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PINE Alpine Income Property Trust

Alpine Income Property Trust, Inc. is a real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

Company profile

Ticker
PINE
Exchange
Website
CEO
John P. Albright
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Alpine Income Property GP, LLC • Alpine Income Property OP, LP • Bluebird Metrowest Orlando LLC • CTLC18 Lynn MA LLC • CTO16 Charlottesville VA LLC • CTO16 Huntersville LLC • CTO16 Raleigh LLC • CTO16 Reno LLC • CTO17 Brandon FL LLC • CTO17 Hillsboro OR LLC ...

PINE stock data

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Calendar

22 Jul 21
19 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Oct 21 Mark Okey Decker Jr Common Stock Grant Acquire A No No 18.41 678 12.48K 11,738
1 Oct 21 Richardson Andrew C Common Stock Grant Acquire A No No 18.41 882 16.24K 9,461
1 Oct 21 Wein Rachel Elias Common Stock Grant Acquire A No No 18.41 678 12.48K 1,738
1 Oct 21 Good Morton Carson Common Stock Grant Acquire A No No 18.41 678 12.48K 7,738
1 Oct 21 Yarckin Jeffrey Scott Common Stock Grant Acquire A No No 18.41 678 12.48K 7,738

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

70.4% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 61 62 -1.6%
Opened positions 13 13
Closed positions 14 6 +133.3%
Increased positions 24 19 +26.3%
Reduced positions 16 21 -23.8%
13F shares
Current Prev Q Change
Total value 141.47M 115.02M +23.0%
Total shares 7.96M 6.95M +14.5%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
CTO CTO Realty Growth Inc- 2.04M $31.11M 0.0%
Deprince Race & Zollo 843.9K $16.05M +33.4%
Russell Investments 688.75K $13.1M +126.8%
GP Invitation Fund II 534.85K $8.02M 0.0%
Pacific Ridge Capital Partners 468.37K $8.91M +18.7%
Vanguard 410.47K $7.81M +20.9%
Kennedy Capital Management 405.95K $7.72M +24.5%
Uniplan Investment Counsel 262.43K $4.99M +32.4%
Putnam Investments 223.37K $4.25M +46.5%
Two Sigma Advisers 177.4K $3.37M +116.3%
Largest transactions
Shares Bought/sold Change
Russell Investments 688.75K +385.02K +126.8%
BLK Blackrock 100.37K -352.93K -77.9%
Deprince Race & Zollo 843.9K +211.5K +33.4%
Balyasny Asset Management 142.87K +142.87K NEW
Alyeska Investment 96.76K +96.76K NEW
Two Sigma Advisers 177.4K +95.4K +116.3%
STT State Street 13.91K -94.67K -87.2%
Two Sigma Investments 164.8K +92.97K +129.4%
Kennedy Capital Management 405.95K +79.8K +24.5%
Pacific Ridge Capital Partners 468.37K +73.87K +18.7%

