Alpine Income Property Trust (PINE) 10-K 10 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 03, 2022	Jun. 30, 2021
Cover [Abstract]
Entity Central Index Key	0001786117
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39143
Entity Registrant Name	ALPINE INCOME PROPERTY TRUST, INC.
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.01
Entity Public Float			$ 198,412,475
Entity Common Stock, Shares Outstanding		11,671,039
Auditor Name	Grant Thornton LLP
Auditor Firm ID	248
Auditor Location	Orlando, Florida
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate:
Land, at Cost	$ 178,172	$ 83,210
Building and Improvements, at Cost	266,236	142,679
Total Real Estate, at Cost	444,408	225,889
Less, Accumulated Depreciation	(15,419)	(6,550)
Real Estate-Net	428,989	219,339
Cash and Cash Equivalents	8,851	1,894
Restricted Cash	646
Intangible Lease Assets-Net	58,821	36,881
Straight-Line Rent Adjustment	1,838	2,045
Other Assets	6,369	2,081
Total Assets	505,514	262,240
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	2,363	1,984
Prepaid Rent and Deferred Revenue	2,033	1,055
Intangible Lease Liabilities-Net	5,476	3,299
Long-Term Debt	267,740	106,809
Total Liabilities	277,612	113,147
Commitments and Contingencies-See Note 16
Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of December 31, 2021 and December 31, 2020
Common Stock, $0.01 par value per share, 500 million shares authorized, 11,454,815 shares issued and outstanding as of December 31, 2021 and 7,458,755 shares issued and outstanding as of December 31, 2020	114	75
Additional Paid-in Capital	200,906	132,878
Dividends in Excess of Net Income	(6,419)	(5,713)
Accumulated Other Comprehensive Income (Loss)	1,922	(481)
Stockholders' Equity	196,523	126,759
Noncontrolling Interest	31,379	22,334
Total Equity	227,902	149,093
Total Liabilities and Equity	$ 505,514	$ 262,240

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	11,454,815	7,458,755
Common Stock, shares outstanding	11,454,815	7,458,755

CONSOLIDATED AND COMBINED STATE

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Lease Income	$ 1,394	$ 11,837	$ 30,128	$ 19,248
Total Revenues	1,394	11,837	30,128	19,248
Operating Expenses:
Real Estate Expenses	372	1,664	3,673	2,316
General and Administrative Expenses	339	1,683	5,027	4,660
Depreciation and Amortization	687	4,859	15,939	9,949
Total Operating Expenses	1,398	8,206	24,639	16,925
Gain on disposition of assets			9,675	287
Net Income From Operations	(4)	3,631	15,164	2,610
Interest Expense	41		3,702	1,464
Net Income (Loss)	(45)	3,631	11,462	1,146
Less: Net (Income) Loss Attributable to Noncontrolling Interest	6		(1,498)	(161)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 9,964	$ 985
Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic (in dollars per share)			$ 1.02	$ 0.13
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted (in dollars per share)			$ 0.89	$ 0.11
Weighted Average Number of Common Shares:
Basic (in shares)	7,902,737		9,781,066	7,588,349
Diluted (in shares)	9,126,591		11,246,227	8,812,203

CONSOLIDATED AND COMBINED STA_2

CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$ (39)	$ 3,631	$ 9,964	$ 985
Other Comprehensive Income (Loss)
Cash Flow Hedging Derivative - Interest Rate Swaps			2,403	(481)
Total Other Comprehensive Income (Loss)			2,403	(481)
Total Comprehensive Income (Loss)	$ (39)	$ 3,631	$ 12,367	$ 504

CONSOLIDATED AND COMBINED STA_3

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Thousands	Predecessor Equity	Common Stock at ParIPO	Common Stock at ParPrivate Placement	Common Stock at Par	Additional Paid-In CapitalIPO	Additional Paid-In CapitalPrivate Placement	Additional Paid-In Capital	Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Stockholders' EquityIPO	Stockholders' EquityPrivate Placement	Stockholders' Equity	Noncontrolling Interest	IPO	Private Placement	Total
Balance at Dec. 31, 2018	$ 124,189											$ 124,189				$ 124,189
Increase (decrease) in shareholders' equity
Net Income (Loss)	3,631											3,631				3,631
Stock Compensation Expense from CTO Realty Growth, Inc.	509											509				509
Net Transactions with CTO Realty Growth, Inc.	19,447											19,447				19,447
Balance at Nov. 25, 2019	$ 147,776											147,776				147,776
Increase (decrease) in shareholders' equity
Net Income (Loss)								$ (39)				(39)	$ (6)			(45)
Operating Units Issued													23,253			23,253
Equity Issuance Costs							$ (11,978)					(11,978)				(11,978)
Stock Issuance to Directors							4					4				4
Cash Dividend								(459)				(459)	(71)			(530)
Proceeds from Issuance of Stock		$ 75	$ 4		$ 142,425	$ 7,497				$ 142,500	$ 7,501			$ 142,500	$ 7,501
Stock Issuance, Net of Equity Issuance Costs		$ 75	$ 4		$ 142,425	$ 7,497				$ 142,500	$ 7,501			142,500	$ 7,501
Balance at Dec. 31, 2019				$ 79			137,948	(498)				137,529	23,176			160,705
Increase (decrease) in shareholders' equity
Net Income (Loss)								985				985	161			1,146
Equity Issuance Costs							(298)					(298)				(298)
Stock Issuance to Directors							238					238				238
Cash Dividend								(6,200)				(6,200)	(1,003)			(7,203)
Stock Repurchase				(4)			(5,010)					(5,014)				(5,014)
Other Comprehensive Income (Loss)									$ (481)			(481)				(481)
Balance at Dec. 31, 2020				75			132,878	(5,713)	(481)			126,759	22,334			149,093
Increase (decrease) in shareholders' equity
Net Income (Loss)								9,964				9,964	1,498			11,462
Operating Units Issued													9,041			9,041
Stock Issuance to Directors							297					297				297
Cash Dividend								(10,670)				(10,670)	(1,494)			(12,164)
Other Comprehensive Income (Loss)									2,403			2,403				2,403
Proceeds from Issuance of Stock				39			67,731					67,770		8,000		67,770
Stock Issuance, Net of Equity Issuance Costs				39			67,731					67,770		$ 8,000		67,770
Balance at Dec. 31, 2021				$ 114			$ 200,906	$ (6,419)	$ 1,922			$ 196,523	$ 31,379			$ 227,902

CONSOLIDATED AND COMBINED STA_4

CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS EQUITY (Parenthetical) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Common Stock
Cash Dividends (in dollars per share)	$ 0.058	$ 1.015	$ 0.820	$ 0.058

CONSOLIDATED AND COMBINED STA_5

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Cash Flow From Operating Activities:
Net Income (Loss)	$ (45)	$ 3,631	$ 11,462	$ 1,146
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	687	4,859	15,939	9,949
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(5)	(234)	(257)	(108)
Amortization of Deferred Financing Costs to Interest Expense	16		362	188
Amortization of Deferred Expenses to Lease Income		277
Gain on Disposition of Assets			(9,675)	(287)
Non-Cash Compensation	4	509	309	268
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(68)	(410)	(607)	(1,524)
COVID-19 Rent Repayments			430	(378)
Other Assets	(787)	(500)	(2,413)	(830)
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	1,472	(243)	673	2
Prepaid Rent and Deferred Revenue	88	(343)	977	968
Net Cash Provided By Operating Activities	1,362	7,546	17,200	9,394
Cash Flow From Investing Activities:
Acquisition of Real Estate, Including Capitalized Expenditures	(125,919)	(27,001)	(223,407)	(118,808)
Proceeds from Disposition of Assets			27,415	4,933
Net Cash Used In Investing Activities	(125,919)	(27,001)	(195,992)	(113,875)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt			294,622	115,500
Payments on Long-Term Debt			(162,431)	(8,691)
Cash Paid for Loan Fees	(594)		(1,402)	(261)
Repurchase of Common Stock				(5,014)
Cash Received from Initial Public Offering	142,500
Cash Received from Private Placement	7,501
Cash Paid for Equity Issuance Costs	(11,978)			(298)
Net Transactions with CTO Realty Growth, Inc.		19,447
Proceeds From Stock Issuance, net			67,770
Dividends Paid	(530)		(12,164)	(7,203)
Net Cash Provided By Financing Activities	136,899	19,447	186,395	94,033
Net Increase (Decrease) in Cash and Cash Equivalents	12,342	(8)	7,603	(10,448)
Cash and Cash Equivalents, Beginning of Period		$ 8	1,894	12,342
Cash and Cash Equivalents, End of Period	12,342		9,497	1,894
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	12,342		8,851	1,894
Restricted Cash			646
Total Cash	$ 12,342		$ 9,497	$ 1,894

CONSOLIDATED AND COMBINED STA_6

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest		$ 3,131	$ 1,230
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain on Cash Flow Hedge		2,403	$ (481)
Operating Units Issued in Exchange for Real Estate		9,041
Assumption of Mortgage Note Payable		$ 30,000
Contribution of OP Units in Exchange for Predecessor Income Properties	$ 23,253

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	12 Months Ended
	Dec. 31, 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 113 net leased properties located in 76 markets in 32 states. The properties in our portfolio are primarily subject to long-term, 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 real estate investment trust (“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. 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 from CTO. The remaining five properties in our initial portfolio were contributed by CTO in exchange for 1,223,854 units of the operating partnership (the “OP Units”) for a value of $23.3 million based on the IPO Price. As of December 31, 2021, four of the properties acquired from CTO, included within our initial portfolio, have been sold. 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 Alpine Income Property OP, LP (the “Operating Partnership”). Our wholly owned subsidiary, Alpine Income Property GP, LLC (“PINE GP”), is the sole general partner of the Operating Partnership. Substantially all of our assets are held by, and our operations are conducted through, the Operating Partnership. As of December 31, 2021, we have a total ownership interest in the Operating Partnership of 87.1%, with CTO holding, directly and indirectly, a 9.3% ownership interest in the Operating Partnership. The remaining 3.6% ownership interest is held by an unrelated third party in connection with the issuance of 479,640 OP Units valued at $9.0 million in the aggregate, or $18.85 per unit. The issuance of 479,640 OP Units includes (i) 424,951 OP Units issued as consideration for the portfolio of nine net lease properties acquired on June 30, 2021 and (ii) 54,689 OP Units issued as consideration for the acquisition of one net lease property on July 12, 2021 (see Note 4, “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 REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company’s annual REIT taxable income, without regard to the dividends paid deduction or net capital gain, to its stockholders (which does not necessarily equal net income as calculated in accordance with generally accepted accounting principles). As a REIT, the Company is generally not subject to U.S. federal corporate income tax to the extent of its distributions to stockholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate rates and generally will not be permitted to qualify for treatment as a REIT for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to state and local taxes on its income and property and federal income and excise taxes on its undistributed income.

BASIS OF PRESENTATION AND PRINC

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	12 Months Ended
	Dec. 31, 2021
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION	NOTE 2. BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION BASIS OF PRESENTATION For the period prior to November 26, 2019, the accompanying combined financial statements of Alpine Income Property Trust Predecessor (the “Predecessor”) do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control that have been “carved out” from CTO’s consolidated financial statements. Historically, financial statements of the Predecessor have not been prepared as it has not operated separately from CTO. These combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of CTO that are specifically identifiable and generated through, or associated with, an in-place net lease, which have been reflected at CTO’s historical basis. For periods subsequent to November 26, 2019, the accompanying consolidated financial statements represent the consolidated statements of Alpine Income Property Trust, Inc. together with our consolidated subsidiaries. As a result of the Company’s acquisitions of the initial portfolio from CTO, the consolidated financial statements subsequent to November 26, 2019 are presented on a new basis of accounting pursuant to Accounting Standards Codification (“ASC”) 805-10, Business Combinations The preparation of these consolidated and combined 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 dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. The combined financial statements for the period prior to November 26, 2019, include an allocation of general and administrative expenses to the Predecessor from CTO. In addition, general and administrative expenses include an allocation of the costs of certain CTO corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses (including stock-based compensation) represent a pro rata allocation of costs from CTO based on the revenues of the Predecessor as a percentage of CTO’s total revenue. The Company believes the allocation methodology for general and administrative expenses is reasonable. However, the allocated general and administrative expense presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a stand-alone public company for future reporting periods. Additionally, most of the Predecessor entities included in CTO’s financial statements did not have separately established bank accounts for the periods presented, and most cash transactions were historically transacted through bank accounts owned by CTO. The combined statements of cash flows for the periods presented were prepared as if operating, investing, and financing transactions had been transacted through separate bank accounts of the Predecessor. The combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows attributed to the Company. PRINCIPLES OF CONSOLIDATION For periods commencing on and subsequent to November 26, 2019, the consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. For the period prior to November 26, 2019, the combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows of the Predecessor. SEGMENT REPORTING ASC Topic 280, Segment Reporting

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to PINE’s investment in properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets. ​ REAL ESTATE The Company’s real estate assets are primarily comprised of the properties in its portfolio, and are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the year ended December 31, 2021, the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019, was $10.0 million, $6.2 million, $0.4 million, and $3.2 million, respectively. 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 Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ​ 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 both the Company and the Predecessor amortize 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. ​ SALES OF REAL ESTATE ​ When properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gains on dispositions of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method. ​ PROPERTY LEASE REVENUE The rental arrangements associated with the Company’s property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of December 31, 2021 and 2020, the Company’s allowance for doubtful accounts totaled $0.3 million and $0.1 million, respectively. SALES TAX Sales tax collected on lease payments is recognized as a liability in the accompanying consolidated balance sheets when collected. The liability is reduced at the time payment is remitted to the applicable taxing authority. 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 December 31, 2021 and 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 $0.6 million at December 31, 2021 which is being held in a capital replacement and leasing commissions reserve account in connection with our financing of six properties. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY ​ Derivatives and Hedging ​ The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and 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 10, “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 December 31, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Credit Facility, hereinafter defined, approximates current market rates for revolving credit arrangements with similar risks and maturities. The Company estimates the fair value of its mortgage note payable and term loans based on incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, which is a Level 2 non-recurring measurement, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument. ​ FAIR VALUE MEASUREMENTS ​ The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: ​ ● Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. ​ ● Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ​ ● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models, and similar techniques. ​ EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income attributable to the Company for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share is based on the assumption that the OP Units issued are exchanged for shares of our common stock on a one-for-one basis. INCOME TAXES The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe the Company has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. The Company may form one or more taxable REIT subsidiaries (“TRSs”), which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company did not have any TRSs that would be subject to taxation. STOCK-BASED COMPENSATION 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. The Company has issued restricted shares of common stock pursuant to the Equity Incentive Plans. 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 and combined statements of operations. Award forfeitures are accounted for in the period in which they occur. CONCENTRATION OF CREDIT RISK Certain of the tenants in the portfolio of 113 properties accounted for more than 10% of total revenues during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019. For the year ended December 31, 2021, Wells Fargo represented 12% of total revenues. Wells Fargo and Hilton Grand Vacations represented 19% and 12% of total revenues, respectively, for the year ended December 31, 2020 and 26%and 17% of total revenues, respectively, for the period from November 26, 2019 to December 31, 2019 and the Predecessor period from January 1, 2019 to November 25, 2019. ​ As of December 31, 2021, 20% of the Company’s real estate portfolio, based on square footage, was located in the state of Texas. As of December 31, 2020, 13% and 17%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the states of Oregon and Florida. Additionally, as of December 31, 2020, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the states of North Carolina and Michigan. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values. ​ RECLASSIFICATIONS 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. ​ RECENTLY ISSUED ACCOUNTING STANDARDS Cessation of LIBOR ​ Lease Modifications. accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

