Alpine Income Property Trust (PINE) 10-Q18 Jul 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 11, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		13,631,757
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001786117
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real Estate:
Land, at Cost	$ 152,678	$ 149,314
Building and Improvements, at Cost	334,312	328,993
Total Real Estate, at Cost	486,990	478,307
Less, Accumulated Depreciation	(41,879)	(34,714)
Real Estate-Net	445,111	443,593
Assets Held for Sale	3,943	4,410
Commercial Loans and Investments (includes $13,496 and $0 pledged, respectively)	44,730	35,080
Cash and Cash Equivalents	3,260	4,019
Restricted Cash	3,136	9,712
Intangible Lease Assets-Net	45,761	49,292
Straight-Line Rent Adjustment	1,545	1,409
Other Assets	18,291	17,045
Total Assets	565,777	564,560
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	7,238	5,736
Prepaid Rent and Deferred Revenue	3,216	2,627
Intangible Lease Liabilities-Net	5,017	4,907
Obligation Under Participation Agreement	13,632
Long-Term Debt	268,320	275,677
Total Liabilities	297,423	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 June 30, 2024 and December 31, 2023
Common Stock, $0.01 par value per share, 500 million shares authorized, 13,626,589 shares issued and outstanding as of June 30, 2024 and 13,659,207 shares issued and outstanding as of December 31, 2023	136	137
Additional Paid-in Capital	243,019	243,690
Dividends in Excess of Net Income	(9,907)	(2,359)
Accumulated Other Comprehensive Income	10,780	9,275
Stockholders' Equity	244,028	250,743
Noncontrolling Interest	24,326	24,870
Total Equity	268,354	275,613
Total Liabilities and Equity	$ 565,777	$ 564,560

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 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	13,626,589	13,659,207
Common Stock, shares outstanding	13,626,589	13,659,207

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Lease Income	$ 11,330	$ 11,348	$ 22,794	$ 22,504
Interest Income from Commercial Loans and Investments	986		1,889
Other Revenue	174		273
Total Revenues	12,490	11,348	24,956	22,504
Operating Expenses:
Real Estate Expenses	1,800	1,575	3,728	3,009
General and Administrative Expenses	1,602	1,656	3,144	3,171
Provision for Impairment	657		688
Depreciation and Amortization	6,352	6,423	12,734	12,758
Total Operating Expenses	10,411	9,654	20,294	18,938
Gain on Disposition of Assets	918	743	918	5,196
Gain on Extinguishment of Debt				23
Net Income From Operations	2,997	2,437	5,580	8,785
Investment and Other Income	56	91	125	101
Interest Expense	(2,831)	(2,438)	(5,766)	(5,051)
Net Income (Loss)	222	90	(61)	3,835
Less: Net (Income) Loss Attributable to Noncontrolling Interest	(18)	(10)	5	(416)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ 204	$ 80	$ (56)	$ 3,419
Per Common Share Data:
Basic (in dollars per share)	$ 0.01	$ 0.01		$ 0.24
Diluted (in dollars per share)	$ 0.01	$ 0.01		$ 0.22
Weighted Average Number of Common Shares:
Basic (in shares)	13,624,932	14,059,173	13,623,070	14,030,025
Diluted (in shares)	14,848,786	15,762,667	14,846,924	15,733,519

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss)	$ 222	$ 90	$ (61)	$ 3,835
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps	(715)	4,379	1,640	1,613
Total Other Comprehensive Income (Loss)	(715)	4,379	1,640	1,613
Total Comprehensive Income (Loss)	(493)	4,469	1,579	5,448
Less: Comprehensive (Income) Loss Attributable to Noncontrolling Interest
Net (Income) Loss Attributable to Noncontrolling Interest	(18)	(10)	5	(416)
Other Comprehensive (Income) Loss Attributable to Noncontrolling Interest	59		(135)
Comprehensive (Income) Loss Attributable to Noncontrolling Interest	41	(10)	(130)	(416)
Comprehensive Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (452)	$ 4,459	$ 1,449	$ 5,032

CONSOLIDATED STATEMENTS OF STOC

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)	3,419			3,419		416	3,835
Stock Repurchase	(365)	(1)	(364)				(365)
Stock Issuance to Directors	145		145				145
Stock Issuance, Net of Equity Issuance Costs	12,343	7	12,336				12,343
Cash Dividend	(7,730)			(7,730)		(936)	(8,666)
Other Comprehensive Income	1,613				1,613		1,613
Balance at Jun. 30, 2023	271,043	140	248,958	5,731	16,214	33,237	304,280
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 Mar. 31, 2023	270,778	141	249,288	9,514	11,835	33,694	304,472
Increase (decrease) in shareholders' equity
Net Income (Loss)	80			80		10	90
Stock Repurchase	(365)	(1)	(364)				(365)
Stock Issuance to Directors	79		79				79
Stock Issuance, Net of Equity Issuance Costs	(45)		(45)				(45)
Cash Dividend	(3,863)			(3,863)		(467)	(4,330)
Other Comprehensive Income	4,379				4,379		4,379
Balance at Jun. 30, 2023	271,043	140	248,958	5,731	16,214	33,237	304,280
Balance at Dec. 31, 2023	250,743	137	243,690	(2,359)	9,275	24,870	275,613
Balance at Mar. 31, 2024	248,152	136	242,944	(6,364)	11,436	24,704	272,856
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)	(56)			(56)		(5)	(61)
Stock Repurchase	(775)	(1)	(774)				(775)
Stock Issuance to Directors	159		159				159
Stock Issuance, Net of Equity Issuance Costs	(56)		(56)				(56)
Cash Dividend	(7,492)			(7,492)		(674)	(8,166)
Other Comprehensive Income	1,505				1,505	135	1,640
Balance at Jun. 30, 2024	244,028	136	243,019	(9,907)	10,780	24,326	268,354
Balance at Mar. 31, 2024	248,152	136	242,944	(6,364)	11,436	24,704	272,856
Increase (decrease) in shareholders' equity
Net Income (Loss)	204			204		18	222
Stock Issuance to Directors	80		80				80
Stock Issuance, Net of Equity Issuance Costs	(5)		(5)				(5)
Cash Dividend	(3,747)			(3,747)		(337)	(4,084)
Other Comprehensive Income	(656)				(656)	(59)	(715)
Balance at Jun. 30, 2024	$ 244,028	$ 136	$ 243,019	$ (9,907)	$ 10,780	$ 24,326	$ 268,354

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock
Cash Dividends (in dollars per share)	$ 0.275	$ 0.275	$ 0.550	$ 0.550

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash Flow From Operating Activities:
Net Income (Loss)	$ (61)	$ 3,835
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	12,734	12,758
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(225)	(189)
Amortization of Deferred Financing Costs to Interest Expense	360	351
Accretion of Commercial Loans and Investments Origination Fees	(63)
Gain on Disposition of Assets	(918)	(5,196)
Provision for Impairment	688
Non-Cash Compensation	159	159
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(154)	(274)
Other Assets	49	(221)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,634	2,156
Prepaid Rent and Deferred Revenue	588	297
Net Cash Provided By Operating Activities	14,791	13,676
Cash Flow From Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(15,946)	(61,672)
Proceeds from Disposition of Assets	6,384	77,775
Acquisition of Commercial Loans and Investments	(10,315)
Principal Payments Received on Commercial Loan Investments	14,263
Net Cash Provided By (Used In) Investing Activities	(5,614)	16,103
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	23,500	1,250
Payments on Long-Term Debt	(31,000)	(19,500)
Cash Paid for Loan Fees	(15)	(30)
Repurchase of Common Stock	(775)	(365)
Proceeds From (Payments For) Stock Issuance, Net	(56)	12,343
Dividends Paid	(8,166)	(8,666)
Net Cash Used In Financing Activities	(16,512)	(14,968)
Net Increase (Decrease) in Cash and Cash Equivalents	(7,335)	14,811
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	13,731	13,044
Cash and Cash Equivalents and Restricted Cash, End of Period	6,396	27,855
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	5,503	4,681
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedge	$ 1,640	$ 1,613
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

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Reconciliation of Cash to the Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	$ 3,260	$ 4,019	$ 7,755
Restricted Cash	3,136	9,712	20,100
Total Cash	$ 6,396	$ 13,731	$ 27,855	$ 13,044

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	6 Months Ended
BUSINESS AND ORGANIZATION	Jun. 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 portfolio consists of 137 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. See Note 4, “Commercial Loans and Investments” for further disclosure related to the Company’s commercial loans and investments. 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 June 30, 2024, we have a total ownership interest in the Operating Partnership of 91.8% , with CTO holding, directly and indirectly, an 8.2% 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 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 Segment Reporting 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 June 30, 2024 and June 30, 2023, was $4.2 million. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the six months ended June 30, 2024 and June 30, 2023, was $8.4 million and $8.3 million, respectively. LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment, PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE Clarifying the Definition of a Business 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 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 June 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 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 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 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 June 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 $3.1 million as of June 30, 2024, which is being held in interest, tax, insurance, and/or capital expenditure reserve accounts related to the Company’s 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 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 June 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 six months ended June 30, 2024 and 2023. During the six months ended June 30, 2024 and 2023, Walgreens accounted for 11% and 12% of total revenues, respectively. As of June 30, 2024 and 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 six months ended June 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. Additionally, interest income earned on deposits at financial institutions was previously included within Lease Income and is now included within Investment and Other Income on the accompanying consolidated statement of operations. There was no impact to retained earnings as a result of the reclassifications.