Financial report summary

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Risks
  • We are subject to risks related to the ownership of commercial real estate that could affect the performance and value of our properties.
  • Adverse changes in U.S., global and local regions or markets that impact our tenants’ businesses may materially and adversely affect us generally and the ability of our tenants to make rental payments to us pursuant to our leases.
  • Our business is dependent upon our tenants successfully operating their businesses, and their failure to do so could materially and adversely affect us.
  • Our assessment that certain of our tenants’ businesses are insulated from e-commerce pressure may prove to be incorrect, and changes in macroeconomic trends may adversely affect our tenants, either of which could impair our tenants’ ability to make rental payments to us and thereby materially and adversely affect us.
  • Properties occupied by a single tenant pursuant to a single lease subject us to significant risk of tenant default.
  • We may experience a decline in the fair value of our real estate assets which could result in impairments and would impact our financial condition and results of operations.
  • Our portfolio has geographic market concentrations that make us susceptible to adverse developments in those geographic markets.
  • We are subject to risks related to tenant concentration, and an adverse development with respect to a large tenant could materially and adversely affect us.
  • Certain of our tenants are not rated by a recognized credit rating agency or do not have an investment grade rating from such an agency. Leases with unrated or non-investment grade rated tenants may be subject to a greater risk of default.
  • The decrease in demand for retail space may materially and adversely affect us.
  • We may be unable to renew leases, lease vacant space or re-lease space as leases expire on favorable terms or at all.
  • Certain provisions of our leases may be unenforceable.
  • The bankruptcy or insolvency of any of our tenants could result in the termination of such tenant’s lease and material losses to us.
  • We may not acquire the properties that we evaluate in our pipeline.
  • As we continue to acquire properties, we may decrease or fail to increase the diversity of our portfolio.
  • We may obtain only limited warranties when we acquire a property and may only have limited recourse if our due diligence did not identify any issues that may subject us to unknown liabilities or lower the value of our property, which could adversely affect our financial condition and ability to make distributions to you.
  • The tenants that occupy our properties compete in industries that depend upon discretionary spending by consumers. A reduction in the willingness or ability of consumers to use their discretionary income in the businesses of our tenants and potential tenants could adversely impact our tenants’ business and thereby adversely impact our ability to collect rents and reduce the demand for leasing our properties.
  • The vacancy of one or more of our properties could result in us having to incur significant capital expenditures to re-tenant the space.
  • We may be unable to identify and complete acquisitions of suitable properties, which may impede our growth, and our future acquisitions may not yield the returns we expect.
  • We may be unable to complete acquisitions of properties owned by CTO that are covered by the exclusivity and ROFO agreement between us and CTO, and any completed acquisitions of such properties may not yield the returns we expect.
  • We face significant competition for tenants, which may adversely impact the occupancy levels of our portfolio or prevent increases of the rental rates of our properties.
  • Inflation may materially and adversely affect us and our tenants.
  • The redevelopment or renovation of our properties may cause us to experience unexpected costs and have other risks that could materially and adversely affect us.
  • Our real estate investments are generally illiquid, which could significantly affect our ability to respond to market changes or adverse changes relating to our tenants or in the performance of our properties.
  • We may not be able to dispose of properties we target for sale to recycle our capital.
  • Natural disasters, terrorist attacks, other acts of violence or war or other unexpected events could materially and adversely affect us.
  • Insurance on our properties may not adequately cover all losses and uninsured losses could materially and adversely affect us.
  • The costs of compliance with or liabilities related to environmental laws may materially and adversely affect us.
  • Our properties may contain or develop harmful mold, which could lead to liability for adverse health effects and costs of remediation.
  • Our operations and financial condition may be adversely affected by climate change, including possible changes in weather patterns, weather-related events, government policy, laws, regulations and economic conditions.
  • We are highly dependent on information systems and certain third-party technology service providers, and systems failures not related to cyber-attacks or similar external attacks could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and adversely impact our results of operations and cash flows.
  • Our senior management team is required to operate two publicly traded companies, CTO and our company, which could place a significant strain on our senior management team and the management systems, infrastructure and other resources of CTO on which we rely.
  • If there are deficiencies in our disclosure controls and procedures or internal control over financial reporting, we may be unable to accurately present our financial statements, which could materially and adversely affect us.
  • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make unanticipated expenditures that materially and adversely affect us.
  • In the future, we may choose to acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell such assets.
  • We have no employees and are entirely dependent upon our Manager for all the services we require, and we cannot assure you that our Manager will allocate the resources necessary to meet our business objectives.
  • CTO may be unable to obtain or retain the executive officers and other personnel that it provides to us through our Manager.
  • We pay substantial fees and expenses to our Manager. These payments increase the risk that you will not earn a profit on your investment.
  • The base management fee payable to our Manager pursuant to the Management Agreement is payable regardless of the performance of our portfolio, which may reduce our Manager’s incentive to devote the time and effort to seeking profitable investment opportunities for us.
  • The incentive fee payable to our Manager pursuant to the Management Agreement may cause our Manager to select investments in more risky assets to increase its incentive compensation.
  • There are conflicts of interest in our relationships with our Manager, which could result in outcomes that are not in our best interests.
  • Our Manager’s failure to identify and acquire properties that meet our investment criteria or perform its responsibilities under the Management Agreement could materially and adversely affect our business and our ability to make distributions to our stockholders.
  • Our Manager’s liability is limited under the Management Agreement, and we have agreed to indemnify our Manager against certain liabilities. As a result, we could experience unfavorable operating results or incur losses for which our Manager would not be liable.
  • Termination of the Management Agreement could be difficult and costly, including as a result of payment of termination fees to our Manager, and may cause us to be unable to execute our business plan, which could materially and adversely affect us.