PROPERTY PORTFOLIO

PROPERTY PORTFOLIO	12 Months Ended
	Dec. 31, 2021
PROPERTY PORTFOLIO
PROPERTY PORTFOLIO	NOTE 4. PROPERTY PORTFOLIO As of December 31, 2021, the Company’s property portfolio consisted of 113 properties with total square footage of 3.3 million. ​ Leasing revenue consists of long-term rental revenue from retail and office 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Lease Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 27,138 ​ $ 17,746 ​ $ 1,294 ​ $ 10,810 Variable Lease Payments ​ ​ 2,990 ​ ​ 1,502 ​ ​ 100 ​ ​ 1,027 Total Lease Income ​ $ 30,128 ​ $ 19,248 ​ $ 1,394 ​ $ 11,837 ​ Minimum Future Rental Receipts. ​ ​ ​ ​ ​ Year Ending December 31, Amounts 2022 ​ $ 36,196 2023 ​ ​ 35,747 2024 ​ ​ 34,806 2025 ​ ​ 33,519 2026 ​ ​ 29,703 2027 and Thereafter (Cumulative) ​ ​ 120,057 Total ​ $ 290,028 ​ ​ 2021 Activity. ​ The leases attributable to the properties acquired during the year ended December 31, 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 ​ 3/09/2021 ​ 89,902 ​ ​ 8,571 ​ 8.4 Pet Supplies Plus ​ Canton, OH ​ 3/09/2021 ​ 8,400 ​ ​ 1,135 ​ 6.6 Salon Lofts ​ Canton, OH ​ 3/09/2021 ​ 4,000 ​ ​ 694 ​ 7.0 Sportsman's Warehouse ​ Albuquerque, NM ​ 3/29/2021 ​ 48,974 ​ ​ 7,100 ​ 8.4 Burlington ​ 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 ​ 5.5 Orscheln Farm and Home ​ Durant, OK ​ 6/25/2021 ​ 37,965 ​ ​ 2,017 ​ 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 (1) 3.4 Burger King ​ Plymouth, NC ​ 6/30/2021 ​ 3,142 ​ ​ 1,736 (1) 6.8 Dollar Tree ​ Demopolis, AL ​ 6/30/2021 ​ 10,159 ​ ​ 1,615 (1) 8.7 Firestone ​ Pittsburgh, PA ​ 6/30/2021 ​ 10,629 ​ ​ 1,468 (1) 7.8 Advance Auto Parts ​ Ware, MA ​ 6/30/2021 ​ 6,889 ​ ​ 1,396 (1) 3.6 Grease Monkey ​ Stockbridge, GA ​ 6/30/2021 ​ 1,846 ​ ​ 1,318 (1) 12.3 Hardee's ​ Boaz, AL ​ 6/30/2021 ​ 3,542 ​ ​ 1,185 (1) 9.4 Schlotzsky's ​ Sweetwater, TX ​ 6/30/2021 ​ 2,431 ​ ​ 1,147 (1) 14.0 Advance Auto Parts ​ Athens, GA ​ 6/30/2021 ​ 6,871 ​ ​ 1,127 (1) 3.6 Family Dollar ​ Burlington, NC ​ 7/01/2021 ​ 11,394 ​ ​ 1,618 ​ 9.8 O'Reilly Auto Parts ​ Duluth, MN ​ 7/12/2021 ​ 11,182 ​ ​ 1,030 (1) 6.4 Tractor Supply ​ Washington Court House, OH ​ 8/27/2021 ​ 39,984 ​ ​ 2,370 ​ 10.8 Harbor Freight ​ Midland, MI ​ 8/31/2021 ​ 14,624 ​ ​ 1,750 ​ 4.8 Camping World ​ Duluth, MN ​ 9/14/2021 ​ 66,033 ​ ​ 10,451 ​ 12.3 Advance Auto Parts ​ Ludington, MI ​ 9/14/2021 ​ 6,604 ​ ​ 1,050 ​ 10.3 Advance Auto Parts ​ New Baltimore, MI ​ 9/14/2021 ​ 6,784 ​ ​ 1,050 ​ 10.3 Dollar Tree ​ Stillwell, OK ​ 9/17/2021 ​ 9,828 ​ ​ 1,576 ​ 10.5 O'Reilly Auto Parts ​ Angels Camp, CA ​ 9/22/2021 ​ 7,066 ​ ​ 2,125 ​ 4.5 Walmart ​ Hempstead, TX ​ 9/28/2021 ​ 52,190 ​ ​ 4,450 ​ 5.3 7-Eleven ​ Olathe, KS ​ 9/30/2021 ​ 4,146 ​ ​ 3,782 ​ 5.7 At Home ​ Turnersville, NJ ​ 9/30/2021 ​ 89,460 ​ ​ 7,181 ​ 8.1 Boston Market ​ Turnersville, NJ ​ 9/30/2021 ​ 2,627 ​ ​ 1,027 ​ 8.3 Verizon ​ Turnersville, NJ ​ 9/30/2021 ​ 6,027 ​ ​ 3,568 ​ 5.8 Advance Auto Parts ​ St. Paul, MN ​ 9/30/2021 ​ 7,201 ​ ​ 2,305 ​ 7.1 Hobby Lobby ​ Aberdeen, SD ​ 9/30/2021 ​ 49,034 ​ ​ 3,150 ​ 3.4 Dollar Tree ​ Albuquerque, NM ​ 9/30/2021 ​ 10,023 ​ ​ 1,081 ​ 9.4 Office Depot ​ Albuquerque, NM ​ 9/30/2021 ​ 30,346 ​ ​ 3,814 ​ 2.3 Valero (2) ​ Jackson, MS ​ 9/30/2021 ​ 1,920 ​ ​ 1,067 ​ 20.0 Valero (2) ​ Leland, MS ​ 9/30/2021 ​ 3,343 ​ ​ 977 ​ 20.0 Valero ​ Cadiz, OH ​ 10/14/2021 ​ 1,292 ​ ​ 750 ​ 20.0 Valero ​ Massillon, OH ​ 10/14/2021 ​ 1,363 ​ ​ 1,059 ​ 20.0 Valero ​ Parma, OH ​ 10/14/2021 ​ 1,884 ​ ​ 988 ​ 20.0 Office Max ​ Gadsen, AL ​ 10/26/2021 ​ 23,638 ​ ​ 2,717 ​ 6.3 Orscheln Farm and Home ​ California, MO ​ 11/2/2021 ​ 23,042 ​ ​ 1,806 ​ 10.0 Family Dollar ​ Dearing, GA ​ 11/12/2021 ​ 9,288 ​ ​ 1,365 ​ 8.9 Buffalo Wild Wings ​ Hattiesburg, MS ​ 11/23/2021 ​ 6,302 ​ ​ 3,664 ​ 10.1 Best Buy ​ Dayton, OH ​ 12/3/2021 ​ 45,535 ​ ​ 5,898 ​ 3.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Ashley HomeStore ​ Dayton, OH ​ 12/3/2021 ​ 33,161 ​ ​ 3,480 ​ 6.2 Mattress Firm ​ Richmond, IN ​ 12/8/2021 ​ 5,108 ​ ​ 2,271 ​ 9.3 Orscheln Farm and Home ​ Owensville, MO ​ 12/8/2021 ​ 38,452 ​ ​ 1,530 ​ 6.1 Family Dollar ​ McKenny, VA ​ 12/10/2021 ​ 10,531 ​ ​ 1,660 ​ 9.8 Family Dollar ​ Tipton, MO ​ 12/14/2021 ​ 10,500 ​ ​ 1,606 ​ 10.2 Family Dollar ​ Van Buren, MO ​ 12/14/2021 ​ 10,500 ​ ​ 1,563 ​ 10.2 Family Dollar ​ Lake Village, AR ​ 12/14/2021 ​ 14,592 ​ ​ 1,242 ​ 10.2 Academy Sports ​ Columbia, SC ​ 12/16/2021 ​ 72,000 ​ ​ 10,121 ​ 10.4 Academy Sports ​ Snellville, GA ​ 12/16/2021 ​ 67,247 ​ ​ 10,379 ​ 10.4 The Burger Joint ​ Friendswood, TX ​ 12/22/2021 ​ 4,054 ​ ​ 2,634 ​ 9.0 Charles Schwab ​ Webster, TX ​ 12/22/2021 ​ 5,556 ​ ​ 4,892 ​ 10.1 Crazy Alan's Swamp Shack ​ Friendswood, TX ​ 12/22/2021 ​ 9,356 ​ ​ 2,786 ​ 7.7 Ethan Allen ​ Friendswood, TX ​ 12/22/2021 ​ 12,208 ​ ​ 2,528 ​ 3.8 LongHorn Steakhouse ​ Webster, TX ​ 12/22/2021 ​ 7,000 ​ ​ 3,122 ​ 1.3 Lowe's ​ Webster, TX ​ 12/22/2021 ​ 163,300 ​ ​ 10,986 ​ 5.9 Olive Garden ​ Friendswood, TX ​ 12/22/2021 ​ 8,388 ​ ​ 3,001 ​ 1.8 Rooms To Go ​ Friendswood, TX ​ 12/22/2021 ​ 51,868 ​ ​ 10,760 ​ 10.3 Sportsman's Warehouse ​ Morgantown, WV ​ 12/22/2021 ​ 30,547 ​ ​ 6,050 ​ 5.4 Visionworks ​ Friendswood, TX ​ 12/22/2021 ​ 3,949 ​ ​ 2,791 ​ 0.9 ​ ​ Total / Weighted Average ​ 1,799,839 ​ $ 260,313 ​ 8.1 (1) The aggregate purchase price of $14.8 million was partially funded through the issuance of 479,640 OP Units valued at $9.0 million, see Note 11, “Equity.” (2) Subject to a master lease agreement. ​ During the year ended December 31, 2021, the Company sold three properties for an aggregate sales price of $28.3 million, generating aggregate gains on sale of $9.7 million. On July 21, 2021, the Company sold one property, classified as held for sale as of June 30, 2021, leased to Outback Steakhouse located in Huntersville, North Carolina, for a sales price of $3.8 million, generating a gain on sale of $0.5 million. On December 2, 2021, the Company sold two properties leased to Hilton Grand Vacations in Orlando, Florida, for an aggregate sales price of $24.5 million, generating a combined gain on sale of $9.1 million. ​ 2020 Activity. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The leases attributable to the properties acquired during the year ended December 31, 2020 are described below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Conn's HomePlus Hurst, TX 1/10/2020 37,957 $ 6,100 11.6 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 BP ​ 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 Advanced Auto Parts ​ Severn, MD ​ 9/14/2020 ​ 6,876 ​ ​ 2,588 ​ 14.5 Dollar General ​ Heuvelton, NY ​ 9/14/2020 ​ 9,342 ​ ​ 1,462 ​ 12.1 Dollar General ​ Winthrop, NY ​ 9/14/2020 ​ 9,167 ​ ​ 1,589 ​ 11.0 Dollar General ​ Salem, NY ​ 9/14/2020 ​ 9,199 ​ ​ 1,485 ​ 13.0 Dollar General ​ Harrisville, NY ​ 9/14/2020 ​ 9,309 ​ ​ 1,466 ​ 13.3 Dollar General ​ Newtonsville, OH ​ 9/14/2020 ​ 9,290 ​ ​ 1,164 ​ 9.7 Dollar General ​ Hammond, NY ​ 9/14/2020 ​ 9,219 ​ ​ 1,384 ​ 12.3 Dollar General ​ Barker, NY ​ 9/14/2020 ​ 9,275 ​ ​ 1,439 ​ 13.2 Dollar General ​ Chazy, NY ​ 9/14/2020 ​ 9,277 ​ ​ 1,673 ​ 11.0 Dollar General ​ Milford, ME ​ 9/21/2020 ​ 9,128 ​ ​ 1,606 ​ 13.1 Dollar General ​ Limestone, ME ​ 9/21/2020 ​ 9,167 ​ ​ 1,456 ​ 13.1 Dollar General ​ Bingham, ME ​ 9/21/2020 ​ 9,345 ​ ​ 1,522 ​ 13.1 Dollar General ​ Willis, TX ​ 9/23/2020 ​ 9,138 ​ ​ 1,774 ​ 14.9 Dollar General ​ Somerville, TX ​ 9/23/2020 ​ 9,252 ​ ​ 1,472 ​ 14.8 Dollar General ​ Odessa, TX ​ 9/30/2020 ​ 9,127 ​ ​ 1,792 ​ 14.8 Dollar General ​ Kermit, TX ​ 11/9/2020 ​ 10,920 ​ ​ 1,941 ​ 14.8 Kohl's ​ Glendale, AZ ​ 12/11/2020 ​ 14,125 ​ ​ 11,600 ​ 9.1 Walgreens ​ Tacoma, WA ​ 12/18/2020 ​ 87,875 ​ ​ 3,810 ​ 9.6 ​ ​ Total / Weighted Average ​ 786,898 ​ $ 116,633 ​ 10.6 ​ On September 25, 2020, the Company sold one property, classified as held for sale as of June 30, 2020, leased to Outback Steakhouse located in Charlottesville, Virginia, for a sales price of $5.1 million, generating a gain on sale of $0.3 million. ​ Period from November 26, 2019 to December 31, 2019 Activity. Business Combinations ​ ​ ​ In connection with the accounting of the 20-property initial portfolio acquisition as a business combination, the purchase consideration was calculated as follows (in thousands, except unit and per share data): ​ ​ ​ ​ ​ ​ November 26, 2019 Total OP Units Issued (Number of Units) ​ ​ 1,223,854 Company's IPO Price per Share ​ $ 19.00 Total OP Unit Consideration Paid for Initial Portfolio ​ $ 23,253 Total Cash Consideration Paid for Initial Portfolio ​ ​ 125,919 Total Purchase Consideration Paid for Initial Portfolio ​ $ 149,172 ​ The Company utilized valuations by a third party valuation specialist as the basis for determining the allocation of the determined fair value of the asset group to the individual tangible and intangible assets and liabilities. The fair value of the total purchase consideration was allocated as follows (in thousands): ​ ​ ​ ​ ​ ​ November 26, 2019 Land, at Cost ​ $ 54,386 Building and Improvements, at Cost ​ ​ 74,070 Intangible Lease Assets ​ ​ 22,649 Intangible Lease Liabilities ​ ​ (1,933) Estimated Fair Value of Net Assets Acquired ​ $ 149,172 ​ The following presents the unaudited pro forma consolidated financial information of the Company as if the acquisition of the initial portfolio was completed on January 1, 2018. The unaudited pro forma financial information includes adjustments for (i) depreciation on acquired building and improvements of $4.3 million for the pro forma year ended 2019; (ii) amortization of intangible lease assets and intangible lease liabilities recorded at the date of the transactions of $2.7 million for the pro forma year ended 2019; and (iii) the elimination of acquisition related costs of $0.2 million. This information is presented for informational purposes only and does not purport to be indicative of the results of future operations or the results that would have occurred had the transaction taken place on January 1, 2018 (in thousands, except per share data): ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2019 Unaudited Pro Forma Total Revenues ​ $ 13,964 Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc. ​ $ 760 Unaudited Pro Forma Basic Net Income per Share ​ $ 0.10 Unaudited Pro Forma Diluted Net Income per Share ​ $ 0.08 Unaudited Pro Forma Funds From Operations ​ $ 7,826 Unaudited Pro Form Adjusted Funds From Operations ​ $ 7,438 ​ Period from January 1, 2019 to November 25, 2019 Predecessor Activity.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 8,851 ​ $ 8,851 ​ $ 1,894 ​ $ 1,894 Restricted Cash - Level 1 ​ $ 646 ​ $ 646 ​ $ — ​ $ — Long-Term Debt - Level 2 ​ $ 267,740 ​ $ 272,637 ​ $ 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 December 31, 2021 and December 31, 2020 (in thousands). See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at Reporting Date Using ​ Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 Term Loan Interest Rate Swap (1) ​ $ 945 ​ $ — ​ $ 945 ​ $ — 2027 Term Loan Interest Rate Swap (2) ​ $ 977 ​ $ — ​ $ 977 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (3) ​ $ (481) ​ $ — ​ $ (481) ​ $ — (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of its redesignation of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. (3) Effective April 30, 2020, the Company utilized an interest rate swap to fix LIBOR and 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). ​

