Alpine Income Property Trust (PINE) 10-Q 22 Jul 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 15, 2021
Cover [Abstract]
Entity Central Index Key	0001786117
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity 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	1140 N. Williamson Blvd.
Entity Address, Address Line Two	Suite 140
Entity Address, City or Town	Daytona Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32114
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		11,299,548
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Real Estate:
Land, at cost	$ 115,410	$ 83,210
Building and Improvements, at cost	199,279	142,679
Total Real Estate, at cost	314,689	225,889
Less, Accumulated Depreciation	(10,577)	(6,550)
Real Estate-Net	304,112	219,339
Assets Held for Sale	3,082
Cash and Cash Equivalents	6,294	1,894
Restricted Cash	2,190
Intangible Lease Assets-Net	47,805	36,881
Straight-Line Rent Adjustment	1,925	2,045
Other Assets	2,089	2,081
Total Assets	367,497	262,240
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	2,422	1,984
Prepaid Rent and Deferred Revenue	1,175	1,055
Intangible Lease Liabilities-Net	4,654	3,299
Long-Term Debt	140,806	106,809
Total Liabilities	149,057	113,147
Commitments and Contingencies-See Note 15
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020
Common Stock, $0.01 par value per share, 500 million shares authorized, 11,296,023 shares issued and outstanding as of June 30, 2021 and 7,458,755 shares issued and outstanding as of December 31, 2020	113	75
Additional Paid-in Capital	197,978	132,878
Dividends in Excess of Net Income	(9,689)	(5,713)
Accumulated Other Comprehensive Income (Loss)	180	(481)
Stockholders' Equity	188,582	126,759
Noncontrolling Interest	29,858	22,334
Total Equity	218,440	149,093
Total Liabilities and Equity	$ 367,497	$ 262,240

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized	100,000,000	100,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, shares issued	11,296,023	7,458,755
Common Stock, shares outstanding	11,296,023	7,458,755

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Lease Income	$ 6,597	$ 4,591	$ 12,487	$ 8,762
Total Revenues	6,597	4,591	12,487	8,762
Operating Expenses:
Real Estate Expenses	824	550	1,475	1,150
General and Administrative Expenses	1,286	1,132	2,316	2,416
Depreciation and Amortization	3,463	2,286	6,606	4,309
Total Operating Expenses	5,573	3,968	10,397	7,875
Net Income from Operations	1,024	623	2,090	887
Interest Expense	678	344	1,233	593
Net Income	346	279	857	294
Less: Net Income Attributable to Noncontrolling Interest	(42)	(39)	(113)	(41)
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 304	$ 240	$ 744	$ 253
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share)	$ 0.03	$ 0.03	$ 0.09	$ 0.03
Diluted (in dollars per share)	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Weighted Average Number of Common Shares:
Basic (in shares)	8,853,259	7,544,991	8,212,902	7,721,835
Diluted (in shares)	10,081,783	8,768,845	9,439,104	8,945,689
Dividends Declared and Paid (in dollars per share)	$ 0.25	$ 0.20	$ 0.49	$ 0.40

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
Net Income Attributable to Alpine Income Property Trust, Inc.	$ 304	$ 240	$ 744	$ 253
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps	(15)	(647)	661	(647)
Total Other Comprehensive Income (Loss)	(15)	(647)	661	(647)
Total Comprehensive Income (Loss)	$ 289	$ (407)	$ 1,405	$ (394)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock at Par	Additional Paid-In Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Stockholders' Equity	Noncontrolling Interest	Total
Balance at Dec. 31, 2019	$ 79	$ 137,948	$ (498)		$ 137,529	$ 23,176	$ 160,705
Increase (decrease) in shareholders' equity
Net Income			253		253	41	294
Stock Repurchase		(5,013)			(5,013)		(5,013)
Stock Issuance to Directors		103			103		103
Cash Dividend			(3,068)		(3,068)	(490)	(3,558)
Other Comprehensive Income (Loss)				$ (647)	(647)		(647)
Balance at Jun. 30, 2020	79	133,038	(3,313)	(647)	129,157	22,727	151,884
Balance at Mar. 31, 2020	79	137,393	(2,063)		135,409	22,933	158,342
Increase (decrease) in shareholders' equity
Net Income			240		240	39	279
Stock Repurchase		(4,421)			(4,421)		(4,421)
Stock Issuance to Directors		66			66		66
Cash Dividend			(1,490)		(1,490)	(245)	(1,735)
Other Comprehensive Income (Loss)				(647)	(647)		(647)
Balance at Jun. 30, 2020	79	133,038	(3,313)	(647)	129,157	22,727	151,884
Balance at Dec. 31, 2020	75	132,878	(5,713)	(481)	126,759	22,334	149,093
Increase (decrease) in shareholders' equity
Net Income			744		744	113	857
Stock Issuance to Directors		139			139		139
Stock Issuance, Net of Equity Issuance Costs	38	64,961			64,999		64,999
Operating Units Issued, Value						8,010	8,010
Cash Dividend			(4,720)		(4,720)	(599)	(5,319)
Other Comprehensive Income (Loss)				661	661		661
Balance at Jun. 30, 2021	113	197,978	(9,689)	180	188,582	29,858	218,440
Balance at Mar. 31, 2021	79	140,591	(7,169)	195	133,696	22,112	155,808
Increase (decrease) in shareholders' equity
Net Income			304		304	42	346
Stock Issuance to Directors		73			73		73
Stock Issuance, Net of Equity Issuance Costs	34	57,314			57,348		57,348
Operating Units Issued, Value						8,010	8,010
Cash Dividend			(2,824)		(2,824)	(306)	(3,130)
Other Comprehensive Income (Loss)				(15)	(15)		(15)
Balance at Jun. 30, 2021	$ 113	$ 197,978	$ (9,689)	$ 180	$ 188,582	$ 29,858	$ 218,440

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Stock
Cash Dividends (in dollars per share)	$ 0.25	$ 0.20	$ 0.49	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Cash Flow from Operating Activities:
Net Income	$ 346	$ 279	$ 857	$ 294
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and Amortization			6,606	4,309
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(50)	(29)	(91)	(48)
Amortization of Deferred Financing Costs to Interest Expense	84	43	149	88
Non-Cash Compensation			152	135
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment			(264)	(937)
COVID-19 Rent Repayments			385	(625)
Other Assets			46	(497)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities			906	(55)
Prepaid Rent and Deferred Revenue			120	883
Net Cash Provided By Operating Activities			8,866	3,547
Cash Flow from Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures			(65,930)	(76,087)
Net Cash Used In Investing Activities			(65,930)	(76,087)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			85,621	70,000
Payments on Long-Term Debt			(80,809)
Repurchase of Common Stock				(5,013)
Proceeds From Stock Issuance, net			64,999
Cash Paid for Loan Fees			(838)	(4)
Dividends Paid			(5,319)	(3,558)
Net Cash Provided By Financing Activities			63,654	61,425
Net Increase (Decrease) in Cash and Cash Equivalents			6,590	(11,115)
Cash and Cash Equivalents, Beginning of Period			1,894	12,342
Cash and Cash Equivalents, End of Period	8,484	1,227	8,484	1,227
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	6,294	1,227	6,294	1,227
Restricted Cash	2,190		2,190
Total Cash	$ 8,484	$ 1,227	$ 8,484	$ 1,227

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Disclosure of Cash Flow Information
Cash Paid for Interest	$ 1,105	$ 501
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedge	661	$ (647)
Operating Units Issued in Exchange for Real Estate	8,010
Underwriting Discounts on Capital Raised Through Issuance of Common Stock	2,866
Assumption of Mortgage Note Payable	$ 30,000

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	6 Months Ended
	Jun. 30, 2021
BUSINESS AND ORGANIZATION
BUSINESS AND ORGANIZATION	NOTE 1. BUSINESS AND ORGANIZATION BUSINESS ​ Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a real estate company that owns and operates a high-quality portfolio of commercial net lease properties. The terms “us,” “we,” “our,” and “the Company” as used in this report refer to Alpine Income Property Trust, Inc. together with our consolidated subsidiaries. Our portfolio consists of 71 net leased retail and office properties located in 49 markets in 22 states. The properties in our portfolio are subject to long-term, primarily triple-net leases, which generally require the tenant to pay all of the property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. ​ The Company has no employees and is externally managed by Alpine Income Property Manager, LLC, a Delaware limited liability company and a wholly owned subsidiary of CTO Realty Growth, Inc. (our “Manager”). CTO Realty Growth, Inc. (NYSE: CTO) is a Maryland corporation that is a publicly traded diversified REIT and the sole member of our Manager (“CTO”). ​ ORGANIZATION The Company is a Maryland corporation that was formed on August 19, 2019. On November 26, 2019, the Company closed its initial public offering (“IPO”) of shares of its common stock (the “Offering”) as well as a concurrent private placement of shares of common stock to CTO. Net proceeds from the Offering and the concurrent CTO Private Placement (defined below) were used to purchase 15 properties from CTO. Additionally, CTO contributed to Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership”), five additional properties in exchange for operating partnership units (“OP Units”). ​ The price per share paid in the Offering and the concurrent private placement was $19.00 (the “IPO Price”). The Offering raised $142.5 million in gross proceeds from the issuance of 7,500,000 shares of our common stock. We also raised $7.5 million from the concurrent private placement to CTO from the issuance of 394,737 shares of our common stock (“CTO Private Placement”). Included in the Offering was CTO’s purchase of 421,053 shares of our common stock for $8.0 million, representing a cash investment by CTO of $15.5 million. A total of $125.9 million of proceeds from the Offering were utilized to acquire 15 properties in our initial portfolio. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 OP Units for a value of $23.3 million based on the IPO Price. The Company incurred a total of $12.0 million of transaction costs, which included underwriting fees of $9.4 million. Upon completion of the Offering, the CTO Private Placement, and the other transactions executed at the time of our listing on the New York Stock Exchange (the “NYSE”) under the symbol “PINE” (collectively defined as the “Formation Transactions”), CTO owned 22.3% of our outstanding common stock (assuming the OP Units issued to CTO in the Formation Transactions are exchanged for shares of our common stock on a one-for-one basis). ​ We conduct the substantial majority of our operations through, and substantially all of our assets are held by, the Operating Partnership. Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. As of June 30, 2021, we have a total ownership interest in the Operating Partnership of 87.3%, with CTO holding, directly and indirectly, a 9.4% ownership interest in the Operating Partnership. The remaining 3.3% ownership interest is held by an unrelated third party in connection with the issuance of 424,951 OP Units valued at $8.0 million in the aggregate, or $18.85 per unit, based on the Company’s trailing ten day average closing share price at the time of issuance. The 424,951 OP Units were issued as partial consideration for the portfolio of nine net lease properties acquired on June 30, 2021 (see Note 3, “Income Property Portfolio”). Our interest in the Operating Partnership generally entitles us to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to our percentage ownership. We, through PINE GP, generally have the exclusive power under the partnership agreement to manage and conduct the business and affairs of the Operating Partnership, subject to certain approval and voting rights of the limited partners. Our Board of Directors (the “Board”) manages our business and affairs. The Company has elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, without regard to the dividends paid deduction or net capital gain, to its stockholders (which is computed and 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. ​ COVID-19 PANDEMIC ​ In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies. ​ Contractual Base Rent (“CBR”) represents the amount owed to the Company under the current terms of its lease agreements. As a result of the COVID-19 Pandemic, during the year ended December 31, 2020, the Company agreed to defer or abate certain CBR in exchange for additional lease term or other lease enhancing additions. Repayments of the remaining balance of deferred CBR began in the third quarter of 2020, with payments continuing, in some cases, through mid-year 2022.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the 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 income 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. ​ LONG-LIVED ASSETS The Company follows Financial Accounting Standards Board (“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 the 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. INCOME PROPERTY LEASE REVENUE The rental arrangements associated with the Company’s income 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, 2021 and December 31, 2020, the Company had recorded an allowance for doubtful accounts of $0.1 million. 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, 2021 and December 31, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits. The carrying value of cash and cash equivalents is reported at Level 1 in the fair value hierarchy, which represents valuation based upon quoted prices in active markets for identical assets or liabilities. ​ ​ RESTRICTED CASH ​ Restricted cash totaled $2.2 million at June 30, 2021, of which $0.6 million is being held in a capital replacement reserve account in connection with our financing of six income properties and $1.6 million is being held in an escrow account for the repayment of the $1.6 million in mortgage notes which were repaid on July 1, 2021. ​ DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY ​ Interest Rate Swaps. 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 formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the interest rate swaps and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. ​ Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 9, “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, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility, hereinafter defined, as of June 30, 2021 and December 31, 2020, approximates current market rates for revolving credit arrangements with similar risks and maturities. The Company estimates the fair value of its mortgage notes payable and Term Loan, hereinafter defined, 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 RISK Certain of the tenants in the portfolio of 71 properties accounted for more than 10% of total revenues during the six months ended June 30, 2021 and 2020. ​ During the six months ended June 30, 2021, the properties leased to Wells Fargo Bank, NA represented 15% of total revenues. During the six months ended June 30, 2020, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented 21% and 14% of total revenues, respectively. ​ As of June 30, 2021 and December 31, 2020, based on square footage, 13% and 17%, respectively, of the Company’s real estate portfolio was located in the State of Florida and 12% and 15%, respectively, of the Company’s real estate portfolio was located in the State of North Carolina. Additionally, as of June 30, 2021, more than 10%of the Company’s real estate portfolio, based on square footage, was located in the State of Texas and more than 10% of the Company’s real estate portfolio was located in the States of Oregon and Michigan as of December 31, 2020. ​ RECLASSIFICATIONS ​ Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs, net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $0.9 million, net of accumulated amortization of $0.2 million, were reclassified from long-term debt to other assets as of December 31, 2020. Additionally, in the second quarter of 2021, the Company increased non-cash compensation for the six months ended June 30, 2020 by $0.03 million through a reclassification from accounts payable, accrued expenses, and other liabilities within operating activities on the accompanying consolidated statements of cash flows which is the result of timing related to the issuance of shares for director retainers. ​ ​ ​