  • If our Manager ceases to be our manager pursuant to the Management Agreement, counterparties to our agreements may cease doing business with us.
  • The Management Agreement with our Manager and the exclusivity and ROFO agreement with CTO were not negotiated on an arm’s-length basis and may not be as favorable to us as if they had been negotiated with unaffiliated third parties.
  • Our growth depends on external sources of capital, including debt financings, that are outside of our control and may not be available to us on commercially reasonable terms or at all.
  • Our organizational documents have no limitation on the amount of additional indebtedness that we may incur in the future. As a result, we may become highly leveraged in the future, which could materially and adversely affect us.
  • The agreements governing our indebtedness are likely to place restrictions on us and our subsidiaries, reducing our operational flexibility and creating risks associated with default and noncompliance.
  • Mortgage debt obligations expose us to the possibility of foreclosure, which could result in the loss of our investment in any property subject to mortgage debt.
  • An increase in interest rates would increase our interest costs on our variable rate debt and could adversely impact our ability to refinance existing debt or sell assets.
  • Changes in the method pursuant to which LIBOR is determined and potential phasing out of LIBOR after 2021 may affect our financial results.
  • We are a holding company with no direct operations, and we will rely on funds received from the Operating Partnership to pay our obligations and make distributions to our stockholders.
  • Certain provisions of Maryland law could inhibit changes in control of our company.
  • Certain provisions in the partnership agreement of the Operating Partnership may delay, defer or prevent unsolicited acquisitions of us.
  • Our charter contains stock ownership limits, which may delay, defer or prevent a change of control.
  • The Board may change our strategies, policies or procedures without stockholder consent, which may subject us to different and more significant risks in the future.
  • We may have assumed unknown liabilities in connection with the Formation Transactions, which, if significant, could materially and adversely affect us.
  • Our rights and the rights of our stockholders to take action against our directors and executive officers are limited, which could limit your recourse in the event of actions not in your best interest.
  • Conflicts of interest exist or could arise in the future between the interests of our stockholders and the interests of holders of Operating Partnership units, which may impede business decisions that could benefit our stockholders.
  • We could increase or decrease the number of authorized shares of stock, classify and reclassify unissued stock and issue stock without stockholder approval, which could prevent a change in our control and negatively affect the market price of our common stock.
  • The Operating Partnership may issue additional OP Units without the consent of our stockholders, which could have a dilutive effect on our stockholders.
  • We are an “emerging growth company” and a “smaller reporting company,” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies will make shares of our common stock less attractive to investors.
  • We will incur new costs as a result of becoming a public company, and such costs may increase when we cease to be an “emerging growth company.”
  • Failure to remain qualified as a REIT would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distributions to our stockholders.
  • Even if we remain qualified as a REIT, we may face other tax liabilities that could reduce our cash flows and negatively impact our results of operations and financial condition.
  • Failure to make required distributions would subject us to U.S. federal corporate income tax.
  • Complying with REIT requirements may cause us to forego otherwise attractive opportunities or liquidate otherwise attractive investments.
  • The relative lack of experience of our Manager in operating under the constraints imposed on us as a REIT may hinder the achievement of our investment objectives.
  • Complying with REIT requirements may limit our ability to hedge our liabilities effectively and may cause us to incur tax liabilities.
  • Our ability to provide certain services to our tenants may be limited by the REIT rules or may have to be provided through a TRS.
  • The prohibited transactions tax may limit our ability to dispose of our properties.
  • We may pay taxable dividends in our common stock and cash, in which case stockholders may sell shares of our common stock to pay tax on such dividends, placing downward pressure on the market price of our common stock.
  • The ability of the Board to revoke our REIT qualification without stockholder approval may cause adverse consequences to our stockholders.
  • Any ownership of a TRS we may form in the future will be subject to limitations and our transactions with a TRS will cause us to be subject to a 100% penalty tax on certain income or deductions if those transactions are not conducted on arm’s-length terms.
  • You may be restricted from acquiring or transferring certain amounts of our common stock.
  • Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends.
  • We may be subject to adverse legislative or regulatory tax changes, in each instance with potentially retroactive effect, that could reduce the market price of our common stock.
  • If the Operating Partnership failed to qualify as a partnership for U.S. federal income tax purposes, we would cease to qualify as a REIT and suffer other adverse consequences.
  • The market value of our common stock is subject to various factors that may cause significant fluctuations or volatility.
  • There can be no assurance that we will be able to make or maintain cash distributions, and certain agreements relating to our indebtedness may, under certain circumstances, limit or eliminate our ability to make distributions to our common stockholders.
  • The market price of our common stock could be adversely affected by our level of cash distributions.
  • Increases in market interest rates may result in a decline in the market price of our common stock.
  • Future issuances of debt securities, which would rank senior to shares of our common stock upon our liquidation, and future issuances of equity securities (including preferred stock and OP Units), which would dilute the holdings of our then-existing common stockholders and may be senior to shares of our common stock for the purposes of making distributions, periodically or upon liquidation, may materially and adversely affect the market price of our common stock.
  • Sales of substantial amounts of our common stock in the public markets or the perception that they might occur, could reduce the price of our common stock and may dilute your voting power and your ownership interest in us.
  • The COVID-19 Pandemic, and the future outbreak of other highly infectious or contagious diseases, could materially and adversely impact or disrupt our tenant’s business operations and as a result adversely impact our financial condition, results of operations, cash flows and performance.
  • Cybersecurity risks and cyber incidents could adversely affect our business and disrupt operations.
  • We may become subject to litigation, which could materially and adversely affect us.
  • If we fail to maintain effective disclosure controls and procedures, we may not be able to meet applicable reporting requirements, which could materially and adversely affect us.
  • Changes in accounting standards may materially and adversely affect us.
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