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 2021
INTANGIBLE ASSETS AND LIABILITIES
INTANGIBLE ASSETS AND LIABILITIES	NOTE 6. INTANGIBLE ASSETS AND LIABILITIES Intangible assets and liabilities consist of the value of above market and below market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 45,301 ​ $ 27,494 Value of Above Market In-Place Leases ​ ​ 3,623 ​ ​ 2,187 Value of Intangible Leasing Costs ​ ​ 19,066 ​ ​ 11,459 Sub-total Intangible Lease Assets ​ ​ 67,990 ​ ​ 41,140 Accumulated Amortization ​ ​ (9,169) ​ ​ (4,259) Sub-total Intangible Lease Assets—Net ​ ​ 58,821 ​ ​ 36,881 Intangible Lease Liabilities: ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (6,397) ​ ​ (3,674) Sub-total Intangible Lease Liabilities ​ ​ (6,397) ​ ​ (3,674) Accumulated Amortization ​ ​ 921 ​ ​ 375 Sub-total Intangible Lease Liabilities—Net ​ ​ (5,476) ​ ​ (3,299) Total Intangible Assets and Liabilities—Net ​ $ 53,345 ​ $ 33,582 ​ The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Amortization Expense ​ $ 5,977 ​ $ 3,758 ​ $ 271 ​ $ 1,548 Accretion to Properties Revenue ​ ​ (257) ​ ​ (108) ​ ​ (5) ​ ​ (234) Net Amortization of Intangible Assets and Liabilities ​ $ 5,720 ​ $ 3,650 ​ $ 266 ​ $ 1,314 ​ The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ Future Amortization Expense ​ Future Accretion to Property Revenue ​ Net Future Amortization of Intangible Assets and Liabilities 2022 ​ $ 8,268 ​ $ (358) ​ $ 7,910 2023 ​ ​ 8,026 ​ ​ (364) ​ ​ 7,662 2024 ​ ​ 7,697 ​ ​ (353) ​ ​ 7,344 2025 ​ ​ 7,107 ​ ​ (306) ​ ​ 6,801 2026 ​ ​ 5,990 ​ ​ (164) ​ ​ 5,826 2027 and Thereafter ​ ​ 18,385 ​ ​ (583) ​ ​ 17,802 Total ​ $ 55,473 ​ $ (2,128) ​ $ 53,345 ​ As of December 31, 2021, the weighted average amortization period of both the total intangible assets and liabilities was 9.0 years.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS.
OTHER ASSETS	NOTE 7. OTHER ASSETS Other assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Tenant Receivables—Net of Allowance for Doubtful Accounts (1) ​ $ 790 ​ $ 67 Accrued Unbilled Tenant Receivables ​ ​ 553 ​ ​ 216 Prepaid Insurance ​ ​ 616 ​ ​ 606 Deposits on Acquisitions ​ ​ 350 ​ ​ 100 Prepaid Expenses, Deposits, and Other ​ ​ 1,496 ​ ​ 442 Deferred Financing Costs—Net ​ ​ 469 ​ ​ 650 Interest Rate Swaps ​ ​ 2,095 ​ ​ — Total Other Assets ​ $ 6,369 ​ $ 2,081 (1) Includes $0.3 million and $0.1 million allowance for doubtful accounts as of December 31, 2021 and December 31, 2020, respectively.

ACCOUNTS PAYABLE, ACCRUED EXPEN

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES	NOTE 8. ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES ​ Accounts payable, accrued expenses and other liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Accounts Payable ​ $ 213 ​ $ 450 Accrued Expenses ​ ​ 676 ​ ​ 474 Due to CTO ​ ​ 1,301 ​ ​ 579 Interest Rate Swap ​ ​ 173 ​ ​ 481 Total Accounts Payable, Accrued Expenses, and Other Liabilities ​ $ 2,363 ​ $ 1,984 ​ ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2021
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 9. LONG-TERM DEBT As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt ​ Stated Interest Rate ​ Maturity Date Credit Facility ​ $ 99,000 ​ 30-Day LIBOR + ​ November 2023 2026 Term Loan (1) ​ ​ 60,000 ​ 30-Day LIBOR + ​ May 2026 2027 Term Loan (2) ​ ​ 80,000 ​ 30-Day LIBOR + ​ January 2027 Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ 4.33% ​ October 2034 Total Debt/Weighted-Average Rate ​ $ 269,000 ​ 2.10% ​ ​ (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. 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 Operating 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 Total 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 Facility 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. ​ The Operating Partnership is subject to customary restrictive covenants under the Credit Facility Credit Agreement, the 2026 Term Loan Credit Agreement (hereinafter defined), and the 2027 Term Loan Credit Agreement (hereinafter defined), collectively referred to herein as the “Credit Agreements”, including, but not limited to, limitations on the Operating Partnership’s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. The Credit Agreements also contain financial covenants covering the Operating Partnership, including but not limited to, tangible net worth and fixed charge coverage ratios. ​ At December 31, 2021, the current commitment level under the Credit Facility was $150.0 million and the Company had an outstanding balance of $99.0 million. ​ 2026 Term Loan. ​ 2027 Term Loan. KeyBanc Capital Markets Inc. as sole book runner, and KeyBank National Association as administrative agent. KeyBank National Association, Regions Bank, U.S. Bank National Association, Bank of Montreal, Raymond James Bank, and The Huntington National Bank are lenders under the 2027 Term Loan. In addition, the Operating Partnership may request up to three incremental term loan commitments in an aggregate amount, together with the Term Commitment, not to exceed $200.0 million. ​ Mortgage Notes Payable. ​ Long-term debt as of December 31, 2021 and December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 99,000 ​ $ — ​ $ 106,809 ​ $ — 2026 Term Loan ​ ​ 60,000 ​ ​ — ​ ​ — ​ ​ — 2027 Term Loan ​ ​ 80,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ ​ — ​ ​ — ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,260) ​ ​ — ​ ​ — ​ ​ — Total Long-Term Debt ​ $ 267,740 ​ $ — ​ $ 106,809 ​ $ — ​ Payments applicable to reduction of principal amounts as of December 31, 2021 will be required as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount 2022 ​ $ — 2023 ​ ​ 99,000 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ 60,000 2027 and Thereafter ​ ​ 110,000 Total Long-Term Debt - Face Value ​ $ 269,000 ​ The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 269,000 Financing Costs, net of Accumulated Amortization ​ ​ (1,260) Total Long-Term Debt ​ $ 267,740 ​ In addition to the $1.3 million of financing costs, net of accumulated amortization included in the table above, as of December 31, 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 and combined statements of operations. ​ ​ ​ ​ ​ The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ The Company ​ Predecessor Interest Expense ​ $ 3,340 ​ $ 1,276 ​ $ 25 ​ $ — Amortization of Deferred Financing Costs to Interest Expense ​ ​ 362 ​ ​ 188 ​ ​ 16 ​ ​ — Total Interest Expense ​ $ 3,702 ​ $ 1,464 ​ $ 41 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 3,131 ​ $ 1,230 ​ $ — ​ $ — ​ The Company was in compliance with all of its debt covenants as of December 31, 2021.

INTEREST RATE SWAPS

INTEREST RATE SWAPS	12 Months Ended
	Dec. 31, 2021
INTEREST RATE SWAPS.
INTEREST RATE SWAPS	NOTE 10. INTEREST RATE SWAPS The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the year ended December 31, 2021. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income (loss). The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements are noted below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of December 31, 2021 2026 Term Loan (1) ​ 5/21/2021 ​ 5/21/2026 ​ 0.81% + applicable spread ​ $ 60,000 ​ $ 945 2027 Term Loan (2) ​ 9/30/2021 ​ 11/26/2024 ​ 0.53% + applicable spread ​ $ 80,000 ​ $ (173) 2027 Term Loan (3) ​ 11/26/2024 ​ 1/31/2027 ​ 1.60% + applicable spread ​ $ 80,000 ​ $ 1,150 (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan balance. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of its redesignation of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan balance. (3) The interest rate swap agreement hedges the $80.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 26, 2024.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2021
EQUITY
EQUITY	NOTE 11. 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 year ended December 31, 2021, the Company sold 761,902 shares under the 2020 ATM Program for gross proceeds of $14.0 million at a weighted average price of $18.36 per share, generating net proceeds of $13.8 million after deducting transaction fees totaling $0.2 million. The Company was not active under the 2020 ATM Program during the year ended December 31, 2020. 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 December 31, 2021, CTO holds, directly and indirectly, a 9.3% 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 3.6% noncontrolling ownership interest is held by an unrelated third party in connection with the issuance of 479,640 OP Units valued at $9.0 million in the aggregate, or $18.85 per unit. The issuance of 479,640 OP Units includes (i) 424,951 OP Units issued as partial consideration for the portfolio of nine net lease properties acquired on June 30, 2021 and (ii) 54,689 OP Units issued in connection with the acquisition of one net lease property on July 12, 2021. ​ DIVIDENDS The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate 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 years ended December 31, 2021, 2020, and 2019, the Company declared and paid cash dividends on its common stock and OP Units of $1.015 per share, $0.820 per share, and $0.058 per share, respectively. The dividends paid on the Company’s common stock and OP Units for the year ended December 31, 2019 represent the initial stub period of the Company’s operations from November 26, 2019 to December 31, 2019. PREDECESSOR EQUITY The Predecessor equity represents net contributions from and distributions to CTO. ​

COMMON STOCK AND EARNINGS PER S

COMMON STOCK AND EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
COMMON STOCK AND EARNINGS PER SHARE
COMMON STOCK AND EARNINGS PER SHARE	NOTE 12. 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. ​ $ 9,964 ​ $ 985 ​ $ (39) ​ $ 3,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Number of Common Shares Outstanding ​ ​ 9,781,066 ​ ​ 7,588,349 ​ ​ 7,902,737 ​ ​ N/A Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (1) ​ ​ 1,465,161 ​ ​ 1,223,854 ​ ​ 1,223,854 ​ ​ N/A Total Shares Applicable to Diluted Earnings per Share ​ ​ 11,246,227 ​ ​ 8,812,203 ​ ​ 9,126,591 ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.02 ​ $ 0.13 ​ $ — ​ ​ N/A Diluted ​ $ 0.89 ​ $ 0.11 ​ $ — ​ ​ N/A (1) Represents shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of ten net lease properties during the year ended December 31, 2021 (see Note 11, “Equity”) .

SHARE REPURCHASES

SHARE REPURCHASES	12 Months Ended
	Dec. 31, 2021
SHARE REPURCHASES
SHARE REPURCHASES	NOTE 13. 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 year ended December 31, 2021. ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14. STOCK-BASED COMPENSATION In connection with the closing of the IPO, on November 26, 2019, 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 December 31, 2021, the first and second increments of this award had vested, leaving 2,668 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. The Company recognized stock compensation expense totaling $0.1 million during each of the years ended December 31, 2021 and 2020. During the period from November 26, 2019 to December 31, 2019, the Company recognized stock compensation expense totaling less than $0.1 million. ​ A summary of activity for these awards during the years ended December 31, 2021 and 2020, and during the period from November 26, 2019 to December 31, 2019, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares ​ Shares Wtd. Avg. Fair Value Non-Vested at November 25, 2019 ​ ​ — ​ ​ — Granted ​ ​ 8,000 ​ $ 18.80 Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2019 ​ ​ 8,000 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ (2,664) ​ $ 18.80 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2020 ​ ​ 5,336 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ (2,668) ​ $ 18.80 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2021 ​ ​ 2,668 ​ $ 18.80 ​ As of December 31, 2021, there was less than $0.1 million of unrecognized compensation cost related to the three-year vest restricted shares, which will be recognized over a remaining period of 0.9 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 year ended December 31, 2021, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.3 million, or 14,049 shares, of which 3,453 shares were issued on April 1, 2021, 3,525 shares were issued on July 1, 2021, 3,594 shares were issued on October 1, 2021, and 3,477 shares were issued on January 3, 2022. During the year ended December 31, 2020, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.2 million, or 14,572 shares, of which 4,098 shares were issued on April 1, 2020, 3,414 shares were issued on July 1, 2020, 3,474 shares were issued on October 1, 2020, and 3,586 shares were issued on January 1, 2021. During the period from November 26, 2019 to December 31, 2019, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled less than $0.1 million, or 1,269 shares, which were issued on January 2, 2020. ​ Stock compensation expense for the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 is summarized as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Stock Compensation Expense – Director Restricted Stock ​ $ 50 ​ $ 51 ​ $ 4 ​ $ — Stock Compensation Expense – Director Retainers Paid in Stock ​ ​ 259 ​ ​ 217 ​ ​ — ​ ​ — Allocation From CTO/Predecessor ​ ​ — ​ ​ — ​ ​ — ​ ​ 509 Total Stock Compensation Expense (1) ​ $ 309 ​ $ 268 ​ $ 4 ​ $ 509 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the years ended December 31, 2021 and 2020 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. ​ ​ For the period prior to November 26, 2019, the Predecessor’s stock-based compensation expense, included in general and administrative expenses in the combined statements of operations for the period from January 1, 2019 to November 25, 2019, reflected an allocation of a portion of the stock compensation expense of CTO.

