0001558370-24-013368 | 10-Q | XBRL Viewer | Alpine Income Property Trust INC

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Lease Income	$ 11,718	$ 11,447	$ 34,512	$ 33,951
Interest Income from Commercial Loans and Investments	1,663	112	3,552	112
Other Revenue	99		372
Total Revenues	13,480	11,559	38,436	34,063
Operating Expenses:
Real Estate Expenses	1,841	1,722	5,569	4,731
General and Administrative Expenses	1,843	1,652	4,987	4,823
Provision for Impairment	422	2,864	1,110	2,864
Depreciation and Amortization	6,340	6,528	19,074	19,286
Total Operating Expenses	10,446	12,766	30,740	31,704
Gain on Disposition of Assets	3,426	2,586	4,344	7,782
Gain on Extinguishment of Debt				23
Net Income From Operations	6,460	1,379	12,040	10,164
Investment and Other Income	61	125	186	226
Interest Expense	(3,167)	(2,443)	(8,933)	(7,494)
Net Income (Loss)	3,354	(939)	3,293	2,896
Less: Net (Income) Loss Attributable to Noncontrolling Interest	(274)	102	(269)	(314)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ 3,080	$ (837)	$ 3,024	$ 2,582
Per Common Share Data:
Basic (in dollars per share)	$ 0.22	$ (0.06)	$ 0.22	$ 0.18
Diluted (in dollars per share)	$ 0.21	$ (0.05)	$ 0.20	$ 0.16
Weighted Average Number of Common Shares:
Basic (in shares)	13,744,232	13,946,194	13,663,752	14,001,774
Diluted (in shares)	14,968,086	15,649,688	14,887,606	15,705,268

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details) $ in Thousands										9 Months Ended		12 Months Ended
	Oct. 30, 2024	Sep. 18, 2024 USD ($) a	Aug. 01, 2024 USD ($) tenant restaurant lease	Jul. 25, 2024	Jun. 14, 2024 USD ($) a	Jan. 30, 2024 USD ($) item	Nov. 15, 2023 USD ($) Asset item	Oct. 30, 2023 USD ($) a	Jul. 25, 2023 USD ($) a	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2024 USD ($)
COMMERCIAL LOANS AND INVESTMENTS
Principal Payments Received on Commercial Loan Investments										$ 14,292
Borrowing Amount										52,993	$ 6,870
Original Face Amount										101,136		$ 38,625
Current Face Amount										87,748		35,629
Obligation Under Participation Agreement										13,178
Greater Tampa Bay, Florida
COMMERCIAL LOANS AND INVESTMENTS
Number of properties acquired as a sale-leaseback transaction \| tenant			3
Real estate acquired purchase price			$ 31,400
Number of restaurants \| restaurant			3
Number of new lease agreements \| lease			3
Term of Lease agreements			30 years
Wawa Land Development - Greenwood, IN
COMMERCIAL LOANS AND INVESTMENTS
Area of land \| a								33	33
Borrowing Amount										7,100
Remaining commitment										700
Original Face Amount									$ 7,800	7,800		7,800
Current Face Amount										$ 7,149		$ 7,014
Coupon Rate				9.25%					8.50%	9.25%		8.50%
Wawa and McDonalds Anchored Land Development Antioch, TN
COMMERCIAL LOANS AND INVESTMENTS
Area of land \| a					6			5
Borrowing Amount										$ 4,700
Remaining commitment										2,100
Original Face Amount					$ 6,100			$ 6,800		6,825		$ 6,825
Current Face Amount										$ 4,683		$ 4,615
Coupon Rate	9.50%				11.50%			11.00%		11.00%		11.00%
Mortgage Note - Portfolio
COMMERCIAL LOANS AND INVESTMENTS
Number of Portfolio assets \| Asset							41
Mortgage loans on real estate, extension term, number of option \| item							2
Mortgage loans on real estate, extension term							1 year
Increasing interest rate of mortgage loans							0.25%
Principal Payments Received on Commercial Loan Investments										$ 1,100
Original Face Amount							$ 24,000			24,000		$ 24,000
Original face amount, net of principal payments received													$ 23,400
Current Face Amount										$ 22,915		$ 24,000
Coupon Rate							8.75%			8.75%		8.75%
Carrying value, net of loan participation sale										$ 9,700
Retail Outparcels Lawrenceville Ga [Member]
COMMERCIAL LOANS AND INVESTMENTS
Retail outparcels \| item						6
Borrowing Amount										6,600
Remaining commitment										600
Original Face Amount						$ 7,200				7,200
Current Face Amount										$ 6,618
Coupon Rate						11.25%				11.25%
Wawa Land Development - Mt Carmel, OH
COMMERCIAL LOANS AND INVESTMENTS
Borrowing Amount										$ 5,000
Remaining commitment										1,100
Original Face Amount										6,127
Current Face Amount										$ 5,023
Coupon Rate										11.50%
Publix in Charlotte, North Carolina
COMMERCIAL LOANS AND INVESTMENTS
Area of land \| a		11
Borrowing Amount		$ 10,000
Remaining commitment		7,800
Original Face Amount		$ 17,800
Coupon Rate		10.25%
Increase in fixed rate		0.25
Publix in Charlotte, North Carolina \| Maximum
COMMERCIAL LOANS AND INVESTMENTS
Coupon Rate		11.00%
Publix in Charlotte, North Carolina \| Minimum
COMMERCIAL LOANS AND INVESTMENTS
Coupon Rate		9.50%

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
BUSINESS SEGMENT DATA
Total Assets	$ 578,986	$ 564,560
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	32,371	24,025
Income Properties \| Operating Segments
BUSINESS SEGMENT DATA
Total Assets	456,650	503,151
Commercial Loan Investments \| Operating Segments
BUSINESS SEGMENT DATA
Total Assets	$ 89,965	$ 37,384

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

LONG-TERM DEBT - Term Loan (Details) - USD ($) $ in Thousands	May 21, 2021	Sep. 30, 2024	Apr. 14, 2022	Sep. 30, 2021
Long-term debt
Face amount of debt		$ 279,500
Term Loan
Long-term debt
Maximum borrowing capacity including accordion feature		750,000
Credit Facility Maturing January 31, 2027
Long-term debt
Maximum borrowing capacity		250,000
2026 Term Loan
Long-term debt
Face amount of debt	$ 60,000	100,000
Debt instrument term (in years)	5 years
Additional borrowing capacity			$ 40,000
Aggregate amount of incremental Term loan			100,000
2027 Term Loan
Long-term debt
Face amount of debt		$ 100,000		$ 80,000
Additional borrowing capacity			20,000
Aggregate amount of incremental Term loan			$ 100,000

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Current Face Amount	$ 279,500
Financing Costs, net of Accumulated Amortization	(602)	$ (823)
Total Long-Term Debt	278,898	275,677
Deferred financing costs-net	$ 887	$ 1,190

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

EQUITY

9 Months Ended

Sep. 30, 2024

EQUITY

EQUITY

NOTE 15. 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 “2020 Registration Statement”). The Securities and Exchange Commission declared the 2020 Registration Statement effective on December 11, 2020.

On September 27, 2023, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million (the “2023 Registration Statement”). The 2020 Registration Statement was terminated concurrently with the filing of the 2023 Registration Statement. The Securities and Exchange Commission declared the 2023 Registration Statement effective on September 29, 2023.

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.

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, 2022, the Company sold 446,167 shares under the 2020 ATM Program for gross proceeds of $8.7 million at a weighted average price of $19.44 per share, generating net proceeds of $8.6 million after deducting transaction fees totaling $0.1 million. 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 2020 ATM Program was terminated in advance of implementing the 2022 ATM Program, hereinafter defined.

On October 21, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the three months ended September 30, 2024, the Company sold 620,176 shares under the 2022 ATM Program for gross proceeds of $11.2 million at a weighted average price of $18.09 per share, generating net proceeds of $11.1 million after deducting transaction fees totaling $0.1 million. During the nine months ended September 30, 2024, the Company sold 623,526 shares under the 2022 ATM Program for gross proceeds of $11.3 million at a weighted average price of $18.08 per share, generating net proceeds of $11.1 million after deducting transaction fees totaling $0.2 million. The Company was not active under the 2022 ATM Program during the three months ended September 30, 2023. During the nine months ended September 30, 2023, the Company sold 665,929 shares under the 2022 ATM Program for gross proceeds of $12.6 million at a weighted average price of $18.96 per share, generating net proceeds of $12.4 million after deducting transaction fees totaling $0.2 million. During the year ended December 31, 2023, the Company sold 665,929 shares under the 2022 ATM Program for gross proceeds of $12.6 million at a weighted average price of $18.96 per share, generating net proceeds of $12.4 million after deducting transaction fees totaling $0.2 million. During the year ended December 31, 2022, the Company sold 1,479,241 shares under the 2022 ATM Program for gross proceeds of $27.8 million at a weighted average price of $18.81 per share, generating net proceeds of $27.4 million after deducting transaction fees totaling $0.4 million.

In the aggregate, under the 2020 ATM Program and 2022 ATM Program, during the year ended December 31, 2022, the Company sold 1,925,408 shares for gross proceeds of $36.5 million at a weighted average price of $18.96 per share, generating net proceeds of $36.0 million after deducting transaction fees totaling $0.5 million.

NONCONTROLLING INTEREST

As of September 30, 2024, CTO holds, directly and indirectly, a 7.9% 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 IPO.

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 U.S. federal corporate 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 nine months ended September 30, 2024 and 2023, the Company declared and paid cash dividends on its common stock and OP Units of $0.830 and $0.825 per share, respectively.

- Definition

The entire disclosure for equity.

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+ Details

EQUITY - Dividends (Details) - $ / shares	9 Months Ended
EQUITY - Dividends (Details) - $ / shares	Sep. 30, 2024	Sep. 30, 2023
Dividends
Dividends on common stock and OP Units declared	$ 0.830	$ 0.825

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount	$ 87,748	$ 35,629
Unaccreted Origination Fees	(322)	(192)
CECL Reserve	(877)	(357)
Total Commercial Loans and Investments	$ 86,549	$ 35,080

EQUITY - Noncontrolling Interest (Details) - shares	3 Months Ended	9 Months Ended
EQUITY - Noncontrolling Interest (Details) - shares	Dec. 31, 2023	Sep. 30, 2024
Class of Stock [Line Items]
Partners' capital account, units issued	479,640
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		7.90%
Partners' capital account, units issued		1,223,854

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Stock
Cash Dividends (in dollars per share)	$ 0.280	$ 0.275	$ 0.830	$ 0.825

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 22. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through October 17, 2024, the date the consolidated financial statements were issued.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

PRINCIPLES OF CONSOLIDATION

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.

SEGMENT REPORTING

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in two primary business segments including income properties and commercial loans and investments, as further discussed within Note 21, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the Company’s chief operating decision maker, reviews financial information on a disaggregated basis for purposes of allocating and evaluating financial performance.

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 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 three months ended September 30, 2024 and September 30, 2023, was $4.2 million and $4.3 million, respectively. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the nine months ended September 30, 2024 and September 30, 2023, was $12.7 million and $12.6 million, respectively.

LONG-LIVED ASSETS

The Company follows 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, and real estate held for sale, 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, a 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 management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

ASSETS HELD FOR SALE

Investments in real estate which are determined to be “held for sale” pursuant to FASB Topic 360-10, Property, Plant, and Equipment are reported separately on the consolidated balance sheets at the lesser of carrying value or fair value, less costs to sell. Real estate investments classified as held for sale are not depreciated.

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 September 30, 2024 and December 31, 2023, the Company’s allowance for doubtful accounts totaled $0.2 million and $0.4 million, respectively.

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for CECL each time a new investment is made, or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

Sales of participations in commercial loans and investments are evaluated for achievement of the characteristics of participating interest pursuant to ASC 860, Transfers and Servicing. If the sale of a participation has all of the characteristics of a participating interest, it achieves sale accounting, and the commercial loan or investment is presented net of the participating interest. If the sale of a participation does not have all of the characteristics of a participating interest, it does not achieve sale accounting and is treated as a secured borrowing. As of September 30, 2024, the Company’s participation in commercial loans and investments purchased by a third-party did not achieve sale accounting and has been presented as an Obligation under Participation Agreement within the liabilities portion of the Company’s consolidated balance sheet.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

Interest income on commercial loans and investments includes interest payments made by the borrower and the accretion of loan origination fees, offset by the amortization of loan costs, if any. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

OPERATING LAND LEASE EXPENSE

The Company is the lessee under operating land leases for certain of its properties, which leases are classified as operating leases pursuant to FASB ASC Topic 842, Leases. The corresponding lease expense is recognized on a straight-line basis over the term of the lease and is included in real estate expenses in the accompanying consolidated statements of operations.

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 September 30, 2024 and December 31, 2023 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 $25.5 million as of September 30, 2024, of which $22.4 million is being held in multiple escrow accounts to be reinvested through the like-kind exchange structure into other income properties and $3.1 million is being held in interest, real estate tax, insurance, and/or capital expenditure reserve accounts related to the Company’s portfolio of commercial loans and investments.

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 accompanying 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 will continue to do so on a quarterly basis.

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 14, “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 September 30, 2024 and December 31, 2023, 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 commercial loans and investments 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.

CONCENTRATION OF CREDIT RISK

Certain individual tenants in the Company’s portfolio of properties accounted for more than 10% of lease income from the Company’s income properties during the nine months ended September 30, 2024 and 2023.

During the nine months ended September 30, 2024 and 2023, Walgreens accounted for 11% of lease income revenue.