INCOME PROPERTY PORTFOLIO

INCOME PROPERTY PORTFOLIO	6 Months Ended
	Jun. 30, 2021
INCOME PROPERTY PORTFOLIO
INCOME PROPERTY PORTFOLIO	NOTE 3. INCOME PROPERTY PORTFOLIO As of June 30, 2021, the Company’s income property portfolio consisted of 71 properties with total square footage of 2.3 million. ​ Leasing revenue consists of long-term rental revenue from retail and office income properties, which is recognized as earned, using the straight-line method over the life of each lease. ​ The components of leasing revenue are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Lease Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 5,986 ​ $ 4,229 ​ $ 11,432 ​ $ 8,041 Variable Lease Payments ​ ​ 611 ​ ​ 362 ​ ​ 1,055 ​ ​ 721 Total Lease Income ​ $ 6,597 ​ $ 4,591 ​ $ 12,487 ​ $ 8,762 ​ ​ Minimum Future Rental Receipts. ​ ​ ​ ​ Year Ending December 31, Amounts Remainder of 2021 ​ $ 14,397 2022 ​ ​ 28,593 2023 ​ ​ 28,472 2024 ​ ​ 28,042 2025 ​ ​ 27,164 2026 and thereafter (cumulative) ​ ​ 103,482 Total ​ $ 230,150 ​ 2021 Activity. ​ The net lease income properties acquired during the six months ended June 30, 2021 are described below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Dollar General ​ Cut and Shoot, TX ​ 1/25/2021 ​ 9,096 ​ $ 1,727 ​ 14.8 Dollar General ​ Del Rio, TX ​ 1/25/2021 ​ 9,219 ​ ​ 1,403 ​ 14.0 Dollar General ​ Seguin, TX ​ 1/25/2021 ​ 9,155 ​ ​ 1,290 ​ 14.1 At Home ​ Canton, OH ​ 3/9/2021 ​ 89,902 ​ ​ 8,571 (1) 8.4 Pet Supplies Plus ​ Canton, OH ​ 3/9/2021 ​ 8,400 ​ ​ 1,135 (1) 6.6 Salon Lofts ​ Canton, OH ​ 3/9/2021 ​ 4,000 ​ ​ 694 (1) 7.0 Sportsman Warehouse ​ Albuquerque, NM ​ 3/29/2021 ​ 48,974 ​ ​ 7,100 ​ 8.4 Burlington Stores, Inc. ​ North Richland Hills, TX ​ 4/23/2021 ​ 70,891 ​ ​ 11,528 ​ 7.8 Academy Sports ​ Florence, SC ​ 6/22/2021 ​ 58,410 ​ ​ 7,650 ​ 7.7 Big Lots ​ Durant, OK ​ 6/25/2021 ​ 36,794 ​ ​ 1,836 (2) 5.5 Orscheln ​ Durant, OK ​ 6/25/2021 ​ 37,965 ​ ​ 2,017 (2) 1.7 Lowe's ​ Katy, TX ​ 6/30/2021 ​ 131,644 ​ ​ 14,672 ​ 11.1 Harris Teeter ​ Charlotte, NC ​ 6/30/2021 ​ 45,089 ​ ​ 8,273 ​ 6.8 Rite Aid ​ Renton, WA ​ 6/30/2021 ​ 16,280 ​ ​ 7,200 ​ 5.1 Walgreens ​ Clermont, FL ​ 6/30/2021 ​ 13,650 ​ ​ 5,085 ​ 7.2 Big Lots ​ Germantown, MD ​ 6/30/2021 ​ 25,589 ​ ​ 4,670 ​ 9.6 Big Lots ​ Phoenix, AZ ​ 6/30/2021 ​ 34,512 ​ ​ 4,599 ​ 9.6 Circle K ​ Indianapolis, IN ​ 6/30/2021 ​ 4,283 ​ ​ 2,800 (3) 3.4 Burger King ​ Plymouth, NC ​ 6/30/2021 ​ 3,142 ​ ​ 1,736 (3) 6.8 Dollar Tree ​ Demopolis, AL ​ 6/30/2021 ​ 10,159 ​ ​ 1,615 (3) 8.7 Firestone ​ Pittsburgh, PA ​ 6/30/2021 ​ 10,629 ​ ​ 1,468 (3) 7.8 Advance Auto Parts ​ Ware, MA ​ 6/30/2021 ​ 6,889 ​ ​ 1,396 (3) 3.6 Grease Monkey ​ Stockbridge, GA ​ 6/30/2021 ​ 1,846 ​ ​ 1,318 (3) 12.3 Hardee's ​ Boaz, AL ​ 6/30/2021 ​ 3,542 ​ ​ 1,185 (3) 9.4 Schlotzsky's ​ Sweetwater, TX ​ 6/30/2021 ​ 2,431 ​ ​ 1,147 (3) 14.0 Advance Auto Parts ​ Athens, GA ​ 6/30/2021 ​ 6,871 ​ ​ 1,127 (3) 3.6 ​ ​ Total / Weighted Average ​ 699,362 ​ $ 103,242 ​ 8.8 (1) Tenants represent the acquisition of one property for a purchase price of $10.4 million which was allocated based on cash base rent in place at the time of acquisition. (2) Tenants represent the acquisition of one property for a purchase price of $3.9 million which was allocated based on cash base rent in place at the time of acquisition. (3) The aggregate purchase price of $13.8 million was funded through the partial consideration issuance of 424,951 OP Units valued at $8.0 million, see Note 10, “Equity.” ​ 2020 Activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The net lease income properties acquired during the six months ended June 30, 2020 are described below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) 7-Eleven ​ Austin, TX ​ 1/13/2020 ​ 6,400 ​ $ 5,762 ​ 15.0 7-Eleven ​ Georgetown, TX ​ 1/13/2020 ​ 7,726 ​ ​ 4,301 ​ 15.0 Conn's HomePlus ​ Hurst, TX ​ 1/10/2020 ​ 37,957 ​ ​ 6,100 ​ 11.6 Lehigh Gas Wholesale Services, Inc. ​ Highland Heights, KY ​ 2/03/2020 ​ 2,578 ​ ​ 4,250 ​ 10.8 American Multi-Cinema, Inc. ​ Tyngsborough, MA ​ 2/19/2020 ​ 39,474 ​ ​ 7,055 ​ 10.1 Hobby Lobby ​ Tulsa, OK ​ 2/28/2020 ​ 84,180 ​ ​ 12,486 ​ 10.8 Long John Silver's ​ Tulsa, OK ​ 2/28/2020 ​ 3,000 ​ ​ 264 ​ N/A Old Time Pottery ​ Orange Park, FL ​ 2/28/2020 ​ 84,180 ​ ​ 6,312 ​ 10.4 Freddy's Frozen Custard ​ Orange Park, FL ​ 2/28/2020 ​ 3,200 ​ ​ 303 ​ 6.8 Hobby Lobby ​ Arden, NC ​ 6/24/2020 ​ 55,000 ​ ​ 7,987 ​ 11.2 Walmart ​ Howell, MI ​ 6/30/2020 ​ 214,172 ​ ​ 20,590 ​ 6.6 ​ ​ Total / Weighted Average ​ 537,867 ​ $ 75,410 ​ 10.2 ​

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4. 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, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 6,294 ​ $ 6,294 ​ $ 1,894 ​ $ 1,894 Restricted Cash - Level 1 ​ $ 2,190 ​ $ 2,190 ​ $ — ​ $ — Long-Term Debt - Level 2 ​ $ 140,806 ​ $ 143,516 ​ $ 106,809 ​ $ 106,809 ​ The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts. The following tables present the fair value of assets (liabilities) measured on a recurring basis by Level as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (1) ​ $ 151 ​ $ — ​ $ 151 ​ $ — Term Loan Interest Rate Swap (2) ​ $ 29 ​ $ — ​ $ 29 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (1) ​ $ (481) ​ $ — ​ $ (481) ​ $ — Term Loan Interest Rate Swap (2) ​ $ — ​ $ — ​ $ — ​ $ — (1) Effective April 30, 2020, the Company utilized an interest rate swap to achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined). (2) Effective May 21, 2021, the Company utilized an interest rate swap to achieve a fixed LIBOR rate of 0.81% plus the applicable spread on the $60.0 million outstanding Term Loan (hereinafter defined) balance.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2021
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 5. 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, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 ​ December 31, 2020 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 37,281 ​ $ 27,494 Value of Above Market In-Place Leases ​ ​ 2,558 ​ ​ 2,187 Value of Intangible Leasing Costs ​ ​ 14,803 ​ ​ 11,459 Sub-total Intangible Lease Assets ​ ​ 54,642 ​ ​ 41,140 Accumulated Amortization ​ ​ (6,837) ​ ​ (4,259) Sub-total Intangible Lease Assets—Net ​ ​ 47,805 ​ ​ 36,881 Intangible Lease Liabilities: ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (5,236) ​ ​ (3,674) Sub-total Intangible Lease Liabilities ​ ​ (5,236) ​ ​ (3,674) Accumulated Amortization ​ ​ 582 ​ ​ 375 Sub-total Intangible Lease Liabilities—Net ​ ​ (4,654) ​ ​ (3,299) Total Intangible Assets and Liabilities—Net ​ $ 43,151 ​ $ 33,582 ​ The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Amortization Expense ​ $ 1,303 ​ $ 847 ​ $ 2,498 ​ $ 1,608 Increase to Income Properties Revenue ​ ​ (50) ​ ​ (29) ​ ​ (91) ​ ​ (48) Net Amortization of Intangible Assets and Liabilities ​ $ 1,253 ​ $ 818 ​ $ 2,407 ​ $ 1,560 ​ 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 Income Property Revenue ​ Net Future Amortization of Intangible Assets and Liabilities Remainder of 2021 ​ $ 3,213 ​ $ (156) ​ $ 3,057 2022 ​ ​ 6,426 ​ ​ (312) ​ ​ 6,114 2023 ​ ​ 6,424 ​ ​ (312) ​ ​ 6,112 2024 ​ ​ 6,194 ​ ​ (300) ​ ​ 5,894 2025 ​ ​ 5,740 ​ ​ (275) ​ ​ 5,465 2026 and thereafter ​ ​ 17,639 ​ ​ (1,130) ​ ​ 16,509 Total ​ $ 45,636 ​ $ (2,485) ​ $ 43,151 ​ As of June 30, 2021, the weighted average amortization period of both the total intangible assets and liabilities was 8.9 years. ​