RELATED PARTY MANAGEMENT COMPAN

RELATED PARTY MANAGEMENT COMPANY	12 Months Ended
	Dec. 31, 2021
RELATED PARTY MANAGEMENT COMPANY
RELATED PARTY MANAGEMENT COMPANY	NOTE 15. RELATED PARTY MANAGEMENT COMPANY ​ We are externally managed by the Manager, a wholly owned subsidiary of CTO. During the year ended December 31, 2021, CTO purchased 8,088 shares of PINE common stock in the open market for $0.1 million, or an average price per share of $17.65. As of December 31, 2021, CTO owns, in the aggregate, 1,223,854 OP Units and 823,878 shares of PINE common stock, inclusive of (i) 394,737 shares of common stock totaling $7.5 million issued in connection with the CTO Private Placement, (ii) 421,053 shares of common stock totaling $8.0 million issued in connection with the IPO, and (iii) 8,088 shares of common stock totaling $0.1 million purchased by CTO. The aggregate 1,223,854 OP Units and 823,878 shares of PINE common stock held by CTO represent an investment totaling $41.0 million, or 15.6% of PINE’s outstanding equity, as of December 31, 2021. Management Agreement ​ On November 26, 2019, the Operating Partnership and PINE entered into a management agreement with the Manager (the “Management Agreement”). Pursuant to the terms of the Management Agreement, our Manager manages, operates and administers our day-to-day operations, business and affairs, subject to the direction and supervision of the Board and in accordance with the investment guidelines approved and monitored by the Board. We pay our Manager a base management fee equal to 0.375% per quarter of our “total equity” (as defined in the Management Agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. Our Manager has the ability to earn an annual incentive fee based on our total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. We would pay our Manager an incentive fee with respect to each annual measurement period in the amount of the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was due for the year ended December 31, 2021 or 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 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 pay directly or reimburse our Manager for certain expenses, if incurred by our Manager. We do not reimburse any compensation expenses incurred by our Manager or its affiliates. Expense reimbursements to our Manager are made in cash on a quarterly basis following the end of each quarter. In addition, we pay all of our operating expenses, except those specifically required to be borne by our Manager pursuant to the Management Agreement. ​ The Company incurred management fee expenses totaling $3.2 million, $2.6 million, and $0.3 million during the years ended December 31, 2021 and 2020, and for the period from November 26, 2019 to December 31, 2019, respectively. The Company also paid dividends on the common stock and OP Units owned by affiliates of the Manager in the amount of $2.1 million, $1.7 million, and $0.1 million for the years ended December, 31, 2021 and 2020, and for the period from November 26, 2019 to December 31, 2019, respectively. There were no Manager dividends or management fees applicable to the Predecessor period from January 1, 2019 to November 25, 2019. ​ The following table represents amounts due from the Company to CTO (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Description December 31, 2021 December 31, 2020 Management Fee due to CTO ​ $ 913 ​ $ 631 Other ​ ​ 388 ​ ​ (52) Total (1) ​ $ 1,301 ​ $ 579 (1) Included in accrued expenses, see Note 8, “Accounts Payable, Accrued Expenses, and Other Liabilities”. ​ ROFO Agreement On November 26, 2019, PINE also entered into an Exclusivity and Right of First Offer Agreement with CTO (the “ROFO Agreement”). During the term of the ROFO Agreement, CTO will not, and will cause each of its affiliates (which for purposes of the ROFO Agreement will not include our company and our subsidiaries) not to, acquire, directly or indirectly, a single-tenant, net leased property, unless CTO has notified us of the opportunity and we have affirmatively rejected the opportunity to acquire the applicable property or properties. The terms of the ROFO Agreement do not restrict CTO or any of its affiliates from providing financing for a third party’s acquisition of single-tenant, net leased properties or from developing and owning any single-tenant, net leased property. Pursuant to the ROFO Agreement, neither CTO nor any of its affiliates (which for purposes of the ROFO Agreement does not include our company and our subsidiaries) may sell to any third party any single-tenant, net leased property that was owned by CTO or any of its affiliates as of the closing date of the IPO or that is developed and owned by CTO or any of its affiliates after the closing date of the IPO, without first offering us the right to purchase such property. The term of the ROFO Agreement will continue for so long as the Management Agreement with our Manager is in effect. On April 6, 2021, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property (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. ​ Subsequent to December 31, 2021, on January 5, 2022, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property. The terms of the purchase and sale agreement provided a total purchase price of $6.9 million, which acquisition was completed on January 7, 2022 (see Note 17, “Subsequent Events”). ​ 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 aforementioned properties under the ROFO agreement. ​ Conflicts of Interest Conflicts of interest may exist or could arise in the future with CTO and its affiliates, including our Manager, the individuals who serve as our executive officers and executive officers of CTO, any individual who serves as a director of our company and as a director of CTO and any limited partner of the Operating Partnership. Conflicts may include, without limitation: conflicts arising from the enforcement of agreements between us and CTO or our Manager; conflicts in the amount of time that executive officers and employees of CTO, who are provided to us through our Manager, will spend on our affairs versus CTO’s affairs; and conflicts in future transactions that we may pursue with CTO and its affiliates. We do not generally expect to enter into joint ventures with CTO, but if we do so, the terms and conditions of our joint venture investment will be subject to the approval of a majority of disinterested directors of the Board. In addition, we are subject to conflicts of interest arising out of our relationships with our Manager. Pursuant to the Management Agreement, our Manager is obligated to supply us with our senior management team. However, our Manager is not obligated to dedicate any specific CTO personnel exclusively to us, nor are the CTO personnel provided to us by our Manager obligated to dedicate any specific portion of their time to the management of our business. Additionally, our Manager is a wholly owned subsidiary of CTO. All of our executive officers are executive officers and employees of CTO and one of our officers (John P. Albright) is also a member of CTO’s board of directors. As a result, our Manager and the CTO personnel it provides to us may have conflicts between their duties to us and their duties to, and interests in, CTO. ​ We may acquire or sell net leased properties that would potentially fit the investment criteria for our Manager or its affiliates. Similarly, our Manager or its affiliates may acquire or sell net leased properties that would potentially fit our investment criteria. Although such acquisitions or dispositions could present conflicts of interest, we nonetheless may pursue and consummate such transactions. Additionally, we may engage in transactions directly with our Manager or its affiliates, including the purchase and sale of all or a portion of a portfolio asset. If we acquire a net leased property from CTO or one of its affiliates or sell a net leased property to CTO or one of its affiliates, the purchase price we pay to CTO or one of its affiliates or the purchase price paid to us by CTO or one of its affiliates may be higher or lower, respectively, than the purchase price that would have been paid to or by us if the transaction were the result of arm’s length negotiations with an unaffiliated third party. ​ In deciding whether to issue additional debt or equity securities, we will rely, in part, on recommendations made by our Manager. While such decisions are subject to the approval of the Board, our Manager is entitled to be paid a base management fee that is based on our “total equity” (as defined in the Management Agreement). As a result, our Manager may have an incentive to recommend that we issue additional equity securities at dilutive prices. ​ All of our executive officers are executive officers and employees of CTO. These individuals and other CTO personnel provided to us through our Manager devote as much time to us as our Manager deems appropriate. However, our executive officers and other CTO personnel provided to us through our Manager may have conflicts in allocating their time and services between us, on the one hand, and CTO and its affiliates, on the other. During a period of prolonged economic weakness or another economic downturn affecting the real estate industry or at other times when we need focused support and assistance from our Manager and the CTO executive officers and other personnel provided to us through our Manager, we may not receive the necessary support and assistance we require or that we would otherwise receive if we were self-managed. ​ Additionally, the ROFO Agreement does contain exceptions to CTO’s exclusivity for opportunities that include only an incidental interest in single-tenant, net leased properties. Accordingly, the ROFO Agreement will not prevent CTO from pursuing certain acquisition opportunities that otherwise satisfy our then-current investment criteria. ​ Our directors and executive officers have duties to our company under applicable Maryland law in connection with their management of our company. At the same time, PINE GP has fiduciary duties, as the general partner, to the Operating Partnership and to the limited partners under Delaware law in connection with the management of the Operating Partnership. These duties as a general partner to the Operating Partnership and its partners may come into conflict with the duties of our directors and executive officers to us. Unless otherwise provided for in the relevant partnership agreement, Delaware law generally requires a general partner of a Delaware limited partnership to adhere to fiduciary duty standards under which it owes its limited partners the highest duties of loyalty and care and which generally prohibits such general partner from taking any action or engaging in any transaction as to which it has a conflict of interest. The partnership agreement provides that in the event of a conflict between the interests of our stockholders on the one hand and the limited partners of the Operating Partnership on the other hand, PINE GP will endeavor in good faith to resolve the conflict in a manner not adverse to either our stockholders or the limited partners; provided, however, that so long as we own a controlling interest in the Operating Partnership, any such conflict that we, in our sole and absolute discretion, determine cannot be resolved in a manner not adverse to either our stockholders or the limited partners of the Operating Partnership shall be resolved in favor of our stockholders, and we shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the limited partners in connection with such decisions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16. COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of business. The Company is not currently a party to any pending or threatened legal proceedings that we believe could have a material adverse effect on the Company’s business or financial condition. ​ CONTRACTUAL COMMITMENTS – EXPENDITURES ​ As of December 31, 2021, the Company had no commitments related to capital expenditures. ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 17. SUBSEQUENT EVENTS The Company reviewed all subsequent events and transactions through February 10, 2022, the date the consolidated and combined financial statements were issued. On January 5, 2022, the Company entered into a purchase and sale agreement with a certain subsidiary of CTO for the purchase of one net lease property located in Oceanside, New York, occupied by Party City. The terms of the purchase and sale agreement provided a total purchase price of $6.9 million. The acquisition was completed on January 7, 2022. As of the acquisition date, the property had a remaining lease term of 10.4 years. ​ There were no other reportable subsequent events or transactions. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
PRINCIPLES OF CONSOLIDATION	PRINCIPLES OF CONSOLIDATION For periods commencing on and subsequent to November 26, 2019, the consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. All significant inter-company balances and transactions have been eliminated in the consolidated financial statements. For the period prior to November 26, 2019, the combined financial statements include, on a carve-out basis, the historical balance sheets and statements of operations and cash flows of the Predecessor.
SEGMENT REPORTING	SEGMENT REPORTING ASC Topic 280, Segment Reporting
USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS	USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates. Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to PINE’s investment in properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.
REAL ESTATE	REAL ESTATE The Company’s real estate assets are primarily comprised of the properties in its portfolio, and are stated at cost, less accumulated depreciation and amortization. Such properties are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the year ended December 31, 2021, the year ended December 31, 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019, was $10.0 million, $6.2 million, $0.4 million, and $3.2 million, respectively.
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 AND SALES OF REAL ESTATE	PURCHASE ACCOUNTING FOR ACQUISITIONS OF REAL ESTATE SUBJECT TO A LEASE Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ​ 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 both the Company and the Predecessor amortize 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. ​ SALES OF REAL ESTATE ​ When properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gains on dispositions of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.
PROPERTY LEASE REVENUE	PROPERTY LEASE REVENUE The rental arrangements associated with the Company’s property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of December 31, 2021 and 2020, the Company’s allowance for doubtful accounts totaled $0.3 million and $0.1 million, respectively.
SALES TAX	SALES TAX Sales tax collected on lease payments is recognized as a liability in the accompanying consolidated balance sheets when collected. The liability is reduced at the time payment is remitted to the applicable taxing authority.
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 December 31, 2021 and 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 $0.6 million at December 31, 2021 which is being held in a capital replacement and leasing commissions reserve account in connection with our financing of six properties.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY	DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY ​ Derivatives and Hedging ​ The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and 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 10, “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 December 31, 2021 and December 31, 2020, approximate fair value because of the short maturity of these instruments. The carrying value of the Credit Facility, hereinafter defined, approximates current market rates for revolving credit arrangements with similar risks and maturities. The Company estimates the fair value of its mortgage note payable and term loans based on incremental borrowing rates for similar types of borrowing arrangements with the same remaining maturity and on the discounted estimated future cash payments to be made for other debt. The discount rate used to calculate the fair value of debt approximates current lending rates for loans and assumes the debt is outstanding through maturity. Since such amounts are estimates that are based on limited available market information for similar transactions, which is a Level 2 non-recurring measurement, there can be no assurance that the disclosed value of any financial instrument could be realized by immediate settlement of the instrument.
FAIR VALUE MEASUREMENTS	​ FAIR VALUE MEASUREMENTS ​ The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels: ​ ● Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities. ​ ● Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ​ ● Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models, and similar techniques.
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE Basic earnings per common share is computed by dividing net income attributable to the Company for the period by the weighted average number of shares outstanding for the period. Diluted earnings per common share is based on the assumption that the OP Units issued are exchanged for shares of our common stock on a one-for-one basis.
INCOME TAXES	INCOME TAXES The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code. We believe the Company has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. The Company may form one or more taxable REIT subsidiaries (“TRSs”), which will be subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the periods presented, the Company did not have any TRSs that would be subject to taxation.
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 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. The Company has issued restricted shares of common stock pursuant to the Equity Incentive Plans. 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 and combined statements of operations. Award forfeitures are accounted for in the period in which they occur.
CONCENTRATION OF RISK	CONCENTRATION OF CREDIT RISK Certain of the tenants in the portfolio of 113 properties accounted for more than 10% of total revenues during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019. For the year ended December 31, 2021, Wells Fargo represented 12% of total revenues. Wells Fargo and Hilton Grand Vacations represented 19% and 12% of total revenues, respectively, for the year ended December 31, 2020 and 26%and 17% of total revenues, respectively, for the period from November 26, 2019 to December 31, 2019 and the Predecessor period from January 1, 2019 to November 25, 2019. ​ As of December 31, 2021, 20% of the Company’s real estate portfolio, based on square footage, was located in the state of Texas. As of December 31, 2020, 13% and 17%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the states of Oregon and Florida. Additionally, as of December 31, 2020, individually more than 10% of the Company’s real estate portfolio, based on square footage, was located in the states of North Carolina and Michigan. Uncertainty of the duration of a prolonged real estate and economic downturn could have an adverse impact on the Company’s real estate values.
RECLASSIFICATIONS	RECLASSIFICATIONS 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.
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Cessation of LIBOR ​ Lease Modifications. accounting applies as an extended term was a part of such agreements, accordingly the Company re-calculated straight-line rental income for such leases to recognize over the new lease term.