As of September 30, 2024, 12%, 12%, and 11% of the Company’s real estate portfolio, based on square footage, was located in the states of New Jersey, Michigan, and Ohio, respectively. As of December 31, 2023, 13%, 11%, and 11% of the Company’s real estate portfolio, based on square footage, was located in the states of Texas, New Jersey, and Michigan, respectively.

RECLASSIFICATIONS

Certain items in the prior period’s consolidated balance sheet and consolidated statement of operations have been reclassified to conform to the presentation for the three and nine months ended September 30, 2024. Specifically, tax, insurance, and capital expenditure reserve accounts related to the Company’s commercial loans and investments were previously included within prepaid rent and deferred revenue and are now included within accounts payable, accrued expenses, and other liabilities on the accompanying consolidated balance sheets. There was no impact to retained earnings as a result of the reclassification.

RECENTLY ISSUED ACCOUNTING STANDARDS

Segment Reporting. In November 2023, the FASB issued ASU 2023-07 which enhances segment disclosure requirements for entities required to report segment information in accordance with FASB ASC 280, Segment Reporting. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023.

Income Taxes. In December 2023, the FASB issued ASU 2023-09 which enhances income tax disclosure requirements in accordance with FASB ASC 740, Income Taxes. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023.

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Director Retainers Paid in Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 79	$ 79	$ 238	$ 238

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COMMERCIAL LOANS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

COMMERCIAL LOANS AND INVESTMENTS

Schedule of commercial loans and investments

The Company’s commercial loans and investments were comprised of the following at September 30, 2024 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN	July 2023	July 2025	$	7,800	$	7,149	$	7,133	9.25%
Construction Loan – Wawa Land Development – Antioch, TN	October 2023	October 2025		6,825		4,683		4,655	11.00%
Mortgage Note – Portfolio	November 2023	November 2026		24,000		22,915		22,830	8.75%
Construction Loan – Retail Outparcels – Lawrenceville, GA	January 2024	January 2026		7,200		6,618		6,558	11.25%
Construction Loan – Wawa Land Development – Mount Carmel, OH	June 2024	September 2025		6,127		5,023		4,976	11.50%
Sale-Leaseback - Bradenton Beach, FL	August 2024	August 2029 ⁽¹⁾		9,608		9,599		9,599	8.30%
Sale-Leaseback - Anna Maria, FL	August 2024	August 2029 ⁽¹⁾		16,408		16,392		16,392	8.30%
Sale-Leaseback - Long Boat Key, FL	August 2024	August 2029 ⁽¹⁾		5,408		5,402		5,402	8.30%
Construction Loan – Publix Land Development – Charlotte, NC	September 2024	September 2025		17,760		9,967		9,881	10.25%
			$	101,136	$	87,748	$	87,426
CECL Reserve								(877)
Total Commercial Loans and Investments							$	86,549

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

The Company’s commercial loans and investments were comprised of the following at December 31, 2023 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN	July 2023	July 2025	$	7,800	$	7,014	$	6,984	8.50%
Construction Loan – Wawa Land Development – Antioch, TN	October 2023	October 2025		6,825		4,615		4,568	11.00%
Mortgage Note – Portfolio	November 2023	November 2026		24,000		24,000		23,885	8.75%
			$	38,625	$	35,629	$	35,437
CECL Reserve								(357)
Total Commercial Loans and Investments							$	35,080

Schedule of carrying value of the commercial loans and investments

The carrying value of the commercial loans and investments consisted of the following at September 30, 2024 and December 31, 2023 (in thousands).


	As of
	September 30, 2024		December 31, 2023
Current Face Amount	$	87,748	$	35,629
Unaccreted Origination Fees		(322)		(192)
CECL Reserve		(877)		(357)
Total Commercial Loans and Investments	$	86,549	$	35,080

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
LONG-TERM DEBT
Interest Expense	$ 2,712	$ 2,264	$ 8,024	$ 6,964
Interest Expense from Obligation Under Participation Agreement	275		369
Amortization of Deferred Financing Costs to Interest Expense	180	179	540	530
Total Interest Expense	3,167	2,443	8,933	7,494
Total Interest Paid	$ 3,493	$ 2,243	$ 8,996	$ 6,924

BUSINESS AND ORGANIZATION

9 Months Ended

Sep. 30, 2024

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 investment trust (“REIT”) that owns and operates a high-quality portfolio of commercial net lease properties. The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Alpine Income Property Trust, Inc. together with our consolidated subsidiaries.

Our property portfolio consists of 133 net leased properties located in 34 states. The properties in our portfolio are primarily subject to long-term, net leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. The Company may also acquire or originate commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower’s pledge of its ownership interest in an entity that owns real estate. As more fully described in Note 4, “Commercial Loans and Investments,” the three Tampa Properties (defined in Note 4 below), which were purchased during the three months ended September 30, 2024 through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted for as a financing arrangement. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.

The Company operates in two primary business segments: income properties and commercial loans and investments.

The Company has no employees and is externally managed by Alpine Income Property Manager, LLC, a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (our “Manager”). CTO Realty Growth, Inc. (NYSE: CTO) is a Maryland corporation that is a publicly traded REIT and the sole member of our Manager (“CTO”). All of our executive officers also serve as executive officers of CTO, and one of our executive officers and directors, John P. Albright, also serves as an executive officer and director of 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”). 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 September 30, 2024, we have a total ownership interest in the Operating Partnership of 92.1%, with CTO holding, directly and indirectly, a 7.9% ownership interest in the Operating Partnership. Our interest in the Operating Partnership generally entitles us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our percentage ownership. We, through PINE GP, generally have the exclusive power under the partnership agreement to manage and conduct the business and affairs of the Operating Partnership, subject to certain approval and voting rights of the limited partners. Our Board of Directors (the “Board”) oversees 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, determined without regard to the dividends paid deduction and excluding 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.

BUSINESS SEGMENT DATA

9 Months Ended

Sep. 30, 2024

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 21. BUSINESS SEGMENT DATA

The Company operates in two primary business segments: income properties and commercial loans and investments.

Our income property operations consist of lease income from income producing properties and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 79% and 89% of our identifiable assets as of September 30, 2024 and December 31, 2023, respectively, and 90% and 100% of our consolidated revenues for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, our commercial loans investment portfolio consisted of nine commercial loan investments, of which three are related to properties acquired through a sale-leaseback transaction whereby the tenant has a future repurchase right.

The Company’s chief operating decision maker evaluates segment performance based on operating income. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skill.

Information about the Company’s operations in different segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues:
Lease Income	$	11,718	$	11,447	$	34,512	$	33,951
Interest Income from Commercial Loans and Investments		1,663		112		3,552		112
Other Revenue		99		—		372		—
Total Revenues	$	13,480	$	11,559	$	38,436	$	34,063
Net Income from Operations:
Lease Income	$	9,877	$	9,725	$	28,943	$	29,220
Interest Income from Commercial Loans and Investments		1,663		112		3,552		112
Other Revenue		99		—		372		—
General and Corporate Expenses		(8,183)		(8,180)		(24,061)		(24,109)
Provision for Impairment		(422)		(2,864)		(1,110)		(2,864)
Gain on Disposition of Assets		3,426		2,586		4,344		7,782
Gain on Extinguishment of Debt		—		—		—		23
Net Income from Operations	$	6,460	$	1,379	$	12,040	$	10,164
Depreciation and Amortization:
Income Properties	$	6,340	$	6,528	$	19,074	$	19,286
Total Depreciation and Amortization	$	6,340	$	6,528	$	19,074	$	19,286
Capital Expenditures:
Income Properties	$	6,577	$	19,723	$	22,523	$	81,395
Commercial Loans and Investments		42,678		6,870		52,993		6,870
Total Capital Expenditures	$	49,255	$	26,593	$	75,516	$	88,265

Identifiable assets of each segment as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Identifiable Assets:
Income Properties	$	456,650	$	503,151
Commercial Loans and Investments		89,965		37,384
Corporate and Other		32,371		24,025
Total Assets	$	578,986	$	564,560

Operating income represents income from continuing operations before interest expense, and investment and other income. General and corporate expenses are an aggregate of general and administrative expenses and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Corporate and other assets consist primarily of cash and restricted cash as well as the interest rate swaps.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

Schedule of stock compensation expense

Stock compensation expense for the three and nine months ended September 30, 2024 and 2023 is summarized as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Stock Compensation Expense – Director Retainers Paid in Stock	$	79	$	79	$	238	$	238

(1)

Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the three and nine months ended September 30, 2024 and 2023 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.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 6,277	$ 10,957
Face amount of debt	279,500
2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 2,404
Interest rate	2.05%
Derivative, variable rate fixed spread (as a percent)	0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Face amount of debt	$ 100,000
Interest rate swaps amount	100,000
2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 3,200
Interest rate	1.18%
Derivative, variable rate fixed spread (as a percent)	0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Face amount of debt	$ 100,000
Interest Rate Swaps, 2027 Term Loan, Effective 30 September 2021, Matures 31 January 2027
Assets, Fair Value Disclosure [Abstract]
Interest rate swaps amount	80,000
Interest Rate Swap, 2027 Term Loan, Effective 29 November 2024, Matures 31 January 2027
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 2,884
Interest rate	1.61%
Interest rate swaps amount	$ 80,000
Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 141
Interest rate	3.21%
Derivative, variable rate fixed spread (as a percent)	0.10%
Investment, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Face amount of debt	$ 50,000
Interest rate swaps amount	50,000
Fair Value, Recurring \| 2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	2,404	4,314
Fair Value, Recurring \| 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	3,231	5,793
Fair Value, Recurring \| Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	141	716
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| 2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	2,404	4,314
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	3,231	5,793
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 141	$ 716

PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Sep. 30, 2024 ft² property
PROPERTY PORTFOLIO
Number of Real Estate Properties	133
Area of Real Estate Property \| ft²	3.6
Commercial Loans and Investments
PROPERTY PORTFOLIO
Number of Real Estate Properties	3

RELATED PARTY MANAGEMENT COMPANY - Due to (from) CTO (Details) - CTO - CTO Realty Growth, Inc. - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Amount due to (from) CTO	$ 921	$ 1,052
Management Fee
Related Party Transaction [Line Items]
Amount due to (from) CTO	1,052	1,062
Other
Related Party Transaction [Line Items]
Amount due to (from) CTO	$ (131)	$ (10)

INTEREST RATE SWAPS (Tables)

9 Months Ended

Sep. 30, 2024

INTEREST RATE SWAPS

Schedule of interest rate swap agreements

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


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2024
2026 Term Loan ⁽¹⁾	5/21/2021	5/21/2026	2.05% + 0.10% + applicable spread	$	100,000	$	2,404
2027 Term Loan⁽²⁾	9/30/2021	11/29/2024	0.51%+ 0.10% + applicable spread	$	80,000	$	573
2027 Term Loan⁽³⁾	9/30/2022	1/31/2027	3.84%+ 0.10% + applicable spread	$	20,000	$	(226)
2027 Term Loan ⁽⁴⁾	11/29/2024	1/31/2027	1.61%+ 0.10% + applicable spread	$	80,000	$	2,884
Credit Facility ⁽⁵⁾	3/1/2023	3/1/2028	3.21%+ 0.10%+ applicable spread	$	50,000	$	141

(1)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100.0 million 2026 Term Loan balance. The weighted average fixed interest rate of 2.05%, is comprised of: (i) rate swaps on $60.0 million of the 2026 Term Loan balance effective May 21, 2021, as amended on April 14, 2022 in connection with the 2026 Term Loan Amendment, to fix SOFR (prior to April 14, 2022, the swap was to fix LIBOR), and (ii) a rate swap on $40.0 million of the 2026 Term Loan Balance effective September 30, 2022, to fix SOFR.

(2)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 0.51% plus 0.10% and the applicable spread on $80.0 million of the $100.0 million 2027 Term Loan balance. The weighted average fixed interest rate of 0.51%, is comprised of two rate swaps on $80.0 million of the 2027 Term Loan balance effective September 30, 2021, as amended on April 14, 2022 in connection with the 2027 Term Loan Amendment, to fix SOFR (prior to April 14, 2022, the swap was to fix LIBOR). The swap matures on November 29, 2024 and will be replaced with the swap as described below in Footnote 4, which becomes effective on November 29, 2024.

(3)	As of September 30, 2024, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.84% plus 0.10% and the applicable spread on $20.0 million of the $100.0 million 2027 Term Loan balance.

(4)	The interest rate swap agreement hedges $80.0 million of the $100.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 29, 2024 to extend the fixed interest rate through maturity on January 31, 2027.

(5)	As of September 30, 2024, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50.0 million of the outstanding balance on the Credit Facility. The swap was effective on March 1, 2023.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2024	$ 9,174
2025	36,512
2026	35,968
2027	32,365
2028	28,696
2029	23,708
2030 and Thereafter (Cumulative)	77,609
Total	$ 244,032

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 13. LONG-TERM DEBT

As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Wtd. Avg. Rate as of September 30, 2024	Maturity Date
Credit Facility⁽¹⁾	$	79,500	SOFR + 0.10% + [1.25% - 2.20%]	5.31%	January 2027
2026 Term Loan⁽²⁾		100,000	SOFR + 0.10% + [1.35% - 1.95%]	3.50%	May 2026
2027 Term Loan⁽³⁾		100,000	SOFR + 0.10% + [1.25% - 1.90%]	2.58%	January 2027
Total Debt/Weighted-Average Rate	$	279,500		3.68%

(1)

As of September 30, 2024, the Company utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Credit Facility (hereinafter defined). See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swap.