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS.
OTHER ASSETS	NOTE 6. OTHER ASSETS Other assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 ​ December 31, 2020 Tenant Receivables ​ $ 46 ​ $ 164 Accrued Unbilled Tenant Receivables—Net of Allowance for Doubtful Accounts (1) ​ ​ 552 ​ ​ 119 Prepaid Insurance ​ ​ 251 ​ ​ 606 Deposits on Acquisitions ​ ​ 350 ​ ​ 100 Prepaid and Deposits—Other ​ ​ 187 ​ ​ 442 Deferred Financing Costs—Net ​ ​ 523 ​ ​ 650 Interest Rate Swaps ​ ​ 180 ​ ​ — Total Other Assets ​ $ 2,089 ​ $ 2,081 (1) As of June 30, 2021 and December 31, 2020, includes $0.1 million allowance for doubtful accounts.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2021
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 8. LONG-TERM DEBT As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt ​ Stated Interest Rate ​ Maturity Date Credit Facility (1) ​ $ 50,000 ​ 30-Day LIBOR + ​ November 2023 Term Loan (2) ​ ​ 60,000 ​ 30-Day LIBOR + ​ May 2026 Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ 4.33% ​ October 2034 Mortgage Notes Payable ​ ​ 1,622 ​ N/A ​ July 2021 (3) Total Debt/Weighted-Average Rate ​ $ 141,622 ​ 2.50% ​ ​ (1) Effective April 30, 2020, the Company utilized an interest rate swap to achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined). (2) Effective May 21, 2021, the Company utilized an interest rate swap to achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million Term Loan (hereinafter defined) balance. (3) Mortgage notes payable assumed in connection with the acquisition of two net lease properties during the three months ended June 30, 2021 which was repaid on July 1, 2021. ​ ​ Credit Facility. ​ On June 30, 2020, the Company and the Operating Partnership executed the first amendment to the Credit Facility Credit Agreement whereby the tangible net worth covenant was adjusted to be more reflective of market terms. ​ On October 16, 2020, the Company and the Operating Partnership executed the second amendment to the Credit Facility (the “Second Amendment”), with the addition of two lenders, Huntington National Bank and Truist Bank. As a result of the Second Amendment, the Credit Facility has a total borrowing capacity of $150.0 million with the ability to increase that capacity up to $200.0 million during the term, utilizing an accordion feature, subject to lender approval. ​ On May 19, 2021, the Company and the Operation Partnership executed the third amendment to the Credit Facility (the “Third Amendment”). Among other things, the Third Amendment revised the Credit Facility Credit Agreement to provide that as of the last day of each fiscal quarter, the Operating Partnership shall not permit the ratio of Unsecured Indebtedness to Borrowing Base Value (as defined in the Credit Facility Credit Agreement) to be greater than 0.60 to 1:00. Prior to the Third Amendment, the Credit Facility Credit Agreement provided that as of the last day of each fiscal quarter, the Operating Partnership could not permit the ratio of Unsecured Indebtedness to Total Asset Value (as defined in the Credit Facility Credit Agreement) to be greater than 0.60 to 1:00. ​ Pursuant to the Credit Facility Credit Agreement, the indebtedness outstanding under the Credit Facility accrues at a rate ranging from the 30-day LIBOR plus 135 basis points to the 30-day LIBOR plus 195 basis points, based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Operating Partnership, as defined in the Credit Agreement. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. ​ ​ At June 30, 2021, the current commitment level under the Credit Facility was $150.0 million and the Company had an outstanding balance of $50.0 million. ​ Term Loan. ​ Mortgage Notes Payable. ​ ​ Long-term debt as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 50,000 ​ $ — ​ $ 106,809 ​ $ — Term Loan ​ ​ 60,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Notes Payable ​ ​ 1,622 (1) ​ 1,622 ​ ​ — ​ ​ — Financing Costs, net of accumulated amortization ​ ​ (816) ​ ​ — ​ ​ — ​ ​ — Total Long-Term Debt ​ $ 140,806 ​ $ 1,622 ​ $ 106,809 ​ $ — (1) Mortgage notes payable assumed in connection with the acquisition of two net lease properties during the three months ended June 30, 2021 which was repaid on July 1, 2021. ​ Payments applicable to reduction of principal amounts as of June 30, 2021 will be required as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2021 ​ $ 1,622 2022 ​ ​ — 2023 ​ ​ 50,000 2024 ​ ​ — 2025 ​ ​ — 2026 and thereafter ​ ​ 90,000 Total Long-Term Debt - Face Value ​ $ 141,622 ​ The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 141,622 Financing Costs, net of accumulated amortization ​ ​ (816) Total Long-Term Debt ​ $ 140,806 ​ In addition to the $0.8 million of financing costs, net of accumulated amortization included in the table above, as of June 30, 2021, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $0.5 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations. ​ The following table reflects a summary of interest expense incurred and paid during the three and six months ended June, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Interest Expense ​ $ 594 ​ $ 301 ​ $ 1,084 ​ $ 505 Amortization of Deferred Financing Costs to Interest Expense ​ ​ 84 ​ ​ 43 ​ ​ 149 ​ ​ 88 Total Interest Expense ​ $ 678 ​ $ 344 ​ $ 1,233 ​ $ 593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 623 ​ $ 337 ​ $ 1,105 ​ $ 501 ​ The Company was in compliance with all of its debt covenants as of June 30, 2021.

INTEREST RATE SWAP

INTEREST RATE SWAP	6 Months Ended
	Jun. 30, 2021
INTEREST RATE SWAP.
INTEREST RATE SWAP	NOTE 9. INTEREST RATE SWAPS During April 2020, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for $50.0 million of the outstanding balance on the Credit Facility as discussed in Note 8, “Long-Term Debt.” During the six months ended June 30, 2021, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been included in accumulated other comprehensive income (loss). As of June 30, 2021, the fair value of our interest rate swap agreement, which was a gain of approximately $0.15 million, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on April 30, 2020 and matures on November 26, 2024. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $50.0 million to a fixed rate of 0.48% plus the applicable spread. ​ During May 2021, the Company entered into an interest rate swap agreement to hedge cash flows tied to changes in the underlying floating interest rate tied to LIBOR for the $60.0 million outstanding balance on the Term Loan as defined in Note 8, “Long-Term Debt.” During the six months ended June 30, 2021, the interest rate swap agreement was 100% effective. Accordingly, the change in fair value on the interest rate swap has been included in accumulated other comprehensive income (loss). As of June 30, 2021, the fair value of our interest rate swap agreement, which was a gain of $0.03 million, was included in other assets on the consolidated balance sheets. The interest rate swap was effective on May 21, 2021 and matures on May 21, 2026. The interest rate swap fixed the variable rate debt on the notional amount of related debt of $60.0 million to a fixed rate of 0.81% plus the applicable spread. ​

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
EQUITY
EQUITY	NOTE 10. EQUITY SHELF REGISTRATION ​ On December 1, 2020, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million. The Securities and Exchange Commission declared the Form S-3 effective on December 11, 2020. ​ ATM PROGRAM ​ On December 14, 2020, the Company implemented a $100.0 million “at-the-market” equity offering program (the “2020 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the three months ended June 30, 2021, the Company sold 176,028 shares under the 2020 ATM Program for $3.2 million at a weighted average price of $18.06 per share, generating net proceeds of $3.1 million after deducting fees totaling $0.05 million paid on the sales. During the six months ended June 30, 2021, the Company sold 610,229 shares under the 2020 ATM Program for $11.1 million at a weighted average price of $18.19 per share, generating net proceeds of $10.9 million after deducting fees totaling $0.2 million paid on the sales. ​ 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. ​ NONCONTROLLING INTEREST ​ As of June 30, 2021, CTO holds, directly and indirectly, a 9.4% noncontrolling ownership interest in the Operating Partnership as a result of 1,223,854 OP Units issued to CTO at the time of the Company’s Formation Transactions, as further described in Note 1, “Business and Organization.” An additional 3.3% noncontrolling ownership interest is held by an unrelated third party in connection with the issuance of 424,951 OP Units valued at $8.0 million, reflecting $18.85 per unit, based on the Company’s trailing ten day average closing share price at the time of issuance. The 424,951 OP Units were issued as partial consideration for the portfolio of nine net lease properties acquired on June 30, 2021. DIVIDENDS The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the three and six months ended June 30, 2021, the Company declared and paid cash dividends on its common stock and OP Units of $0.25 per share and $0.49 per share, respectively. ​

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 11. COMMON STOCK AND EARNINGS PER SHARE Basic earnings per common share are computed by dividing net income attributable to the Company for the period by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per common share are determined based on the assumption of the conversion of OP Units on a one-for-one basis using the treasury stock method at average market prices for the periods. ​ The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Net Income Attributable to Alpine Income Property Trust, Inc. ​ $ 304 ​ $ 240 ​ $ 744 ​ $ 253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Number of Common Shares Outstanding ​ ​ 8,853,259 ​ ​ 7,544,991 ​ ​ 8,212,902 ​ ​ 7,721,835 Common Shares Applicable to OP Units using Treasury Stock Method (1) ​ ​ 1,228,524 ​ ​ 1,223,854 ​ ​ 1,226,202 ​ ​ 1,223,854 Total Shares Applicable to Diluted Earnings per Share ​ ​ 10,081,783 ​ ​ 8,768,845 ​ ​ 9,439,104 ​ ​ 8,945,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income Attributable to Alpine Income Property Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.03 ​ $ 0.03 ​ $ 0.09 ​ $ 0.03 Diluted ​ $ 0.03 ​ $ 0.03 ​ $ 0.08 ​ $ 0.03 (1) Represents the weighted average impact of 1,648,805 shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 424,951 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of nine net lease properties during the three months ended June 30, 2021.