PROPERTY PORTFOLIO

PROPERTY PORTFOLIO	6 Months Ended
PROPERTY PORTFOLIO	Jun. 30, 2024
PROPERTY PORTFOLIO
PROPERTY PORTFOLIO	NOTE 3. PROPERTY PORTFOLIO As of June 30, 2024, the Company’s property portfolio consisted of 137 properties with total square footage of 3.8 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Lease Income Lease Payments $ 9,902 $ 9,975 $ 19,764 $ 20,138 Variable Lease Payments 1,428 1,373 3,030 2,366 Total Lease Income $ 11,330 $ 11,348 $ 22,794 $ 22,504 Minimum Future Rental Receipts. Year Ending December 31, Amounts Remainder of 2024 $ 19,786 2025 38,955 2026 38,165 2027 34,633 2028 30,988 2029 26,217 2030 and Thereafter (Cumulative) 73,885 Total $ 262,629 2024 Activity. During the six months ended June 30, 2024, the Company sold two properties for an aggregate sales price of $6.6 million, generating aggregate gains on sale of $0.9 million. 2023 Activity. During the six months ended June 30, 2023, the Company sold 14 properties for an aggregate sales price of $79.1 million, generating aggregate gains on sale of $5.2 million.

COMMERCIAL LOANS AND INVESTMENT

COMMERCIAL LOANS AND INVESTMENTS	6 Months Ended
COMMERCIAL LOANS AND INVESTMENTS	Jun. 30, 2024
COMMERCIAL LOANS AND INVESTMENTS
COMMERCIAL LOANS AND INVESTMENTS	NOTE 4. COMMERCIAL LOANS AND INVESTMENTS 2024 Activity. 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 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 June 30, 2024, the Company has disbursed $4.7 million to the borrower. 2023 Activity. 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 June 30, 2024, the Company has disbursed $4.7 million to the borrower. 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 six months ended June 30, 2024, the Company received $0.6 million in principal repayments from the borrower. The Company’s commercial loans and investments were comprised of the following at June 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 $ 7,129 8.50% Construction Loan – Wawa Land Development – Antioch, TN October 2023 October 2025 6,825 4,656 4,622 11.00% Mortgage Note – Portfolio November 2023 November 2026 24,000 23,370 23,275 8.75% Construction Loan – Retail Outparcels – Lawrenceville, GA January 2024 January 2026 7,200 5,663 5,591 11.25% Construction Loan – Wawa Land Development – Mount Carmel, OH June 2024 September 2025 6,127 4,627 4,568 11.50% $ 51,952 $ 45,465 $ 45,185 CECL Reserve (455) Total Commercial Loans and Investments $ 44,730 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 June 30, 2024 and December 31, 2023 (in thousands). As of June 30, 2024 December 31, 2023 Current Face Amount $ 45,465 $ 35,629 Unaccreted Origination Fees (280) (192) CECL Reserve (455) (357) Total Commercial Loans and Investments $ 44,730 $ 35,080

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2024
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 3,260 $ 3,260 $ 4,019 $ 4,019 Restricted Cash - Level 1 $ 3,136 $ 3,136 $ 9,712 $ 9,712 Commercial Loans and Investments - Level 2 $ 44,730 $ 46,762 $ 35,080 $ 36,288 Obligation Under Participation Agreement - Level 2 $ 13,632 $ 13,837 $ — $ — Long-Term Debt - Level 2 $ 268,320 $ 254,539 $ 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. The following tables present the fair value of assets measured on a recurring basis by level as of June 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) June 30, 2024 2026 Term Loan Interest Rate Swap (1) $ 4,660 $ — $ 4,660 $ — 2027 Term Loan Interest Rate Swap (2) $ 6,171 $ — $ 6,171 $ — Credit Facility Interest Rate Swap (3) $ 1,632 $ — $ 1,632 $ — 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 June 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 June 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 $6.2 million fair value includes $4.3 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 June 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.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
INTANGIBLE ASSETS AND LIABILITIES	Jun. 30, 2024
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 6. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (in thousands): As of June 30, 2024 December 31, 2023 Intangible Lease Assets: Value of In-Place Leases $ 48,435 $ 48,267 Value of Above Market In-Place Leases 2,942 2,942 Value of Intangible Leasing Costs 19,123 18,865 Sub-total Intangible Lease Assets 70,500 70,074 Accumulated Amortization (24,739) (20,782) Sub-total Intangible Lease Assets—Net 45,761 49,292 Intangible Lease Liabilities: Value of Below Market In-Place Leases (7,024) (6,770) Sub-total Intangible Lease Liabilities (7,024) (6,770) Accumulated Amortization 2,007 1,863 Sub-total Intangible Lease Liabilities—Net (5,017) (4,907) Total Intangible Assets and Liabilities—Net $ 40,744 $ 44,385 The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Amortization Expense $ 2,119 $ 2,213 $ 4,284 $ 4,503 Accretion to Properties Revenue (115) (102) (225) (189) Net Amortization of Intangible Assets and Liabilities $ 2,004 $ 2,111 $ 4,059 $ 4,314 The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Year Ending December 31, Future Amortization Expense Future Accretion to Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2024 $ 4,235 $ (261) $ 3,974 2025 8,008 (507) 7,501 2026 7,598 (539) 7,059 2027 6,261 (580) 5,681 2028 5,161 (542) 4,619 2029 4,122 (294) 3,828 2030 and Thereafter 8,621 (539) 8,082 Total $ 44,006 $ (3,262) $ 40,744 As of June 30, 2024, the weighted average amortization period of both the total intangible assets and liabilities was 8.8 years.

PROVISION FOR IMPAIRMENT

PROVISION FOR IMPAIRMENT	6 Months Ended
PROVISION FOR IMPAIRMENT	Jun. 30, 2024
PROVISION FOR IMPAIRMENT
PROVISION FOR IMPAIRMENT	NOTE 7. PROVISION FOR IMPAIRMENT Income Properties During the three and six months ended June 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 three months ended June 30, 2024, less the book value of the assets as of June 30, 2024, less estimated costs to sell. There were no impairment charges on the Company’s income property portfolio during the three or six months ended June 30, 2023. Commercial Loans and Investments During the six months ended June 30, 2024, the Company recorded a charge of $0.1 million representing the provision for credit losses related to our commercial loans and investments. The charge of $0.1 million was driven by the initial estimated CECL allowance based on our investment activity during the six months ended June 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 three or six months ended June 30, 2023.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
OTHER ASSETS	Jun. 30, 2024
OTHER ASSETS
OTHER ASSETS	NOTE 8. OTHER ASSETS Other assets consisted of the following (in thousands): As of June 30, 2024 December 31, 2023 Tenant Receivables—Net of Allowance for Doubtful Accounts (1) $ 705 $ 809 Prepaid Insurance 300 838 Deposits on Acquisitions 100 60 Prepaid Expenses, Deposits, and Other 2,446 1,757 Deferred Financing Costs—Net 988 1,190 Interest Rate Swaps 12,463 10,957 Operating Leases - Right-of-Use Asset (2) 1,289 1,434 Total Other Assets $ 18,291 $ 17,045 (1) Includes a $0.2 million and $0.4 million allowance for doubtful accounts as of June 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 June 30, 2024.