(2)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100 million 2026 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(3)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100 million 2027 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. On November 29, 2024, certain swaps will expire and be replaced, and as a result the weighted average fixed interest rate will increase from 1.18% to 2.05% plus 0.10% and the applicable spread.

Credit Facility. On September 30, 2022, the Company and the Operating Partnership entered into a credit agreement (the “2022 Amended and Restated Credit Agreement” or “Credit Facility”) with KeyBank National Association, as administrative agent, and certain other lenders named therein, which amended and restated the 2027 Term Loan Credit Agreement (hereinafter defined) to include, among other things:

●

the origination of a new senior unsecured revolving credit facility in the amount of $250 million which matures on January 31, 2027, with the option to extend for one year;

●

an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided the aggregate amount of revolving loan commitments and term loan commitments shall not exceed $750 million;

●

the amendment of certain financial covenants; and

●

the addition of a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025% based on performance against sustainability performance targets.

Pursuant to the 2022 Amended and Restated Credit Agreement, the indebtedness outstanding under the Credit Facility accrues at a rate ranging from SOFR plus 0.10% plus 125 basis points to SOFR plus 0.10% plus 220 basis points, based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2022 Amended and Restated Credit Agreement. The Company may utilize daily simple SOFR or term SOFR, at its election. The Credit Facility also accrues a fee of 15 or 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 Company is subject to customary restrictive covenants under the 2022 Amended and Restated Credit Agreement and the 2026 Term Loan Credit Agreement (hereinafter defined), as amended, collectively referred to herein as the “Credit Agreements”, including, but not limited to, limitations on the Company’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 Company, including but not limited to, tangible net worth and fixed charge coverage ratios.

At September 30, 2024, the commitment level under the Credit Facility was $250.0 million and the Company had an outstanding balance of $79.5 million. The available borrowing capacity, subject to borrowing base restrictions, was $53.5 million as of September 30, 2024.

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”) with Truist Bank, N.A. as administrative agent, and certain other lenders named therein, for a term loan (the “2026 Term Loan”) in an aggregate principal amount of $60.0 million with a maturity of five years. On April 14, 2022, the Company entered into the Amendment, Increase and Joinder to the 2026 Term Loan Credit Agreement (the “2026 Term Loan Amendment”), which increased the term loan commitment under the 2026 Term Loan by $40 million to an aggregate of $100 million. The 2026 Term Loan Amendment also effectuated the transition of the underlying variable interest rate from LIBOR to SOFR.

On October 5, 2022, the Company entered into an amendment which, among other things, amended certain financial covenants and added a sustainability-linked pricing component consistent with what is contained in the 2022 Amended and Restated Credit Agreement (the “2026 Term Loan Second Amendment”), effective September 30, 2022.

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”) with KeyBank National Association as administrative agent, and certain other lenders named therein, for a term loan (the “2027 Term Loan”) in an aggregate principal amount of $80.0 million (the “Term Commitment”) maturing in January 2027. On April 14, 2022, the Company entered into the Amendment, Increase and Joinder to the 2027 Term Loan Credit Agreement (the “2027 Term Loan Amendment”), which increased the Term Commitment by $20 million to an aggregate of $100 million. The 2027 Term Loan Amendment also effectuated the transition of the underlying variable interest rate from LIBOR to SOFR.

On September 30, 2022, the Company entered into the 2022 Amended and Restated Credit Agreement which amended and restated the 2027 Term Loan Credit Agreement to include the origination of a new revolving credit facility in the amount of $250.0 million as previously described. The 2022 Amended and Restated Credit Agreement includes an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments not to exceed $750.0 million in the aggregate.

Long-term debt as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	September 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	79,500	$	—	$	76,500	$	—
2026 Term Loan		100,000		—		100,000		—
2027 Term Loan		100,000		—		100,000		—
Financing Costs, net of Accumulated Amortization		(602)		—		(823)		—
Total Long-Term Debt	$	278,898	$	—	$	275,677	$	—

Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2024	$	—
2025		—
2026		100,000
2027		179,500
2028		—
2029		—
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	279,500

The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands):


	Total
Current Face Amount	$	279,500
Financing Costs, net of Accumulated Amortization		(602)
Total Long-Term Debt	$	278,898

In addition to the $0.6 million of financing costs, net of accumulated amortization included in the table above, as of September 30, 2024, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.9 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 consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Expense	$	2,712	$	2,264	$	8,024	$	6,964
Interest Expense from Obligation Under Participation Agreement		275		—		369		—
Amortization of Deferred Financing Costs to Interest Expense		180		179		540		530
Total Interest Expense	$	3,167	$	2,443	$	8,933	$	7,494

Total Interest Paid	$	3,493	$	2,243	$	8,996	$	6,924

The Company was in compliance with all of its debt covenants as of September 30, 2024.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	14,251,933	13,659,207
Common Stock, shares outstanding	14,251,933	13,659,207

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Revenues (Details)	9 Months Ended
	Sep. 30, 2024
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Walgreens
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.00%

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 64,613	$ 70,074
Accumulated Amortization	(24,039)	(20,782)
Sub-total Intangible Lease Assets-Net	40,574	49,292
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(6,312)	(6,770)
Sub-total Intangible Lease Liabilities	(6,312)	(6,770)
Accumulated Amortization	1,954	1,863
Sub-total Intangible Lease Liabilities -Net	(4,358)	(4,907)
Total Intangible Assets and Liabilities-Net	36,216	44,385
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	44,988	48,267
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,093	2,942
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 17,532	$ 18,865

OBLIGATION UNDER PARTICIPATION AGREEMENT

9 Months Ended

Sep. 30, 2024

OBLIGATION UNDER PARTICIPATION AGREEMENT

OBLIGATION UNDER PARTICIPATION AGREEMENT

NOTE 12. OBLIGATION UNDER PARTICIPATION AGREEMENT

As discussed in Note 2, “Summary of Significant Accounting Policies,” the Company follows the guidance in FASB Topic ASC 860, Transfers and Servicing when accounting for participation in commercial loans and investments. ASC 860 states, if the sale of a participation does not have all of the characteristics of a participating interest, it does not achieve sale accounting and is treated as a secured borrowing and accordingly, the original commercial loan investment remains on the Company’s consolidated balance sheets and the proceeds are recorded as an obligation under participation agreement. As of September 30, 2024, the Company’s obligation under participation agreement had a carrying value of $13.2 million, and the carrying value of the loan that is associated with this obligation under participation agreement was $13.1 million, net of a CECL reserve of $0.1 million. The interest rate on the obligation under participation agreement was 8.0% as of September 30, 2024. As of December 31, 2023, there were no such obligations under participation agreements.

OPERATING LAND LEASES - Summary of Operating Land Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
OPERATING LAND LEASES
Operating Cash Outflows	$ 46	$ 64	$ 138	$ 192
Weighted Average Remaining Lease Term	6 years 8 months 12 days	7 years 2 months 12 days	6 years 8 months 12 days	7 years 2 months 12 days
Weighted Average Discount Rate	2.00%	2.00%	2.00%	2.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,080	$ (837)	$ 3,024	$ 2,582

- Definition

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

+ References

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

STOCK-BASED COMPENSATION - General Information (Details) - Share-Based Payment Arrangement, Nonemployee [Member] - Restricted Stock [Member] $ in Millions							9 Months Ended
	Oct. 01, 2024 shares	Jul. 01, 2024 shares	Apr. 01, 2024 shares	Oct. 02, 2023 shares	Jul. 03, 2023 shares	Apr. 01, 2023 shares	Sep. 30, 2024 USD ($) D shares	Sep. 30, 2023 USD ($) shares
STOCK-BASED COMPENSATION
Period for average closing price \| D							20
Shares issued (in shares) \| shares	4,304	5,168	5,131	4,748	4,940	4,776	14,603	14,464
Stock compensation expense \| $							$ 0.2	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Future Amortization Expense
Sub-total Intangible Lease Assets-Net	$ 40,574	$ 49,292
Future Accretion to Property Revenue
Sub-total Intangible Lease Liabilities -Net	(4,358)	$ (4,907)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	1,826
2025	6,971
2026	6,616
2027	5,277
2028	4,376
2029	3,581
2030 and Thereafter	7,569
Total	$ 36,216
Amount allocated of total acquisition cost
Weighted average amortization period	8 years 8 months 12 days
Future Amortization Expense
Future Amortization Expense
Remainder of 2024	$ 1,972
2025	7,529
2026	7,188
2027	5,876
2028	4,875
2029	3,827
2030 and Thereafter	8,076
Sub-total Intangible Lease Assets-Net	39,343
Future Accretion to Property Revenue
Future Accretion to Property Revenue
Remainder of 2024	(146)
2025	(558)
2026	(572)
2027	(599)
2028	(499)
2029	(246)
2030 and Thereafter	(507)
Sub-total Intangible Lease Liabilities -Net	$ (3,127)

OPERATING LAND LEASES - Gross Difference (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Gross Difference [Abstract]
Total Lease Payments	$ 1,334
Imputed Interest	(56)
Operating Leases - Liability	$ 1,278	$ 1,454

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	2,560	$	2,560	$	4,019	$	4,019
Restricted Cash - Level 1	$	25,495	$	25,495	$	9,712	$	9,712
Commercial Loans and Investments - Level 2	$	86,549	$	94,302	$	35,080	$	36,288
Obligation Under Participation Agreement - Level 2	$	13,178	$	13,510	$	—	$	—
Long-Term Debt - Level 2	$	278,898	$	267,786	$	275,677	$	258,613

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

The following tables present the fair value of assets measured on a recurring basis by level as of September 30, 2024 and December 31, 2023 (in thousands). See Note 14, “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)
September 30, 2024
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	2,404	$	—	$	2,404	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	3,231	$	—	$	3,231	$	—
Credit Facility Interest Rate Swap ⁽³⁾	$	141	$	—	$	141	$	—
December 31, 2023
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	4,314	$	—	$	4,314	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	5,793	$	—	$	5,793	$	—
Credit Facility Interest Rate Swap ⁽³⁾	$	716	$	—	$	716	$	—

(1)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100.0 million 2026 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(2)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100.0 million 2027 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. The $3.2 million fair value includes $2.9 million attributable to an $80.0 million forward starting swap effective November 29, 2024 as seen in Note 14, “Interest Rate Swaps”.

(3)

As of September 30, 2024, the Company utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined). See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 20. 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

The Company is committed to fund five construction loans as described in Note 4, “Commercial Loans and Investments”. The unfunded portion of the construction loans totaled $12.3 million as of September 30, 2024.

Pursuant to a certain lease agreement executed during the three months ended September 30, 2024, the Company is committed to funding $5.0 million in tenant improvements for a property which capital expenditure is expected to be funded within one year.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments \| segment			2
Number of reportable segments \| segment			2
Real estate depreciation, excluding intangible assets amortization \| $	$ 4.2	$ 4.3	$ 12.7	$ 12.6
Allowance for doubtful accounts \| $	$ 0.2		$ 0.2		$ 0.4

COMMERCIAL LOANS AND INVESTMENTS

9 Months Ended

Sep. 30, 2024

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

2024 Activity. On January 30, 2024, the Company originated a construction loan secured by the property and improvements to be constructed thereon for six retail outparcels in Lawrenceville, Georgia for $7.2 million. The construction loan matures on January 30, 2026, bears a fixed interest rate of 11.25% and requires interest-only payments

prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2024, the Company has disbursed $6.6 million to the borrower, leaving a remaining commitment of $0.6 million.

On May 31, 2024, the Company sold a $13.6 million A-1 participation interest (the “Loan Participation Sale”) in its $23.4 million Mortgage Note (hereinafter defined) originated in 2023. The senior participation of $13.6 million is entitled to an 8.0% yield on its respective portion of the outstanding principal balance and has priority preference with respect to all principal and interest payments of the Mortgage Note. After adjusting for the Loan Participation Sale, the Company’s remaining investment in the Mortgage Note is $9.7 million. This sale did not achieve sale accounting pursuant to ASC 860, Transfers and Servicing, and accordingly, is treated as a secured borrowing. See Note 12, “Obligation Under Participation Agreement” for further information.

On June 14, 2024, the Company originated a construction loan secured by the property and improvements to be constructed thereon for a 6-acre land development project anchored by Wawa and McDonalds in Mount Carmel, Ohio for $6.1 million. The construction loan matures on September 14, 2025, bears a fixed interest rate of 11.50% and requires interest-only payments prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2024, the Company has disbursed $5.0 million to the borrower, leaving a remaining commitment of $1.1 million.

On August 1, 2024, the Company acquired three single-tenant income properties (the “Tampa Properties”) in the greater Tampa Bay, Florida area for a combined purchase price of $31.4 million. The Tampa Properties consist of three restaurants, leased to a subsidiary of Beachside Hospitality Group, located in Bradenton Beach, Florida, Longboat Key, Florida, and Anna Maria, Florida. The acquisition was structured as a sale-leaseback transaction whereby the Company entered into three new 30-year lease agreements which include annual base rent escalations and a repurchase right by the tenant upon completion of the fifth lease year, i.e., on August 1, 2029. Pursuant to FASB ASC Topic 842, Leases, the future repurchase rights present in the lease agreements preclude the transaction from being accounted for as a real estate acquisition. Accordingly, for GAAP purposes, the acquisition of the Tampa Properties is accounted for as a financing arrangement, and the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. The Company has imputed interest on the 30-year leases which is recognized as interest income from commercial loans and investments on the accompanying consolidated statement of operations.