SHARE REPURCHASES

SHARE REPURCHASES	6 Months Ended
	Jun. 30, 2021
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 12. SHARE REPURCHASES ​ In March 2020, the Board approved a $5.0 million stock repurchase program (the “$5.0 Million Repurchase Program”). During the first half of 2020, the Company repurchased 456,237 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $11.02 which completed the $5.0 Million Repurchase Program. There were no repurchases of the Company’s common stock during the six months ended June 30, 2021. ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 13. STOCK-BASED COMPENSATION In connection with the closing of the IPO, the Company adopted the Individual Equity Incentive Plan (the “Individual Plan”) and the Manager Equity Incentive Plan (the “Manager Plan”), which are collectively referred to herein as the Equity Incentive Plans. The purpose of the Equity Incentive Plans is to provide equity incentive opportunities to members of the Manager’s management team and employees who perform services for the Company, the Company’s independent directors, advisers, consultants and other personnel, either individually or via grants of incentive equity to the Manager. ​ On November 26, 2019, in connection with the closing of the IPO, the Company granted restricted shares of common stock to each of the non-employee directors under the Individual Plan. Each of the non-employee directors received an award of 2,000 restricted shares of common stock on November 26, 2019. The restricted shares will vest in substantially equal installments on each of the first, second and third anniversaries of the grant date. As of June 30, 2021, the first increment of this award had vested, leaving 5,336 shares unvested. In addition, the restricted shares are subject to a holding period beginning on the grant date and ending on the date that the grantee ceases to serve as a member of the Board (the “Holding Period”). During the Holding Period, the restricted shares may not be sold, pledged or otherwise transferred by the grantee. Except for the grant of these 8,000 restricted shares of Common Stock, the Company has not made any grants under the Equity Incentive Plans. Any future grants under the Equity Incentive Plans will be approved by the compensation committee of the Board. The 2019 non-employee director share awards had an aggregate grant date fair value of $0.2 million. The Company’s determination of the grant date fair value of the three-year vest restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the vesting period and is included in general and administrative expenses in the Company’s consolidated statements of operations. Award forfeitures are accounted for in the period in which they occur. During each of the three months ended June 30, 2021 and 2020, the Company recognized stock compensation expense totaling $0.01 million. During each of the six months ended June 30, 2021 and 2020, the Company recognized stock compensation expense totaling $0.03 million. ​ A summary of activity for these awards during the six months ended June 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares ​ Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 ​ ​ 5,336 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at June 30, 2021 ​ ​ 5,336 ​ $ 18.80 ​ As of June 30, 2021, there was $0.07 million of unrecognized compensation cost related to the three-year vest restricted shares, which will be recognized over a remaining period of 1.4 years. ​ Each member of the Board has the option to receive his or her annual retainer in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing the amount of the quarterly retainer payment due to such director by the trailing 20-day average price of the Company’s common stock as of the last business day of the calendar quarter, rounded down to the nearest whole number of shares. During the six months ended June 30, 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.1 million, or 6,978 shares, of which 3,453 shares were issued on April 1, 2021 and 3,525 shares were issued on July 1, 2021. During the six months ended June 30, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.1 million, or 7,512 shares, of which 4,098 shares were issued on April 1, 2020 and 3,414 shares were issued on July 1, 2020. ​ ​ ​ ​ ​ Stock compensation expense for the three and six months ended June 30, 2021 and 2020 is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Stock Compensation Expense – Director Restricted Stock ​ $ 13 ​ $ 13 ​ $ 25 ​ $ 26 Stock Compensation Expense – Director Retainers Paid in Stock ​ ​ 66 ​ ​ 55 ​ ​ 127 ​ ​ 109 Total Stock Compensation Expense (1) ​ $ 79 ​ $ 68 ​ $ 152 ​ $ 135 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the six months ended June 30, 2021 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
	Jun. 30, 2021
RELATED PARTY MANAGEMENT COMPANY
RELATED PARTY MANAGEMENT COMPANY	NOTE 14. RELATED PARTY MANAGEMENT COMPANY ​ We are externally managed by the Manager, a wholly owned subsidiary of CTO. In addition to the CTO Private Placement, CTO purchased from us $8.0 million in shares of our common stock, or 421,053 shares, in the IPO. Upon completion of the Formation Transactions, CTO owned 22.3% of our outstanding common stock (assuming the OP Units issued to CTO in the Formation Transactions are exchanged for shares of our common stock on a one-for-one basis). On November 26, 2019, we entered into the 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 to 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, 2020. The initial term of the Management Agreement will expire on November 26, 2024 and will automatically renew for an unlimited number of successive one-year periods thereafter, unless the agreement is not renewed or is terminated in accordance with its terms. Our independent directors will 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 We will pay directly or reimburse our Manager for certain expenses, if incurred by our Manager. We will not reimburse any compensation expenses incurred by our Manager or its affiliates. Expense reimbursements to our Manager will be made in cash on a quarterly basis following the end of each quarter. In addition, we will pay all of our operating expenses, except those specifically required to be borne by our Manager pursuant to the Management Agreement. ​ ​ During the three and six months ended June 30, 2021, the Company incurred management fee expenses which totaled $0.7 million and $1.4 million, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.5 million and $1.0 million for the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2020, the Company incurred management fee expenses which totaled $0.6 million and $1.3 million, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $0.4 million and $0.8 million for the three and six months ended June 30, 2020, respectively. ​ The following table represents amounts due from the Company to CTO (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description June 30, 2021 December 31, 2020 Management Fee due to CTO ​ $ 721 ​ $ 631 Other ​ ​ 560 (1) ​ (52) Total (2) ​ $ 1,281 ​ $ 579 (1) Includes $0.6 million due to CTO for the transference of funds held in a capital replacement reserve account associated with the financing of the CMBS Portfolio acquired from CTO on June 30, 2021. (2) Included in Accrued Expenses, see Note 7, “Accounts Payable, Accrued Expenses, and Other Liabilities”. ​ Exclusivity and ROFO Agreement On November 26, 2019, we also entered into an exclusivity and right of first offer (“ROFO”) agreement with CTO. During the term of the exclusivity and ROFO agreement, CTO will not, and will cause each of its affiliates (which for purposes of the exclusivity and 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 exclusivity and 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 exclusivity and ROFO agreement, neither CTO nor any of its affiliates (which for purposes of the exclusivity and 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 exclusivity and ROFO agreement will continue for so long as the Management Agreement with our Manager is in effect. ​ On April 6, 2021, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property (the “Single Property”) for $11.5 million. The acquisition of the Single Property was completed on April 23, 2021. ​ On April 2, 2021, the Company entered into a separate purchase and sale agreement with certain subsidiaries of CTO for the purchase of the CMBS Portfolio. The terms of the purchase and sale agreement, as amended on April 20, 2021, provided a total purchase price of $44.5 million for the CMBS Portfolio. The acquisition of the CMBS Portfolio was completed on June 30, 2021. ​ The entry into the purchase and sale agreements, and subsequent completion of acquisitions, are a result of the Company exercising its right to purchase the Single Property and CMBS Portfolio under the ROFO agreement. ​ ​ ​ ​ Conflicts of Interest ​ Conflicts of interest may exist or could arise in the future with CTO and its affiliates, including our Manager, the individuals who serve as our executive officers and executive officers of CTO, any individual who serves as a director of our company and as a director of CTO and any limited partner of the Operating Partnership. Conflicts may include, without limitation: conflicts arising from the enforcement of agreements between us and CTO or our Manager; conflicts in the amount of time that executive officers and employees of CTO, who are provided to us through our Manager, will spend on our affairs versus CTO’s affairs; and conflicts in future transactions that we may pursue with CTO and its affiliates. We do not generally expect to enter into joint ventures with CTO, but if we do so, the terms and conditions of our joint venture investment will be subject to the approval of a majority of disinterested directors of the Board. In addition, we are subject to conflicts of interest arising out of our relationships with our Manager. Pursuant to the Management Agreement, our Manager is obligated to supply us with our senior management team. However, our Manager is not obligated to dedicate any specific CTO personnel exclusively to us, nor are the CTO personnel provided to us by our Manager obligated to dedicate any specific portion of their time to the management of our business. Additionally, our Manager is a wholly owned subsidiary of CTO. All of our executive officers are executive officers and employees of CTO and one of our officers (John P. Albright) is also a member of CTO’s board of directors. As a result, our Manager and the CTO personnel it provides to us may have conflicts between their duties to us and their duties to, and interests in, CTO. ​ We may acquire or sell single-tenant, net leased properties in which our Manager or its affiliates have or may have an interest. Similarly, our Manager or its affiliates may acquire or sell single-tenant, net leased properties in which we have or may have an interest. Although such acquisitions or dispositions may present conflicts of interest, we nonetheless may pursue and consummate such transactions. Additionally, we may engage in transactions directly with our Manager or its affiliates, including the purchase and sale of all or a portion of a portfolio asset. If we acquire a single-tenant, net leased property from CTO or one of its affiliates or sell a single-tenant, 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 arms’ 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 exclusivity and 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 exclusivity and ROFO agreement will not prevent CTO from pursuing certain acquisition opportunities that otherwise satisfy our then-current investment criteria. Our directors and executive officers have duties to our company under applicable Maryland law in connection with their management of our company. At the same time, PINE GP has fiduciary duties, as the general partner, to the Operating Partnership and to the limited partners under Delaware law in connection with the management of the Operating Partnership. These duties as a general partner to the Operating Partnership and its partners may come into conflict with the duties of our directors and executive officers to us. Unless otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty standards under which it owes its limited partners the highest duties of loyalty and care and which generally prohibits such general partner from taking any action or engaging in any transaction as to which it has a conflict of interest. The partnership agreement provides that in the event of a conflict between the interests of our stockholders on the one hand and the limited partners of the Operating Partnership on the other hand, PINE GP will endeavor in good faith to resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that so long as we own a controlling interest in the Operating Partnership, any such conflict that we, in our sole and absolute discretion, determine cannot be resolved in a manner not adverse to either our stockholders or the limited partners of the Operating Partnership shall be resolved in favor of our stockholders, and we shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the limited partners in connection with such decisions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 15. 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.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2021
ASSETS HELD FOR SALE
ASSETS HELD FOR SALE	NOTE 16. ASSETS HELD FOR SALE ​ The following is a summary of assets held for sale as of June 30, 2021 (in thousands). One income property was classified as held for sale as of June 30, 2021. There were no liabilities held for sale as of June 30, 2021. Additionally, there were no assets or liabilities held for sale as of December 31 ​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 Real Estate-Net ​ $ 2,858 Intangible Lease Assets—Net ​ ​ 332 Intangible Lease Liabilities—Net ​ ​ (108) Total Assets Held for Sale ​ $ 3,082 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17. SUBSEQUENT EVENTS ​ The Company reviewed all subsequent events and transactions through July 22, 2021, the date the consolidated financial statements were issued. There were no reportable subsequent events or transactions.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the 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 income 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.
LONG-LIVED ASSETS	LONG-LIVED ASSETS The Company follows Financial Accounting Standards Board (“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 the 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.
INCOME PROPERTY LEASE REVENUE	INCOME PROPERTY LEASE REVENUE The rental arrangements associated with the Company’s income 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, 2021 and December 31, 2020, the Company had recorded an allowance for doubtful accounts of $0.1 million.
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, 2021 and December 31, 2020 include certain amounts over the Federal Deposit Insurance Corporation limits. The carrying value of cash and cash equivalents is reported at Level 1 in the fair value hierarchy, which represents valuation based upon quoted prices in active markets for identical assets or liabilities.
RESTRICTED CASH	RESTRICTED CASH ​ Restricted cash totaled $2.2 million at June 30, 2021, of which $0.6 million is being held in a capital replacement reserve account in connection with our financing of six income properties and $1.6 million is being held in an escrow account for the repayment of the $1.6 million in mortgage notes which were repaid on July 1, 2021.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY ​ Interest Rate Swaps. 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 formally assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on an ongoing basis. As the terms of the interest rate swaps and the associated debts are identical, both hedging instruments qualify for the shortcut method, therefore, it is assumed that there is no hedge ineffectiveness throughout the entire term of the hedging instruments. ​ Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 9, “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, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility, hereinafter defined, as of June 30, 2021 and December 31, 2020, approximates current market rates for revolving credit arrangements with similar risks and maturities. The Company estimates the fair value of its mortgage notes payable and Term Loan, hereinafter defined, 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 RISK	CONCENTRATION OF RISK Certain of the tenants in the portfolio of 71 properties accounted for more than 10% of total revenues during the six months ended June 30, 2021 and 2020. ​ During the six months ended June 30, 2021, the properties leased to Wells Fargo Bank, NA represented 15% of total revenues. During the six months ended June 30, 2020, the properties leased to Wells Fargo Bank, NA and Hilton Grand Vacations represented 21% and 14% of total revenues, respectively. ​ As of June 30, 2021 and December 31, 2020, based on square footage, 13% and 17%, respectively, of the Company’s real estate portfolio was located in the State of Florida and 12% and 15%, respectively, of the Company’s real estate portfolio was located in the State of North Carolina. Additionally, as of June 30, 2021, more than 10%of the Company’s real estate portfolio, based on square footage, was located in the State of Texas and more than 10% of the Company’s real estate portfolio was located in the States of Oregon and Michigan as of December 31, 2020.
RECLASSIFICATIONS	RECLASSIFICATIONS ​ Certain items in the consolidated balance sheet as of December 31, 2020 have been reclassified to conform to the presentation as of March 31, 2021. Specifically, in the first quarter of 2021, the Company reclassified deferred financing costs, net of accumulated amortization, as a component of other assets on the accompanying consolidated balance sheet. Accordingly, deferred financing costs of $0.9 million, net of accumulated amortization of $0.2 million, were reclassified from long-term debt to other assets as of December 31, 2020. Additionally, in the second quarter of 2021, the Company increased non-cash compensation for the six months ended June 30, 2020 by $0.03 million through a reclassification from accounts payable, accrued expenses, and other liabilities within operating activities on the accompanying consolidated statements of cash flows which is the result of timing related to the issuance of shares for director retainers. ​