PROPERTY PORTFOLIO (Tables)

PROPERTY PORTFOLIO (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY PORTFOLIO
Schedule of components of leasing revenue	The components of leasing revenue are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Lease Income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease Payments ​ $ 27,138 ​ $ 17,746 ​ $ 1,294 ​ $ 10,810 Variable Lease Payments ​ ​ 2,990 ​ ​ 1,502 ​ ​ 100 ​ ​ 1,027 Total Lease Income ​ $ 30,128 ​ $ 19,248 ​ $ 1,394 ​ $ 11,837
Schedule of minimum future base rental revenue on non-cancelable leases	​ ​ ​ ​ ​ Year Ending December 31, Amounts 2022 ​ $ 36,196 2023 ​ ​ 35,747 2024 ​ ​ 34,806 2025 ​ ​ 33,519 2026 ​ ​ 29,703 2027 and Thereafter (Cumulative) ​ ​ 120,057 Total ​ $ 290,028 ​
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 ​ 3/09/2021 ​ 89,902 ​ ​ 8,571 ​ 8.4 Pet Supplies Plus ​ Canton, OH ​ 3/09/2021 ​ 8,400 ​ ​ 1,135 ​ 6.6 Salon Lofts ​ Canton, OH ​ 3/09/2021 ​ 4,000 ​ ​ 694 ​ 7.0 Sportsman's Warehouse ​ Albuquerque, NM ​ 3/29/2021 ​ 48,974 ​ ​ 7,100 ​ 8.4 Burlington ​ 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 ​ 5.5 Orscheln Farm and Home ​ Durant, OK ​ 6/25/2021 ​ 37,965 ​ ​ 2,017 ​ 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 (1) 3.4 Burger King ​ Plymouth, NC ​ 6/30/2021 ​ 3,142 ​ ​ 1,736 (1) 6.8 Dollar Tree ​ Demopolis, AL ​ 6/30/2021 ​ 10,159 ​ ​ 1,615 (1) 8.7 Firestone ​ Pittsburgh, PA ​ 6/30/2021 ​ 10,629 ​ ​ 1,468 (1) 7.8 Advance Auto Parts ​ Ware, MA ​ 6/30/2021 ​ 6,889 ​ ​ 1,396 (1) 3.6 Grease Monkey ​ Stockbridge, GA ​ 6/30/2021 ​ 1,846 ​ ​ 1,318 (1) 12.3 Hardee's ​ Boaz, AL ​ 6/30/2021 ​ 3,542 ​ ​ 1,185 (1) 9.4 Schlotzsky's ​ Sweetwater, TX ​ 6/30/2021 ​ 2,431 ​ ​ 1,147 (1) 14.0 Advance Auto Parts ​ Athens, GA ​ 6/30/2021 ​ 6,871 ​ ​ 1,127 (1) 3.6 Family Dollar ​ Burlington, NC ​ 7/01/2021 ​ 11,394 ​ ​ 1,618 ​ 9.8 O'Reilly Auto Parts ​ Duluth, MN ​ 7/12/2021 ​ 11,182 ​ ​ 1,030 (1) 6.4 Tractor Supply ​ Washington Court House, OH ​ 8/27/2021 ​ 39,984 ​ ​ 2,370 ​ 10.8 Harbor Freight ​ Midland, MI ​ 8/31/2021 ​ 14,624 ​ ​ 1,750 ​ 4.8 Camping World ​ Duluth, MN ​ 9/14/2021 ​ 66,033 ​ ​ 10,451 ​ 12.3 Advance Auto Parts ​ Ludington, MI ​ 9/14/2021 ​ 6,604 ​ ​ 1,050 ​ 10.3 Advance Auto Parts ​ New Baltimore, MI ​ 9/14/2021 ​ 6,784 ​ ​ 1,050 ​ 10.3 Dollar Tree ​ Stillwell, OK ​ 9/17/2021 ​ 9,828 ​ ​ 1,576 ​ 10.5 O'Reilly Auto Parts ​ Angels Camp, CA ​ 9/22/2021 ​ 7,066 ​ ​ 2,125 ​ 4.5 Walmart ​ Hempstead, TX ​ 9/28/2021 ​ 52,190 ​ ​ 4,450 ​ 5.3 7-Eleven ​ Olathe, KS ​ 9/30/2021 ​ 4,146 ​ ​ 3,782 ​ 5.7 At Home ​ Turnersville, NJ ​ 9/30/2021 ​ 89,460 ​ ​ 7,181 ​ 8.1 Boston Market ​ Turnersville, NJ ​ 9/30/2021 ​ 2,627 ​ ​ 1,027 ​ 8.3 Verizon ​ Turnersville, NJ ​ 9/30/2021 ​ 6,027 ​ ​ 3,568 ​ 5.8 Advance Auto Parts ​ St. Paul, MN ​ 9/30/2021 ​ 7,201 ​ ​ 2,305 ​ 7.1 Hobby Lobby ​ Aberdeen, SD ​ 9/30/2021 ​ 49,034 ​ ​ 3,150 ​ 3.4 Dollar Tree ​ Albuquerque, NM ​ 9/30/2021 ​ 10,023 ​ ​ 1,081 ​ 9.4 Office Depot ​ Albuquerque, NM ​ 9/30/2021 ​ 30,346 ​ ​ 3,814 ​ 2.3 Valero (2) ​ Jackson, MS ​ 9/30/2021 ​ 1,920 ​ ​ 1,067 ​ 20.0 Valero (2) ​ Leland, MS ​ 9/30/2021 ​ 3,343 ​ ​ 977 ​ 20.0 Valero ​ Cadiz, OH ​ 10/14/2021 ​ 1,292 ​ ​ 750 ​ 20.0 Valero ​ Massillon, OH ​ 10/14/2021 ​ 1,363 ​ ​ 1,059 ​ 20.0 Valero ​ Parma, OH ​ 10/14/2021 ​ 1,884 ​ ​ 988 ​ 20.0 Office Max ​ Gadsen, AL ​ 10/26/2021 ​ 23,638 ​ ​ 2,717 ​ 6.3 Orscheln Farm and Home ​ California, MO ​ 11/2/2021 ​ 23,042 ​ ​ 1,806 ​ 10.0 Family Dollar ​ Dearing, GA ​ 11/12/2021 ​ 9,288 ​ ​ 1,365 ​ 8.9 Buffalo Wild Wings ​ Hattiesburg, MS ​ 11/23/2021 ​ 6,302 ​ ​ 3,664 ​ 10.1 Best Buy ​ Dayton, OH ​ 12/3/2021 ​ 45,535 ​ ​ 5,898 ​ 3.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Ashley HomeStore ​ Dayton, OH ​ 12/3/2021 ​ 33,161 ​ ​ 3,480 ​ 6.2 Mattress Firm ​ Richmond, IN ​ 12/8/2021 ​ 5,108 ​ ​ 2,271 ​ 9.3 Orscheln Farm and Home ​ Owensville, MO ​ 12/8/2021 ​ 38,452 ​ ​ 1,530 ​ 6.1 Family Dollar ​ McKenny, VA ​ 12/10/2021 ​ 10,531 ​ ​ 1,660 ​ 9.8 Family Dollar ​ Tipton, MO ​ 12/14/2021 ​ 10,500 ​ ​ 1,606 ​ 10.2 Family Dollar ​ Van Buren, MO ​ 12/14/2021 ​ 10,500 ​ ​ 1,563 ​ 10.2 Family Dollar ​ Lake Village, AR ​ 12/14/2021 ​ 14,592 ​ ​ 1,242 ​ 10.2 Academy Sports ​ Columbia, SC ​ 12/16/2021 ​ 72,000 ​ ​ 10,121 ​ 10.4 Academy Sports ​ Snellville, GA ​ 12/16/2021 ​ 67,247 ​ ​ 10,379 ​ 10.4 The Burger Joint ​ Friendswood, TX ​ 12/22/2021 ​ 4,054 ​ ​ 2,634 ​ 9.0 Charles Schwab ​ Webster, TX ​ 12/22/2021 ​ 5,556 ​ ​ 4,892 ​ 10.1 Crazy Alan's Swamp Shack ​ Friendswood, TX ​ 12/22/2021 ​ 9,356 ​ ​ 2,786 ​ 7.7 Ethan Allen ​ Friendswood, TX ​ 12/22/2021 ​ 12,208 ​ ​ 2,528 ​ 3.8 LongHorn Steakhouse ​ Webster, TX ​ 12/22/2021 ​ 7,000 ​ ​ 3,122 ​ 1.3 Lowe's ​ Webster, TX ​ 12/22/2021 ​ 163,300 ​ ​ 10,986 ​ 5.9 Olive Garden ​ Friendswood, TX ​ 12/22/2021 ​ 8,388 ​ ​ 3,001 ​ 1.8 Rooms To Go ​ Friendswood, TX ​ 12/22/2021 ​ 51,868 ​ ​ 10,760 ​ 10.3 Sportsman's Warehouse ​ Morgantown, WV ​ 12/22/2021 ​ 30,547 ​ ​ 6,050 ​ 5.4 Visionworks ​ Friendswood, TX ​ 12/22/2021 ​ 3,949 ​ ​ 2,791 ​ 0.9 ​ ​ Total / Weighted Average ​ 1,799,839 ​ $ 260,313 ​ 8.1 (1) The aggregate purchase price of $14.8 million was partially funded through the issuance of 479,640 OP Units valued at $9.0 million, see Note 11, “Equity.” (2) Subject to a master lease agreement. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location ​ Date of Acquisition ​ Square-Feet ​ Purchase Price ($000's) ​ Remaining Lease Term at Acquisition Date (in years) Conn's HomePlus Hurst, TX 1/10/2020 37,957 $ 6,100 11.6 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 BP ​ 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 Advanced Auto Parts ​ Severn, MD ​ 9/14/2020 ​ 6,876 ​ ​ 2,588 ​ 14.5 Dollar General ​ Heuvelton, NY ​ 9/14/2020 ​ 9,342 ​ ​ 1,462 ​ 12.1 Dollar General ​ Winthrop, NY ​ 9/14/2020 ​ 9,167 ​ ​ 1,589 ​ 11.0 Dollar General ​ Salem, NY ​ 9/14/2020 ​ 9,199 ​ ​ 1,485 ​ 13.0 Dollar General ​ Harrisville, NY ​ 9/14/2020 ​ 9,309 ​ ​ 1,466 ​ 13.3 Dollar General ​ Newtonsville, OH ​ 9/14/2020 ​ 9,290 ​ ​ 1,164 ​ 9.7 Dollar General ​ Hammond, NY ​ 9/14/2020 ​ 9,219 ​ ​ 1,384 ​ 12.3 Dollar General ​ Barker, NY ​ 9/14/2020 ​ 9,275 ​ ​ 1,439 ​ 13.2 Dollar General ​ Chazy, NY ​ 9/14/2020 ​ 9,277 ​ ​ 1,673 ​ 11.0 Dollar General ​ Milford, ME ​ 9/21/2020 ​ 9,128 ​ ​ 1,606 ​ 13.1 Dollar General ​ Limestone, ME ​ 9/21/2020 ​ 9,167 ​ ​ 1,456 ​ 13.1 Dollar General ​ Bingham, ME ​ 9/21/2020 ​ 9,345 ​ ​ 1,522 ​ 13.1 Dollar General ​ Willis, TX ​ 9/23/2020 ​ 9,138 ​ ​ 1,774 ​ 14.9 Dollar General ​ Somerville, TX ​ 9/23/2020 ​ 9,252 ​ ​ 1,472 ​ 14.8 Dollar General ​ Odessa, TX ​ 9/30/2020 ​ 9,127 ​ ​ 1,792 ​ 14.8 Dollar General ​ Kermit, TX ​ 11/9/2020 ​ 10,920 ​ ​ 1,941 ​ 14.8 Kohl's ​ Glendale, AZ ​ 12/11/2020 ​ 14,125 ​ ​ 11,600 ​ 9.1 Walgreens ​ Tacoma, WA ​ 12/18/2020 ​ 87,875 ​ ​ 3,810 ​ 9.6 ​ ​ Total / Weighted Average ​ 786,898 ​ $ 116,633 ​ 10.6
Schedule of purchase consideration, calculation	​ ​ ​ ​ ​ ​ November 26, 2019 Total OP Units Issued (Number of Units) ​ ​ 1,223,854 Company's IPO Price per Share ​ $ 19.00 Total OP Unit Consideration Paid for Initial Portfolio ​ $ 23,253 Total Cash Consideration Paid for Initial Portfolio ​ ​ 125,919 Total Purchase Consideration Paid for Initial Portfolio ​ $ 149,172 ​
Schedule of purchase consideration, units issued	​ ​ ​ ​ ​ ​ November 26, 2019 Total OP Units Issued (Number of Units) ​ ​ 1,223,854 Company's IPO Price per Share ​ $ 19.00 Total OP Unit Consideration Paid for Initial Portfolio ​ $ 23,253 Total Cash Consideration Paid for Initial Portfolio ​ ​ 125,919 Total Purchase Consideration Paid for Initial Portfolio ​ $ 149,172
Schedule of fair value of the total purchase consideration	​ ​ ​ ​ ​ ​ November 26, 2019 Land, at Cost ​ $ 54,386 Building and Improvements, at Cost ​ ​ 74,070 Intangible Lease Assets ​ ​ 22,649 Intangible Lease Liabilities ​ ​ (1,933) Estimated Fair Value of Net Assets Acquired ​ $ 149,172 ​
Schedule of unaudited pro forma consolidated financial information	​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2019 Unaudited Pro Forma Total Revenues ​ $ 13,964 Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc. ​ $ 760 Unaudited Pro Forma Basic Net Income per Share ​ $ 0.10 Unaudited Pro Forma Diluted Net Income per Share ​ $ 0.08 Unaudited Pro Forma Funds From Operations ​ $ 7,826 Unaudited Pro Form Adjusted Funds From Operations ​ $ 7,438 ​

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Cash and Cash Equivalents - Level 1 ​ $ 8,851 ​ $ 8,851 ​ $ 1,894 ​ $ 1,894 Restricted Cash - Level 1 ​ $ 646 ​ $ 646 ​ $ — ​ $ — Long-Term Debt - Level 2 ​ $ 267,740 ​ $ 272,637 ​ $ 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 December 31, 2021 and December 31, 2020 (in thousands). See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at Reporting Date Using ​ Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 Term Loan Interest Rate Swap (1) ​ $ 945 ​ $ — ​ $ 945 ​ $ — 2027 Term Loan Interest Rate Swap (2) ​ $ 977 ​ $ — ​ $ 977 ​ $ — December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Facility Interest Rate Swap (3) ​ $ (481) ​ $ — ​ $ (481) ​ $ — (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of its redesignation of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. (3) Effective April 30, 2020, the Company utilized an interest rate swap to fix LIBOR and 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).

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Intangible Lease Assets: ​ ​ ​ ​ ​ ​ Value of In-Place Leases ​ $ 45,301 ​ $ 27,494 Value of Above Market In-Place Leases ​ ​ 3,623 ​ ​ 2,187 Value of Intangible Leasing Costs ​ ​ 19,066 ​ ​ 11,459 Sub-total Intangible Lease Assets ​ ​ 67,990 ​ ​ 41,140 Accumulated Amortization ​ ​ (9,169) ​ ​ (4,259) Sub-total Intangible Lease Assets—Net ​ ​ 58,821 ​ ​ 36,881 Intangible Lease Liabilities: ​ ​ ​ ​ ​ ​ Value of Below Market In-Place Leases ​ ​ (6,397) ​ ​ (3,674) Sub-total Intangible Lease Liabilities ​ ​ (6,397) ​ ​ (3,674) Accumulated Amortization ​ ​ 921 ​ ​ 375 Sub-total Intangible Lease Liabilities—Net ​ ​ (5,476) ​ ​ (3,299) Total Intangible Assets and Liabilities—Net ​ $ 53,345 ​ $ 33,582
Schedule of amortization of intangible assets and liabilities	The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Amortization Expense ​ $ 5,977 ​ $ 3,758 ​ $ 271 ​ $ 1,548 Accretion to Properties Revenue ​ ​ (257) ​ ​ (108) ​ ​ (5) ​ ​ (234) Net Amortization of Intangible Assets and Liabilities ​ $ 5,720 ​ $ 3,650 ​ $ 266 ​ $ 1,314
Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities	The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ending December 31, ​ Future Amortization Expense ​ Future Accretion to Property Revenue ​ Net Future Amortization of Intangible Assets and Liabilities 2022 ​ $ 8,268 ​ $ (358) ​ $ 7,910 2023 ​ ​ 8,026 ​ ​ (364) ​ ​ 7,662 2024 ​ ​ 7,697 ​ ​ (353) ​ ​ 7,344 2025 ​ ​ 7,107 ​ ​ (306) ​ ​ 6,801 2026 ​ ​ 5,990 ​ ​ (164) ​ ​ 5,826 2027 and Thereafter ​ ​ 18,385 ​ ​ (583) ​ ​ 17,802 Total ​ $ 55,473 ​ $ (2,128) ​ $ 53,345

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
OTHER ASSETS.
Schedule of components of other assets	Other assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Tenant Receivables—Net of Allowance for Doubtful Accounts (1) ​ $ 790 ​ $ 67 Accrued Unbilled Tenant Receivables ​ ​ 553 ​ ​ 216 Prepaid Insurance ​ ​ 616 ​ ​ 606 Deposits on Acquisitions ​ ​ 350 ​ ​ 100 Prepaid Expenses, Deposits, and Other ​ ​ 1,496 ​ ​ 442 Deferred Financing Costs—Net ​ ​ 469 ​ ​ 650 Interest Rate Swaps ​ ​ 2,095 ​ ​ — Total Other Assets ​ $ 6,369 ​ $ 2,081