OPERATING LAND LEASES

OPERATING LAND LEASES	6 Months Ended
OPERATING LAND LEASES	Jun. 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 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 and $0.1 million during each of the three and six month periods ended June 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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Cash Outflows $ 46 $ 64 $ 92 $ 128 Weighted Average Remaining Lease Term 6.9 7.7 6.9 7.7 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 June 30, 2024, are summarized as follows (in thousands): Year Ending December 31, Remainder of 2024 $ 92 2025 192 2026 202 2027 202 2028 202 2029 202 2030 and Thereafter 288 Total Lease Payments $ 1,380 Imputed Interest (65) Operating Leases – Liability $ 1,315

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
ASSETS HELD FOR SALE	Jun. 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 June 30, 2024 December 31, 2023 Real Estate—Net $ 6,496 $ 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 $ 7,396 $ 7,274 Less Provision for Impairment (3,453) (2,864) Total Assets Held for Sale $ 3,943 $ 4,410

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES	6 Months Ended
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES	Jun. 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 June 30, 2024 December 31, 2023 Accounts Payable $ 17 $ 30 Accrued Expenses 4,058 2,449 Tenant Security Deposits 91 78 Due to CTO 1,105 1,052 Interest Rate Swaps — 134 Loan Reserves 652 539 Operating Leases - Liability (1) 1,315 1,454 Total Accounts Payable, Accrued Expenses, and Other Liabilities $ 7,238 $ 5,736 (1) See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of June 30, 2024 .

OBLIGATION UNDER PARTICIPATION

OBLIGATION UNDER PARTICIPATION AGREEMENT	6 Months Ended
OBLIGATION UNDER PARTICIPATION AGREEMENT	Jun. 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

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
LONG-TERM DEBT	Jun. 30, 2024
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 13. LONG-TERM DEBT As of June 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 June 30, 2024 Maturity Date Credit Facility (1) $ 69,000 SOFR 5.39% January 2027 2026 Term Loan (2) 100,000 SOFR 3.65% May 2026 2027 Term Loan (3) 100,000 SOFR 2.73% January 2027 Total Debt/Weighted-Average Rate $ 269,000 3.75% (1) As of June 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 June 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 June 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. Credit Facility. ● 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 SOFR basis points At June 30, 2024, the commitment level under the Credit Facility was $250.0 million and the Company had an outstanding balance of $69.0 million. 2026 Term Loan. 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, 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 June 30, 2024 and December 31, 2023 consisted of the following (in thousands): June 30, 2024 December 31, 2023 Total Due Within One Year Total Due Within One Year Credit Facility $ 69,000 $ — $ 76,500 $ — 2026 Term Loan 100,000 — 100,000 — 2027 Term Loan 100,000 — 100,000 — Financing Costs, net of Accumulated Amortization (680) — (823) — Total Long-Term Debt $ 268,320 $ — $ 275,677 $ — Payments applicable to reduction of principal amounts as of June 30, 2024 will be required as follows (in thousands): Year Ending December 31, Amount Remainder of 2024 $ — 2025 — 2026 100,000 2027 169,000 2028 — 2029 — 2030 and Thereafter — Total Long-Term Debt - Face Value $ 269,000 The carrying value of long-term debt as of June 30, 2024 consisted of the following (in thousands): Total Current Face Amount $ 269,000 Financing Costs, net of Accumulated Amortization (680) Total Long-Term Debt $ 268,320 In addition to the $0.7 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2024, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $1.0 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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest Expense $ 2,557 $ 2,261 $ 5,312 $ 4,700 Interest Expense from Obligation Under Participation Agreement 94 — 94 — Amortization of Deferred Financing Costs to Interest Expense 180 177 360 351 Total Interest Expense $ 2,831 $ 2,438 $ 5,766 $ 5,051 Total Interest Paid $ 2,716 $ 2,137 $ 5,503 $ 4,681 The Company was in compliance with all of its debt covenants as of June 30, 2024.

INTEREST RATE SWAPS

INTEREST RATE SWAPS	6 Months Ended
INTEREST RATE SWAPS	Jun. 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 six months ended June 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 June 30, 2024 2026 Term Loan (1) 5/21/2021 5/21/2026 2.05% + 0.10% + applicable spread $ 100,000 $ 4,660 2027 Term Loan (2) 9/30/2021 11/29/2024 0.51% + 0.10% + applicable spread $ 80,000 $ 1,629 2027 Term Loan (3) 9/30/2022 1/31/2027 3.84% + 0.10% + applicable spread $ 20,000 $ 242 2027 Term Loan (4) 11/29/2024 1/31/2027 1.61% + 0.10% + applicable spread $ 80,000 $ 4,300 Credit Facility (5) 3/1/2023 3/1/2028 3.21% + 0.10% + applicable spread $ 50,000 $ 1,632 (1) As of June 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 June 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). (3) As of June 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 June 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 June 30, 2024 and December 31, 2023, there were no events of default related to the Company's interest rate swap agreements.

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 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 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 and six months ended June 30, 2024, the Company sold 3,350 shares under the 2022 ATM Program for gross proceeds of $0.1 million at a weighted average price of $16.02 per share, generating net proceeds of $0.1 million after deducting transaction fees totaling less than $0.1 million. The Company was not active under the 2022 ATM Program during the three months ended June 30, 2023. During the six months ended June 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. 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 June 30, 2024, CTO holds, directly and indirectly, an 8.2% 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 six months ended June 30, 2024 and 2023, the Company declared and paid cash dividends on its common stock and OP Units of $0.550 per share.

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	6 Months Ended
COMMON STOCK AND EARNINGS PER SHARE	Jun. 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. $ 204 $ 80 $ (56) $ 3,419 Weighted Average Number of Common Shares Outstanding 13,624,932 14,059,173 13,623,070 14,030,025 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 14,848,786 15,762,667 14,846,924 15,733,519 Per Common Share Data: Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. Basic $ 0.01 $ 0.01 $ — $ 0.24 Diluted $ 0.01 $ 0.01 $ — $ 0.22 (1) Includes the weighted average of 1,223,854 during the three and six months ended June 30, 2024 and 1,703,494 shares during the three and six months ended June 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.

SHARE REPURCHASES

SHARE REPURCHASES	6 Months Ended
SHARE REPURCHASES	Jun. 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 six months ended June 30, 2023. There were no repurchases of the Company’s common stock during the three months ended June 30, 2024.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 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 six months ended June 30, 2024, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 10,299 shares, of which 5,131 shares were issued on April 1, 2024 and 5,168 shares were issued on July 1, 2024. During the six months ended June 30, 2023, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 9,716 shares, of which 4,776 shares were issued on April 1, 2023 and 4,940 shares were issued on July 3, 2023. Stock compensation expense for the three and six months ended June 30, 2024 and 2023 is summarized as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Stock Compensation Expense – Director Retainers Paid in Stock $ 80 $ 79 $ 159 $ 159 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the three and six months ended June 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.

RELATED PARTY MANAGEMENT COMPAN

RELATED PARTY MANAGEMENT COMPANY	6 Months Ended
RELATED PARTY MANAGEMENT COMPANY	Jun. 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 June 30, 2024, CTO has purchased an aggregate of 310,007 shares of PINE common stock in the open market including (i) 16,983 shares purchased during the six months ended June 30, 2024 for $0.3 million, or an average price per share of $14.95, (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 June 30, 2024, CTO owns, in the aggregate, 1,223,854 OP Units and 1,125,797 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) 310,007 shares of common stock totaling $5.2 million purchased by CTO subsequent to the IPO. The aggregate 1,223,854 OP Units and 1,125,797 shares of PINE common stock held by CTO represent an investment totaling $36.6 million, or 15.8% of PINE’s outstanding equity, as of June 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. The initial term of the Management Agreement will expire on November 26, 2024 and will automatically renew for an unlimited number of successive one-year periods thereafter, unless the agreement is not renewed or is terminated in accordance with its terms. Our independent directors review our Manager’s performance and the management fees annually and, following the initial term, the Management Agreement may be terminated annually upon the affirmative vote of two two 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 $1.0 million and $2.1 million during the three and six months ended June 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 $0.6 million and $1.3 million for the three and six months ended June 30, 2024, respectively. The Company incurred management fee expenses totaling $1.1 million and $2.2 million during the three and six months ended June 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 $1.2 million for the three and six months ended June 30, 2023, respectively. The following table represents amounts due to (from) CTO (in thousands): As of Description June 30, 2024 December 31, 2023 Management Fee due to CTO $ 1,045 $ 1,062 Other 60 (10) Total (1) $ 1,105 $ 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 $0.2 million and $0.3 million of revenue pursuant to the Revenue Sharing Agreement during the three and six months ended June 30, 2024, respectively, which is included in other revenue on the Company’s consolidated statement of operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 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 four construction loans as described in Note 4, “Commercial Loans and Investments”. The unfunded portion of the construction loans totaled $5.9 million as of June 30, 2024.