INCOME PROPERTY PORTFOLIO (Tabl

INCOME PROPERTY PORTFOLIO (Tables)	6 Months Ended
	Jun. 30, 2021
INCOME 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, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Lease Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 5,986 ​ $ 4,229 ​ $ 11,432 ​ $ 8,041 Variable Lease Payments ​ ​ 611 ​ ​ 362 ​ ​ 1,055 ​ ​ 721 Total Lease Income ​ $ 6,597 ​ $ 4,591 ​ $ 12,487 ​ $ 8,762
Schedule of minimum future base rental revenue on non-cancelable leases	Minimum Future Rental Receipts. ​ ​ ​ ​ Year Ending December 31, Amounts Remainder of 2021 ​ $ 14,397 2022 ​ ​ 28,593 2023 ​ ​ 28,472 2024 ​ ​ 28,042 2025 ​ ​ 27,164 2026 and thereafter (cumulative) ​ ​ 103,482 Total ​ $ 230,150
Schedule of single-tenant net lease income properties acquired	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Dollar General ​ Cut and Shoot, TX ​ 1/25/2021 ​ 9,096 ​ $ 1,727 ​ 14.8 Dollar General ​ Del Rio, TX ​ 1/25/2021 ​ 9,219 ​ ​ 1,403 ​ 14.0 Dollar General ​ Seguin, TX ​ 1/25/2021 ​ 9,155 ​ ​ 1,290 ​ 14.1 At Home ​ Canton, OH ​ 3/9/2021 ​ 89,902 ​ ​ 8,571 (1) 8.4 Pet Supplies Plus ​ Canton, OH ​ 3/9/2021 ​ 8,400 ​ ​ 1,135 (1) 6.6 Salon Lofts ​ Canton, OH ​ 3/9/2021 ​ 4,000 ​ ​ 694 (1) 7.0 Sportsman Warehouse ​ Albuquerque, NM ​ 3/29/2021 ​ 48,974 ​ ​ 7,100 ​ 8.4 Burlington Stores, Inc. ​ North Richland Hills, TX ​ 4/23/2021 ​ 70,891 ​ ​ 11,528 ​ 7.8 Academy Sports ​ Florence, SC ​ 6/22/2021 ​ 58,410 ​ ​ 7,650 ​ 7.7 Big Lots ​ Durant, OK ​ 6/25/2021 ​ 36,794 ​ ​ 1,836 (2) 5.5 Orscheln ​ Durant, OK ​ 6/25/2021 ​ 37,965 ​ ​ 2,017 (2) 1.7 Lowe's ​ Katy, TX ​ 6/30/2021 ​ 131,644 ​ ​ 14,672 ​ 11.1 Harris Teeter ​ Charlotte, NC ​ 6/30/2021 ​ 45,089 ​ ​ 8,273 ​ 6.8 Rite Aid ​ Renton, WA ​ 6/30/2021 ​ 16,280 ​ ​ 7,200 ​ 5.1 Walgreens ​ Clermont, FL ​ 6/30/2021 ​ 13,650 ​ ​ 5,085 ​ 7.2 Big Lots ​ Germantown, MD ​ 6/30/2021 ​ 25,589 ​ ​ 4,670 ​ 9.6 Big Lots ​ Phoenix, AZ ​ 6/30/2021 ​ 34,512 ​ ​ 4,599 ​ 9.6 Circle K ​ Indianapolis, IN ​ 6/30/2021 ​ 4,283 ​ ​ 2,800 (3) 3.4 Burger King ​ Plymouth, NC ​ 6/30/2021 ​ 3,142 ​ ​ 1,736 (3) 6.8 Dollar Tree ​ Demopolis, AL ​ 6/30/2021 ​ 10,159 ​ ​ 1,615 (3) 8.7 Firestone ​ Pittsburgh, PA ​ 6/30/2021 ​ 10,629 ​ ​ 1,468 (3) 7.8 Advance Auto Parts ​ Ware, MA ​ 6/30/2021 ​ 6,889 ​ ​ 1,396 (3) 3.6 Grease Monkey ​ Stockbridge, GA ​ 6/30/2021 ​ 1,846 ​ ​ 1,318 (3) 12.3 Hardee's ​ Boaz, AL ​ 6/30/2021 ​ 3,542 ​ ​ 1,185 (3) 9.4 Schlotzsky's ​ Sweetwater, TX ​ 6/30/2021 ​ 2,431 ​ ​ 1,147 (3) 14.0 Advance Auto Parts ​ Athens, GA ​ 6/30/2021 ​ 6,871 ​ ​ 1,127 (3) 3.6 ​ ​ Total / Weighted Average ​ 699,362 ​ $ 103,242 ​ 8.8 (1) Tenants represent the acquisition of one property for a purchase price of $10.4 million which was allocated based on cash base rent in place at the time of acquisition. (2) Tenants represent the acquisition of one property for a purchase price of $3.9 million which was allocated based on cash base rent in place at the time of acquisition. (3) The aggregate purchase price of $13.8 million was funded through the partial consideration issuance of 424,951 OP Units valued at $8.0 million, see Note 10, “Equity.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) 7-Eleven ​ Austin, TX ​ 1/13/2020 ​ 6,400 ​ $ 5,762 ​ 15.0 7-Eleven ​ Georgetown, TX ​ 1/13/2020 ​ 7,726 ​ ​ 4,301 ​ 15.0 Conn's HomePlus ​ Hurst, TX ​ 1/10/2020 ​ 37,957 ​ ​ 6,100 ​ 11.6 Lehigh Gas Wholesale Services, Inc. ​ Highland Heights, KY ​ 2/03/2020 ​ 2,578 ​ ​ 4,250 ​ 10.8 American Multi-Cinema, Inc. ​ Tyngsborough, MA ​ 2/19/2020 ​ 39,474 ​ ​ 7,055 ​ 10.1 Hobby Lobby ​ Tulsa, OK ​ 2/28/2020 ​ 84,180 ​ ​ 12,486 ​ 10.8 Long John Silver's ​ Tulsa, OK ​ 2/28/2020 ​ 3,000 ​ ​ 264 ​ N/A Old Time Pottery ​ Orange Park, FL ​ 2/28/2020 ​ 84,180 ​ ​ 6,312 ​ 10.4 Freddy's Frozen Custard ​ Orange Park, FL ​ 2/28/2020 ​ 3,200 ​ ​ 303 ​ 6.8 Hobby Lobby ​ Arden, NC ​ 6/24/2020 ​ 55,000 ​ ​ 7,987 ​ 11.2 Walmart ​ Howell, MI ​ 6/30/2020 ​ 214,172 ​ ​ 20,590 ​ 6.6 ​ ​ Total / Weighted Average ​ 537,867 ​ $ 75,410 ​ 10.2

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 6,294 ​ $ 6,294 ​ $ 1,894 ​ $ 1,894 Restricted Cash - Level 1 ​ $ 2,190 ​ $ 2,190 ​ $ — ​ $ — Long-Term Debt - Level 2 ​ $ 140,806 ​ $ 143,516 ​ $ 106,809 ​ $ 106,809
Schedule of fair value of assets (liabilities) measured on recurring basis by Level	The following tables present the fair value of assets (liabilities) measured on a recurring basis by Level as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (1) ​ $ 151 ​ $ — ​ $ 151 ​ $ — Term Loan Interest Rate Swap (2) ​ $ 29 ​ $ — ​ $ 29 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (1) ​ $ (481) ​ $ — ​ $ (481) ​ $ — Term Loan Interest Rate Swap (2) ​ $ — ​ $ — ​ $ — ​ $ — (1) Effective April 30, 2020, the Company utilized an interest rate swap to achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined). (2) Effective May 21, 2021, the Company utilized an interest rate swap to achieve a fixed LIBOR rate of 0.81% plus the applicable spread on the $60.0 million outstanding Term Loan (hereinafter defined) balance.

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 ​ December 31, 2020 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 37,281 ​ $ 27,494 Value of Above Market In-Place Leases ​ ​ 2,558 ​ ​ 2,187 Value of Intangible Leasing Costs ​ ​ 14,803 ​ ​ 11,459 Sub-total Intangible Lease Assets ​ ​ 54,642 ​ ​ 41,140 Accumulated Amortization ​ ​ (6,837) ​ ​ (4,259) Sub-total Intangible Lease Assets—Net ​ ​ 47,805 ​ ​ 36,881 Intangible Lease Liabilities: ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (5,236) ​ ​ (3,674) Sub-total Intangible Lease Liabilities ​ ​ (5,236) ​ ​ (3,674) Accumulated Amortization ​ ​ 582 ​ ​ 375 Sub-total Intangible Lease Liabilities—Net ​ ​ (4,654) ​ ​ (3,299) Total Intangible Assets and Liabilities—Net ​ $ 43,151 ​ $ 33,582
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, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Amortization Expense ​ $ 1,303 ​ $ 847 ​ $ 2,498 ​ $ 1,608 Increase to Income Properties Revenue ​ ​ (50) ​ ​ (29) ​ ​ (91) ​ ​ (48) Net Amortization of Intangible Assets and Liabilities ​ $ 1,253 ​ $ 818 ​ $ 2,407 ​ $ 1,560
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 Income Property Revenue ​ Net Future Amortization of Intangible Assets and Liabilities Remainder of 2021 ​ $ 3,213 ​ $ (156) ​ $ 3,057 2022 ​ ​ 6,426 ​ ​ (312) ​ ​ 6,114 2023 ​ ​ 6,424 ​ ​ (312) ​ ​ 6,112 2024 ​ ​ 6,194 ​ ​ (300) ​ ​ 5,894 2025 ​ ​ 5,740 ​ ​ (275) ​ ​ 5,465 2026 and thereafter ​ ​ 17,639 ​ ​ (1,130) ​ ​ 16,509 Total ​ $ 45,636 ​ $ (2,485) ​ $ 43,151 ​

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
OTHER ASSETS.
Schedule of components of other assets	Other assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2021 ​ December 31, 2020 Tenant Receivables ​ $ 46 ​ $ 164 Accrued Unbilled Tenant Receivables—Net of Allowance for Doubtful Accounts (1) ​ ​ 552 ​ ​ 119 Prepaid Insurance ​ ​ 251 ​ ​ 606 Deposits on Acquisitions ​ ​ 350 ​ ​ 100 Prepaid and Deposits—Other ​ ​ 187 ​ ​ 442 Deferred Financing Costs—Net ​ ​ 523 ​ ​ 650 Interest Rate Swaps ​ ​ 180 ​ ​ — Total Other Assets ​ $ 2,089 ​ $ 2,081 (1) As of June 30, 2021 and December 31, 2020, includes $0.1 million allowance for doubtful accounts.

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 ​ December 31, 2020 Accounts Payable ​ $ 246 ​ $ 450 Accrued Expenses ​ ​ 895 ​ ​ 474 Due to CTO ​ ​ 1,281 (1) ​ 579 Interest Rate Swap ​ ​ — ​ ​ 481 Total Accounts Payable, Accrued Expenses, and Other Liabilities ​ $ 2,422 ​ $ 1,984 (1) As of June 30, 2021, includes $0.6 million due to CTO for the transference of funds held in a capital replacement reserve account associated with the financing of six net lease properties (the “CMBS Portfolio”) acquired from CTO on June 30, 2021.

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of June 30, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt ​ Stated Interest Rate ​ Maturity Date Credit Facility (1) ​ $ 50,000 ​ 30-Day LIBOR + ​ November 2023 Term Loan (2) ​ ​ 60,000 ​ 30-Day LIBOR + ​ May 2026 Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ 4.33% ​ October 2034 Mortgage Notes Payable ​ ​ 1,622 ​ N/A ​ July 2021 (3) Total Debt/Weighted-Average Rate ​ $ 141,622 ​ 2.50% ​ ​ (1) Effective April 30, 2020, the Company utilized an interest rate swap to achieve a fixed interest rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the Credit Facility (hereinafter defined). (2) Effective May 21, 2021, the Company utilized an interest rate swap to achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million Term Loan (hereinafter defined) balance. (3) Mortgage notes payable assumed in connection with the acquisition of two net lease properties during the three months ended June 30, 2021 which was repaid on July 1, 2021.
Schedule of components of long-term debt	Long-term debt as of June 30, 2021 and December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 50,000 ​ $ — ​ $ 106,809 ​ $ — Term Loan ​ ​ 60,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Notes Payable ​ ​ 1,622 (1) ​ 1,622 ​ ​ — ​ ​ — Financing Costs, net of accumulated amortization ​ ​ (816) ​ ​ — ​ ​ — ​ ​ — Total Long-Term Debt ​ $ 140,806 ​ $ 1,622 ​ $ 106,809 ​ $ — (1) Mortgage notes payable assumed in connection with the acquisition of two net lease properties during the three months ended June 30, 2021 which was repaid on July 1, 2021.
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of June 30, 2021 will be required as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount Remainder of 2021 ​ $ 1,622 2022 ​ ​ — 2023 ​ ​ 50,000 2024 ​ ​ — 2025 ​ ​ — 2026 and thereafter ​ ​ 90,000 Total Long-Term Debt - Face Value ​ $ 141,622
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of June 30, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 141,622 Financing Costs, net of accumulated amortization ​ ​ (816) Total Long-Term Debt ​ $ 140,806
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, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Interest Expense ​ $ 594 ​ $ 301 ​ $ 1,084 ​ $ 505 Amortization of Deferred Financing Costs to Interest Expense ​ ​ 84 ​ ​ 43 ​ ​ 149 ​ ​ 88 Total Interest Expense ​ $ 678 ​ $ 344 ​ $ 1,233 ​ $ 593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 623 ​ $ 337 ​ $ 1,105 ​ $ 501

