive fee payable										$ 0	$ 0
Partners' Capital Account, Units Issued \| shares		54,689	424,951							479,640
Partners' Capital Account, Units Issued, Value										$ 9,000,000.0
Partners' Capital Account, Units Issued, Value Per Unit \| $ / shares										$ 18.85
Number of properties sold \| property							0		0
CTO Realty Growth, Inc. and Certain of its Subsidiaries
Related Party Transaction [Line Items]
Number of properties sold \| property				1								1
Sales price of property	$ 6,900,000			$ 11,500,000	$ 44,500,000
IPO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs									$ 142,500,000	$ 8,000,000.0
Share issued \| shares						7,500,000				421,053
Private Placement
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs						$ 7,500,000			7,501,000
Share issued \| shares						394,737
CTO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs						$ 8,000,000.0				$ 100,000
Share issued \| shares										8,088
Partners' Capital Account, Units Issued \| shares										1,223,854
CTO \| Management Agreement
Related Party Transaction [Line Items]
Quarterly base management fee (as a percent)						0.375%
Annual base management fee (as a percent)						1.50%
Cumulative annual hurdle rate (as a percent)						8.00%
Incentive fee						$ 0.00
Multiplying factor of outperformance amount with weighted average shares (as a percent)						15.00%
Management agreement renewal term						1 year
Voting rights (as a percent)						66.67%
Notice period						30 days
Payment of management fees									300,000	$ 3,200,000	2,600,000
Payment of dividend									$ 100,000	$ 2,100,000	$ 1,700,000
Payment of managers dividend and management fee							$ 0	$ 0
CTO \| PINE GP
Related Party Transaction [Line Items]
Share issued \| shares										823,878
Average price per share \| $ / shares										$ 17.65
Percentage of outstanding common stock										15.60%
Cash investment										$ 41,000,000.0
CTO \| Private Placement
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs										$ 7,500,000
Share issued \| shares										394,737

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY MANAGEMENT COMPANY
Management Fee due to CTO	$ 913	$ 631
Other	388	(52)
Total	$ 1,301	$ 579

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

+ Details

SUBSEQUENT EVENTS (Details) $ in Millions	Jan. 07, 2022 USD ($)	Jan. 05, 2022 USD ($) property	Apr. 06, 2021 USD ($) property	Apr. 02, 2021 USD ($)	Dec. 31, 2021 property	Dec. 31, 2019 property	Nov. 25, 2019 property
SUBSEQUENT EVENTS
Number of Real Estate Properties					113
Number of properties sold						0	0
CTO Realty Growth, Inc. and Certain of its Subsidiaries
SUBSEQUENT EVENTS
Number of properties sold		1	1
Sales price of property \| $	$ 6.9		$ 11.5	$ 44.5
Subsequent Event \| CTO Realty Growth, Inc. and Certain of its Subsidiaries
SUBSEQUENT EVENTS
Number of properties sold		1
Sales price of property \| $		$ 6.9
Remaining Lease Term	10 years 4 months 24 days