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA	6 Months Ended
BUSINESS SEGMENT DATA	Jun. 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 88% and 89% of our identifiable assets as of June 30, 2024 and December 31, 2023, respectively, and 91% and 100% of our consolidated revenues for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, our commercial loans investment portfolio consisted of five commercial loan investments. 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 six months ended June 30, 2024 and 2023 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenues: Lease Income $ 11,330 $ 11,348 $ 22,794 $ 22,504 Interest Income from Commercial Loans and Investments 986 — 1,889 — Other Revenue 174 — 273 — Total Revenues $ 12,490 $ 11,348 $ 24,956 $ 22,504 Net Income (Loss) from Operations: Lease Income $ 9,530 $ 9,773 $ 19,066 $ 19,495 Interest Income from Commercial Loans and Investments 986 — 1,889 — Other Revenue 174 — 273 — General and Corporate Expenses (7,954) (8,079) (15,878) (15,929) Provision for Impairment (657) — (688) — Gain on Disposition of Assets 918 743 918 5,196 Gain on Extinguishment of Debt — — — 23 Net Income from Operations $ 2,997 $ 2,437 $ 5,580 $ 8,785 Depreciation and Amortization: Income Properties $ 6,352 $ 6,423 $ 12,734 $ 12,758 Total Depreciation and Amortization $ 6,352 $ 6,423 $ 12,734 $ 12,758 Capital Expenditures: Income Properties $ 14,808 $ — $ 15,946 $ 61,672 Commercial Loans and Investments 6,718 — 10,315 — Total Capital Expenditures $ 21,526 $ — $ 26,261 $ 61,672 Identifiable assets of each segment as of June 30, 2024 and December 31, 2023 are as follows (in thousands): As of June 30, 2024 December 31, 2023 Identifiable Assets: Income Properties $ 500,411 $ 503,151 Commercial Loans and Investments 44,931 35,220 Other Revenue 99 — Corporate and Other 20,336 26,189 Total Assets $ 565,777 $ 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 22. SUBSEQUENT EVENTS Subsequent events and transactions were evaluated through July 18, 2024, the date the consolidated financial statements were issued.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 204	$ 80	$ (56)	$ 3,419

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION	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	SEGMENT REPORTING Financial Accounting Standards Board Accounting Standards Codification Segment Reporting
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS	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	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 June 30, 2024 and June 30, 2023, was $4.2 million. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the six months ended June 30, 2024 and June 30, 2023, was $8.4 million and $8.3 million, respectively.
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company follows FASB ASC Topic 360-10, Property, Plant, and Equipment,
PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE	PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE Clarifying the Definition of a Business 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 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	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 June 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	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 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
RECOGNITION OF INTEREST INCOME FROM COMMERCIAL LOANS AND INVESTMENTS	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	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
CASH AND CASH EQUIVALENTS	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 June 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 Restricted cash totaled $3.1 million as of June 30, 2024, which is being held in interest, tax, insurance, and/or capital expenditure reserve accounts related to the Company’s commercial loans and investments.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	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 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	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 June 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	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	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 six months ended June 30, 2024 and 2023. During the six months ended June 30, 2024 and 2023, Walgreens accounted for 11% and 12% of total revenues, respectively. As of June 30, 2024 and 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	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 six months ended June 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. Additionally, interest income earned on deposits at financial institutions was previously included within Lease Income and is now included within Investment and Other Income on the accompanying consolidated statement of operations. There was no impact to retained earnings as a result of the reclassifications.

PROPERTY PORTFOLIO (Tables)

PROPERTY PORTFOLIO (Tables)	6 Months Ended
PROPERTY PORTFOLIO (Tables)	Jun. 30, 2024
PROPERTY PORTFOLIO
Schedule of components of leasing revenue	The components of leasing revenue are as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Lease Income Lease Payments $ 9,902 $ 9,975 $ 19,764 $ 20,138 Variable Lease Payments 1,428 1,373 3,030 2,366 Total Lease Income $ 11,330 $ 11,348 $ 22,794 $ 22,504
Schedule of minimum future base rental revenue on non-cancelable leases	Minimum Future Rental Receipts. Year Ending December 31, Amounts Remainder of 2024 $ 19,786 2025 38,955 2026 38,165 2027 34,633 2028 30,988 2029 26,217 2030 and Thereafter (Cumulative) 73,885 Total $ 262,629

COMMERCIAL LOANS AND INVESTME_2

COMMERCIAL LOANS AND INVESTMENTS (Tables)	6 Months Ended
COMMERCIAL LOANS AND INVESTMENTS (Tables)	Jun. 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 June 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 $ 7,129 8.50% Construction Loan – Wawa Land Development – Antioch, TN October 2023 October 2025 6,825 4,656 4,622 11.00% Mortgage Note – Portfolio November 2023 November 2026 24,000 23,370 23,275 8.75% Construction Loan – Retail Outparcels – Lawrenceville, GA January 2024 January 2026 7,200 5,663 5,591 11.25% Construction Loan – Wawa Land Development – Mount Carmel, OH June 2024 September 2025 6,127 4,627 4,568 11.50% $ 51,952 $ 45,465 $ 45,185 CECL Reserve (455) Total Commercial Loans and Investments $ 44,730 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 June 30, 2024 and December 31, 2023 (in thousands). As of June 30, 2024 December 31, 2023 Current Face Amount $ 45,465 $ 35,629 Unaccreted Origination Fees (280) (192) CECL Reserve (455) (357) Total Commercial Loans and Investments $ 44,730 $ 35,080

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 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 June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 December 31, 2023 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 $ 3,260 $ 3,260 $ 4,019 $ 4,019 Restricted Cash - Level 1 $ 3,136 $ 3,136 $ 9,712 $ 9,712 Commercial Loans and Investments - Level 2 $ 44,730 $ 46,762 $ 35,080 $ 36,288 Obligation Under Participation Agreement - Level 2 $ 13,632 $ 13,837 $ — $ — Long-Term Debt - Level 2 $ 268,320 $ 254,539 $ 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 June 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) June 30, 2024 2026 Term Loan Interest Rate Swap (1) $ 4,660 $ — $ 4,660 $ — 2027 Term Loan Interest Rate Swap (2) $ 6,171 $ — $ 6,171 $ — Credit Facility Interest Rate Swap (3) $ 1,632 $ — $ 1,632 $ — 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 June 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 June 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 $6.2 million fair value includes $4.3 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 June 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.

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
INTANGIBLE ASSETS AND LIABILITIES (Tables)	Jun. 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 June 30, 2024 and December 31, 2023 (in thousands): As of June 30, 2024 December 31, 2023 Intangible Lease Assets: Value of In-Place Leases $ 48,435 $ 48,267 Value of Above Market In-Place Leases 2,942 2,942 Value of Intangible Leasing Costs 19,123 18,865 Sub-total Intangible Lease Assets 70,500 70,074 Accumulated Amortization (24,739) (20,782) Sub-total Intangible Lease Assets—Net 45,761 49,292 Intangible Lease Liabilities: Value of Below Market In-Place Leases (7,024) (6,770) Sub-total Intangible Lease Liabilities (7,024) (6,770) Accumulated Amortization 2,007 1,863 Sub-total Intangible Lease Liabilities—Net (5,017) (4,907) Total Intangible Assets and Liabilities—Net $ 40,744 $ 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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Amortization Expense $ 2,119 $ 2,213 $ 4,284 $ 4,503 Accretion to Properties Revenue (115) (102) (225) (189) Net Amortization of Intangible Assets and Liabilities $ 2,004 $ 2,111 $ 4,059 $ 4,314
Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities	The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): Year Ending December 31, Future Amortization Expense Future Accretion to Property Revenue Net Future Amortization of Intangible Assets and Liabilities Remainder of 2024 $ 4,235 $ (261) $ 3,974 2025 8,008 (507) 7,501 2026 7,598 (539) 7,059 2027 6,261 (580) 5,681 2028 5,161 (542) 4,619 2029 4,122 (294) 3,828 2030 and Thereafter 8,621 (539) 8,082 Total $ 44,006 $ (3,262) $ 40,744

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
OTHER ASSETS (Tables)	Jun. 30, 2024
OTHER ASSETS
Schedule of components of other assets	Other assets consisted of the following (in thousands): As of June 30, 2024 December 31, 2023 Tenant Receivables—Net of Allowance for Doubtful Accounts (1) $ 705 $ 809 Prepaid Insurance 300 838 Deposits on Acquisitions 100 60 Prepaid Expenses, Deposits, and Other 2,446 1,757 Deferred Financing Costs—Net 988 1,190 Interest Rate Swaps 12,463 10,957 Operating Leases - Right-of-Use Asset (2) 1,289 1,434 Total Other Assets $ 18,291 $ 17,045 (1) Includes a $0.2 million and $0.4 million allowance for doubtful accounts as of June 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 June 30, 2024.