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
COMMON STOCK AND EARNINGS PER SHARE
Schedule of computation of earnings per share	​ The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Net Income Attributable to Alpine Income Property Trust, Inc. ​ $ 304 ​ $ 240 ​ $ 744 ​ $ 253 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Number of Common Shares Outstanding ​ ​ 8,853,259 ​ ​ 7,544,991 ​ ​ 8,212,902 ​ ​ 7,721,835 Common Shares Applicable to OP Units using Treasury Stock Method (1) ​ ​ 1,228,524 ​ ​ 1,223,854 ​ ​ 1,226,202 ​ ​ 1,223,854 Total Shares Applicable to Diluted Earnings per Share ​ ​ 10,081,783 ​ ​ 8,768,845 ​ ​ 9,439,104 ​ ​ 8,945,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income Attributable to Alpine Income Property Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.03 ​ $ 0.03 ​ $ 0.09 ​ $ 0.03 Diluted ​ $ 0.03 ​ $ 0.03 ​ $ 0.08 ​ $ 0.03 (1) Represents the weighted average impact of 1,648,805 shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 424,951 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of nine net lease properties during the three months ended June 30, 2021.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares ​ Shares Wtd. Avg. Fair Value Outstanding at January 1, 2021 ​ ​ 5,336 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at June 30, 2021 ​ ​ 5,336 ​ $ 18.80
Summary of activity for stock option awards	​ Stock compensation expense for the three and six months ended June 30, 2021 and 2020 is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ June 30, 2021 ​ June 30, 2020 Stock Compensation Expense – Director Restricted Stock ​ $ 13 ​ $ 13 ​ $ 25 ​ $ 26 Stock Compensation Expense – Director Retainers Paid in Stock ​ ​ 66 ​ ​ 55 ​ ​ 127 ​ ​ 109 Total Stock Compensation Expense (1) ​ $ 79 ​ $ 68 ​ $ 152 ​ $ 135 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the six months ended June 30, 2021 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
	Jun. 30, 2021
RELATED PARTY MANAGEMENT COMPANY
Schedule of amount due to parent company	The following table represents amounts due from the Company to CTO (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description June 30, 2021 December 31, 2020 Management Fee due to CTO ​ $ 721 ​ $ 631 Other ​ ​ 560 (1) ​ (52) Total (2) ​ $ 1,281 ​ $ 579 (1) Includes $0.6 million due to CTO for the transference of funds held in a capital replacement reserve account associated with the financing of the CMBS Portfolio acquired from CTO on June 30, 2021. (2) Included in Accrued Expenses, see Note 7, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

ASSETS HELD FOR SALE (Tables)

ASSETS HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2021
ASSETS HELD FOR SALE
Schedule of assets held for sale	​ ​ ​ ​ ​ ​ ​ As of June 30, 2021 Real Estate-Net ​ $ 2,858 Intangible Lease Assets—Net ​ ​ 332 Intangible Lease Liabilities—Net ​ ​ (108) Total Assets Held for Sale ​ $ 3,082

BUSINESS AND ORGANIZATION - Bus

BUSINESS AND ORGANIZATION - Business (Details)	Jun. 30, 2021employeestateitemproperty	Jun. 25, 2021property	Mar. 09, 2021property	Jun. 30, 2020property
Description of business
Number of real estate properties	71	1	1	71
Number of markets in which entity operates | item	49
Number of states in which entity operates | state	22
Entity Number of Employees | employee	0
Single-tenant
Description of business
Number of real estate properties	71

BUSINESS AND ORGANIZATION - Org

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Thousands	Nov. 26, 2019USD ($)property$ / sharesshares	Jun. 30, 2021USD ($)propertyshares	Jun. 30, 2021USD ($)property$ / sharesshares	Jun. 30, 2021	Jun. 30, 2021D
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock			$ 64,999
Share issued | shares	421,053
Aggregate offer price	$ 8,000	$ 57,348	$ 64,999
Cash investment	15,500
Cash Received from Private Placement	$ 125,900
Number of properties acquired | property	15
Number of contributed properties | property	5
OP units exchanged | shares	1,223,854
Value of OP units converted	$ 23,300
Net Transactions with Consolidated-Tomoka Land Co.	12,000
Underwriting fees	$ 9,400
Percentage of outstanding common stock	22.30%
Stock split ratio	1
Percentage of ownership interest in limited liability company			3.30%
Partners' capital account, units issued | shares		424,951	424,951
Partners' capital account, units issued, value			$ 8,000
Partners' capital account, units issued, value per unit | $ / shares			$ 18.85
Number of trailing days | D					9
Number of lease properties acquired		9	9		9
REIT Eligibility, Distributable , Minimum Percentage of Taxable Income, Excluding Net Capital Gains				90.00%
IPO
Class of Stock [Line Items]
Price per share | $ / shares	$ 19
Gross proceeds form the issuance of common stock	$ 142,500
Share issued | shares	7,500,000
Private Placement
Class of Stock [Line Items]
Share issued | shares	394,737
Aggregate offer price	$ 7,500
Single-tenant
Class of Stock [Line Items]
Number of properties acquired | property	15
Number of contributed properties | property	5
PINE GP | Operating Partnership
Class of Stock [Line Items]
Ownership interest in Operating partnership			87.30%
CTO
Class of Stock [Line Items]
Aggregate offer price	$ 8,000
Percentage of outstanding common stock	22.30%
Stock split ratio	1
Partners' capital account, units issued | shares		1,223,854
Number of lease properties acquired | property		6	6
CTO | Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership			9.40%
Partners' capital account, units issued | shares			1,223,854

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Allowance for doubtful accounts	$ 0.1	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) $ in Thousands	Jul. 01, 2021USD ($)	Jun. 30, 2021USD ($)property
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash		$ 2,190
Capital replacement reserve account		$ 600
Number of real estate properties, held in replacement | property		6
Escrow Deposit		$ 1,600
Amount held in escrow for mortgage notes repayment	$ 1,600

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - property	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 25, 2021	Mar. 09, 2021
Product Information [Line Items]
Number of real estate properties	71	71		1	1
Real estate property at Florida
Product Information [Line Items]
Real estate portfolio (as a percent)	13.00%		17.00%
Real estate property at North Carolina
Product Information [Line Items]
Real estate portfolio (as a percent)	12.00%		15.00%
Single-tenant
Product Information [Line Items]
Number of real estate properties	71
Minimum | Real estate property at Texas
Product Information [Line Items]
Real estate portfolio (as a percent)	10.00%		10.00%
Minimum | Real Estate property at Oregon and Michigan
Product Information [Line Items]
Real estate portfolio (as a percent)			10.00%
Customer Concentration Risk | Hilton Grand Vacations | Revenue Benchmark
Product Information [Line Items]
Concentration risk (as a percent)		14.00%
Customer Concentration Risk | Wells Fargo Bank, NA | Revenue Benchmark
Product Information [Line Items]
Concentration risk (as a percent)	15.00%	21.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Adjustment - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Reclassification [Line Items]
Deferred financing costs		$ 900
Net of accumulated amortization		$ 200
Increase in share based compensation expense	$ 30

INCOME PROPERTY PORTFOLIO - Por

INCOME PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Jun. 30, 2021ft²property	Jun. 25, 2021property	Mar. 09, 2021property	Jun. 30, 2020property
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property	71	1	1	71
Area of real estate property | ft²	2.3

INCOME PROPERTY PORTFOLIO - Lea

INCOME PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lease Income
Lease Payments	$ 5,986	$ 4,229	$ 11,432	$ 8,041
Variable Lease Payments	611	362	1,055	721
Total Lease Income	$ 6,597	$ 4,591	$ 12,487	$ 8,762

INCOME PROPERTY PORTFOLIO - Min

INCOME PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2021	$ 14,397
2022	28,593
2023	28,472
2024	28,042
2025	27,164
2026 and thereafter (cumulative)	103,482
Total	$ 230,150

INCOME PROPERTY PORTFOLIO - Pro

INCOME PROPERTY PORTFOLIO - Properties Acquired - General Information (Details) $ in Thousands	Jun. 25, 2021USD ($)property	Mar. 09, 2021USD ($)property	Jun. 30, 2021USD ($)property	Jun. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property	1	1	71	71
Purchase price	$ 3,900	$ 10,400	$ 13,800
Acquired intangible liabilities for the below market lease			$ 4,654		$ 3,299
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property			23
Purchase price			$ 103,242
Acquired properties, cost			103,800
Initial cost of land			34,100
Initial cost of building and improvements			57,500
Acquired in-place lease value, leasing fees, and above market lease value			13,900
Acquired intangible liabilities for the below market lease			$ 1,500
Weighted average amortization period of intangible liabilities			8 years 3 months 18 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property				11
Purchase price				$ 75,410
Acquired properties, cost				76,000
Initial cost of land				22,500
Initial cost of building and improvements				42,200
Acquired in-place lease value, leasing fees, and above market lease value				12,400
Acquired intangible liabilities for the below market lease				$ 1,100
Weighted average amortization period of intangible liabilities				9 years 3 months 18 days
Number of real estate properties disposed			0	0