ACCOUNTS PAYABLE, ACCRUED EXP_2

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Schedule of components of accounts payable accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2021 ​ December 31, 2020 Accounts Payable ​ $ 213 ​ $ 450 Accrued Expenses ​ ​ 676 ​ ​ 474 Due to CTO ​ ​ 1,301 ​ ​ 579 Interest Rate Swap ​ ​ 173 ​ ​ 481 Total Accounts Payable, Accrued Expenses, and Other Liabilities ​ $ 2,363 ​ $ 1,984 ​

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
LONG-TERM DEBT
Schedule of outstanding indebtedness, at face value	As of December 31, 2021, the Company’s outstanding indebtedness, at face value, was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Face Value Debt ​ Stated Interest Rate ​ Maturity Date Credit Facility ​ $ 99,000 ​ 30-Day LIBOR + ​ November 2023 2026 Term Loan (1) ​ ​ 60,000 ​ 30-Day LIBOR + ​ May 2026 2027 Term Loan (2) ​ ​ 80,000 ​ 30-Day LIBOR + ​ January 2027 Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ 4.33% ​ October 2034 Total Debt/Weighted-Average Rate ​ $ 269,000 ​ 2.10% ​ ​ (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan (hereinafter defined) balance. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan (hereinafter defined) balance. On September 30, 2021, the Company entered into an additional interest rate swap to extend the fixed interest rate through maturity on January 31, 2027. See Note 10, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.
Schedule of components of long-term debt	Long-term debt as of December 31, 2021 and December 31, 2020 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ Total Due Within One Year Total Due Within One Year Credit Facility ​ $ 99,000 ​ $ — ​ $ 106,809 ​ $ — 2026 Term Loan ​ ​ 60,000 ​ ​ — ​ ​ — ​ ​ — 2027 Term Loan ​ ​ 80,000 ​ ​ — ​ ​ — ​ ​ — Mortgage Note Payable – CMBS Portfolio ​ ​ 30,000 ​ ​ — ​ ​ — ​ ​ — Financing Costs, net of Accumulated Amortization ​ ​ (1,260) ​ ​ — ​ ​ — ​ ​ — Total Long-Term Debt ​ $ 267,740 ​ $ — ​ $ 106,809 ​ $ —
Schedule of payments applicable to reduction of principal amounts	Payments applicable to reduction of principal amounts as of December 31, 2021 will be required as follows (in thousands): ​ ​ ​ ​ ​ Year Ending December 31, Amount 2022 ​ $ — 2023 ​ ​ 99,000 2024 ​ ​ — 2025 ​ ​ — 2026 ​ ​ 60,000 2027 and Thereafter ​ ​ 110,000 Total Long-Term Debt - Face Value ​ $ 269,000
Schedule of carrying value of long-term debt	The carrying value of long-term debt as of December 31, 2021 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ Total Current Face Amount ​ $ 269,000 Financing Costs, net of Accumulated Amortization ​ ​ (1,260) Total Long-Term Debt ​ $ 267,740
Schedule of interest expense on debt	The following table reflects a summary of interest expense incurred and paid during the years ended December 31, 2021 and 2020, the period from November 26, 2019 to December 31, 2019, and the Predecessor period from January 1, 2019 to November 25, 2019 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ The Company ​ Predecessor Interest Expense ​ $ 3,340 ​ $ 1,276 ​ $ 25 ​ $ — Amortization of Deferred Financing Costs to Interest Expense ​ ​ 362 ​ ​ 188 ​ ​ 16 ​ ​ — Total Interest Expense ​ $ 3,702 ​ $ 1,464 ​ $ 41 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Interest Paid ​ $ 3,131 ​ $ 1,230 ​ $ — ​ $ —

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST RATE SWAPS.
Schedule of interest rate swap agreements	Information related to the Company’s interest rate swap agreements are noted below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hedged Item ​ Effective Date ​ Maturity Date ​ Rate ​ Amount ​ Fair Value as of December 31, 2021 2026 Term Loan (1) ​ 5/21/2021 ​ 5/21/2026 ​ 0.81% + applicable spread ​ $ 60,000 ​ $ 945 2027 Term Loan (2) ​ 9/30/2021 ​ 11/26/2024 ​ 0.53% + applicable spread ​ $ 80,000 ​ $ (173) 2027 Term Loan (3) ​ 11/26/2024 ​ 1/31/2027 ​ 1.60% + applicable spread ​ $ 80,000 ​ $ 1,150 (1) Effective May 21, 2021, the Company utilized interest rate swaps to fix LIBOR and achieve a weighted average fixed interest rate of 0.81% plus the applicable spread on the $60.0 million 2026 Term Loan balance. (2) Effective September 30, 2021, the Company utilized interest rate swaps, inclusive of its redesignation of the existing $50.0 million interest rate swap entered into as of April 30, 2020, to fix LIBOR and achieve a weighted average fixed interest rate of 0.53% plus the applicable spread on the $80.0 million 2027 Term Loan balance. (3) The interest rate swap agreement hedges the $80.0 million 2027 Term Loan balance under different terms and commences concurrent to the interest rate agreements maturing on November 26, 2024.

COMMON STOCK AND EARNINGS PER_2

COMMON STOCK AND EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. ​ $ 9,964 ​ $ 985 ​ $ (39) ​ $ 3,631 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Number of Common Shares Outstanding ​ ​ 9,781,066 ​ ​ 7,588,349 ​ ​ 7,902,737 ​ ​ N/A Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (1) ​ ​ 1,465,161 ​ ​ 1,223,854 ​ ​ 1,223,854 ​ ​ N/A Total Shares Applicable to Diluted Earnings per Share ​ ​ 11,246,227 ​ ​ 8,812,203 ​ ​ 9,126,591 ​ ​ N/A ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Common Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.02 ​ $ 0.13 ​ $ — ​ ​ N/A Diluted ​ $ 0.89 ​ $ 0.11 ​ $ — ​ ​ N/A (1) Represents shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO in connection with our Formation Transactions and (ii) 479,640 shares underlying OP Units issued to an unrelated third party in connection with the acquisition of ten net lease properties during the year ended December 31, 2021 (see Note 11, “Equity”) .

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2021
STOCK-BASED COMPENSATION
Summary of nonvested restricted stock award activity	​ ​ ​ ​ ​ ​ ​ ​ Non-Vested Restricted Shares ​ Shares Wtd. Avg. Fair Value Non-Vested at November 25, 2019 ​ ​ — ​ ​ — Granted ​ ​ 8,000 ​ $ 18.80 Vested ​ ​ — ​ ​ — Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2019 ​ ​ 8,000 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ (2,664) ​ $ 18.80 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2020 ​ ​ 5,336 ​ $ 18.80 Granted ​ ​ — ​ ​ — Vested ​ ​ (2,668) ​ $ 18.80 Expired ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Non-Vested at December 31, 2021 ​ ​ 2,668 ​ $ 18.80
Summary of activity for stock option awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ For the Year Ended December 31, 2020 ​ For the Period from November 26, 2019 to December 31, 2019 ​ For the Period from January 1, 2019 to November 25, 2019 ​ ​ The Company ​ Predecessor Stock Compensation Expense – Director Restricted Stock ​ $ 50 ​ $ 51 ​ $ 4 ​ $ — Stock Compensation Expense – Director Retainers Paid in Stock ​ ​ 259 ​ ​ 217 ​ ​ — ​ ​ — Allocation From CTO/Predecessor ​ ​ — ​ ​ — ​ ​ — ​ ​ 509 Total Stock Compensation Expense (1) ​ $ 309 ​ $ 268 ​ $ 4 ​ $ 509 (1) Director retainers are issued through additional paid in capital in arrears. Therefore, the change in additional paid in capital during the years ended December 31, 2021 and 2020 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)	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 Management Fee due to CTO ​ $ 913 ​ $ 631 Other ​ ​ 388 ​ ​ (52) Total (1) ​ $ 1,301 ​ $ 579 (1) Included in accrued expenses, see Note 8, “Accounts Payable, Accrued Expenses, and Other Liabilities”.

BUSINESS AND ORGANIZATION - Bus

BUSINESS AND ORGANIZATION - Business (Details)	Dec. 31, 2021employeepropertyitemstate
Description of business
Number of real estate properties	113
Number of markets in which entity operates | item	76
Number of states in which entity operates | state	32
Entity Number of Employees | employee	0
Single-tenant
Description of business
Number of real estate properties	113

BUSINESS AND ORGANIZATION - Org

BUSINESS AND ORGANIZATION - Organization (Details) $ / shares in Units, $ in Thousands	Jul. 12, 2021propertyshares	Jun. 30, 2021propertyshares	Nov. 26, 2019USD ($)property$ / sharesshares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)property$ / sharesshares
Class of Stock [Line Items]
Gross proceeds form the issuance of common stock					$ 67,770
Share issued | shares			421,053
Proceeds from Issuance of Stock					$ 67,770
Cash investment			$ 15,500
Cash Received from Private Placement			$ 125,900	$ 7,501
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					3.60%
Partners' capital account, units issued | shares	54,689	424,951			479,640
Partners' capital account, units issued, value					$ 9,000
Partners' capital account, units issued, value per unit | $ / shares					$ 18.85
Number of lease properties acquired | property	1	9			10
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		421,053
Proceeds from Issuance of Stock				142,500	$ 8,000
Private Placement
Class of Stock [Line Items]
Share issued | shares			394,737
Proceeds from Issuance of Stock			$ 7,500	$ 7,501
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					87.10%
CTO
Class of Stock [Line Items]
Share issued | shares					8,088
Proceeds from Issuance of Stock			$ 8,000		$ 100
Partners' capital account, units issued | shares					1,223,854
CTO | Private Placement
Class of Stock [Line Items]
Share issued | shares					394,737
Proceeds from Issuance of Stock					$ 7,500
CTO | Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership					9.30%
Partners' capital account, units issued | shares					1,223,854
CTO | PINE GP
Class of Stock [Line Items]
Share issued | shares					823,878
Cash investment					$ 41,000
Percentage of outstanding common stock					15.60%

BASIS OF PRESENTATION AND PRI_2

BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION (Details) - segment	Nov. 26, 2019	Dec. 31, 2021
BASIS OF PRESENTATION AND PRINCIPLES OF CONSOLIDATION
Financial Designation, Predecessor and Successor	Predecessor
Number of reportable segments		1

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - General Information (Details) - USD ($) $ in Millions	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Real estate depreciation, excluding intangible assets amortization	$ 0.4	$ 3.2	$ 10	$ 6.2
Allowance for doubtful accounts			$ 0.3	$ 0.1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash, Earnings per common share and Income taxes (Details) $ in Thousands	Nov. 26, 2019	Dec. 31, 2021USD ($)property
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Restricted cash | $		$ 646
Number of real estate properties, held in replacement | property		6
Stock split ratio	1
Minimum taxable income excluding capital gain to be distributed to be taxed as a REIT		90.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock-based Compensation (Details)	12 Months Ended
	Dec. 31, 2021
Non employee | Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - property	Nov. 30, 2019	Dec. 31, 2019	Nov. 25, 2019	Oct. 31, 2019	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Product Information [Line Items]
Number of real estate properties						113
Real estate property at Oregon
Product Information [Line Items]
Real estate portfolio (as a percent)							13.00%
Real estate property at Florida
Product Information [Line Items]
Real estate portfolio (as a percent)							17.00%
Real estate property at Texas
Product Information [Line Items]
Real estate portfolio (as a percent)						20.00%
Single-tenant
Product Information [Line Items]
Number of real estate properties						113
Minimum | Real estate property located At North Carolina And Michigan
Product Information [Line Items]
Real estate portfolio (as a percent)							10.00%
Customer Concentration Risk | Hilton Grand Vacations | Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	17.00%	17.00%	17.00%	17.00%	17.00%		12.00%
Customer Concentration Risk | Wells Fargo Bank, NA | Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	26.00%	26.00%	26.00%	26.00%	26.00%	12.00%	19.00%
Customer Concentration Risk | Minimum | Consolidated revenues
Product Information [Line Items]
Concentration risk (as a percent)	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%	10.00%

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reclassifications (Details) - Adjustment $ in Millions	Dec. 31, 2020USD ($)
Reclassification [Line Items]
Deferred financing costs	$ 0.9
Net of accumulated amortization	$ 0.2

PROPERTY PORTFOLIO - Portfolio

PROPERTY PORTFOLIO - Portfolio Information (Details) ft² in Millions	Dec. 31, 2021ft²property
PROPERTY PORTFOLIO
Number of real estate properties | property	113
Area of real estate property | ft²	3.3

PROPERTY PORTFOLIO - Leasing Re

PROPERTY PORTFOLIO - Leasing Revenue (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 30, 2019	Dec. 31, 2021	Dec. 31, 2020
Lease Income
Lease Payments	$ 1,294	$ 10,810	$ 27,138	$ 17,746
Variable Lease Payments	100	1,027	2,990	1,502
Total Lease Income	$ 1,394	$ 11,837	$ 30,128	$ 19,248

PROPERTY PORTFOLIO - Minimum Fu

PROPERTY PORTFOLIO - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Minimum future base rental revenue on non-cancelable leases
2022	$ 36,196
2023	35,747
2024	34,806
2025	33,519
2026	29,703
2026 and thereafter (cumulative)	120,057
Total	$ 290,028

PROPERTY PORTFOLIO - Properties

PROPERTY PORTFOLIO - Properties Acquired - General Information (Details) $ in Thousands	Dec. 02, 2021USD ($)property	Jul. 21, 2021USD ($)property	Sep. 25, 2020USD ($)property	Nov. 25, 2019USD ($)property	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)	Dec. 31, 2019property
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed | property				0			0
Gain on sale					$ 9,675	$ 287
Number of real estate properties | property					113
Purchase price					$ 14,800
Acquired intangible liabilities for the below market lease					$ 5,476	3,299
Disposal Group, Disposed of by Sale, Not Discontinued Operations
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed | property					3
Sales price of property					$ 28,300
Gain on sale					$ 9,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Single Tenant Net Lease Income Property, Outback Steakhouse, Huntersville, North Carolina
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed | property		1
Sales price of property		$ 3,800
Gain on sale		$ 500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Single-tenant Net Lease Income Property, Outback Steakhouse, Charlottesville, Virginia
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed | property			1
Sales price of property			$ 5,100
Gain on sale			$ 300
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Single Tenant Net Lease Income Property Hilton Grand Vacations Orlando Florida
INCOME PROPERTY PORTFOLIO
Number of real estate properties disposed | property	2
Sales price of property	$ 24,500
Gain on sale	$ 9,100
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property					68
Purchase price					$ 260,313
Acquired properties, cost					262,400
Initial cost of land					100,800
Initial cost of building and improvements					132,600
Acquired in-place lease value, leasing fees, and above market lease value					31,800
Acquired intangible liabilities for the below market lease					$ 2,800
Weighted average amortization period of intangible liabilities					8 years 7 months 6 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property					29
Purchase price					$ 116,600	$ 116,633
Acquired properties, cost					117,700
Initial cost of land					30,300
Initial cost of building and improvements					70,000
Acquired in-place lease value, leasing fees, and above market lease value					19,100
Acquired intangible liabilities for the below market lease					$ 1,700
Weighted average amortization period of intangible liabilities					10 years 1 month 6 days
Single-tenant Net Lease Income Properties Acquired in 2019
INCOME PROPERTY PORTFOLIO
Number of real estate properties | property				5
Purchase price				$ 26,800
Acquired properties, cost				27,000
Initial cost of land				10,000
Initial cost of building and improvements				13,800
Acquired in-place lease value, leasing fees, and above market lease value				3,600
Acquired intangible liabilities for the below market lease				$ 400
Weighted average amortization period of intangible liabilities				10 years 7 months 6 days