OPERATING LAND LEASES (Tables)

OPERATING LAND LEASES (Tables)	6 Months Ended
OPERATING LAND LEASES (Tables)	Jun. 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 six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating Cash Outflows $ 46 $ 64 $ 92 $ 128 Weighted Average Remaining Lease Term 6.9 7.7 6.9 7.7 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 June 30, 2024, are summarized as follows (in thousands): Year Ending December 31, Remainder of 2024 $ 92 2025 192 2026 202 2027 202 2028 202 2029 202 2030 and Thereafter 288 Total Lease Payments $ 1,380 Imputed Interest (65) Operating Leases – Liability $ 1,315

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
ASSETS HELD FOR SALE (Tables)	Jun. 30, 2024
ASSETS HELD FOR SALE
Schedule of asset held for sale	Assets held for sale consisted of the following (in thousands): As of June 30, 2024 December 31, 2023 Real Estate—Net $ 6,496 $ 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 $ 7,396 $ 7,274 Less Provision for Impairment (3,453) (2,864) Total Assets Held for Sale $ 3,943 $ 4,410

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 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 June 30, 2024 December 31, 2023 Accounts Payable $ 17 $ 30 Accrued Expenses 4,058 2,449 Tenant Security Deposits 91 78 Due to CTO 1,105 1,052 Interest Rate Swaps — 134 Loan Reserves 652 539 Operating Leases - Liability (1) 1,315 1,454 Total Accounts Payable, Accrued Expenses, and Other Liabilities $ 7,238 $ 5,736 (1) See Note 9, “Operating Land Leases” for further disclosure related to the Company’s operating lease liability balance as of June 30, 2024 .

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
LONG-TERM DEBT (Tables)	Jun. 30, 2024
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of June 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 June 30, 2024 Maturity Date Credit Facility (1) $ 69,000 SOFR 5.39% January 2027 2026 Term Loan (2) 100,000 SOFR 3.65% May 2026 2027 Term Loan (3) 100,000 SOFR 2.73% January 2027 Total Debt/Weighted-Average Rate $ 269,000 3.75% (1) As of June 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 June 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 June 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.
Schedule of components of long-term debt	Long-term debt as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): June 30, 2024 December 31, 2023 Total Due Within One Year Total Due Within One Year Credit Facility $ 69,000 $ — $ 76,500 $ — 2026 Term Loan 100,000 — 100,000 — 2027 Term Loan 100,000 — 100,000 — Financing Costs, net of Accumulated Amortization (680) — (823) — Total Long-Term Debt $ 268,320 $ — $ 275,677 $ —
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of June 30, 2024 will be required as follows (in thousands): Year Ending December 31, Amount Remainder of 2024 $ — 2025 — 2026 100,000 2027 169,000 2028 — 2029 — 2030 and Thereafter — Total Long-Term Debt - Face Value $ 269,000
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of June 30, 2024 consisted of the following (in thousands): Total Current Face Amount $ 269,000 Financing Costs, net of Accumulated Amortization (680) Total Long-Term Debt $ 268,320
Schedule of interest expense on debt	The following table reflects a summary of interest expense incurred and paid during the three and six months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest Expense $ 2,557 $ 2,261 $ 5,312 $ 4,700 Interest Expense from Obligation Under Participation Agreement 94 — 94 — Amortization of Deferred Financing Costs to Interest Expense 180 177 360 351 Total Interest Expense $ 2,831 $ 2,438 $ 5,766 $ 5,051 Total Interest Paid $ 2,716 $ 2,137 $ 5,503 $ 4,681

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	6 Months Ended
INTEREST RATE SWAPS (Tables)	Jun. 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 June 30, 2024 2026 Term Loan (1) 5/21/2021 5/21/2026 2.05% + 0.10% + applicable spread $ 100,000 $ 4,660 2027 Term Loan (2) 9/30/2021 11/29/2024 0.51% + 0.10% + applicable spread $ 80,000 $ 1,629 2027 Term Loan (3) 9/30/2022 1/31/2027 3.84% + 0.10% + applicable spread $ 20,000 $ 242 2027 Term Loan (4) 11/29/2024 1/31/2027 1.61% + 0.10% + applicable spread $ 80,000 $ 4,300 Credit Facility (5) 3/1/2023 3/1/2028 3.21% + 0.10% + applicable spread $ 50,000 $ 1,632 (1) As of June 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 June 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). (3) As of June 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 June 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.

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	6 Months Ended
COMMON STOCK AND EARNINGS PER SHARE (Tables)	Jun. 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. $ 204 $ 80 $ (56) $ 3,419 Weighted Average Number of Common Shares Outstanding 13,624,932 14,059,173 13,623,070 14,030,025 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 14,848,786 15,762,667 14,846,924 15,733,519 Per Common Share Data: Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. Basic $ 0.01 $ 0.01 $ — $ 0.24 Diluted $ 0.01 $ 0.01 $ — $ 0.22 (1) Includes the weighted average of 1,223,854 during the three and six months ended June 30, 2024 and 1,703,494 shares during the three and six months ended June 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.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2024
STOCK-BASED COMPENSATION
Schedule of stock compensation expense	Stock compensation expense for the three and six months ended June 30, 2024 and 2023 is summarized as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Stock Compensation Expense – Director Retainers Paid in Stock $ 80 $ 79 $ 159 $ 159 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the three and six months ended June 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.

RELATED PARTY MANAGEMENT COMP_2

RELATED PARTY MANAGEMENT COMPANY (Tables)	6 Months Ended
RELATED PARTY MANAGEMENT COMPANY (Tables)	Jun. 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 June 30, 2024 December 31, 2023 Management Fee due to CTO $ 1,045 $ 1,062 Other 60 (10) Total (1) $ 1,105 $ 1,052 (1) Included in accrued expenses, see Note 11, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

BUSINESS SEGMENT DATA (Tables)

BUSINESS SEGMENT DATA (Tables)	6 Months Ended
BUSINESS SEGMENT DATA (Tables)	Jun. 30, 2024
BUSINESS SEGMENT DATA
Schedule of operations in different segment	Information about the Company’s operations in different segments for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Revenues: Lease Income $ 11,330 $ 11,348 $ 22,794 $ 22,504 Interest Income from Commercial Loans and Investments 986 — 1,889 — Other Revenue 174 — 273 — Total Revenues $ 12,490 $ 11,348 $ 24,956 $ 22,504 Net Income (Loss) from Operations: Lease Income $ 9,530 $ 9,773 $ 19,066 $ 19,495 Interest Income from Commercial Loans and Investments 986 — 1,889 — Other Revenue 174 — 273 — General and Corporate Expenses (7,954) (8,079) (15,878) (15,929) Provision for Impairment (657) — (688) — Gain on Disposition of Assets 918 743 918 5,196 Gain on Extinguishment of Debt — — — 23 Net Income from Operations $ 2,997 $ 2,437 $ 5,580 $ 8,785 Depreciation and Amortization: Income Properties $ 6,352 $ 6,423 $ 12,734 $ 12,758 Total Depreciation and Amortization $ 6,352 $ 6,423 $ 12,734 $ 12,758 Capital Expenditures: Income Properties $ 14,808 $ — $ 15,946 $ 61,672 Commercial Loans and Investments 6,718 — 10,315 — Total Capital Expenditures $ 21,526 $ — $ 26,261 $ 61,672
Schedule of Identifiable assets of each segment	Identifiable assets of each segment as of June 30, 2024 and December 31, 2023 are as follows (in thousands): As of June 30, 2024 December 31, 2023 Identifiable Assets: Income Properties $ 500,411 $ 503,151 Commercial Loans and Investments 44,931 35,220 Other Revenue 99 — Corporate and Other 20,336 26,189 Total Assets $ 565,777 $ 564,560

BUSINESS AND ORGANIZATION - Bus

BUSINESS AND ORGANIZATION - Business (Details)	6 Months Ended
BUSINESS AND ORGANIZATION - Business (Details)	Jun. 30, 2024 employee state property segment
Description of business
Number of real estate properties	137
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	137