INCOME PROPERTY PORTFOLIO - P_2

INCOME PROPERTY PORTFOLIO - Properties Acquired - Tabular Disclosure (Details) $ in Thousands	Jun. 25, 2021USD ($)property	Mar. 09, 2021USD ($)property	Jun. 30, 2021propertyshares	Jun. 30, 2021USD ($)ft²propertyshares	Jun. 30, 2020USD ($)ft²property
INCOME PROPERTY PORTFOLIO
Purchase price	$ 3,900	$ 10,400		$ 13,800
Number of real estate properties | property	1	1	71	71	71
Partners' capital account, units issued | shares			424,951	424,951
Partners' capital account, units issued, value				$ 8,000
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Property square-feet | ft²				699,362
Purchase price				$ 103,242
Number of real estate properties | property			23	23
Single-tenant Net Lease Income Properties Acquired in 2021 | Weighted Average
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition				8 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Cut and Shoot, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jan. 25, 2021
Property square-feet | ft²				9,096
Purchase price				$ 1,727
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Del Rio, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jan. 25, 2021
Property square-feet | ft²				9,219
Purchase price				$ 1,403
Remaining lease term at acquisition				14 years
Single-tenant Net Lease Income Property, Dollar, General Seguin, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jan. 25, 2021
Property square-feet | ft²				9,155
Purchase price				$ 1,290
Remaining lease term at acquisition				14 years 1 month 6 days
Single-tenant Net Lease Income Property, At Home, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition				Mar. 9, 2021
Property square-feet | ft²				89,902
Purchase price				$ 8,571
Remaining lease term at acquisition				8 years 4 months 24 days
Single-tenant Net Lease Income Property, Pet Supplies Plus, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition				Mar. 9, 2021
Property square-feet | ft²				8,400
Purchase price				$ 1,135
Remaining lease term at acquisition				6 years 7 months 6 days
Single-tenant Net Lease Income Property, Salon Lofts, Canton, OH
INCOME PROPERTY PORTFOLIO
Date of acquisition				Mar. 9, 2021
Property square-feet | ft²				4,000
Purchase price				$ 694
Remaining lease term at acquisition				7 years
Single-tenant Net Lease Income Property, Sportsman Warehouse, Albuquerque, NM
INCOME PROPERTY PORTFOLIO
Date of acquisition				Mar. 29, 2021
Property square-feet | ft²				48,974
Purchase price				$ 7,100
Remaining lease term at acquisition				8 years 4 months 24 days
Single Tenant Net Lease Income Property, Burlington Stores, Inc, North Richland Hills, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition				Apr. 23, 2021
Property square-feet | ft²				70,891
Purchase price				$ 11,528
Remaining lease term at acquisition				7 years 9 months 18 days
Single Tenant Net Lease Income Property, Academy Sports, Florence, SC
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 22, 2021
Property square-feet | ft²				58,410
Purchase price				$ 7,650
Remaining lease term at acquisition				7 years 8 months 12 days
Single Tenant Net Lease Income Property, Big Lots, Durant, OK
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 25, 2021
Property square-feet | ft²				36,794
Purchase price				$ 1,836
Remaining lease term at acquisition				5 years 6 months
Single Tenant Net Lease Income Property, Orscheln, Durant, OK
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 25, 2021
Property square-feet | ft²				37,965
Purchase price				$ 2,017
Remaining lease term at acquisition				1 year 8 months 12 days
Single Tenant Net Lease Income Property, Lowe's, Katy, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				131,644
Purchase price				$ 14,672
Remaining lease term at acquisition				11 years 1 month 6 days
Single Tenant Net Lease Income Property, Harris Teeter, Charlotte, NC
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				45,089
Purchase price				$ 8,273
Remaining lease term at acquisition				6 years 9 months 18 days
Single Tenant Net Lease Income Property, Rite Aid, Renton, WA
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				16,280
Purchase price				$ 7,200
Remaining lease term at acquisition				5 years 1 month 6 days
Single Tenant Net Lease Income Property Walgreens, Clermont, FL
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				13,650
Purchase price				$ 5,085
Remaining lease term at acquisition				7 years 2 months 12 days
Single Tenant Net Lease Income Property, Big Lots, Germantown, Maryland
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				25,589
Purchase price				$ 4,670
Remaining lease term at acquisition				9 years 7 months 6 days
Single Tenant Net Lease Income Property, Big Lots, Phoenix, Arizona
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				34,512
Purchase price				$ 4,599
Remaining lease term at acquisition				9 years 7 months 6 days
Single Tenant Net Lease Income Property, Circle K, Indianapolis, IN
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				4,283
Purchase price				$ 2,800
Remaining lease term at acquisition				3 years 4 months 24 days
Single Tenant Net Lease Income Property, Burger King, Plymouth, NC
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				3,142
Purchase price				$ 1,736
Remaining lease term at acquisition				6 years 9 months 18 days
Single Tenant Net Lease Income Property, Dollar Tree, Demopolis, AL
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				10,159
Purchase price				$ 1,615
Remaining lease term at acquisition				8 years 8 months 12 days
Single Tenant Net Lease Income Property, Firestone, Pittsburgh, PA
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				10,629
Purchase price				$ 1,468
Remaining lease term at acquisition				7 years 9 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, Ware, MA
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				6,889
Purchase price				$ 1,396
Remaining lease term at acquisition				3 years 7 months 6 days
Single Tenant Net Lease Income Property, Grease Monkey, Stockbridge, GA
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				1,846
Purchase price				$ 1,318
Remaining lease term at acquisition				12 years 3 months 18 days
Single Tenant Net Lease Income Property, Hardee's, Boaz, AL
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				3,542
Purchase price				$ 1,185
Remaining lease term at acquisition				9 years 4 months 24 days
Single Tenant Net Lease Income Property, Schlotzsky's, Sweetwater, TX
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				2,431
Purchase price				$ 1,147
Remaining lease term at acquisition				14 years
Single Tenant Net Lease Income Property, Advance Auto Parts, Athens, GA
INCOME PROPERTY PORTFOLIO
Date of acquisition				Jun. 30, 2021
Property square-feet | ft²				6,871
Purchase price				$ 1,127
Remaining lease term at acquisition				3 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Property square-feet | ft²					537,867
Purchase price					$ 75,410
Number of real estate properties | property					11
Single-tenant Net Lease Income Properties Acquired in 2020 | Weighted Average
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition					10 years 2 months 12 days
Single-tenant Net Lease Income Property, 7-Eleven, Austin, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition					Jan. 13, 2020
Property square-feet | ft²					6,400
Purchase price					$ 5,762
Remaining lease term at acquisition					15 years
Single-tenant Net Lease Income Property, 7-Eleven, Georgetown, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition					Jan. 13, 2020
Property square-feet | ft²					7,726
Purchase price					$ 4,301
Remaining lease term at acquisition					15 years
Single-tenant Net Lease Income Property, Conn's HomePlus, Hurst, Texas
INCOME PROPERTY PORTFOLIO
Date of acquisition					Jan. 10, 2020
Property square-feet | ft²					37,957
Purchase price					$ 6,100
Remaining lease term at acquisition					11 years 7 months 6 days
Single-tenant Net Lease Income Property, Lehigh Gas Wholesale Services, Inc, Highland Heights, Kentucky
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 3, 2020
Property square-feet | ft²					2,578
Purchase price					$ 4,250
Remaining lease term at acquisition					10 years 9 months 18 days
Single-tenant Net Lease Income Property, American Multi-Cinema, Inc, Tyngsborough, Massachusetts
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 19, 2020
Property square-feet | ft²					39,474
Purchase price					$ 7,055
Remaining lease term at acquisition					10 years 1 month 6 days
Single-tenant Net Lease Income Property, Hobby Lobby, Tulsa, Oklahoma
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 28, 2020
Property square-feet | ft²					84,180
Purchase price					$ 12,486
Remaining lease term at acquisition					10 years 9 months 18 days
Single-tenant Net Lease Income Property, Long John Silver's, Tulsa, Oklahoma
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 28, 2020
Property square-feet | ft²					3,000
Purchase price					$ 264
Single-tenant Net Lease Income Property, Old Time Pottery, Orange Park, Florida
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 28, 2020
Property square-feet | ft²					84,180
Purchase price					$ 6,312
Remaining lease term at acquisition					10 years 4 months 24 days
Single-tenant Net Lease Income Property, Freddy's Frozen Custard, Orange Park, Florida
INCOME PROPERTY PORTFOLIO
Date of acquisition					Feb. 28, 2020
Property square-feet | ft²					3,200
Purchase price					$ 303
Remaining lease term at acquisition					6 years 9 months 18 days
Single-tenant Net Lease Income Property, Hobby Lobby, Arden, North Carolina
INCOME PROPERTY PORTFOLIO
Date of acquisition					Jun. 24, 2020
Property square-feet | ft²					55,000
Purchase price					$ 7,987
Remaining lease term at acquisition					11 years 2 months 12 days
Single-tenant Net Lease Income Property, Walmart, Howell, Michigan
INCOME PROPERTY PORTFOLIO
Date of acquisition					Jun. 30, 2020
Property square-feet | ft²					214,172
Purchase price					$ 20,590
Remaining lease term at acquisition					6 years 7 months 6 days

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 6,294	$ 1,894
Restricted Cash	2,190
Carrying Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	140,806	106,809
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	6,294	1,894
Restricted Cash	2,190
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	$ 143,516	$ 106,809

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	May 21, 2021	Dec. 31, 2020	Apr. 30, 2020
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 180
Outstanding balance	141,622
Credit Facility
Assets, Fair Value Disclosure [Abstract]
Outstanding balance				$ 50,000
Credit Facility | LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate				0.48%
Term Loan
Assets, Fair Value Disclosure [Abstract]
Outstanding balance	60,000	$ 60,000
Term Loan | LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate		0.81%
Recurring basis | Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	151
Interest Rate Swap			$ (481)
Recurring basis | Term Loan
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	29
Recurring basis | Significant Other Observable Inputs (Level 2) | Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	151
Interest Rate Swap			$ (481)
Recurring basis | Significant Other Observable Inputs (Level 2) | Term Loan
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 29

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Jun. 25, 2021property	Mar. 09, 2021property	Dec. 31, 2020USD ($)	Jun. 30, 2020property
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 54,642			$ 41,140
Accumulated Amortization	(6,837)			(4,259)
Sub-total Intangible Lease Assets-Net	47,805			36,881
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(5,236)			(3,674)
Sub-total Intangible Lease Liabilities	(5,236)			(3,674)
Accumulated Amortization	582			375
Sub-total Intangible Lease Liabilities -Net	(4,654)			(3,299)
Total Intangible Assets and Liabilities-Net	$ 43,151			33,582
INCOME PROPERTY PORTFOLIO
Number of Real Estate Properties | property	71	1	1		71
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 37,281			27,494
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	2,558			2,187
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 14,803			$ 11,459

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 1,303	$ 847	$ 2,498	$ 1,608
Increase to Income Properties Revenue	(50)	(29)	(91)	(48)
Net Amortization of Intangible Assets and Liabilities	$ 1,253	$ 818	$ 2,407	$ 1,560

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Future Amortization Amount
Sub-total Intangible Lease Assets-Net	$ 47,805	$ 36,881
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities -Net	(4,654)	$ (3,299)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2021	3,057
2022	6,114
2023	6,112
2024	5,894
2025	5,465
2026 and thereafter	16,509
Total	$ 43,151
Amount allocated of total acquisition cost
Weighted average amortization period of intangible assets	8 years 10 months 24 days
Future Amortization
Future Amortization Amount
Remainder of 2021	$ 3,213
2022	6,426
2023	6,424
2024	6,194
2025	5,740
2026 and thereafter	17,639
Sub-total Intangible Lease Assets-Net	45,636
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2021	(156)
2022	(312)
2023	(312)
2024	(300)
2025	(275)
2026 and thereafter	(1,130)
Sub-total Intangible Lease Liabilities -Net	$ (2,485)

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other assets
Tenant Receivables	$ 46	$ 164
Accrued Unbilled Tenant Receivables-Net of Allowance for Doubtful Accounts	552	119
Prepaid Insurance	251	606
Deposits on Acquisitions	350	100
Prepaid and Deposits - Other	187	442
Deferred Financing Costs-Net	523	650
Interest Rate Swaps	180
Total Other Assets	2,089	2,081
Allowance for doubtful accounts	$ 100	$ 100

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) $ in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2021property	Jun. 30, 2021D	Dec. 31, 2020USD ($)
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 246			$ 450
Accrued Expenses	895			474
Due to CTO	1,281			579
Interest Rate Swap				481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 2,422			$ 1,984
Number of lease properties acquired		9	9

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) $ in Thousands	May 21, 2021USD ($)	Apr. 30, 2020USD ($)	Jun. 30, 2021property	Jun. 30, 2021	Jun. 30, 2021USD ($)	Jun. 30, 2021D
Long-term debt
Total Debt					$ 141,622
Margin added to variable rate basis (as a percent)			2.50%
Current Face Amount					141,622
Number of lease properties acquired			9			9
Interest Rate Swap
Long-term debt
Current Face Amount					150
LIBOR | Interest Rate Swap
Long-term debt
Margin added to variable rate basis (as a percent)	0.81%	0.48%
Credit Facility
Long-term debt
Total Debt					50,000
Current Face Amount		$ 50,000
Credit Facility | LIBOR
Long-term debt
Stated Interest Rate (as a percent)		0.48%
Credit Facility | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Credit Facility | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Term Loan
Long-term debt
Total Debt	$ 60,000				60,000
Current Face Amount	$ 60,000				60,000
Term Loan | Interest Rate Swap
Long-term debt
Current Face Amount					30
Term Loan | LIBOR
Long-term debt
Stated Interest Rate (as a percent)	0.81%
Term Loan | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Total Debt					30,000
Margin added to variable rate basis (as a percent)			4.33%
Stated Interest Rate (as a percent)				4.33%
Current Face Amount					30,000
Mortgage Note Payable - CMBS Portfolio | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Mortgage Notes Payable
Long-term debt
Total Debt					1,622
Current Face Amount					$ 1,622
Number of lease properties acquired | property			2

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) $ in Thousands	Oct. 16, 2020USD ($)Lender	Nov. 26, 2019USD ($)	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)	May 19, 2020
Long-term debt
Margin added to variable rate basis (as a percent)			2.50%
Maximum borrowing capacity including accordion feature	$ 200,000
Long-term debt			$ 140,806	$ 106,809
Credit Facility
Long-term debt
Maximum borrowing capacity	$ 150,000	$ 100,000
Credit facility term		4 years
Extension term		1 year
Additional borrowing capacity		$ 50,000
Current commitment under credit facility, amount			$ 150,000
Percentage of borrowing capacity			50.00%
Number Of Lenders | Lender	2
Long-term debt			$ 50,000	$ 106,809
Credit Facility | Minimum
Long-term debt
Ratio of unsecured indebtedness to base value					0.60
Ratio of unsecured indebtedness to total asset value					0.60
Credit Facility | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)			1.35%
Marginal rate of fee on unused credit limit			0.15%
Credit Facility | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)			1.95%
Marginal rate of fee on unused credit limit			0.25%