On September 18, 2024, the Company originated a construction loan secured by the property and improvements to be constructed thereon for an 11-acre land development project anchored by Publix in Charlotte, North Carolina for $17.8 million. The construction loan matures on September 18, 2025, bears a fixed interest rate of 10.25% that increases by 0.25% each month subject to a maximum rate of 11.0%. Upon satisfaction of certain conditions outlined in the loan agreement, the interest rate will be reduced to 9.50%. The loan requires interest-only payments prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2024, the Company has disbursed $10.0 million to the borrower, leaving a remaining commitment of $7.8 million.

2023 Activity. On July 25, 2023, the Company originated a construction loan secured by the property and improvements to be constructed thereon for a 33-acre Wawa-anchored land development project in Greenwood, Indiana for $7.8 million. The construction loan matures on July 25, 2025, bears a fixed interest rate of 8.50% that increased to 9.25% on July 25, 2024, and requires interest-only payments prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2024, the Company has disbursed $7.1 million to the borrower, leaving a remaining commitment of $0.7 million.

On October 30, 2023, the Company originated a construction loan secured by the property and improvements to be constructed thereon for a 5-acre land development project anchored by Wawa and McDonalds in Antioch, Tennessee for $6.8 million with the same borrower as the construction loan secured by the 33-acre Wawa-anchored land development project in Greenwood, Indiana. The construction loan matures on October 30, 2025, bears a fixed interest rate of 11.00% that decreases to 9.50% on October 30, 2024, and requires interest-only payments prior to maturity. Funding of the loan will occur as the borrower completes the underlying construction. As of September 30, 2024, the Company has disbursed $4.7 million to the borrower, leaving a remaining commitment of $2.1 million.

On November 15, 2023, the Company originated a $24.0 million first mortgage secured by a portfolio of 41 assets and related improvements (the “Mortgage Note”). The Mortgage Note matures on November 15, 2026, has two one-year extension options, bears a fixed interest rate of 8.75% at the time of acquisition, will increase by 0.25% annually during the initial term, and requires interest-only payments prior to maturity. During the nine months ended September 30, 2024, the Company received $1.1 million in principal repayments from the borrower.

The Company’s commercial loans and investments were comprised of the following at September 30, 2024 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN	July 2023	July 2025	$	7,800	$	7,149	$	7,133	9.25%
Construction Loan – Wawa Land Development – Antioch, TN	October 2023	October 2025		6,825		4,683		4,655	11.00%
Mortgage Note – Portfolio	November 2023	November 2026		24,000		22,915		22,830	8.75%
Construction Loan – Retail Outparcels – Lawrenceville, GA	January 2024	January 2026		7,200		6,618		6,558	11.25%
Construction Loan – Wawa Land Development – Mount Carmel, OH	June 2024	September 2025		6,127		5,023		4,976	11.50%
Sale-Leaseback - Bradenton Beach, FL	August 2024	August 2029 ⁽¹⁾		9,608		9,599		9,599	8.30%
Sale-Leaseback - Anna Maria, FL	August 2024	August 2029 ⁽¹⁾		16,408		16,392		16,392	8.30%
Sale-Leaseback - Long Boat Key, FL	August 2024	August 2029 ⁽¹⁾		5,408		5,402		5,402	8.30%
Construction Loan – Publix Land Development – Charlotte, NC	September 2024	September 2025		17,760		9,967		9,881	10.25%
			$	101,136	$	87,748	$	87,426
CECL Reserve								(877)
Total Commercial Loans and Investments							$	86,549

(1)	The maturity date reflects the date the tenant’s repurchase right first becomes exercisable pursuant to the lease agreement.

The Company’s commercial loans and investments were comprised of the following at December 31, 2023 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – Wawa Land Development – Greenwood, IN	July 2023	July 2025	$	7,800	$	7,014	$	6,984	8.50%
Construction Loan – Wawa Land Development – Antioch, TN	October 2023	October 2025		6,825		4,615		4,568	11.00%
Mortgage Note – Portfolio	November 2023	November 2026		24,000		24,000		23,885	8.75%
			$	38,625	$	35,629	$	35,437
CECL Reserve								(357)
Total Commercial Loans and Investments							$	35,080

The carrying value of the commercial loans and investments consisted of the following at September 30, 2024 and December 31, 2023 (in thousands).


	As of
	September 30, 2024		December 31, 2023
Current Face Amount	$	87,748	$	35,629
Unaccreted Origination Fees		(322)		(192)
CECL Reserve		(877)		(357)
Total Commercial Loans and Investments	$	86,549	$	35,080

COMMON STOCK AND EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 16. 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 redemption of OP Units on a one-for-one basis using the treasury stock method at average market prices for the periods.

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$	3,080	$	(837)	$	3,024	$	2,582

Weighted Average Number of Common Shares Outstanding		13,744,232		13,946,194		13,663,752		14,001,774
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,223,854		1,703,494		1,223,854		1,703,494
Total Shares Applicable to Diluted Earnings per Share		14,968,086		15,649,688		14,887,606		15,705,268

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.22	$	(0.06)	$	0.22	$	0.18
Diluted	$	0.21	$	(0.05)	$	0.20	$	0.16

(1)

Includes the weighted average of 1,223,854 during the three and nine months ended September 30, 2024 and 1,703,494 shares during the three and nine months ended September 30, 2023, in each case, underlying OP Units including (i) 1,223,854 shares underlying OP Units issued to CTO and (ii) 479,640 shares underlying OP Units issued to an unrelated third party, which OP Units were redeemed by PINE for an equivalent number of shares of common stock of PINE during the three months ended December 31, 2023.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flow From Operating Activities:
Net Income	$ 3,293	$ 2,896
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization	19,074	19,286
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(361)	(299)
Amortization of Deferred Financing Costs to Interest Expense	540	530
Accretion of Commercial Loans and Investments Origination Fees	(111)	(4)
Gain on Disposition of Assets	(4,344)	(7,782)
Provision for Impairment	1,110	2,864
Non-Cash Compensation	238	238
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(370)	(386)
Other Assets	65	(237)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,179	1,233
Prepaid Rent and Deferred Revenue	692	405
Net Cash Provided By Operating Activities	21,005	18,744
Cash Flow From Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(22,523)	(81,395)
Proceeds from Disposition of Assets	53,702	97,919
Acquisition of Commercial Loans and Investments	(52,993)	(6,870)
Principal Payments Received on Commercial Loan Investments	14,292
Net Cash Provided By (Used In) Investing Activities	(7,522)	9,654
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	67,900	4,750
Payments on Long-Term Debt	(64,900)	(23,000)
Cash Paid for Loan Fees	(15)	(46)
Repurchase of Common Stock	(775)	(5,076)
Proceeds From Stock Issuance, Net	10,963	12,315
Dividends Paid	(12,332)	(12,954)
Net Cash Provided By (Used In) Financing Activities	841	(24,011)
Net Increase in Cash and Cash Equivalents	14,324	4,387
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	13,731	13,044
Cash and Cash Equivalents and Restricted Cash, End of Period	28,055	17,431
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	8,996	6,924
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedge	$ (5,046)	$ 3,105
Derivative, Gain (Loss), Statement of Income or Comprehensive Income	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 2,077	$ 2,218	$ 6,361	$ 6,721
Accretion to Properties Revenue	(136)	(110)	(361)	(299)
Net Amortization of Intangible Assets and Liabilities	$ 1,941	$ 2,108	$ 6,000	$ 6,422

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Long-term debt
Long-term debt	$ 278,898	$ 275,677
Credit Facility
Long-term debt
Maximum borrowing capacity	$ 250,000
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate fixed spread (as a percent)	0.10%
Debt instrument, variable rate spread (as a percent)	0.10%
Percentage of borrowing capacity	50.00%
Available borrowing capacity, amount	$ 53,500
Amount outstanding	50,000
Long-term debt	$ 79,500
Credit Facility \| Minimum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)	1.25%
Marginal rate of fee on unused credit limit	0.15%
Credit Facility \| Maximum [Member]
Long-term debt
Percentage of interest rate deductions	0.025%
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate spread (as a percent)	2.20%
Marginal rate of fee on unused credit limit	0.25%
Credit Facility Maturing January 31, 2027
Long-term debt
Maximum borrowing capacity	$ 250,000
Extension term	1 year
Term Loan
Long-term debt
Maximum borrowing capacity including accordion feature	$ 750,000

PROPERTY PORTFOLIO (Tables)

9 Months Ended

Sep. 30, 2024

PROPERTY PORTFOLIO

Schedule of components of leasing revenue

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Lease Income
Lease Payments	$	10,051	$	10,049	$	29,815	$	30,187
Variable Lease Payments		1,667		1,398		4,697		3,764
Total Lease Income	$	11,718	$	11,447	$	34,512	$	33,951

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

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 September 30, 2024, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2024	$	9,174
2025		36,512
2026		35,968
2027		32,365
2028		28,696
2029		23,708
2030 and Thereafter (Cumulative)		77,609
Total	$	244,032

ASSETS HELD FOR SALE (Tables)

9 Months Ended

Sep. 30, 2024

ASSETS HELD FOR SALE

Schedule of asset held for sale

Assets held for sale consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Real Estate—Net	$	6,653	$	6,374
Intangible Lease Assets—Net		749		749
Intangible Lease Liabilities—Net		(39)		(39)
Straight-Line Rent Adjustment		173		173
Other Assets		17		17
Assets Prior to Provision for Impairment	$	7,553	$	7,274
Less Provision for Impairment		(3,453)		(2,864)
Total Assets Held for Sale	$	4,100	$	4,410

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
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+ Details

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 19	$ 30
Accrued Expenses	3,822	2,449
Tenant Security Deposits	132	78
Due to CTO	921	1,052
Interest Rate Swaps	501	134
Loan Reserves	606	539
Operating Leases - Liability	1,278	1,454
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 7,279	$ 5,736
Other Liability, Related Party, Type	Related party	Related party

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)								3 Months Ended			9 Months Ended		12 Months Ended			58 Months Ended
	Sep. 27, 2023 USD ($)	Jan. 05, 2022 USD ($) property	Apr. 20, 2021 USD ($)	Apr. 06, 2021 USD ($) property	Dec. 01, 2020 USD ($)	Nov. 27, 2019 USD ($) shares	Nov. 26, 2019 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2024 $ / shares shares	Apr. 02, 2021 property
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs								$ 11,019,000		$ (28,000)	$ 10,963,000	$ 12,315,000
Partners' Capital Account, Units Issued \| shares									479,640
Revenue								99,000			372,000
Revenue Sharing Agreement
Related Party Transaction [Line Items]
Revenue								$ 100,000			400,000
Maximum
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs	$ 350,000,000.0				$ 350,000,000.0
CTO Realty Growth, Inc. and Certain of its Subsidiaries
Related Party Transaction [Line Items]
Number of properties sold \| property		1		1													6
Sales price of property		$ 6,900,000	$ 44,500,000	$ 11,500,000
CTO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs						$ 5,400,000					$ 400,000		$ 2,100,000	$ 2,700,000	$ 100,000
Share issued \| shares						322,831					29,807		129,271	155,665	8,088	322,831
Average price per share \| $ / shares								$ 14.97	$ 16.21		$ 14.97		$ 16.21	$ 17.57		$ 14.97
Partners' Capital Account, Units Issued \| shares											1,223,854
CTO \| Revenue Sharing Agreement
Related Party Transaction [Line Items]
Incentive fee													$ 0
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								$ 1,100,000		1,100,000	$ 3,100,000	3,300,000
Payment of dividend								$ 700,000		$ 600,000	$ 1,900,000	$ 1,900,000
CTO \| Subsidiaries [Member]
Related Party Transaction [Line Items]
Share issued \| shares											1,138,621
Average price per share \| $ / shares															$ 17.65
Percentage of outstanding common stock											15.30%
Cash investment											$ 43,000,000.0
CTO \| IPO [Member]
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs											$ 8,000,000.0
Share issued \| shares											421,053
CTO \| Private Placement [Member]
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs											$ 7,500,000
Share issued \| shares											394,737

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

9 Months Ended

Sep. 30, 2024

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

Schedule of components of accounts payable accrued expenses and other liabilities

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


	As of
	September 30, 2024		December 31, 2023
Accounts Payable	$	19	$	30
Accrued Expenses		3,822		2,449
Tenant Security Deposits		132		78
Due to CTO		921		1,052
Interest Rate Swaps		501		134
Loan Reserves		606		539
Operating Leases - Liability ⁽¹⁾		1,278		1,454
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	7,279	$	5,736

(1)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of September 30, 2024.