BUSINESS AND ORGANIZATION - Org

BUSINESS AND ORGANIZATION - Organization (Details) - Operating Partnership	6 Months Ended
	Jun. 30, 2024
PINE GP
Class of Stock [Line Items]
Ownership interest in Operating partnership	91.80%
CTO
Class of Stock [Line Items]
Ownership interest of manager in operating partnership	8.20%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments \| segment			2
Number of reportable segments \| segment			0
Real estate depreciation, excluding intangible assets amortization \| $	$ 4.2	$ 4.2	$ 8.4	$ 8.3
Allowance for doubtful accounts \| $	$ 0.2		$ 0.2		$ 0.4

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Restricted Cash
Restricted Cash	$ 3,136	$ 9,712	$ 20,100

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Revenues (Details)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Walgreens
Concentration Risk [Line Items]
Concentration risk (as a percent)	11%	12%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk - Square Footage (Details) - Real Estate Portfolio, Square Footage - Geographic Concentration Risk [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Texas
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	13%	13%
New Jersey
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	11%	11%
Michigan
Concentration Risk [Line Items]
Company's real estate portfolio (as a percent)	11%	11%

PROPERTY PORTFOLIO - Portfolio

PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Jun. 30, 2024 ft² property
PROPERTY PORTFOLIO
Number of real estate properties \| property	137
Area of real estate property \| ft²	3.8

PROPERTY PORTFOLIO - Leasing Re

PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease Income
Lease Payments	$ 9,902	$ 9,975	$ 19,764	$ 20,138
Variable Lease Payments	1,428	1,373	3,030	2,366
Total Lease Income	$ 11,330	$ 11,348	$ 22,794	$ 22,504

PROPERTY PORTFOLIO - Minimum Fu

PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2024	$ 19,786
2025	38,955
2026	38,165
2027	34,633
2028	30,988
2029	26,217
2030 and Thereafter (Cumulative)	73,885
Total	$ 262,629

PROPERTY PORTFOLIO - Properties

PROPERTY PORTFOLIO - Properties Acquired and Disposed (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($) property	Jun. 30, 2024 USD ($) tenant property state	Jun. 30, 2023 USD ($) state tenant property	Dec. 31, 2023 USD ($)
PROPERTY PORTFOLIO
Number of real estate properties \| property	137		137
Gain on Disposition of Assets	$ 918	$ 743	$ 918	$ 5,196
Intangible Lease Liabilities-Net	$ 5,017		$ 5,017		$ 4,907
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
PROPERTY PORTFOLIO
Number of real estate properties disposed \| property	2	14	2	14
Sales price			$ 6,600	$ 79,100
Gain on Disposition of Assets			$ 900	$ 5,200
Single-tenant Net Lease Income Properties Acquired in 2024
PROPERTY PORTFOLIO
Number of real estate properties \| property	2		2
Real estate acquired purchase price			$ 15,600
Acquired properties, cost	$ 15,700		$ 15,700
Number of states for leased asset \| state			2
Number of tenant for leased property \| tenant			3
Remaining lease term at acquisition			4 years 6 months
Initial cost of land	5,000		$ 5,000
Initial cost of building and improvements	10,200		10,200
Acquired in-place lease value, leasing fees, and above market lease value	1,400		1,400
Intangible Lease Liabilities-Net	$ 900		$ 900
Weighted average amortization period of intangible liabilities			4 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2023
PROPERTY PORTFOLIO
Number of real estate properties \| property		9		9
Real estate acquired purchase price				$ 60,500
Acquired properties, cost		$ 61,600		$ 61,600
Number of states for leased asset \| state				4
Number of tenant for leased property \| tenant				14
Remaining lease term at acquisition				7 years 6 months
Initial cost of land		16,400		$ 16,400
Initial cost of building and improvements		40,200		40,200
Acquired in-place lease value, leasing fees, and above market lease value		5,500		5,500
Intangible Lease Liabilities-Net		$ 500		$ 500
Weighted average amortization period of intangible liabilities				8 years 9 months 18 days

COMMERCIAL LOANS AND INVESTME_3

COMMERCIAL LOANS AND INVESTMENTS - General Information (Details) $ in Thousands								6 Months Ended	12 Months Ended
	Oct. 30, 2024	Jul. 25, 2024	Jun. 14, 2024 USD ($) a	Jan. 30, 2024 USD ($) item	Nov. 15, 2023 USD ($) item Asset	Oct. 30, 2023 USD ($) a	Jul. 25, 2023 USD ($) a	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
COMMERCIAL LOANS AND INVESTMENTS
Principal Payments Received on Commercial Loan Investments								$ 14,263
Borrowing Amount								10,315
Original Face Amount								51,952	$ 38,625
Current Face Amount								45,465	35,629
Obligation Under Participation Agreement								13,632
Wawa Land Development - Greenwood, IN
COMMERCIAL LOANS AND INVESTMENTS
Area of land \| a						33	33
Borrowing Amount								7,100
Original Face Amount							$ 7,800	7,800	7,800
Current Face Amount								$ 7,149	$ 7,014
Coupon Rate		9.25%					8.50%	8.50%	8.50%
Wawa and McDonalds Anchored Land Development Antioch, TN
COMMERCIAL LOANS AND INVESTMENTS
Area of land \| a			6			5
Borrowing Amount								$ 4,700
Original Face Amount			$ 6,100			$ 6,800		6,825	$ 6,825
Current Face Amount								$ 4,656	$ 4,615
Coupon Rate	9.50%		11.50%			11%		11%	11%
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								$ 600
Original Face Amount								24,000	$ 24,000
Current Face Amount					$ 24,000			$ 23,370	$ 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								5,700
Original Face Amount				$ 7,200				7,200
Current Face Amount								$ 5,663
Coupon Rate				11.25%				11.25%
Wawa Land Development - Mt Carmel, OH
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount								$ 6,127
Current Face Amount								$ 4,627
Coupon Rate								11.50%

COMMERCIAL LOANS AND INVESTME_4

COMMERCIAL LOANS AND INVESTMENTS - Obligation Under Participation Agreement (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 31, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	$ 13,632
Mortgage note originated In 2023
Participating Mortgage Loans [Line Items]
Amount of participation interest sold		$ 13,600
Obligation Under Participation Agreement	$ 13,600		$ 0
Interest rate (as a percent)	8%

COMMERCIAL LOANS AND INVESTME_5

COMMERCIAL LOANS AND INVESTMENTS - Composition (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 14, 2024	Jan. 30, 2024	Dec. 31, 2023	Nov. 15, 2023	Oct. 30, 2023	Jul. 25, 2023
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount	$ 51,952			$ 38,625
Current Face Amount	45,465			35,629
Carrying Value	45,185			35,437
CECL Reserve	(455)			(357)
Total Commercial Loans and Investments	44,730			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	7,129			6,984
Wawa and McDonalds Anchored Land Development Antioch, TN
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount	6,825	$ 6,100		6,825		$ 6,800
Current Face Amount	4,656			4,615
Carrying Value	4,622			4,568
Mortgage Note - Portfolio
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount	24,000			24,000
Current Face Amount	23,370			24,000	$ 24,000
Carrying Value	23,275			$ 23,885
Retail Outparcels Lawrenceville Ga [Member]
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount	7,200		$ 7,200
Current Face Amount	5,663
Carrying Value	5,591
Wawa Land Development - Mt Carmel, OH
COMMERCIAL LOANS AND INVESTMENTS
Original Face Amount	6,127
Current Face Amount	4,627
Carrying Value	$ 4,568

COMMERCIAL LOANS AND INVESTME_6

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
COMMERCIAL LOANS AND INVESTMENTS
Current Face Amount	$ 45,465	$ 35,629
Unaccreted Origination Fees	(280)	(192)
CECL Reserve	(455)	(357)
Total Commercial Loans and Investments	$ 44,730	$ 35,080

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Carrying value and estimated fair value of financial instruments
Restricted Cash	$ 3,136	$ 9,712	$ 20,100
Commercial Loans and Investments	44,730	35,080
Reported Value Measurement \| Fair Value, Inputs, Level 1
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	3,260	4,019
Restricted Cash	3,136	9,712
Reported Value Measurement \| Fair Value, Inputs, Level 2
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	44,730	35,080
Obligation Under Participation Agreement	13,632
Long-Term Debt	268,320	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	3,260	4,019
Restricted Cash	3,136	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	46,762	36,288
Obligation Under Participation Agreement	13,837
Long-Term Debt	$ 254,539	$ 258,613