LONG-TERM DEBT - Term Loan (Det

LONG-TERM DEBT - Term Loan (Details) $ in Thousands	May 21, 2021USD ($)loan	Jun. 30, 2021USD ($)
Long-term debt
Face amount of debt		$ 141,622
Term Loan
Long-term debt
Face amount of debt	$ 60,000	$ 60,000
Debt instrument term (in years)	5 years
Maximum number of incremental term loan | loan	3
Term Loan | Maximum
Long-term debt
Aggregate amount of incremental Term loan	$ 10,000

LONG-TERM DEBT - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) - Jun. 30, 2021 $ in Thousands	property	Total	USD ($)	D
Long-term debt
Face amount of debt			$ 141,622
Number of lease properties acquired	9			9
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Face amount of debt			30,000
Interest rate		4.33%
Mortgage Note Payable - CMBS Portfolio | Unrelated Third Party
Long-term debt
Number of lease properties acquired | property	2
Aggregate notes payable			$ 1,600

LONG-TERM DEBT - Components (De

LONG-TERM DEBT - Components (Details) $ in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2021property	Jun. 30, 2021D	May 21, 2021USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)
Long-term debt
Long-Term Debt, Gross	$ 141,622
Financing Costs, net of accumulated amortization	(816)
Long-Term Debt	140,806				$ 106,809
Due Within One Year	1,622
Number of lease properties acquired		9	9
Credit Facility
Long-term debt
Long-Term Debt, Gross						$ 50,000
Long-Term Debt	50,000				$ 106,809
Term Loan
Long-term debt
Long-Term Debt, Gross	60,000			$ 60,000
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Long-Term Debt, Gross	30,000
Mortgage Notes Payable
Long-term debt
Long-Term Debt, Gross	1,622
Due Within One Year	$ 1,622
Number of lease properties acquired | property		2

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Jun. 30, 2021USD ($)
Payments applicable to reduction of principal amounts
Remainder of 2021	$ 1,622
2022	0
2023	50,000
2024	0
2025	0
2026 and thereafter	90,000
Total Long-Term Debt - Face Value	$ 141,622

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Apr. 30, 2020
Long-term debt
Current Face Amount	$ 141,622
Financing Costs, net of accumulated amortization	(816)
Total Long-Term Debt - Face Value	140,806	$ 106,809
Deferred Financing Costs-Net	523	650
Credit Facility
Long-term debt
Current Face Amount			$ 50,000
Total Long-Term Debt - Face Value	$ 50,000	$ 106,809

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
LONG-TERM DEBT
Interest Expense	$ 594	$ 301	$ 1,084	$ 505
Amortization of Deferred Financing Costs to Interest Expense	84	43	149	88
Total Interest Expense	678	344	1,233	593
Total Interest Paid	$ 623	$ 337	$ 1,105	$ 501

INTEREST RATE SWAP (Details)

INTEREST RATE SWAP (Details) - USD ($) $ in Thousands	May 21, 2021	Apr. 30, 2020	Jun. 30, 2021	May 31, 2021
INTEREST RATE SWAP
Spread fixed rate			2.50%
Current Face Amount			$ 141,622
Interest Rate Swap
INTEREST RATE SWAP
Current Face Amount			150
Credit Facility
INTEREST RATE SWAP
Current Face Amount		$ 50,000
Notional amount		50,000
Term Loan
INTEREST RATE SWAP
Outstanding on credit facility				$ 60,000
Current Face Amount	$ 60,000		$ 60,000
Notional amount	$ 60,000
Term Loan | Interest Rate Swap
INTEREST RATE SWAP
Effective percentage of interest rate swaps percentage			100.00%
Current Face Amount			$ 30
Revolving credit facility
INTEREST RATE SWAP
Outstanding on credit facility		$ 50,000
Revolving credit facility | Interest Rate Swap
INTEREST RATE SWAP
Effective percentage of interest rate swaps percentage			100.00%
LIBOR | Interest Rate Swap
INTEREST RATE SWAP
Spread fixed rate	0.81%	0.48%

EQUITY - Shelf Registration & A

EQUITY - Shelf Registration & ATM Program (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 14, 2020	Dec. 01, 2020	Nov. 26, 2019	Jun. 30, 2021	Jun. 30, 2021
Equity
Aggregate offer price			$ 8,000	$ 57,348	$ 64,999
Share issued			421,053
Proceeds From Stock Issuance, net					$ 64,999
ATM Program
Equity
Aggregate offer price	$ 100,000
Share issued				176,028	610,229
Gross proceeds from issuance of common stock				$ 3,200	$ 11,100
Average price per share				$ 18.06	$ 18.19
Proceeds From Stock Issuance, net				$ 3,100	$ 10,900
Payment of Initial Public Offering Transaction Costs				$ 50	$ 200
Maximum
Equity
Aggregate offer price		$ 350,000

EQUITY - Follow-on Public offer

EQUITY - Follow-on Public offering (Details) - USD ($) $ in Thousands	Nov. 26, 2019	Jun. 30, 2021	Jun. 30, 2021
Equity
Share issued	421,053
Proceeds From Stock Issuance, net			$ 64,999
Follow on Public Offering
Equity
Share issued		3,220,000
Proceeds From Stock Issuance, net		$ 54,300
Over-Allotment Option
Equity
Share issued		420,000

EQUITY - Noncontrolling Interes

EQUITY - Noncontrolling Interest (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021propertyshares	Jun. 30, 2021USD ($)property$ / sharesshares	Jun. 30, 2021D
Class of Stock [Line Items]
Additional noncontrolling interest ownership percentage		3.30%
Partners' capital account, units issued	424,951	424,951
Partners' capital account, units issued, value | $		$ 8
Partners' capital account, units issued, value per unit | $ / shares		$ 18.85
Number of trailing days | D			9
Number of lease properties acquired	9	9	9
CTO
Class of Stock [Line Items]
Partners' capital account, units issued	1,223,854
Number of lease properties acquired | property	6	6
CTO | Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership		9.40%
Partners' capital account, units issued		1,223,854

EQUITY - Dividends (Details)

EQUITY - Dividends (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Dividends
Minimum taxable income excluding capital gain to be distributed to be taxed as a REIT	90.00%		90.00%
Minimum taxable income including capital gain to be distributed to be taxed as a REIT	100.00%		100.00%
Dividends on common stock and OP Units declared	$ 0.25	$ 0.20	$ 0.49	$ 0.40
Dividends on common stock and OP Units paid	$ 0.25	$ 0.20	$ 0.49	$ 0.40

COMMON STOCK AND EARNINGS PER_3

COMMON STOCK AND EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)D$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 2021USD ($)D$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares
Income Available to Common Shareholders:
Net Income Attributable to Alpine Income Property Trust, Inc. | $	$ 304	$ 240	$ 744	$ 253
Net Income Attributable to Alpine Income Property Trust, Inc. - Basic | $	304	240	744	253
Net Income Attributable to Alpine Income Property Trust, Inc. - Diluted | $	$ 304	$ 240	$ 744	$ 253
Weighted Average Number of Common Shares Outstanding (in shares)	8,853,259	7,544,991	8,212,902	7,721,835
Common Shares Applicable to Stock
Common Shares Applicable to OP Units using Treasury Stock Method (in shares)	1,228,524	1,223,854	1,226,202	1,223,854
Total Shares Applicable to Diluted Earnings Per Share (in shares)	10,081,783	8,768,845	9,439,104	8,945,689
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic (in dollars per share) | $ / shares	$ 0.03	$ 0.03	$ 0.09	$ 0.03
Diluted (in dollars per share) | $ / shares	$ 0.03	$ 0.03	$ 0.08	$ 0.03
Partners weighted average shares	1,648,805		1,648,805
Partners' capital account, units issued	424,951		424,951
Number of trailing days | D	9		9
CTO
Net Income Attributable to Alpine Income Property Trust, Inc.
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
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount				$ 5,000
Stock repurchased amount	$ 4,421		$ 5,013
Repurchases of common stock		$ 0
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount				$ 5,000
Shares repurchased (in shares)			456,237
Stock repurchased amount			$ 5,000
Average price per share of stock repurchased			$ 11.02

STOCK-BASED COMPENSATION - IPO

STOCK-BASED COMPENSATION - IPO (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Nov. 26, 2019	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		8,000
Non employee | Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		2,000	0
Vested (in shares)	5,336		0
Aggregate grant date fair value		$ 200
Vesting period			3 years

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
General and Administrative Expense [Member]
STOCK-BASED COMPENSATION
Stock compensation expense	$ 10	$ 10	$ 30	$ 30

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares	Jun. 30, 2021	Nov. 26, 2019	Jun. 30, 2021
Shares
Granted (in shares)		8,000
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)			$ 18.80
Granted (in dollars per share)			0
Vested (in dollars per share)			0
Expired (in dollars per share)			0
Forfeited (in dollars per share)			0
Outstanding (in dollars per share)	$ 18.80		$ 18.80
Restricted shares | Non employee
Shares
Outstanding (in shares)			5,336
Granted (in shares)		2,000	0
Vested (in shares)	(5,336)		0
Expired (in shares)			0
Forfeited (in shares)			0
Outstanding (in shares)	5,336		5,336

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) - Non employee - Restricted shares $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 70
Vesting period	3 years
Compensation cost to be recognized over a remaining period	1 year 4 months 24 days

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands	Jul. 01, 2021shares	Apr. 01, 2021shares	Jul. 01, 2020shares	Apr. 01, 2020shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Dshares	Jun. 30, 2020USD ($)shares
STOCK-BASED COMPENSATION
Stock Issuance to Directors					$ 73	$ 66	$ 139	$ 103
Non employee | Restricted shares
STOCK-BASED COMPENSATION
Period for average closing price | D							20
Stock Issuance to Directors							$ 100	$ 100
Shares issued (in shares) | shares	3,525	3,453	3,414	4,098			6,978	7,512

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CTO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 79	$ 68	$ 152	$ 135
Director Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	13	13	25	26
Director Retainers Paid in Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 66	$ 55	$ 127	$ 109

RELATED PARTY MANAGEMENT COMP_3

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)	Apr. 06, 2021USD ($)property	Apr. 02, 2021USD ($)	Nov. 26, 2019USD ($)shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs			$ 8,000,000	$ 57,348,000		$ 64,999,000
Share issued | shares			421,053
Percentage of outstanding common stock			22.30%
Stock split ratio			1
CTO Realty Growth, Inc. and Certain of its Subsidiaries
Related Party Transaction [Line Items]
Number of properties sold | property	1
Sales price	$ 11,500,000	$ 44,500,000
IPO
Related Party Transaction [Line Items]
Share issued | shares			7,500,000
CTO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs			$ 8,000,000
Percentage of outstanding common stock			22.30%
Stock split ratio			1
CTO | Management Agreement
Related Party Transaction [Line Items]
Quarterly base management fee (as a percent)			0.375%
Annual base management fee (as a percent)			1.50%
Cumulative annual hurdle rate (as a percent)			8.00%
Incentive fee			$ 0
Incentive fee payable								$ 0
Multiplying factor of outperformance amount with weighted average shares (as a percent)			15.00%
Management agreement renewal term			1 year
Voting rights (as a percent)			66.67%
Notice period			30 days
Payment of management fees				700,000	$ 600,000	1,400,000	$ 1,300,000
Payment of dividend				$ 500,000	$ 400,000	$ 1,000,000	$ 800,000

RELATED PARTY MANAGEMENT COMP_4

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Total	$ 1,281	$ 579
CTO
Related Party Transaction [Line Items]
Management Fee due to CTO	721	631
Other	560	(52)
Total	1,281	$ 579
Fund transfer	$ 600

ASSETS HELD FOR SALE (Details)

ASSETS HELD FOR SALE (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Dec. 31, 2020USD ($)
ASSETS HELD FOR SALE
Total Assets Held for Sale	$ 3,082
Held-for-sale
ASSETS HELD FOR SALE
Number of real estate properties held for sale | property	1
Liabilities held for sale	$ 0	$ 0
Real Estate- Net	2,858
Intangible Lease Assets-Net	332
Intangible Lease Liabilities-Net	(108)
Total Assets Held for Sale	$ 3,082	$ 0