PROVISION FOR IMPAIRMENT (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
PROVISION FOR IMPAIRMENT (Details) $ in Thousands	Aug. 31, 2023 item	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) item	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Mar. 31, 2023 item
PROVISION FOR IMPAIRMENT
Impairment charge		$ 422	$ 2,864	$ 1,110	$ 2,864
Income Properties
PROVISION FOR IMPAIRMENT
Impairment charge			$ 2,900	$ 600	$ 2,900
Number of assets leased \| item	7		7	3	7
Number of assets leases to new tenants \| item						7
Commercial Loans and Investments
PROVISION FOR IMPAIRMENT
Impairment charge				$ 500	$ 0

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands		9 Months Ended
	Nov. 29, 2024	Sep. 30, 2024	Sep. 30, 2021	May 21, 2021
Long-term debt
Total Debt		$ 279,500
Weighted-Average Rate		3.68%
Credit Facility
Long-term debt
Total Debt		$ 79,500
Stated Interest Rate		3.21%
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate fixed spread (as a percent)		0.10%
Debt instrument, variable rate spread (as a percent)		0.10%
Outstanding on credit facility		$ 50,000
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		5.31%
Credit Facility \| Minimum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)		1.25%
Credit Facility \| Maximum [Member]
Long-term debt
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate spread (as a percent)		2.20%
2026 Term Loan
Long-term debt
Total Debt		$ 100,000		$ 60,000
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate fixed spread (as a percent)		0.10%
Debt instrument, variable rate spread (as a percent)		0.10%
Weighted-Average Rate		2.05%
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		3.50%
2026 Term Loan \| Minimum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)		1.35%
2026 Term Loan \| Maximum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)		1.95%
2027 Term Loan
Long-term debt
Total Debt		$ 100,000	$ 80,000
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Debt instrument, variable rate spread (as a percent)	0.10%	0.10%
Weighted-Average Rate	2.05%	1.18%
Long-Term Debt, Weighted Average Interest Rate, at Point in Time		2.58%
2027 Term Loan \| Minimum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)		1.25%
2027 Term Loan \| Maximum [Member]
Long-term debt
Debt instrument, variable rate spread (as a percent)		1.90%

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long-term debt
Long-Term Debt, Gross	$ 279,500
Financing Costs, net of Accumulated Amortization	(602)	$ (823)
Total Long-Term Debt	278,898	275,677
Credit Facility
Long-term debt
Long-Term Debt, Gross	79,500	76,500
Total Long-Term Debt	79,500
2026 Term Loan
Long-term debt
Long-Term Debt, Gross	100,000	100,000
2027 Term Loan
Long-term debt
Long-Term Debt, Gross	$ 100,000	$ 100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

OPERATING LAND LEASES

9 Months Ended

Sep. 30, 2024

OPERATING LAND LEASES

OPERATING LAND LEASES

NOTE 9. OPERATING LAND LEASES

The Company is the lessee under operating land leases for certain of its properties. FASB ASC Topic 842, Leases, requires a lessee to recognize right-of-use assets and lease liabilities that arise from leases, whether qualifying as an operating or finance lease. As of September 30, 2024 and December 31, 2023, the Company’s right-of-use assets totaled $1.2 million and $1.4 million, respectively, and the corresponding lease liabilities totaled $1.3 million and $1.5 million, respectively, which balances are reflected within other assets and accounts payable, accrued expenses, and other liabilities, respectively, on the consolidated balance sheets. The right-of-use assets and lease liabilities are measured based on the present value of the lease payments utilizing discount rates estimated to be equal to that which the Company would pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment.

The Company’s operating land leases do not include variable lease payments and generally provide renewal options, at the Company’s election, to extend the terms of the respective leases. Renewal option periods are included in the calculation of the right-of-use assets and corresponding lease liabilities when it is reasonably certain that the Company, as lessee, will exercise the option to extend the lease.

Amortization of right-of-use assets for operating land leases is recognized on a straight-line basis over the term of the lease and is included within real estate expenses in the consolidated statements of operations. Amortization totaled less than $0.1 million during each of the three months ended September 30, 2024 and 2023. Amortization totaled $0.1 million and $0.2 million during the nine months ended September 30, 2024 and 2023, respectively.

The following table reflects a summary of operating land leases, under which the Company is the lessee, for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Operating Cash Outflows	$	46		$	64		$	138		$	192
Weighted Average Remaining Lease Term		6.7			7.2			6.7			7.2
Weighted Average Discount Rate		2.0	%		2.0	%		2.0	%		2.0	%

Minimum future lease payments under non-cancelable operating land leases, having remaining terms in excess of one year subsequent to September 30, 2024, are summarized as follows (in thousands):


Year Ending December 31,
Remainder of 2024	$	46
2025		192
2026		202
2027		202
2028		202
2029		202
2030 and Thereafter		288
Total Lease Payments	$	1,334
Imputed Interest		(56)
Operating Leases – Liability	$	1,278

INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease 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 September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Intangible Lease Assets:
Value of In-Place Leases	$	44,988	$	48,267
Value of Above Market In-Place Leases		2,093		2,942
Value of Intangible Leasing Costs		17,532		18,865
Sub-total Intangible Lease Assets		64,613		70,074
Accumulated Amortization		(24,039)		(20,782)
Sub-total Intangible Lease Assets—Net		40,574		49,292
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,312)		(6,770)
Sub-total Intangible Lease Liabilities		(6,312)		(6,770)
Accumulated Amortization		1,954		1,863
Sub-total Intangible Lease Liabilities—Net		(4,358)		(4,907)
Total Intangible Assets and Liabilities—Net	$	36,216	$	44,385

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Amortization Expense	$	2,077	$	2,218	$	6,361	$	6,721
Accretion to Properties Revenue		(136)		(110)		(361)		(299)
Net Amortization of Intangible Assets and Liabilities	$	1,941	$	2,108	$	6,000	$	6,422

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
Remainder of 2024	$	1,972	$	(146)	$	1,826
2025		7,529		(558)		6,971
2026		7,188		(572)		6,616
2027		5,876		(599)		5,277
2028		4,875		(499)		4,376
2029		3,827		(246)		3,581
2030 and Thereafter		8,076		(507)		7,569
Total	$	39,343	$	(3,127)	$	36,216

ASSETS HELD FOR SALE

9 Months Ended

Sep. 30, 2024

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE

NOTE 10. ASSETS HELD FOR SALE

Assets held for sale consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Real Estate—Net	$	6,653	$	6,374
Intangible Lease Assets—Net		749		749
Intangible Lease Liabilities—Net		(39)		(39)
Straight-Line Rent Adjustment		173		173
Other Assets		17		17
Assets Prior to Provision for Impairment	$	7,553	$	7,274
Less Provision for Impairment		(3,453)		(2,864)
Total Assets Held for Sale	$	4,100	$	4,410

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS


	September 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	2,560	$	2,560	$	4,019	$	4,019
Restricted Cash - Level 1	$	25,495	$	25,495	$	9,712	$	9,712
Commercial Loans and Investments - Level 2	$	86,549	$	94,302	$	35,080	$	36,288
Obligation Under Participation Agreement - Level 2	$	13,178	$	13,510	$	—	$	—
Long-Term Debt - Level 2	$	278,898	$	267,786	$	275,677	$	258,613

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.


			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)
September 30, 2024
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	2,404	$	—	$	2,404	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	3,231	$	—	$	3,231	$	—
Credit Facility Interest Rate Swap ⁽³⁾	$	141	$	—	$	141	$	—
December 31, 2023
2026 Term Loan Interest Rate Swap ⁽¹⁾	$	4,314	$	—	$	4,314	$	—
2027 Term Loan Interest Rate Swap ⁽²⁾	$	5,793	$	—	$	5,793	$	—
Credit Facility Interest Rate Swap ⁽³⁾	$	716	$	—	$	716	$	—

(1)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100.0 million 2026 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(2)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 1.18% plus 0.10% and the applicable spread on the $100.0 million 2027 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. The $3.2 million fair value includes $2.9 million attributable to an $80.0 million forward starting swap effective November 29, 2024 as seen in Note 14, “Interest Rate Swaps”.

(3)

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate:
Land, at Cost	$ 132,433	$ 149,314
Building and Improvements, at Cost	317,260	328,993
Total Real Estate, at Cost	449,693	478,307
Less, Accumulated Depreciation	(42,302)	(34,714)
Real Estate-Net	407,391	443,593
Assets Held for Sale	4,100	4,410
Commercial Loans and Investments	86,549	35,080
Cash and Cash Equivalents	2,560	4,019
Restricted Cash	25,495	9,712
Intangible Lease Assets-Net	40,574	49,292
Straight-Line Rent Adjustment	1,366	1,409
Other Assets	10,951	17,045
Total Assets	578,986	564,560
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	7,279	5,736
Prepaid Rent and Deferred Revenue	3,319	2,627
Intangible Lease Liabilities-Net	4,358	4,907
Obligation Under Participation Agreement	13,178
Long-Term Debt	278,898	275,677
Total Liabilities	307,032	288,947
Commitments and Contingencies-See Note 20
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023
Common Stock, $0.01 par value per share, 500 million shares authorized, 14,251,933 shares issued and outstanding as of September 30, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023	143	137
Additional Paid-in Capital	254,110	243,690
Dividends in Excess of Net Income	(10,652)	(2,359)
Accumulated Other Comprehensive Income	4,641	9,275
Stockholders' Equity	248,242	250,743
Noncontrolling Interest	23,712	24,870
Total Equity	271,954	275,613
Total Liabilities and Equity	$ 578,986	$ 564,560

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets
Tenant Receivables - Net of Allowance for Doubtful Accounts	$ 950	$ 809
Prepaid Insurance	34	838
Deposits on Acquisitions		60
Prepaid Expenses, Deposits, and Other	1,554	1,757
Deferred Financing Costs-Net	887	1,190
Interest Rate Swaps	6,277	10,957
Operating Leases - Right-of-Use Asset	1,249	1,434
Total Other Assets	10,951	17,045
Allowance for doubtful accounts	$ 200	$ 400

COMMERCIAL LOANS AND INVESTMENTS - Obligation Under Participation Agreement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	May 31, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	$ 13,178
Mortgage note originated In 2023
Participating Mortgage Loans [Line Items]
Amount of participation interest sold		$ 13,600
Obligation Under Participation Agreement	$ 13,200		$ 0
Interest rate (as a percent)	8.00%

OTHER ASSETS

9 Months Ended

Sep. 30, 2024

OTHER ASSETS

OTHER ASSETS

NOTE 8. OTHER ASSETS

Other assets consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	950	$	809
Prepaid Insurance		34		838
Deposits on Acquisitions		—		60
Prepaid Expenses, Deposits, and Other		1,554		1,757
Deferred Financing Costs—Net		887		1,190
Interest Rate Swaps		6,277		10,957
Operating Leases - Right-of-Use Asset ⁽²⁾		1,249		1,434
Total Other Assets	$	10,951	$	17,045

(1)	Includes a $0.2 million and $0.4 million allowance for doubtful accounts as of September 30, 2024 and December 31, 2023, respectively.

(2)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s right-of-use asset balance as of September 30, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Square Footage (Details) - Real Estate Portfolio, Square Footage - Geographic Concentration Risk [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Texas
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)		13.00%
New Jersey
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	12.00%	11.00%
Michigan
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	11.00%	11.00%
Ohio
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	12.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash to the Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	$ 2,560	$ 4,019	$ 6,265
Restricted Cash	25,495	9,712	11,166
Total Cash	$ 28,055	$ 13,731	$ 17,431	$ 13,044

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2024

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

NOTE 11. ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES

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


	As of
	September 30, 2024		December 31, 2023
Accounts Payable	$	19	$	30
Accrued Expenses		3,822		2,449
Tenant Security Deposits		132		78
Due to CTO		921		1,052
Interest Rate Swaps		501		134
Loan Reserves		606		539
Operating Leases - Liability ⁽¹⁾		1,278		1,454
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$	7,279	$	5,736

(1)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of September 30, 2024.

PROVISION FOR IMPAIRMENT

9 Months Ended

Sep. 30, 2024

PROVISION FOR IMPAIRMENT

PROVISION FOR IMPAIRMENT

NOTE 7. PROVISION FOR IMPAIRMENT

Income Properties. The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, letters of intent on specific properties, executed purchase and sale agreements on specific properties, third person valuations, discounted cash flow models, and other model-based techniques.

During the nine months ended September 30, 2024, the Company recorded a $0.6 million impairment charge representing the provision for losses related to three assets within the Company’s income properties segment, which are classified as held for sale. The impairment charge of $0.6 million is equal to the estimated sales prices for these three assets pursuant to a letter of intent for sale executed during the nine months ended September 30, 2024, less the book value of the assets as of September 30, 2024, less estimated costs to sell.

During the three and nine months ended September 30, 2023, the Company recorded a $2.9 million impairment charge representing the provision for losses related to seven assets within our income properties segment. The seven assets were leased to one tenant that filed for bankruptcy during the three months ended March 31, 2023. The seven leases underlying the assets were rejected as a part of the bankruptcy proceedings during August 2023. The Company had executed letters of intent to sell the assets. The impairment charge of $2.9 million is equal to the estimated sales prices for the assets (as set forth in the executed letters of intent), less the book value of the assets as of September 30, 2023, less estimated costs to sell.

Commercial Loans and Investments. The Company evaluates the collectability of its commercial loans and investments on a quarterly basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company accounts for provisions for expected credit losses in accordance with ASC Topic 326, Measurement of Credit Losses on Financial Instruments. Changes in the Company’s allowance for credit losses are presented within change in provision for impairment in the accompanying consolidated statements of operations.

During the nine months ended September 30, 2024, the Company recorded a charge of $0.5 million representing the provision for credit losses related to our commercial loans and investments. The charge of $0.5 million was driven by the initial estimated CECL allowance based on our investment activity during the nine months ended September 30, 2024. We are unable to use historical data to estimate expected credit losses as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

There were no such charges during the nine months ended September 30, 2023.