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 12,463	$ 10,957
Face amount of debt	269,000
2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 4,660
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	$ 6,200
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	$ 4,300
Interest rate	1.61%
Interest rate swaps amount	$ 80,000
Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 1,632
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	4,660	4,314
Fair Value, Recurring \| 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	6,171	5,793
Fair Value, Recurring \| Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	1,632	716
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| 2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	4,660	4,314
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	6,171	5,793
Fair Value, Recurring \| Fair Value, Inputs, Level 2 \| Credit Facility Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 1,632	$ 716

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 70,500	$ 70,074
Accumulated Amortization	(24,739)	(20,782)
Sub-total Intangible Lease Assets-Net	45,761	49,292
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(7,024)	(6,770)
Sub-total Intangible Lease Liabilities	(7,024)	(6,770)
Accumulated Amortization	2,007	1,863
Sub-total Intangible Lease Liabilities -Net	(5,017)	(4,907)
Total Intangible Assets and Liabilities-Net	40,744	44,385
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	48,435	48,267
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,942	2,942
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 19,123	$ 18,865

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 2,119	$ 2,213	$ 4,284	$ 4,503
Accretion to Properties Revenue	(115)	(102)	(225)	(189)
Net Amortization of Intangible Assets and Liabilities	$ 2,004	$ 2,111	$ 4,059	$ 4,314

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Future Amortization Expense
Sub-total Intangible Lease Assets-Net	$ 45,761	$ 49,292
Future Accretion to Property Revenue
Sub-total Intangible Lease Liabilities -Net	(5,017)	$ (4,907)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	3,974
2025	7,501
2026	7,059
2027	5,681
2028	4,619
2029	3,828
2030 and Thereafter	8,082
Total	$ 40,744
Amount allocated of total acquisition cost
Weighted average amortization period	8 years 9 months 18 days
Future Amortization
Future Amortization Expense
Remainder of 2024	$ 4,235
2025	8,008
2026	7,598
2027	6,261
2028	5,161
2029	4,122
2030 and Thereafter	8,621
Sub-total Intangible Lease Assets-Net	44,006
Future Accretion to Income Property Revenue
Future Accretion to Property Revenue
Remainder of 2024	(261)
2025	(507)
2026	(539)
2027	(580)
2028	(542)
2029	(294)
2030 and Thereafter	(539)
Sub-total Intangible Lease Liabilities -Net	$ (3,262)

PROVISION FOR IMPAIRMENT (Detai

PROVISION FOR IMPAIRMENT (Details) $ in Thousands	3 Months Ended		6 Months Ended
PROVISION FOR IMPAIRMENT (Details) $ in Thousands	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) item	Jun. 30, 2023 USD ($)
PROVISION FOR IMPAIRMENT
Impairment charge	$ 657		$ 688
Income Properties
PROVISION FOR IMPAIRMENT
Impairment charge	$ 600	$ 0	$ 600	$ 0
Number of assets leased \| item	3		3
Commercial Loans and Investments
PROVISION FOR IMPAIRMENT
Impairment charge		$ 0	$ 100	$ 0

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets
Tenant Receivables - Net of Allowance for Doubtful Accounts	$ 705	$ 809
Prepaid Insurance	300	838
Deposits on Acquisitions	100	60
Prepaid Expenses, Deposits, and Other	2,446	1,757
Deferred Financing Costs-Net	988	1,190
Interest Rate Swaps	12,463	10,957
Operating Leases - Right-of-Use Asset	1,289	1,434
Total Other Assets	18,291	17,045
Allowance for doubtful accounts	$ 200	$ 400

OPERATING LAND LEASES - General

OPERATING LAND LEASES - General Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Leases - Right-of-Use Asset	$ 1,289		$ 1,289		$ 1,434
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Other Assets		Other Assets		Other Assets
Operating Leases - Liability	$ 1,315		$ 1,315		$ 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	$ 100
Maximum [Member]
Lessee, Lease, Description [Line Items]
Amortization expenses	$ 100	$ 100

OPERATING LAND LEASES - Summary

OPERATING LAND LEASES - Summary of Operating Land Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
OPERATING LAND LEASES
Operating Cash Outflows	$ 46	$ 64	$ 92	$ 128
Weighted Average Remaining Lease Term	6 years 10 months 24 days	7 years 8 months 12 days	6 years 10 months 24 days	7 years 8 months 12 days
Weighted Average Discount Rate	2%	2%	2%	2%

OPERATING LAND LEASES - Minimum

OPERATING LAND LEASES - Minimum Future Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Lease Payments
Remainder of 2024	$ 92
2025	192
2026	202
2027	202
2028	202
2029	202
2030 and Thereafter	288
Total Lease Payments	$ 1,380

OPERATING LAND LEASES - Gross D

OPERATING LAND LEASES - Gross Difference (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, to be Paid, Gross Difference [Abstract]
Total Lease Payments	$ 1,380
Imputed Interest	(65)
Operating Leases - Liability	$ 1,315	$ 1,454

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets Held for Sale
Real Estate-Net	$ 6,496	$ 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	7,396	7,274
Less Provision for Impairment	(3,453)	(2,864)
Total Assets Held for Sale	$ 3,943	$ 4,410

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 17	$ 30
Accrued Expenses	4,058	2,449
Tenant Security Deposits	91	78
Due to CTO	1,105	1,052
Interest Rate Swap		134
Loan Reserves	652	539
Operating Leases - Liability	1,315	1,454
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 7,238	$ 5,736
Other Liability, Related Party, Type	Related party	Related party

OBLIGATION UNDER PARTICIPATIO_2

OBLIGATION UNDER PARTICIPATION AGREEMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	$ 13,632
Mortgage note originated In 2023
Participating Mortgage Loans [Line Items]
Obligation Under Participation Agreement	13,600	$ 0
Participating mortgage loans, participation liabilities, amount	13,500
Participating mortgage loans, current expected credit losses, amount	$ 100
Interest rate (as a percent)	8%

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Sep. 30, 2021	May 21, 2021
Long-term debt
Total Debt	$ 269,000
Weighted-Average Rate	3.75%
Credit Facility
Long-term debt
Total Debt	$ 69,000
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	5.39%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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	3.65%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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%
Weighted-Average Rate	1.18%
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	2.73%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
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 - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-term debt
Long-term debt	$ 268,320	$ 275,677
Credit Facility
Long-term debt
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%
Current commitment under credit facility, amount	$ 250,000
Amount outstanding	50,000
Long-term debt	$ 69,000
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

LONG-TERM DEBT - Term Loan (Det

LONG-TERM DEBT - Term Loan (Details) - USD ($) $ in Thousands	May 21, 2021	Jun. 30, 2024	Apr. 14, 2022	Sep. 30, 2021
Long-term debt
Face amount of debt		$ 269,000
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 - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) $ in Thousands	Jun. 30, 2024 USD ($)
LONG-TERM DEBT
Face amount of debt	$ 269,000

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long-term debt
Long-Term Debt, Gross	$ 269,000
Financing Costs, net of Accumulated Amortization	(680)	$ (823)
Total Long-Term Debt	268,320	275,677
Credit Facility
Long-term debt
Long-Term Debt, Gross	69,000	76,500
Total Long-Term Debt	69,000
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

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Payments applicable to reduction of principal amounts
Remainder of 2024	$ 0
2025	0
2026	100,000
2027	169,000
2028	0
2029	0
2030 and Thereafter	0
Total Long-Term Debt - Face Value	$ 269,000

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Current Face Amount	$ 269,000
Financing Costs, net of Accumulated Amortization	(680)	$ (823)
Total Long-Term Debt	268,320	275,677
Deferred financing costs-net	$ 988	$ 1,190

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LONG-TERM DEBT
Interest Expense	$ 2,557	$ 2,261	$ 5,312	$ 4,700
Interest Expense from Obligation Under Participation Agreement	94		94
Amortization of Deferred Financing Costs to Interest Expense	180	177	360	351
Total Interest Expense	2,831	2,438	5,766	5,051
Total Interest Paid	$ 2,716	$ 2,137	$ 5,503	$ 4,681

INTEREST RATE SWAPS (Details)

INTEREST RATE SWAPS (Details) $ in Thousands	3 Months Ended		6 Months Ended
INTEREST RATE SWAPS (Details) $ in Thousands	Jun. 30, 2024 USD ($) instrument	Jun. 30, 2023	Jun. 30, 2024 USD ($) instrument	Jun. 30, 2023	Dec. 31, 2023 USD ($)	Sep. 30, 2021 USD ($)
INTEREST RATE SWAPS
Effective percentage of interest rate swaps percentage	100%	100%	100%	100%
Face amount of debt	$ 269,000		$ 269,000
Fair Value	$ 12,463		$ 12,463		$ 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	$ 4,660		$ 4,660
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	$ 6,200		$ 6,200
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	$ 1,629		$ 1,629
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	$ 4,300		$ 4,300
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	$ 242		$ 242
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	$ 1,632		$ 1,632
Derivative, Basis Spread on Variable Rate	0.10%		0.10%