PROPERTY PORTFOLIO - Properti_2

PROPERTY PORTFOLIO - Properties Acquired - Tabular Disclosure (Details) $ in Thousands	Jul. 12, 2021shares	Jun. 30, 2021shares	Dec. 31, 2021USD ($)ft²shares	Dec. 31, 2020USD ($)ft²
INCOME PROPERTY PORTFOLIO
Purchase price			$ 14,800
Partners' capital account, units issued | shares	54,689	424,951	479,640
Partners' capital account, units issued, value			$ 9,000
Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Property square-feet | ft²			1,799,839
Purchase price			$ 260,313
Remaining lease term at acquisition			8 years 1 month 6 days
Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Property square-feet | ft²				786,898
Purchase price			$ 116,600	$ 116,633
Weighted Average | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Remaining lease term at acquisition				10 years 7 months 6 days
Single-tenant Net Lease Income Property, Dollar General, Cut and Shoot, TX | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 | Single-tenant Net Lease Income Properties Acquired in 2021
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 Property, Family Dollar, Burlington, NC | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jul. 1, 2021
Property square-feet | ft²			11,394
Purchase price			$ 1,618
Remaining lease term at acquisition			9 years 9 months 18 days
Single Tenant Net Lease Income Property, O'Reilly Auto Parts, Duluth, MN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Jul. 12, 2021
Property square-feet | ft²			11,182
Purchase price			$ 1,030
Remaining lease term at acquisition			6 years 4 months 24 days
Single Tenant Net Lease Income Property, Tractor Supply, Washington Court House, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Aug. 27, 2021
Property square-feet | ft²			39,984
Purchase price			$ 2,370
Remaining lease term at acquisition			10 years 9 months 18 days
Single Tenant Net Lease Income Property, Harbor Freight, Midland, MI | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Aug. 31, 2021
Property square-feet | ft²			14,624
Purchase price			$ 1,750
Remaining lease term at acquisition			4 years 9 months 18 days
Single Tenant Net Lease Income Property, Camping World, Duluth, MN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet | ft²			66,033
Purchase price			$ 10,451
Remaining lease term at acquisition			12 years 3 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, Ludington, MI | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet | ft²			6,604
Purchase price			$ 1,050
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, New Baltimore, MI | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 14, 2021
Property square-feet | ft²			6,784
Purchase price			$ 1,050
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Dollar Tree, Stillwell, OK | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 17, 2021
Property square-feet | ft²			9,828
Purchase price			$ 1,576
Remaining lease term at acquisition			10 years 6 months
Single Tenant Net Lease Income Property, O'Reilly Auto Parts, Angels Camp, CA | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 22, 2021
Property square-feet | ft²			7,066
Purchase price			$ 2,125
Remaining lease term at acquisition			4 years 6 months
Single Tenant Net Lease Income Property, Walmart, Hempstead, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 28, 2021
Property square-feet | ft²			52,190
Purchase price			$ 4,450
Remaining lease term at acquisition			5 years 3 months 18 days
Single Tenant Net Lease Income Property, 7-Eleven, Olathe, KS | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			4,146
Purchase price			$ 3,782
Remaining lease term at acquisition			5 years 8 months 12 days
Single Tenant Net Lease Income Property, At Home, Turnersville, NJ | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			89,460
Purchase price			$ 7,181
Remaining lease term at acquisition			8 years 1 month 6 days
Single Tenant Net Lease Income Property, Boston Market, Turnersville, NJ | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			2,627
Purchase price			$ 1,027
Remaining lease term at acquisition			8 years 3 months 18 days
Single Tenant Net Lease Income Property, Verizon, Turnersville, NJ | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			6,027
Purchase price			$ 3,568
Remaining lease term at acquisition			5 years 9 months 18 days
Single Tenant Net Lease Income Property, Advance Auto Parts, St. Paul, MN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			7,201
Purchase price			$ 2,305
Remaining lease term at acquisition			7 years 1 month 6 days
Single Tenant Net Lease Income Property, Hobby Lobby, Aberdeen, SD | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			49,034
Purchase price			$ 3,150
Remaining lease term at acquisition			3 years 4 months 24 days
Single Tenant Net Lease Income Property, Dollar Tree, Albuquerque, MN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			10,023
Purchase price			$ 1,081
Remaining lease term at acquisition			9 years 4 months 24 days
Single Tenant Net Lease Income Property, Office Depot, Albuquerque, MN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			30,346
Purchase price			$ 3,814
Remaining lease term at acquisition			2 years 3 months 18 days
Single Tenant Net Lease Income Property, Valero, Jackson, MS | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			1,920
Purchase price			$ 1,067
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Leland, MS | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Sep. 30, 2021
Property square-feet | ft²			3,343
Purchase price			$ 977
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Cadiz, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet | ft²			1,292
Purchase price			$ 750
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Massillon, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet | ft²			1,363
Purchase price			$ 1,059
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Valero, Parma, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 14, 2021
Property square-feet | ft²			1,884
Purchase price			$ 988
Remaining lease term at acquisition			20 years
Single Tenant Net Lease Income Property, Office Max, Gadsen, AL | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Oct. 26, 2021
Property square-feet | ft²			23,638
Purchase price			$ 2,717
Remaining lease term at acquisition			6 years 3 months 18 days
Single Tenant Net Lease Income Property, Orscheln, California, MO | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 2, 2021
Property square-feet | ft²			23,042
Purchase price			$ 1,806
Remaining lease term at acquisition			10 years
Single Tenant Net Lease Income Property, Family Dollar, Dearing, GA | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 12, 2021
Property square-feet | ft²			9,288
Purchase price			$ 1,365
Remaining lease term at acquisition			8 years 10 months 24 days
Single Tenant Net Lease Income Property, Buffalo Wild Wings, Hattiesburg, MS | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Nov. 23, 2021
Property square-feet | ft²			6,302
Purchase price			$ 3,664
Remaining lease term at acquisition			10 years 1 month 6 days
Single Tenant Net Lease Income Property, Best Buy, Dayton, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 3, 2021
Property square-feet | ft²			45,535
Purchase price			$ 5,898
Remaining lease term at acquisition			3 years 3 months 18 days
Single Tenant Net Lease Income Property, Ashley HomeStore , Dayton, OH | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 3, 2021
Property square-feet | ft²			33,161
Purchase price			$ 3,480
Remaining lease term at acquisition			6 years 2 months 12 days
Single Tenant Net Lease Income Property, Mattress Firm, Richmond, IN | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 8, 2021
Property square-feet | ft²			5,108
Purchase price			$ 2,271
Remaining lease term at acquisition			9 years 3 months 18 days
Single Tenant Net Lease Income Property, Orscheln, Owensville, MO | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 8, 2021
Property square-feet | ft²			38,452
Purchase price			$ 1,530
Remaining lease term at acquisition			6 years 1 month 6 days
Single Tenant Net Lease Income Property, Family Dollar, McKenny, VA | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 10, 2021
Property square-feet | ft²			10,531
Purchase price			$ 1,660
Remaining lease term at acquisition			9 years 9 months 18 days
Single Tenant Net Lease Income Property, Family Dollar, Tipton, MO | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet | ft²			10,500
Purchase price			$ 1,606
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Family Dollar, Van Buren, MO | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet | ft²			10,500
Purchase price			$ 1,563
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Family Dollar, Lake Village, AR | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 14, 2021
Property square-feet | ft²			14,592
Purchase price			$ 1,242
Remaining lease term at acquisition			10 years 2 months 12 days
Single Tenant Net Lease Income Property, Academy Sports, Columbia, SC | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 16, 2021
Property square-feet | ft²			72,000
Purchase price			$ 10,121
Remaining lease term at acquisition			10 years 4 months 24 days
Single Tenant Net Lease Income Property, Academy Sports, Snellville, GA | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 16, 2021
Property square-feet | ft²			67,247
Purchase price			$ 10,379
Remaining lease term at acquisition			10 years 4 months 24 days
Single Tenant Net Lease Income Property, The Burger Joint, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			4,054
Purchase price			$ 2,634
Remaining lease term at acquisition			9 years
Single Tenant Net Lease Income Property, Charles Schwab, Webster, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			5,556
Purchase price			$ 4,892
Remaining lease term at acquisition			10 years 1 month 6 days
Single Tenant Net Lease Income Property, Crazy Alan's Swamp Shack, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			9,356
Purchase price			$ 2,786
Remaining lease term at acquisition			7 years 8 months 12 days
Single Tenant Net Lease Income Property, Ethan Allen, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			12,208
Purchase price			$ 2,528
Remaining lease term at acquisition			3 years 9 months 18 days
Single Tenant Net Lease Income Property, LongHorn Steakhouse, Webster, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			7,000
Purchase price			$ 3,122
Remaining lease term at acquisition			1 year 3 months 18 days
Single Tenant Net Lease Income Property, Lowe's, Webster, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			163,300
Purchase price			$ 10,986
Remaining lease term at acquisition			5 years 10 months 24 days
Single Tenant Net Lease Income Property, Olive Garden, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			8,388
Purchase price			$ 3,001
Remaining lease term at acquisition			1 year 9 months 18 days
Single Tenant Net Lease Income Property, Rooms To Go, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			51,868
Purchase price			$ 10,760
Remaining lease term at acquisition			10 years 3 months 18 days
Single Tenant Net Lease Income Property, Sportsman's Warehouse, Morgantown, WV | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			30,547
Purchase price			$ 6,050
Remaining lease term at acquisition			5 years 4 months 24 days
Single Tenant Net Lease Income Property, Visionworks, Friendswood, TX | Single-tenant Net Lease Income Properties Acquired in 2021
INCOME PROPERTY PORTFOLIO
Date of acquisition			Dec. 22, 2021
Property square-feet | ft²			3,949
Purchase price			$ 2,791
Remaining lease term at acquisition			10 months 24 days
Single-tenant Net Lease Income Property, Conn's HomePlus, Hurst, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
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, 7-Eleven, Austin, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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, Lehigh Gas Wholesale Services, Inc, Highland Heights, Kentucky | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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 | Single-tenant Net Lease Income Properties Acquired in 2020
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
Single-tenant Net Lease Income Property, Advanced Auto Parts, Severn, Maryland | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				6,876
Purchase price				$ 2,588
Remaining lease term at acquisition				14 years 6 months
Single-tenant Net Lease Income Property, Dollar General, Heuvelton, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,342
Purchase price				$ 1,462
Remaining lease term at acquisition				12 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Winthrop, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,167
Purchase price				$ 1,589
Remaining lease term at acquisition				11 years
Single-tenant Net Lease Income Property, Dollar General, Salem, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,199
Purchase price				$ 1,485
Remaining lease term at acquisition				13 years
Single-tenant Net Lease Income Property, Dollar General, Harrisville, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,309
Purchase price				$ 1,466
Remaining lease term at acquisition				13 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Newtonsville, Ohio | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,290
Purchase price				$ 1,164
Remaining lease term at acquisition				9 years 8 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Hammond, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,219
Purchase price				$ 1,384
Remaining lease term at acquisition				12 years 3 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Barker, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,275
Purchase price				$ 1,439
Remaining lease term at acquisition				13 years 2 months 12 days
Single-tenant Net Lease Income Property, Dollar General, Chazy, New York | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 14, 2020
Property square-feet | ft²				9,277
Purchase price				$ 1,673
Remaining lease term at acquisition				11 years
Single-tenant Net Lease Income Property, Dollar General, Milford, Maine | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet | ft²				9,128
Purchase price				$ 1,606
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Limestone, Maine | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet | ft²				9,167
Purchase price				$ 1,456
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Bingham, Maine | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 21, 2020
Property square-feet | ft²				9,345
Purchase price				$ 1,522
Remaining lease term at acquisition				13 years 1 month 6 days
Single-tenant Net Lease Income Property, Dollar General, Willis, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 23, 2020
Property square-feet | ft²				9,138
Purchase price				$ 1,774
Remaining lease term at acquisition				14 years 10 months 24 days
Single-tenant Net Lease Income Property, Dollar General, Somerville, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 23, 2020
Property square-feet | ft²				9,252
Purchase price				$ 1,472
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Odessa, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Sep. 30, 2020
Property square-feet | ft²				9,127
Purchase price				$ 1,792
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Dollar General, Kermit, Texas | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Nov. 9, 2020
Property square-feet | ft²				10,920
Purchase price				$ 1,941
Remaining lease term at acquisition				14 years 9 months 18 days
Single-tenant Net Lease Income Property, Kohl's, Glendale, Arizona | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Dec. 11, 2020
Property square-feet | ft²				14,125
Purchase price				$ 11,600
Remaining lease term at acquisition				9 years 1 month 6 days
Single-tenant Net Lease Income Property, Walgreens, Tacoma, Washington | Single-tenant Net Lease Income Properties Acquired in 2020
INCOME PROPERTY PORTFOLIO
Date of acquisition				Dec. 18, 2020
Property square-feet | ft²				87,875
Purchase price				$ 3,810
Remaining lease term at acquisition				9 years 7 months 6 days

PROPERTY PORTFOLIO - Properti_3

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - General Information (Details)	Nov. 26, 2019USD ($)property$ / sharesshares	Dec. 31, 2021property
Consideration transferred
Number of real estate properties | property		113
Predecessor properties
Date of acquisition
Effective date of acquisition	Nov. 26, 2019
Consideration transferred
Cash consideration paid for initial portfolio | $	$ 125,919
OP Unit consideration paid for initial portfolio | $	$ 23,253
Number of real estate properties | property	20
OP Units issued (in shares) | shares	1,223,854
Public offering price per share (in dollars per share) | $ / shares	$ 19
Predecessor properties, acquired
Consideration transferred
Cash consideration paid for initial portfolio | $	$ 125,900,000
Number of real estate properties | property	15
Predecessor properties, contributed
Consideration transferred
OP Unit consideration paid for initial portfolio | $	$ 23,300,000
Number of real estate properties | property	5
OP Units issued (in shares) | shares	1,223,854
Public offering price per share (in dollars per share) | $ / shares	$ 19

PROPERTY PORTFOLIO - Properti_4

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Units Issued (Details) - Predecessor properties	Nov. 26, 2019$ / sharesshares
Purchase consideration
Total OP Units Issued (number of units) (in shares) | shares	1,223,854
Company's IPO Price per Share (in dollars per share) | $ / shares	$ 19

PROPERTY PORTFOLIO - Properti_5

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Consideration (Details) - Predecessor properties	Nov. 26, 2019USD ($)
Consideration transferred
Total OP Unit Consideration Paid for Initial Portfolio	$ 23,253
Total Cash Consideration Paid for Initial Portfolio	125,919
Total Purchase Consideration Paid for Initial Portfolio	$ 149,172

PROPERTY PORTFOLIO - Properti_6

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Estimated Fair Value of Net Assets Acquired (Details) - Predecessor properties	Nov. 26, 2019USD ($)
Land, and Buildings and Improvements, at cost
Land, at cost	$ 54,386
Buildings and Improvements, at cost	74,070
Intangible Lease Assets
Intangible Lease Assets	22,649
Intangible Lease Liabilities
Intangible Lease Liabilities	(1,933)
Estimated Fair Value of Net Assets Acquired	$ 149,172