OPERATING LAND LEASES - Minimum Future Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lease Payments
Remainder of 2024	$ 46
2025	192
2026	202
2027	202
2028	202
2029	202
2030 and Thereafter	288
Total Lease Payments	$ 1,334

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets Held for Sale
Real Estate-Net	$ 6,653	$ 6,374
Intangible Lease Assets-Net	749	749
Intangible Lease Liabilities-Net	(39)	(39)
Straight-Line Rent Adjustment	173	173
Other Assets	17	17
Assets Prior to Provision for Impairment	7,553	7,274
Less Provision for Impairment	(3,453)	(2,864)
Total Assets Held for Sale	$ 4,100	$ 4,410

BUSINESS SEGMENT DATA - General Information (Details)	9 Months Ended			12 Months Ended
BUSINESS SEGMENT DATA - General Information (Details)	Sep. 30, 2034 loan property	Sep. 30, 2024 segment property	Sep. 30, 2023	Dec. 31, 2023
BUSINESS SEGMENT DATA
Number of operating segments \| segment		2
Single-tenant
BUSINESS SEGMENT DATA
Number of properties acquired as a sale-leaseback transaction \| property	3	3
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investment \| loan	9
Product concentration \| Identifiable Assets \| Income Properties
BUSINESS SEGMENT DATA
Concentration risk (as a percent)		79.00%		89.00%
Product concentration \| Base Rent Revenues \| Income Properties
BUSINESS SEGMENT DATA
Concentration risk (as a percent)		90.00%	100.00%

BUSINESS AND ORGANIZATION - Business (Details)	9 Months Ended
BUSINESS AND ORGANIZATION - Business (Details)	Sep. 30, 2024 employee state segment property	Sep. 30, 2034 property
Description of business
Number of real estate properties	133
Number of states in which entity operates \| state	34
Number of operating segments \| segment	2
Entity number of employees \| employee	0
Single-tenant
Description of business
Number of real estate properties	133
Number of properties acquired as a sale-leaseback transaction	3	3

OBLIGATION UNDER PARTICIPATION AGREEMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	$ 13,178
Mortgage note originated In 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	13,200	$ 0
Participating mortgage loans, participation liabilities, amount	13,100
Participating mortgage loans, current expected credit losses, amount	$ 100
Interest rate (as a percent)	8.00%

EQUITY - Shelf Registration & ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 27, 2023	Oct. 21, 2022	Dec. 14, 2020	Dec. 01, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Proceeds from Issuance of Stock					$ 11,019	$ (28)	$ 10,963	$ 12,315
Net proceeds							$ 10,963	$ 12,315
ATM Program
Equity
Proceeds from Issuance of Stock			$ 100,000
Share issued										446,167	761,902
Gross proceeds form the issuance of common stock										$ 8,700	$ 14,000
Average price per share										$ 19.44	$ 18.36
Net proceeds										$ 8,600	$ 13,800
Payment of Initial Public Offering Transaction Costs										$ 100	$ 200
Market Equity Offering Program 2022
Equity
Proceeds from Issuance of Stock		$ 150,000
Share issued					620,176		623,526	665,929	665,929	1,479,241
Gross proceeds form the issuance of common stock					$ 11,200		$ 11,300	$ 12,600	$ 12,600	$ 27,800
Average price per share					$ 18.09		$ 18.08	$ 18.96	$ 18.96	$ 18.81
Net proceeds					$ 11,100		$ 11,100	$ 12,400	$ 12,400	$ 27,400
Payment of Initial Public Offering Transaction Costs					$ 100		$ 200	$ 200	$ 200	$ 400
Market Equity Offering 2020 and 2022 Program
Equity
Share issued										1,925,408
Gross proceeds form the issuance of common stock										$ 36,500
Average price per share										$ 18.96
Net proceeds										$ 36,000
Payment of Initial Public Offering Transaction Costs										$ 500
Maximum [Member]
Equity
Proceeds from Issuance of Stock	$ 350,000			$ 350,000

LONG-TERM DEBT - Mortgage Notes Payable (Details) $ in Thousands	Sep. 30, 2024 USD ($)
LONG-TERM DEBT
Face amount of debt	$ 279,500

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 18. STOCK-BASED COMPENSATION

Each non-employee member of the Board has the option to receive his or her annual retainer fee in shares of Company common stock rather than cash. The number of shares issued to the directors making such election is calculated quarterly by dividing the amount of the quarterly retainer fee payment due to such director by the 20-day trailing average closing 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 nine months ended September 30, 2024, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 14,603 shares, of which 5,131 shares were issued on April 1, 2024, 5,168 shares were issued on July 1, 2024, and 4,304 shares were issued on October 1, 2024. During the nine months ended September 30, 2023, the expense recognized for the value of the Company’s

common stock received by non-employee directors totaled $0.2 million, or 14,464 shares, of which 4,776 shares were issued on April 1, 2023, 4,940 shares were issued on July 3, 2023, and 4,748 shares were issued on October 2, 2023.

Stock compensation expense for the three and nine months ended September 30, 2024 and 2023 is summarized as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Stock Compensation Expense – Director Retainers Paid in Stock	$	79	$	79	$	238	$	238

(1)

INTEREST RATE SWAPS (Details) $ in Thousands	3 Months Ended		9 Months Ended
INTEREST RATE SWAPS (Details) $ in Thousands	Sep. 30, 2024 USD ($) instrument	Sep. 30, 2023	Sep. 30, 2024 USD ($) instrument	Sep. 30, 2023	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
INTEREST RATE SWAPS
Effective percentage of interest rate swaps percentage	100.00%	100.00%	100.00%	100.00%
Face amount of debt	$ 279,500		$ 279,500
Fair Value	$ 6,277		$ 6,277		$ 10,957
Derivative Asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Derivative Liability, Statement of Financial Position	Accounts Payable, Accrued Expenses, and Other Liabilities		Accounts Payable, Accrued Expenses, and Other Liabilities		Accounts Payable, Accrued Expenses, and Other Liabilities
2027 Term Loan
INTEREST RATE SWAPS
Face amount of debt	$ 100,000		$ 100,000			$ 80,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
2026 Term Loan Interest Rate Swap
INTEREST RATE SWAPS
Interest rate	2.05%		2.05%
Derivative, variable rate fixed spread (as a percent)	0.10%		0.10%
Interest rate swaps amount	$ 100,000		$ 100,000
Face amount of debt	100,000		$ 100,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Fair Value	$ 2,404		$ 2,404
Derivative, Basis Spread on Variable Rate	0.10%		0.10%
2026 Term Loan balance effective May 21, 2021
INTEREST RATE SWAPS
Interest rate swaps amount	$ 60,000		$ 60,000
2026 Term Loan Balance effective September 30, 2022
INTEREST RATE SWAPS
Interest rate swaps amount	$ 40,000		$ 40,000
2027 Term Loan Interest Rate Swap
INTEREST RATE SWAPS
Interest rate	1.18%		1.18%
Derivative, variable rate fixed spread (as a percent)	0.10%		0.10%
Face amount of debt	$ 100,000		$ 100,000
Fair Value	$ 3,200		$ 3,200
Interest Rate Swaps, 2027 Term Loan, Effective 30 September 2021, Matures 31 January 2027
INTEREST RATE SWAPS
Derivative, number of instruments held \| instrument	2		2
Interest rate swaps amount	$ 80,000		$ 80,000
Interest Rate Swap, 2027 Term Loan, Effective 30 September 2021, Matures 29 November 2024
INTEREST RATE SWAPS
Interest rate	0.51%		0.51%
Interest rate swaps amount	$ 80,000		$ 80,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Fair Value	$ 573		$ 573
Derivative, Basis Spread on Variable Rate	0.10%		0.10%
Interest Rate Swap, 2027 Term Loan, Effective 29 November 2024, Matures 31 January 2027
INTEREST RATE SWAPS
Interest rate	1.61%		1.61%
Interest rate swaps amount	$ 80,000		$ 80,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Fair Value	$ 2,884		$ 2,884
Derivative, Basis Spread on Variable Rate	0.10%		0.10%
Interest Rate Swap, 2027 Term Loan, Effective 30 September 2022, Matures 31 January 2027
INTEREST RATE SWAPS
Interest rate	3.84%		3.84%
Interest rate swaps amount	$ 20,000		$ 20,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Fair Value	$ (226)		$ (226)
Derivative, Basis Spread on Variable Rate	0.10%		0.10%
Credit Facility Interest Rate Swap
INTEREST RATE SWAPS
Interest rate	3.21%		3.21%
Derivative, variable rate fixed spread (as a percent)	0.10%		0.10%
Interest rate swaps amount	$ 50,000		$ 50,000
Face amount of debt	50,000		$ 50,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]			us-gaap:SecuredOvernightFinancingRateSofrMember
Fair Value	$ 141		$ 141
Derivative, Basis Spread on Variable Rate	0.10%		0.10%

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Payments applicable to reduction of principal amounts
Remainder of 2024	$ 0
2025	0
2026	100,000
2027	179,500
2028	0
2029	0
2030 and Thereafter	0
Total Long-Term Debt - Face Value	$ 279,500

BUSINESS SEGMENT DATA - Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Lease Income	$ 11,718	$ 11,447	$ 34,512	$ 33,951
Interest Income from Commercial Loans and Investments	1,663	112	3,552	112
Other Revenue	99		372
Total Revenues	13,480	11,559	38,436	34,063
Operating Income (Loss):
General and Corporate Expenses	(8,183)	(8,180)	(24,061)	(24,109)
Provision for Impairment	(422)	(2,864)	(1,110)	(2,864)
Gain on Disposition of Assets	3,426	2,586	4,344	7,782
Gain on Extinguishment of Debt				23
Net Income from Operations	6,460	1,379	12,040	10,164
Depreciation and Amortization	6,340	6,528	19,074	19,286
Capital Expenditures	49,255	26,593	75,516	88,265
Other
Operating Income (Loss):
Gross profit	99		372
Income Properties \| Operating Segments
Operating Income (Loss):
Gross profit	9,877	9,725	28,943	29,220
Depreciation and Amortization	6,340	6,528	19,074	19,286
Capital Expenditures	6,577	19,723	22,523	81,395
Commercial Loan Investments \| Operating Segments
Operating Income (Loss):
Gross profit	1,663	112	3,552	112
Capital Expenditures	$ 42,678	$ 6,870	$ 52,993	$ 6,870

BUSINESS AND ORGANIZATION - Organization (Details) - Operating Partnership	9 Months Ended
	Sep. 30, 2024
PINE GP
Class of Stock [Line Items]
Ownership interest in Operating partnership	92.10%
CTO
Class of Stock [Line Items]
Ownership interest of manager in operating partnership	7.90%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Stated Interest Rate	Wtd. Avg. Rate as of September 30, 2024	Maturity Date
Credit Facility⁽¹⁾	$	79,500	SOFR + 0.10% + [1.25% - 2.20%]	5.31%	January 2027
2026 Term Loan⁽²⁾		100,000	SOFR + 0.10% + [1.35% - 1.95%]	3.50%	May 2026
2027 Term Loan⁽³⁾		100,000	SOFR + 0.10% + [1.25% - 1.90%]	2.58%	January 2027
Total Debt/Weighted-Average Rate	$	279,500		3.68%

(1)

(2)

As of September 30, 2024, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus 0.10% and the applicable spread on the $100 million 2026 Term Loan (hereinafter defined) balance. See Note 14, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.

(3)

Schedule of components of long-term debt

Long-term debt as of September 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	September 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	79,500	$	—	$	76,500	$	—
2026 Term Loan		100,000		—		100,000		—
2027 Term Loan		100,000		—		100,000		—
Financing Costs, net of Accumulated Amortization		(602)		—		(823)		—
Total Long-Term Debt	$	278,898	$	—	$	275,677	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2024	$	—
2025		—
2026		100,000
2027		179,500
2028		—
2029		—
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	279,500

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands):


	Total
Current Face Amount	$	279,500
Financing Costs, net of Accumulated Amortization		(602)
Total Long-Term Debt	$	278,898

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Expense	$	2,712	$	2,264	$	8,024	$	6,964
Interest Expense from Obligation Under Participation Agreement		275		—		369		—
Amortization of Deferred Financing Costs to Interest Expense		180		179		540		530
Total Interest Expense	$	3,167	$	2,443	$	8,933	$	7,494

Total Interest Paid	$	3,493	$	2,243	$	8,996	$	6,924

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2034 USD ($) loan
Other Commitments [Line Items]
Number of construction loans committed to fund \| loan	5
Construction Loan
Other Commitments [Line Items]
Other commitment	$ 12.3
Tenant Improvements
Other Commitments [Line Items]
Other commitment	$ 5.0
Maximum commitment funding period	1 year