EQUITY - Shelf Registration & A

EQUITY - Shelf Registration & ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 27, 2023	Oct. 21, 2022	Dec. 14, 2020	Dec. 01, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity
Proceeds from Issuance of Stock					$ (5)	$ (45)	$ (56)	$ 12,343
Net proceeds							$ (56)	$ 12,343
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					3,350		3,350	665,929	665,929	1,479,241
Gross proceeds form the issuance of common stock					$ 100		$ 100	$ 12,600	$ 12,600	$ 27,800
Average price per share					$ 16.02		$ 16.02	$ 18.96	$ 18.96	$ 18.81
Net proceeds					$ 100		$ 100	$ 12,400	$ 12,400	$ 27,400
Payment of Initial Public Offering Transaction Costs					$ 100		$ 100	$ 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

EQUITY - Follow-on Public Offer

EQUITY - Follow-on Public Offering (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2024	Jun. 30, 2023
Equity
Net proceeds		$ (56)	$ 12,343
Follow on Public Offering
Equity
Share issued	3,220,000
Net proceeds	$ 54,300
Over-Allotment Option [Member]
Equity
Share issued	420,000

EQUITY - Noncontrolling Interes

EQUITY - Noncontrolling Interest (Details) - shares	3 Months Ended	6 Months Ended
EQUITY - Noncontrolling Interest (Details) - shares	Dec. 31, 2023	Jun. 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		8.20%
Partners' capital account, units issued		1,223,854

EQUITY - Dividends (Details)

EQUITY - Dividends (Details) - $ / shares	6 Months Ended
EQUITY - Dividends (Details) - $ / shares	Jun. 30, 2024	Jun. 30, 2023
Dividends
Dividends on common stock and OP Units declared	$ 0.550	$ 0.550

COMMON STOCK AND EARNINGS PER_3

COMMON STOCK AND EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic	$ 204		$ 80	$ (56)	$ 3,419
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted	$ 204		$ 80	$ 3,419	$ (56)
Common Shares Applicable to Stock
Weighted Average Number of Common Shares Outstanding (in shares)	13,624,932		14,059,173	13,623,070	14,030,025
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)	14,848,786		15,762,667	14,846,924	15,733,519
Per Common Share Data:
Basic (in dollars per share)	$ 0.01		$ 0.01		$ 0.24
Diluted (in dollars per share)	$ 0.01		$ 0.01		$ 0.22
Partners' capital account, units issued		479,640
CTO
Per Common Share Data:
Partners' capital account, units issued				1,223,854

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jul. 31, 2023	May 31, 2023
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase			$ 365	$ 775	$ 365
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

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) - Share-Based Payment Arrangement, Nonemployee [Member] - Restricted Stock [Member] $ in Millions					6 Months Ended
	Jul. 01, 2024 shares	Apr. 01, 2024 shares	Jul. 03, 2023 shares	Apr. 01, 2023 shares	Jun. 30, 2024 USD ($) D shares	Jun. 30, 2023 USD ($) shares
STOCK-BASED COMPENSATION
Period for average closing price \| D					20
Shares issued (in shares) \| shares	5,168	5,131	4,940	4,776	10,299	9,716
Stock compensation expense \| $					$ 0.2	$ 0.2

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Director Retainers Paid in Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 80	$ 79	$ 159	$ 159

RELATED PARTY MANAGEMENT COMP_3

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)								3 Months Ended			6 Months Ended		12 Months Ended			55 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 ($)	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2024 $ / shares shares	Apr. 02, 2021 property
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs								$ (5,000)		$ (45,000)	$ (56,000)	$ 12,343,000
Partners' Capital Account, Units Issued \| shares									479,640
Revenue								174,000			273,000
Revenue Sharing Agreement
Related Party Transaction [Line Items]
Revenue								$ 200,000			300,000
Maximum
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs	$ 350,000,000				$ 350,000,000
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						$ 5,200,000					$ 300,000		$ 2,100,000	$ 2,700,000	$ 100,000
Share issued \| shares						310,007					16,983		129,271	155,665	8,088	310,007
Average price per share \| $ / shares								$ 14.95	$ 16.21		$ 14.95		$ 16.21	$ 17.57		$ 14.95
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%
Incentive fee							$ 0
Multiplying factor of outperformance amount with weighted average shares (as a percent)							15%
Management agreement renewal term							1 year
Voting rights (as a percent)							66.67%
Notice period							30 days
Payment of management fees								$ 1,000,000		1,100,000	$ 2,100,000	2,200,000
Payment of dividend								$ 600,000		$ 600,000	$ 1,300,000	$ 1,200,000
CTO \| Subsidiaries [Member]
Related Party Transaction [Line Items]
Share issued \| shares											1,125,797
Average price per share \| $ / shares															$ 17.65
Percentage of outstanding common stock											15.80%
Cash investment											$ 36,600,000
CTO \| IPO [Member]
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs											$ 8,000,000
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

RELATED PARTY MANAGEMENT COMP_4

RELATED PARTY MANAGEMENT COMPANY - Due to (from) CTO (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Other liabilities	$ 1,105	$ 1,052
CTO \| CTO Realty Growth, Inc.
Related Party Transaction [Line Items]
Other liabilities	1,105	1,052
CTO \| Management Fee \| CTO Realty Growth, Inc.
Related Party Transaction [Line Items]
Other liabilities	1,045	1,062
CTO \| Other \| CTO Realty Growth, Inc.
Related Party Transaction [Line Items]
Other liabilities	$ 60
Other receivables		$ (10)

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Jun. 30, 2024 USD ($) loan
Other Commitments [Line Items]
Number of construction loans committed to fund \| loan	4
Construction Loan
Other Commitments [Line Items]
Other commitment \| $	$ 5.9

BUSINESS SEGMENT DATA - General

BUSINESS SEGMENT DATA - General Information (Details)	6 Months Ended		12 Months Ended
BUSINESS SEGMENT DATA - General Information (Details)	Jun. 30, 2024 loan segment	Jun. 30, 2023	Dec. 31, 2023
BUSINESS SEGMENT DATA
Number of operating segments \| segment	2
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investment \| loan	5
Product concentration \| Identifiable Assets \| Income Properties
BUSINESS SEGMENT DATA
Concentration risk (as a percent)	88%		89%
Product concentration \| Base Rent Revenues \| Income Properties
BUSINESS SEGMENT DATA
Concentration risk (as a percent)	91%	100%

BUSINESS SEGMENT DATA - Operati

BUSINESS SEGMENT DATA - Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Lease Income	$ 11,330	$ 11,348	$ 22,794	$ 22,504
Interest Income from Commercial Loans and Investments	986		1,889
Other Revenue	174		273
Total Revenues	12,490	11,348	24,956	22,504
Operating Income (Loss):
General and Corporate Expenses	(7,954)	(8,079)	(15,878)	(15,929)
Provision for Impairment	(657)		(688)
Gain on Disposition of Assets	918	743	918	5,196
Gain on Extinguishment of Debt				23
Total Operating Income	2,997	2,437	5,580	8,785
Depreciation and Amortization	6,352	6,423	12,734	12,758
Capital Expenditures	21,526		26,261	61,672
Other
Operating Income (Loss):
Gross profit	174		273
Income Properties \| Operating Segments
Operating Income (Loss):
Gross profit	9,530	9,773	19,066	19,495
Depreciation and Amortization	6,352	$ 6,423	12,734	12,758
Capital Expenditures	14,808		15,946	$ 61,672
Commercial Loan Investments \| Operating Segments
Operating Income (Loss):
Gross profit	986		1,889
Capital Expenditures	$ 6,718		$ 10,315

BUSINESS SEGMENT DATA - Identif

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
BUSINESS SEGMENT DATA
Total Assets	$ 565,777	$ 564,560
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	20,336	26,189
Income Properties \| Operating Segments
BUSINESS SEGMENT DATA
Total Assets	500,411	503,151
Commercial Loan Investments \| Operating Segments
BUSINESS SEGMENT DATA
Total Assets	44,931	$ 35,220
Other Revenue \| Operating Segments
BUSINESS SEGMENT DATA
Total Assets	$ 99