阿尔卑斯收入信托公司2025年季度报告

INDEX PARTI—FINANCIAL INFORMATION Item1.Financial Statements ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED BALANCE SHEETS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF OPERATIONS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) The accompanying notes are an integral part of these consolidated financial statements. NOTESTO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE1. 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. Theterms “us,” “we,” “our,” and “the Company” as used in this report refer to Alpine Income Property Our income property portfolio consists of134net leased properties located in35states. Theproperties in our portfolio are primarily subject to long-term, net leases, which generally require thetenant 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 certaincapital 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 ofits ownership interest in an entity that owns real estate. As more fully described in Note 4,“Commercial Loans and Investments,” thethreeTampa Properties (defined in Note 4 below), which The Company operates intwoprimary business segments: income properties and commercial The Company hasnoemployees 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 apublicly traded REIT and the sole member of our Manager (“CTO”). All of our executive officersalso serve as executive officers of CTO, and one of our executive officers and directors, John P. 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 are externally managed by ourManager and 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 assetsare held by, and our operations are conducted through, the Operating Partnership. As of March 31,2025, we have a total ownership interest in the Operating Partnership of92.2%, with CTO holding,directly and indirectly, a7.8%ownership interest in the Operating Partnership. Our interest in the The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under theInternal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company mustmeet certain organizational and operational requirements, including a requirement to distribute atleast 90% of the Company’s annual REIT taxable income, determined without regard to the dividendspaid deduction and excluding net capital gain, to its stockholders (which does not necessarily equalnet 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 Table of Contents Company’s net income and net cash available for distribution to stockholders. Even if the Companyqualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly ownedsubsidiaries, and other entities in which we have a controlling interest. All inter-company balances SEGMENT REPORTING Financial Accounting Standards BoardAccounting Standards Codification(“FASB ASC”) Topic280,Segment Reporting, establishes standards related to the manner in which enterprises reportoperating segment information. The Company operates intwoprimary business segments includingincome properties and commercial loans and investments, as further discussed within Note 21, USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure ofcontingent assets and liabilities at the date of the financial statements, and the reported a