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Parent [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2022	$ 261,618	$ 134	$ 236,841	$ 10,042	$ 14,601	$ 33,757	$ 295,375
Increase (decrease) in shareholders' equity
Net Income (Loss)	2,582			2,582		314	2,896
Stock Repurchases	(5,076)	(3)	(5,073)				(5,076)
Stock Issuance to Directors	224		224				224
Stock Issuance, Net of Equity Issuance Costs	12,315	7	12,308				12,315
Cash Dividends	(11,549)			(11,549)		(1,405)	(12,954)
Other Comprehensive Income (Loss)	3,105				3,105		3,105
Balance at Sep. 30, 2023	263,219	138	244,300	1,075	17,706	32,666	295,885
Balance at Dec. 31, 2022	261,618	134	236,841	10,042	14,601	33,757	295,375
Balance at Dec. 31, 2023	250,743	137	243,690	(2,359)	9,275	24,870	275,613
Balance at Jun. 30, 2023	271,043	140	248,958	5,731	16,214	33,237	304,280
Increase (decrease) in shareholders' equity
Net Income (Loss)	(837)			(837)		(102)	(939)
Stock Repurchases	(4,711)	(2)	(4,709)				(4,711)
Stock Issuance to Directors	79		79				79
Stock Issuance, Net of Equity Issuance Costs	(28)		(28)				(28)
Cash Dividends	(3,819)			(3,819)		(469)	(4,288)
Other Comprehensive Income (Loss)	1,492				1,492		1,492
Balance at Sep. 30, 2023	263,219	138	244,300	1,075	17,706	32,666	295,885
Balance at Dec. 31, 2023	250,743	137	243,690	(2,359)	9,275	24,870	275,613
Increase (decrease) in shareholders' equity
Net Income (Loss)	3,024			3,024		269	3,293
Stock Repurchases	(775)	(1)	(774)				(775)
Stock Issuance to Directors	238		238				238
Stock Issuance, Net of Equity Issuance Costs	10,963	7	10,956				10,963
Cash Dividends	(11,317)			(11,317)		(1,015)	(12,332)
Other Comprehensive Income (Loss)	(4,634)				(4,634)	(412)	(5,046)
Balance at Sep. 30, 2024	248,242	143	254,110	(10,652)	4,641	23,712	271,954
Balance at Jun. 30, 2024	244,028	136	243,019	(9,907)	10,780	24,326	268,354
Increase (decrease) in shareholders' equity
Net Income (Loss)	3,080			3,080		274	3,354
Stock Issuance to Directors	79		79				79
Stock Issuance, Net of Equity Issuance Costs	11,019	7	11,012				11,019
Cash Dividends	(3,825)			(3,825)		(341)	(4,166)
Other Comprehensive Income (Loss)	(6,139)				(6,139)	(547)	(6,686)
Balance at Sep. 30, 2024	$ 248,242	$ 143	$ 254,110	$ (10,652)	$ 4,641	$ 23,712	$ 271,954

- Definition

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

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- Definition

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

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- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

OPERATING LAND LEASES (Tables)

9 Months Ended

Sep. 30, 2024

OPERATING LAND LEASES

Summary of operating land leases

The following table reflects a summary of operating land leases, under which the Company is the lessee, for the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Operating Cash Outflows	$	46		$	64		$	138		$	192
Weighted Average Remaining Lease Term		6.7			7.2			6.7			7.2
Weighted Average Discount Rate		2.0	%		2.0	%		2.0	%		2.0	%

Schedule of minimum future lease payments under non-cancelable operating land leases

Minimum future lease payments under non-cancelable operating land leases, having remaining terms in excess of one year subsequent to September 30, 2024, are summarized as follows (in thousands):


Year Ending December 31,
Remainder of 2024	$	46
2025		192
2026		202
2027		202
2028		202
2029		202
2030 and Thereafter		288
Total Lease Payments	$	1,334
Imputed Interest		(56)
Operating Leases – Liability	$	1,278

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Carrying value and estimated fair value of financial instruments
Restricted Cash	$ 25,495	$ 9,712	$ 11,166
Commercial Loans and Investments	86,549	35,080
Reported Value Measurement \| Fair Value, Inputs, Level 1
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	2,560	4,019
Restricted Cash	25,495	9,712
Reported Value Measurement \| Fair Value, Inputs, Level 2
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	86,549	35,080
Obligation Under Participation Agreement	13,178
Long-Term Debt	278,898	275,677
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 1
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	2,560	4,019
Restricted Cash	25,495	9,712
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 2
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	94,302	36,288
Obligation Under Participation Agreement	13,510
Long-Term Debt	$ 267,786	$ 258,613

EQUITY - Follow-on Public Offering (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2024	Sep. 30, 2023
Equity
Net proceeds		$ 10,963	$ 12,315
Follow on Public Offering
Equity
Share issued	3,220,000
Net proceeds	$ 54,300
Over-Allotment Option [Member]
Equity
Share issued	420,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease Income
Lease Payments	$ 10,051	$ 10,049	$ 29,815	$ 30,187
Variable Lease Payments	1,667	1,398	4,697	3,764
Total Lease Income	$ 11,718	$ 11,447	$ 34,512	$ 33,951

PROPERTY PORTFOLIO - Properties Acquired and Disposed (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) state property	Sep. 30, 2023 USD ($) state property	Dec. 31, 2023 USD ($)
PROPERTY PORTFOLIO
Number of real estate properties \| property	133		133
Gain on Disposition of Assets	$ 3,426	$ 2,586	$ 4,344	$ 7,782
Intangible Lease Liabilities-Net	4,358		4,358		$ 4,907
Commercial Loans and Investments	$ 86,549		$ 86,549		$ 35,080
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
PROPERTY PORTFOLIO
Number of real estate properties disposed \| property	10	22	10	22
Sales price			$ 55,200	$ 99,600
Gain on Disposition of Assets			$ 4,300	$ 7,800
Single-tenant Net Lease Income Properties Acquired in 2024
PROPERTY PORTFOLIO
Number of real estate properties \| property	6		6
Real estate acquired purchase price			$ 53,100
Acquired properties, cost	$ 53,200		$ 53,200
Number of states for leased asset \| state			4
Remaining lease term at acquisition			21 years 8 months 12 days
Initial cost of land	5,700		$ 5,700
Initial cost of building and improvements	15,000		15,000
Acquired in-place lease value, leasing fees, and above market lease value	2,000		2,000
Intangible Lease Liabilities-Net	$ 900		$ 900
Weighted average amortization period of intangible liabilities			4 years 9 months 18 days
Remaining acquisition costs			$ 31,400
Number of properties acquired as a sale-leaseback transaction \| property	3		3
Commercial Loans and Investments	$ 31,400		$ 31,400
Single-tenant Net Lease Income Properties Acquired in 2023
PROPERTY PORTFOLIO
Number of real estate properties \| property		12		12
Real estate acquired purchase price				$ 79,900
Acquired properties, cost		$ 81,200		$ 81,200
Number of states for leased asset \| state				7
Remaining lease term at acquisition				8 years 8 months 12 days
Initial cost of land		22,100		$ 22,100
Initial cost of building and improvements		53,000		53,000
Acquired in-place lease value, leasing fees, and above market lease value		8,000		8,000
Intangible Lease Liabilities-Net		$ 900		$ 900
Weighted average amortization period of intangible liabilities				9 years 7 months 6 days

OPERATING LAND LEASES - General Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Leases - Right-of-Use Asset	$ 1,249		$ 1,249		$ 1,434
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Operating Leases - Liability	$ 1,278		$ 1,278		$ 1,454
Operating Lease, Liability, Statement of Financial Position	Accounts Payable, Accrued Expenses, and Other Liabilities		Accounts Payable, Accrued Expenses, and Other Liabilities		Accounts Payable, Accrued Expenses, and Other Liabilities
Amortization expenses			$ 100	$ 200
Maximum [Member]
Lessee, Lease, Description [Line Items]
Amortization expenses	$ 100	$ 100

PROPERTY PORTFOLIO

9 Months Ended

Sep. 30, 2024

PROPERTY PORTFOLIO

PROPERTY PORTFOLIO

NOTE 3. PROPERTY PORTFOLIO

As of September 30, 2024, the Company’s property portfolio consisted of 133 properties, including three properties classified as commercial loans and investments, with total square footage of 3.6 million.

Leasing revenue consists of long-term rental revenue from net leased commercial properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are comprised of percentage rent payments and reimbursements from tenants for common area maintenance, insurance, real estate taxes, and other operating expenses.

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Lease Income
Lease Payments	$	10,051	$	10,049	$	29,815	$	30,187
Variable Lease Payments		1,667		1,398		4,697		3,764
Total Lease Income	$	11,718	$	11,447	$	34,512	$	33,951


Year Ending December 31,	Amounts
Remainder of 2024	$	9,174
2025		36,512
2026		35,968
2027		32,365
2028		28,696
2029		23,708
2030 and Thereafter (Cumulative)		77,609
Total	$	244,032

2024 Activity. During the nine months ended September 30, 2024, the Company acquired six properties for a combined purchase price of $53.1 million, or a cost of $53.2 million including capitalized acquisition costs. The properties are located in four different states, leased to three different tenants, and had a weighted average remaining lease term of 21.7 years at the time of acquisition. Of the total acquisition cost, $5.7 million was allocated to land, $15.0 million was allocated to buildings and improvements, $2.0 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $0.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 4.8 years at acquisition. The remaining $31.4 million of acquisition costs is attributable to the three Tampa Properties (defined in Note 4 below), of the acquired properties which were purchased during the three months ended September 30, 2024 through a sale-leaseback transaction that includes a tenant repurchase option. Due to the existence of the tenant repurchase option, and pursuant to FASB ASC Topic 842, Leases, GAAP requires that the $31.4 million investment be accounted for as a financing arrangement, and accordingly the related assets and corresponding revenue are included in the Company’s commercial loans and investments in the accompanying consolidated balance sheets and consolidated statement of operations. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto.

During the nine months ended September 30, 2024, the Company sold 10 properties for an aggregate sales price of $55.2 million, generating aggregate gains on sale of $4.3 million.

2023 Activity. During the nine months ended September 30, 2023, the Company acquired 12 properties for a combined purchase price of $79.9 million, or a cost of $81.2 million including capitalized acquisition costs. The properties are located in seven different states and had a weighted average remaining lease term of 8.7 years at the time of acquisition. Of the total acquisition cost, $22.1 million was allocated to land, $53.0 million was allocated to buildings and improvements, $8.0 million was allocated to intangible assets pertaining to the in-place lease value, leasing fees, and above market lease value, and $0.9 million was allocated to intangible liabilities for the below market lease value. The weighted average amortization period for the intangible assets and liabilities was 9.6 years at acquisition.

During the nine months ended September 30, 2023, the Company sold 22 properties for an aggregate sales price of $99.6 million, generating aggregate gains on sale of $7.8 million.

SHARE REPURCHASES

9 Months Ended

Sep. 30, 2024

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 17. SHARE REPURCHASES

In May 2023, the Board approved a $5.0 million stock repurchase program (the “2023 $5.0 Million Repurchase Program”). Under the 2023 $5.0 Million Repurchase Program, the Company repurchased 23,889 shares of its common stock on the open market for a total cost of $0.4 million, or an average price per share of $15.22, during the three and nine months ended September 30, 2023.

In July 2023, the Board approved a $15.0 million stock repurchase program (the “2023 $15.0 Million Repurchase Program”). The 2023 $15.0 Million Repurchase Program replaced the 2023 $5.0 Million Repurchase Program. Under the 2023 $15.0 Million Repurchase Program, the Company repurchased 875,122 shares of its common stock on the open market for a total cost of $14.2 million, or an average price per share of $16.26, during the year ended December 31, 2023. Under the 2023 $15.0 Million Repurchase Program, the Company repurchased 45,768 shares of its common stock on the open market for a total cost of $0.8 million, or an average price per share of $16.90, during the three months ended March 31, 2024, which completed the 2023 $15.0 Million Repurchase Program.

There were no repurchases of the Company’s common stock during the three months ended September 30, 2024.

RELATED PARTY MANAGEMENT COMPANY (Tables)

9 Months Ended

Sep. 30, 2024

RELATED PARTY MANAGEMENT COMPANY

Schedule of amount due to (from) parent company

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


	As of
Description	September 30, 2024		December 31, 2023
Management Fee due to CTO	$	1,052	$	1,062
Other		(131)		(10)
Total ⁽¹⁾	$	921	$	1,052

(1)	Included in accrued expenses, see Note 11, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Transition Report	false
Securities Act File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	84-2769895
Entity Address, Address Line One	369 N. New York Avenue
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	386
Local Phone Number	274-2202
Title of 12(b) Security	COMMON STOCK, $0.01 PAR VALUE
Trading Symbol	PINE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,272,978
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001786117
Document Fiscal Period Focus	Q3
Amendment Flag	false

BUSINESS SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2024

BUSINESS SEGMENT DATA

Schedule of operations in different segment

Information about the Company’s operations in different segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues:
Lease Income	$	11,718	$	11,447	$	34,512	$	33,951
Interest Income from Commercial Loans and Investments		1,663		112		3,552		112
Other Revenue		99		—		372		—
Total Revenues	$	13,480	$	11,559	$	38,436	$	34,063
Net Income from Operations:
Lease Income	$	9,877	$	9,725	$	28,943	$	29,220
Interest Income from Commercial Loans and Investments		1,663		112		3,552		112
Other Revenue		99		—		372		—
General and Corporate Expenses		(8,183)		(8,180)		(24,061)		(24,109)
Provision for Impairment		(422)		(2,864)		(1,110)		(2,864)
Gain on Disposition of Assets		3,426		2,586		4,344		7,782
Gain on Extinguishment of Debt		—		—		—		23
Net Income from Operations	$	6,460	$	1,379	$	12,040	$	10,164
Depreciation and Amortization:
Income Properties	$	6,340	$	6,528	$	19,074	$	19,286
Total Depreciation and Amortization	$	6,340	$	6,528	$	19,074	$	19,286
Capital Expenditures:
Income Properties	$	6,577	$	19,723	$	22,523	$	81,395
Commercial Loans and Investments		42,678		6,870		52,993		6,870
Total Capital Expenditures	$	49,255	$	26,593	$	75,516	$	88,265

Schedule of Identifiable assets of each segment

Identifiable assets of each segment as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Identifiable Assets:
Income Properties	$	456,650	$	503,151
Commercial Loans and Investments		89,965		37,384
Corporate and Other		32,371		24,025
Total Assets	$	578,986	$	564,560

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

OTHER ASSETS

Schedule of components of other assets

Other assets consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Tenant Receivables—Net of Allowance for Doubtful Accounts⁽¹⁾	$	950	$	809
Prepaid Insurance		34		838
Deposits on Acquisitions		—		60
Prepaid Expenses, Deposits, and Other		1,554		1,757
Deferred Financing Costs—Net		887		1,190
Interest Rate Swaps		6,277		10,957
Operating Leases - Right-of-Use Asset ⁽²⁾		1,249		1,434
Total Other Assets	$	10,951	$	17,045

(1)	Includes a $0.2 million and $0.4 million allowance for doubtful accounts as of September 30, 2024 and December 31, 2023, respectively.

(2)	See Note 9, “Operating Land Leases” for further disclosure related to the Company’s right-of-use asset balance as of September 30, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

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

PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE

ASSETS HELD FOR SALE

SALES OF REAL ESTATE

PROPERTY LEASE REVENUE

PROPERTY LEASE REVENUE

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

Investments in commercial loans and investments held for investment are recorded at historical cost, net of unaccreted origination costs and current expected credit losses (“CECL”) reserve.

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS

OPERATING LAND LEASE EXPENSE

OPERATING LAND LEASE EXPENSE

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

RESTRICTED CASH

RESTRICTED CASH

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.

●

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

During the nine months ended September 30, 2024 and 2023, Walgreens accounted for 11% of lease income revenue.

RECLASSIFICATIONS

RECLASSIFICATIONS

RECENTLY ISSUED ACCOUNTING STANDARDS

RECENTLY ISSUED ACCOUNTING STANDARDS

COMMERCIAL LOANS AND INVESTMENTS - Composition (Details) - USD ($) $ in Thousands								9 Months Ended	12 Months Ended
	Oct. 30, 2024	Jul. 25, 2024	Jun. 14, 2024	Jan. 30, 2024	Nov. 15, 2023	Oct. 30, 2023	Jul. 25, 2023	Sep. 30, 2024	Dec. 31, 2023
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 101,136	$ 38,625
Current Face Amount								87,748	35,629
Carrying Value								87,426	35,437
CECL Reserve								(877)	(357)
Total Commercial Loans and Investments								86,549	35,080
Wawa Land Development - Greenwood, IN
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount							$ 7,800	7,800	7,800
Current Face Amount								7,149	7,014
Carrying Value								$ 7,133	$ 6,984
Coupon Rate		9.25%					8.50%	9.25%	8.50%
Wawa and McDonalds Anchored Land Development Antioch, TN
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount			$ 6,100			$ 6,800		$ 6,825	$ 6,825
Current Face Amount								4,683	4,615
Carrying Value								$ 4,655	$ 4,568
Coupon Rate	9.50%		11.50%			11.00%		11.00%	11.00%
Mortgage Note - Portfolio
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount					$ 24,000			$ 24,000	$ 24,000
Current Face Amount								22,915	24,000
Carrying Value								$ 22,830	$ 23,885
Coupon Rate					8.75%			8.75%	8.75%
Retail Outparcels Lawrenceville Ga [Member]
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount				$ 7,200				$ 7,200
Current Face Amount								6,618
Carrying Value								$ 6,558
Coupon Rate				11.25%				11.25%
Wawa Land Development - Mt Carmel, OH
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 6,127
Current Face Amount								5,023
Carrying Value								$ 4,976
Coupon Rate								11.50%
Sale-Leaseback - Bradenton Beach, FL
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 9,608
Current Face Amount								9,599
Carrying Value								$ 9,599
Coupon Rate								8.30%
Sale-Leaseback - Anna Maria, FL
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 16,408
Current Face Amount								16,392
Carrying Value								$ 16,392
Coupon Rate								8.30%
Sale-Leaseback - Long Boat Key, FL
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 5,408
Current Face Amount								5,402
Carrying Value								$ 5,402
Coupon Rate								8.30%
Construction Loan - Publix Land Development - Charlotte, NC
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 17,760
Current Face Amount								9,967
Carrying Value								$ 9,881
Coupon Rate								10.25%

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 31, 2023	May 31, 2023
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase			$ 4,711	$ 775	$ 5,076
Repurchases of common stock	$ 0
2023 $5.0 Million Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount								$ 5,000
Shares repurchased (in shares)			23,889		23,889
Stock Repurchase			$ 400		$ 400
Average price per share of stock repurchased			$ 15.22		$ 15.22
2023 $15.0 Million Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program authorized amount							$ 15,000
Shares repurchased (in shares)		45,768				875,122
Stock Repurchase		$ 800				$ 14,200
Average price per share of stock repurchased		$ 16.90				$ 16.26

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 6. INTANGIBLE ASSETS AND LIABILITIES


	As of
	September 30, 2024		December 31, 2023
Intangible Lease Assets:
Value of In-Place Leases	$	44,988	$	48,267
Value of Above Market In-Place Leases		2,093		2,942
Value of Intangible Leasing Costs		17,532		18,865
Sub-total Intangible Lease Assets		64,613		70,074
Accumulated Amortization		(24,039)		(20,782)
Sub-total Intangible Lease Assets—Net		40,574		49,292
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,312)		(6,770)
Sub-total Intangible Lease Liabilities		(6,312)		(6,770)
Accumulated Amortization		1,954		1,863
Sub-total Intangible Lease Liabilities—Net		(4,358)		(4,907)
Total Intangible Assets and Liabilities—Net	$	36,216	$	44,385

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Amortization Expense	$	2,077	$	2,218	$	6,361	$	6,721
Accretion to Properties Revenue		(136)		(110)		(361)		(299)
Net Amortization of Intangible Assets and Liabilities	$	1,941	$	2,108	$	6,000	$	6,422

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
Remainder of 2024	$	1,972	$	(146)	$	1,826
2025		7,529		(558)		6,971
2026		7,188		(572)		6,616
2027		5,876		(599)		5,277
2028		4,875		(499)		4,376
2029		3,827		(246)		3,581
2030 and Thereafter		8,076		(507)		7,569
Total	$	39,343	$	(3,127)	$	36,216

As of September 30, 2024, the weighted average amortization period of both the total intangible assets and liabilities was 8.7 years.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Restricted Cash
Restricted Cash	$ 25,495	$ 9,712	$ 11,166
Escrow accounts	22,400
Interest, tax, and insurance reserve account	$ 3,100

RELATED PARTY MANAGEMENT COMPANY

9 Months Ended

Sep. 30, 2024

RELATED PARTY MANAGEMENT COMPANY

RELATED PARTY MANAGEMENT COMPANY

NOTE 19. RELATED PARTY MANAGEMENT COMPANY

We are externally managed by the Manager, a wholly owned subsidiary of CTO. Subsequent to the IPO, through September 30, 2024, CTO has purchased an aggregate of 322,831 shares of PINE common stock in the open market including (i) 29,807 shares purchased during the nine months ended September 30, 2024 for $0.4 million, or an average price per share of $14.97, (ii) 129,271 shares purchased during the year ended December 31, 2023 for $2.1 million, or an average price per share of $16.21, (iii) 155,665 shares purchased during the year ended December 31, 2022 for $2.7 million, or an average price per share of $17.57 and (iv) 8,088 shares purchased during the year ended December 31, 2021 for $0.1 million, or an average price per share of $17.65.

As of September 30, 2024, CTO owns, in the aggregate, 1,223,854 OP Units and 1,138,621 shares of PINE common stock, inclusive of (i) 394,737 shares of common stock totaling $7.5 million issued in connection with a private placement that closed concurrently with the IPO, (ii) 421,053 shares of common stock totaling $8.0 million issued in connection with the IPO, and (iii) 322,831 shares of common stock totaling $5.4 million purchased by CTO subsequent to the IPO. The aggregate 1,223,854 OP Units and 1,138,621 shares of PINE common stock held by CTO represent an investment totaling $43.0 million, or 15.3% of PINE’s outstanding equity, as of September 30, 2024.

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, 2023.

On July 18, 2024, the Operating Partnership and PINE entered into an amendment (the “Amendment”) to the Management Agreement with the Manager. The Amendment extended the expiration date of the initial term of the Management Agreement from November 26, 2024 to January 31, 2025 and the initial term 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 $1.1 million and $3.1 million during the three and nine months ended September 30, 2024, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.7 million and $1.9 million for the three and nine months ended September 30, 2024, respectively. The Company incurred management fee expenses totaling $1.1 million and $3.3 million during the three and nine months ended September 30, 2023, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.6 million and $1.9 million for the three and nine months ended September 30, 2023, respectively.

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


	As of
Description	September 30, 2024		December 31, 2023
Management Fee due to CTO	$	1,052	$	1,062
Other		(131)		(10)
Total ⁽¹⁾	$	921	$	1,052

(1)	Included in accrued expenses, see Note 11, “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 for $11.5 million. The acquisition was completed on April 23, 2021.

On April 2, 2021, the Company entered into a purchase and sale agreement with certain subsidiaries of CTO for the purchase of six net lease properties (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.

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 for $6.9 million. The acquisition was completed on January 7, 2022.

The entry into these purchase and sale agreements, and subsequent completion of the related 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, sell, or finance net leased properties that would potentially fit the investment criteria for our Manager or its affiliates. Similarly, our Manager or its affiliates may acquire, sell, or finance 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 of assets. 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.

Revenue Sharing Agreement

On December 4, 2023, CTO entered into an asset management agreement directly with the borrower under the Mortgage Note (as described in Note 4, “Commercial Loans and Investments”) to manage the portfolio of assets secured by the Mortgage Note. The Company entered into a revenue sharing agreement with CTO whereby the Company is expected to receive a share of the asset management fees, disposition management fees, leasing commissions, and other fees related to CTO’s management and administration of the portfolio (the “Revenue Sharing Agreement”). The Company’s share of the fees under the Revenue Sharing Agreement will be based on fees earned by CTO associated with the single tenant properties within the portfolio. The Company recognized $0.1 million and $0.4 million of revenue pursuant to the Revenue Sharing Agreement during the three and nine months ended September 30, 2024, respectively, which is included in other revenue on the Company’s consolidated statement of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 3,354	$ (939)	$ 3,293	$ 2,896
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps	(6,686)	1,492	(5,046)	3,105
Total Other Comprehensive Income (Loss)	(6,686)	1,492	(5,046)	3,105
Total Comprehensive Income (Loss)	(3,332)	553	(1,753)	6,001
Less: Comprehensive (Income) Loss Attributable to Noncontrolling Interest
Net (Income) Loss Attributable to Noncontrolling Interest	(274)	102	(269)	(314)
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interest	547		412
Comprehensive (Income) Loss Attributable to Noncontrolling Interest	273	102	143	(314)
Comprehensive Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (3,059)	$ 655	$ (1,610)	$ 5,687

COMMON STOCK AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share

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


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$	3,080	$	(837)	$	3,024	$	2,582

Weighted Average Number of Common Shares Outstanding		13,744,232		13,946,194		13,663,752		14,001,774
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method ⁽¹⁾		1,223,854		1,703,494		1,223,854		1,703,494
Total Shares Applicable to Diluted Earnings per Share		14,968,086		15,649,688		14,887,606		15,705,268

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.22	$	(0.06)	$	0.22	$	0.18
Diluted	$	0.21	$	(0.05)	$	0.20	$	0.16

(1)

INTEREST RATE SWAPS

9 Months Ended

Sep. 30, 2024

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 14. 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 three and nine months ended September 30, 2024 and 2023. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income. The fair value of the interest rate swap agreements are included in other assets and accounts payable, accrued expenses and other liabilities, respectively, on the consolidated balance sheets.

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


Hedged Item	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2024
2026 Term Loan ⁽¹⁾	5/21/2021	5/21/2026	2.05% + 0.10% + applicable spread	$	100,000	$	2,404
2027 Term Loan⁽²⁾	9/30/2021	11/29/2024	0.51%+ 0.10% + applicable spread	$	80,000	$	573
2027 Term Loan⁽³⁾	9/30/2022	1/31/2027	3.84%+ 0.10% + applicable spread	$	20,000	$	(226)
2027 Term Loan ⁽⁴⁾	11/29/2024	1/31/2027	1.61%+ 0.10% + applicable spread	$	80,000	$	2,884
Credit Facility ⁽⁵⁾	3/1/2023	3/1/2028	3.21%+ 0.10%+ applicable spread	$	50,000	$	141

(1)

(2)

(3)	As of September 30, 2024, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.84% plus 0.10% and the applicable spread on $20.0 million of the $100.0 million 2027 Term Loan balance.

(4)	The interest rate swap agreement hedges $80.0 million of the $100.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 29, 2024 to extend the fixed interest rate through maturity on January 31, 2027.

(5)	As of September 30, 2024, the Company has utilized an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.21% plus 0.10% and the applicable spread on $50.0 million of the outstanding balance on the Credit Facility. The swap was effective on March 1, 2023.

The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of September 30, 2024 and December 31, 2023, there were no events of default related to the Company's interest rate swap agreements.

COMMON STOCK AND EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic	$ 3,080		$ (837)	$ 3,024	$ 2,582
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted	$ 3,080		$ (837)	$ 2,582	$ 3,024
Common Shares Applicable to Stock
Weighted Average Number of Common Shares Outstanding (in shares)	13,744,232		13,946,194	13,663,752	14,001,774
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (in shares)	1,223,854		1,703,494	1,223,854	1,703,494
Total Shares Applicable to Diluted Earnings Per Share (in shares)	14,968,086		15,649,688	14,887,606	15,705,268
Per Common Share Data:
Basic (in dollars per share)	$ 0.22		$ (0.06)	$ 0.22	$ 0.18
Diluted (in dollars per share)	$ 0.21		$ (0.05)	$ 0.20	$ 0.16
Partners' capital account, units issued		479,640
CTO
Per Common Share Data:
Partners' capital account, units issued				1,223,854