PROPERTY PORTFOLIO - Properti_7

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - General Information (Details) - Predecessor properties $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Unaudited Pro Forma Information
Pro Forma Depreciation	$ 4.3
Pro Forma Amortization of Intangible Lease Assets and Lease Liabilities	2.7
Pro Forma Elimination of Acquisition Related Costs	$ 0.2

PROPERTY PORTFOLIO - Properti_8

PROPERTY PORTFOLIO - Properties Acquired - Business Combination - Pro Forma - Tabular Disclosure (Details) - Predecessor properties $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)$ / shares
Unaudited Pro Forma Information
Unaudited Pro Forma Total Revenues	$ 13,964
Unaudited Pro Forma Net Income Attributable to Alpine Income Property Trust, Inc.	$ 760
Unaudited Pro Forma Basic Net Income per Share (in dollars per share) | $ / shares	$ 0.10
Unaudited Pro Forma Diluted Net Income per Share (in dollars per share) | $ / shares	$ 0.08
Unaudited Pro Forma Funds from Operations	$ 7,826
Unaudited Pro Form Adjusted Funds from Operations	$ 7,438

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Carrying Value
Carrying value and estimated fair value of financial instruments
Restricted Cash	$ 646
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	8,851	$ 1,894
Carrying Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	267,740	106,809
Estimated Fair Value
Carrying value and estimated fair value of financial instruments
Restricted Cash	646
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	8,851	1,894
Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Long-Term Debt	$ 272,637	$ 106,809

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Dec. 31, 2020	Apr. 30, 2020
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 2,095
Outstanding balance	269,000
Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest rate					0.48%
Credit Facility | LIBOR
Assets, Fair Value Disclosure [Abstract]
Outstanding balance					$ 50,000
2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Outstanding balance			$ 60,000
2026 Term Loan Interest Rate Swap | LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate			0.81%
2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Outstanding balance		$ 80,000			$ 50,000
2027 Term Loan Interest Rate Swap | LIBOR
Assets, Fair Value Disclosure [Abstract]
Interest rate		0.53%
Recurring basis | Credit Facility
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap				$ (481)
Recurring basis | Credit Facility | Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap				$ (481)
Recurring basis | 2026 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Recurring basis | 2026 Term Loan Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	945
Recurring basis | 2027 Term Loan Interest Rate Swap
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	977
Recurring basis | 2027 Term Loan Interest Rate Swap | Significant Other Observable Inputs (Level 2)
Assets, Fair Value Disclosure [Abstract]
Interest Rate Swap	$ 977

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 67,990	$ 41,140
Accumulated Amortization	(9,169)	(4,259)
Sub-total Intangible Lease Assets-Net	58,821	36,881
Intangible Lease Liabilities
Value of Below Market In-Place Leases	(6,397)	(3,674)
Sub-total Intangible Lease Liabilities	(6,397)	(3,674)
Accumulated Amortization	921	375
Sub-total Intangible Lease Liabilities -Net	(5,476)	(3,299)
Total Intangible Assets and Liabilities-Net	53,345	33,582
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	45,301	27,494
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	3,623	2,187
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 19,066	$ 11,459

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 271	$ 1,548	$ 5,977	$ 3,758
Accretion to Properties Revenue	(5)	(234)	(257)	(108)
Net Amortization of Intangible Assets and Liabilities	$ 266	$ 1,314	$ 5,720	$ 3,650

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Future Amortization Amount
Sub-total Intangible Lease Assets-Net	$ 58,821	$ 36,881
Future Accretion to Income Property Revenue
Sub-total Intangible Lease Liabilities -Net	(5,476)	$ (3,299)
Net Future Amortization of Intangible Assets and Liabilities
2022	7,910
2023	7,662
2024	7,344
2025	6,801
2026	5,826
2026 and thereafter	17,802
Total	$ 53,345
Amount allocated of total acquisition cost
Weighted average amortization period	9 years
Future Amortization
Future Amortization Amount
2022	$ 8,268
2023	8,026
2024	7,697
2025	7,107
2026	5,990
2026 and thereafter	18,385
Sub-total Intangible Lease Assets-Net	55,473
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
2022	(358)
2023	(364)
2024	(353)
2025	(306)
2026	(164)
2026 and thereafter	(583)
Sub-total Intangible Lease Liabilities -Net	$ (2,128)

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other assets
Tenant Receivables - Net of Allowance for Doubtful Accounts	$ 790	$ 67
Accrued Unbilled Tenant Receivables	553	216
Prepaid Insurance	616	606
Deposits on Acquisitions	350	100
Prepaid and Deposits - Other	1,496	442
Deferred Financing Costs-Net	469	650
Interest Rate Swaps	2,095
Total Other Assets	6,369	2,081
Allowance for doubtful accounts	$ 300	$ 100

ACCOUNTS PAYABLE, ACCRUED EXP_3

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIES
Accounts Payable	$ 213	$ 450
Accrued Expenses	676	474
Due to CTO	1,301	579
Interest Rate Swap	173	481
Total Accounts Payable, Accrued Expenses, and Other Liabilities	$ 2,363	$ 1,984

LONG-TERM DEBT - Outstanding In

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Apr. 30, 2020
Long-term debt
Total Debt		$ 269,000,000
Margin added to variable rate basis (as a percent)		2.10%
Credit Facility
Long-term debt
Total Debt		$ 99,000,000
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%
2026 Term Loan
Long-term debt
Total Debt		$ 60,000,000		$ 60,000,000
2026 Term Loan | LIBOR
Long-term debt
Stated Interest Rate (as a percent)				0.81%
2026 Term Loan | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.35%
2026 Term Loan | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.95%
2027 Term Loan
Long-term debt
Total Debt		$ 80,000,000	$ 80,000,000
2027 Term Loan | Interest Rate Swap
Long-term debt
Notional amount					$ 50,000,000
2027 Term Loan | LIBOR
Long-term debt
Stated Interest Rate (as a percent)			0.53%
2027 Term Loan | LIBOR | Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2027 Term Loan | LIBOR | Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		1.90%
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Total Debt	$ 30,000,000	$ 30,000,000
Margin added to variable rate basis (as a percent)	4.33%	4.33%

LONG-TERM DEBT - Credit Facilit

LONG-TERM DEBT - Credit Facility (Details) $ in Thousands	Oct. 16, 2020USD ($)Lender	Nov. 26, 2019USD ($)	Dec. 31, 2021USD ($)	May 19, 2021	Dec. 31, 2020USD ($)
Long-term debt
Margin added to variable rate basis (as a percent)			2.10%
Long-term debt			$ 267,740		$ 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
Percentage of borrowing capacity			50.00%
Amount outstanding			$ 150,000
Number Of Lenders | Lender	2
Maximum borrowing capacity including accordion feature	$ 200,000
Long-term debt			$ 99,000		$ 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)	May 21, 2021USD ($)loan	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)loan
Long-term debt
Face amount of debt		$ 269,000,000
2026 Term Loan
Long-term debt
Face amount of debt	$ 60,000,000	60,000,000
Debt instrument term (in years)	5 years
Maximum number of incremental term loan | loan	3
Aggregate amount of incremental Term loan	$ 100,000,000
2027 Term Loan
Long-term debt
Face amount of debt		$ 80,000,000	$ 80,000,000
Maximum number of incremental term loan | loan			3
Aggregate amount of incremental Term loan			$ 200,000,000

LONG-TERM DEBT - Mortgage Notes

LONG-TERM DEBT - Mortgage Notes Payable (Details) $ in Thousands	Jun. 30, 2021USD ($)property	Dec. 31, 2021USD ($)property	Jul. 12, 2021property
Long-term debt
Face amount of debt | $		$ 269,000
Interest rate		2.10%
Number of lease properties acquired | property	9	10	1
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Face amount of debt | $	$ 30,000	$ 30,000
Interest rate	4.33%	4.33%
Number of lease properties acquired | property	6
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) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term debt
Long-Term Debt, Gross	$ 269,000
Financing Costs, net of accumulated amortization	(1,260)
Long-Term Debt	267,740	$ 106,809
Credit Facility
Long-term debt
Long-Term Debt	99,000	$ 106,809
2026 Term Loan
Long-term debt
Long-Term Debt, Gross	60,000
2027 Term Loan
Long-term debt
Long-Term Debt, Gross	80,000
Mortgage Note Payable - CMBS Portfolio
Long-term debt
Long-Term Debt, Gross	$ 30,000

LONG-TERM DEBT - Payments Appli

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Dec. 31, 2021USD ($)
Payments applicable to reduction of principal amounts
2022	$ 0
2023	99,000
2024	0
2025	0
2026	60,000
2027 and thereafter	110,000
Total Long-Term Debt - Face Value	$ 269,000

LONG-TERM DEBT - Carrying Value

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Current Face Amount	$ 269,000
Financing Costs, net of accumulated amortization	(1,260)
Total Long-Term Debt - Face Value	267,740	$ 106,809
Deferred financing costs-net	$ 469	$ 650

LONG-TERM DEBT - Interest Expen

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
LONG-TERM DEBT
Interest Expense	$ 25	$ 3,340	$ 1,276
Amortization of Deferred Financing Costs to Interest Expense	16	362	188
Total Interest Expense	$ 41	3,702	1,464
Total Interest Paid		$ 3,131	$ 1,230

INTEREST RATE SWAPS (Details)

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	May 21, 2021	Apr. 30, 2020
INTEREST RATE SWAPS
Effective percentage of interest rate swaps percentage	100.00%
Fair Value	$ 2,095
2026 Term Loan Interest Rate Swap
INTEREST RATE SWAPS
Interest rate swaps amount	60,000		$ 60,000
Fair Value	$ 945
2026 Term Loan Interest Rate Swap | LIBOR
INTEREST RATE SWAPS
Interest rate	0.81%		0.81%
2027 Term Loan Maturing November 26, 2024
INTEREST RATE SWAPS
Interest rate		0.53%
Interest rate swaps amount	$ 80,000	$ 80,000		$ 50,000
Fair Value	$ (173)
2027 Term Loan Maturing November 26, 2024 | LIBOR
INTEREST RATE SWAPS
Interest rate	0.53%
2027 Term Loan Maturing January 31, 2027
INTEREST RATE SWAPS
Interest rate swaps amount	$ 80,000
Fair Value	$ 1,150
2027 Term Loan Maturing January 31, 2027 | LIBOR
INTEREST RATE SWAPS
Interest rate	1.60%

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	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Equity
Proceeds from Issuance of Stock					$ 67,770
Share issued			421,053
Proceeds From Stock Issuance, net					$ 67,770
Payment of Initial Public Offering Transaction Costs				$ 11,978		$ 298
ATM Program
Equity
Proceeds from Issuance of Stock	$ 100,000
Share issued					761,902
Gross proceeds from issuance of common stock					$ 14,000
Average price per share					$ 18.36
Proceeds From Stock Issuance, net					$ 13,800
Payment of Initial Public Offering Transaction Costs					$ 200
Maximum
Equity
Proceeds from Issuance of Stock		$ 350,000

EQUITY - Follow-on Public offer

EQUITY - Follow-on Public offering (Details) - USD ($) $ in Thousands	Nov. 26, 2019	Jun. 30, 2021	Dec. 31, 2021
Equity
Share issued	421,053
Proceeds From Stock Issuance, net			$ 67,770
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	Jul. 12, 2021propertyshares	Jun. 30, 2021propertyshares	Dec. 31, 2021USD ($)property$ / sharesshares
Class of Stock [Line Items]
Additional noncontrolling interest ownership percentage			3.60%
Partners' capital account, units issued	54,689	424,951	479,640
Partners' capital account, units issued, value | $			$ 9
Partners' capital account, units issued, value per unit | $ / shares			$ 18.85
Number of lease properties acquired | property	1	9	10
CTO
Class of Stock [Line Items]
Partners' capital account, units issued			1,223,854
CTO | Operating Partnership
Class of Stock [Line Items]
Ownership interest of Manager in Operating partnership			9.30%
Partners' capital account, units issued			1,223,854

EQUITY - Dividends (Details)

EQUITY - Dividends (Details) - $ / shares	1 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends
Minimum taxable income excluding capital gain to be distributed to be taxed as a REIT		90.00%
Minimum taxable income including capital gain to be distributed to be taxed as a REIT		100.00%
Dividends on common stock and OP Units declared		$ 1.015
Dividends on common stock and OP Units paid	$ 0.058	$ 1.015	$ 0.820	$ 0.058

COMMON STOCK AND EARNINGS PER_3

COMMON STOCK AND EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	Jul. 12, 2021propertyshares	Jun. 30, 2021propertyshares	Dec. 31, 2019USD ($)shares	Nov. 25, 2019USD ($)	Dec. 31, 2021USD ($)property$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Income Available to Common Shareholders:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | $			$ (39)	$ 3,631	$ 9,964	$ 985
Net Income Attributable to Alpine Income Property Trust, Inc. - Basic | $			(39)	3,631	9,964	985
Net Income Attributable to Alpine Income Property Trust, Inc. - Diluted | $			$ (39)	$ 3,631	$ 9,964	$ 985
Weighted Average Number of Common Shares Outstanding (in shares)			7,902,737		9,781,066	7,588,349
Common Shares Applicable to Stock
Weighted Average Number of Common Shares Applicable to OP Units using Treasury Stock Method (in shares)			1,223,854		1,465,161	1,223,854
Total Shares Applicable to Diluted Earnings Per Share (in shares)			9,126,591		11,246,227	8,812,203
Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Basic (in dollars per share) | $ / shares					$ 1.02	$ 0.13
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. - Diluted (in dollars per share) | $ / shares					$ 0.89	$ 0.11
Partners' capital account, units issued	54,689	424,951			479,640
Number of lease properties acquired | property	1	9			10
CTO
Per Common Share Data:
Partners' capital account, units issued					1,223,854

SHARE REPURCHASES (Details)

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
SHARE REPURCHASES [Line Items]
Stock repurchased amount			$ 5,014
Repurchases of common stock		$ 0
$5 Million Repurchase Program
SHARE REPURCHASES [Line Items]
Stock repurchase program authorized amount	$ 5,000			$ 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) - Restricted Shares - USD ($) $ in Millions	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	8,000
Non employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,000	8,000	0	0
Vested (in shares)		0	2,668	2,664
Aggregate grant date fair value	$ 0.2
Vesting period			3 years

STOCK-BASED COMPENSATION - Comp

STOCK-BASED COMPENSATION - Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
STOCK-BASED COMPENSATION
Stock compensation expense	$ 4	$ 509	$ 309	$ 268
General and Administrative Expense [Member]
STOCK-BASED COMPENSATION
Stock compensation expense	$ 100		$ 100	$ 100

STOCK-BASED COMPENSATION - Non-

STOCK-BASED COMPENSATION - Non-Vested Restricted Shares (Details) - $ / shares	Nov. 26, 2019	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Non employee
Weighted Average Fair Value
Outstanding (in dollars per share)	$ 0	$ 0	$ 18.80	$ 18.80
Granted (in dollars per share)		18.80	0	0
Vested (in dollars per share)		0	18.80	18.80
Expired (in dollars per share)		0	0	0
Forfeited (in dollars per share)		0	0	0
Outstanding (in dollars per share)		$ 18.80	$ 18.80	$ 18.80
Restricted Shares
Shares
Granted (in shares)	8,000
Restricted Shares | Non employee
Shares
Outstanding (in shares)	0	0	5,336	8,000
Granted (in shares)	2,000	8,000	0	0
Vested (in shares)		0	(2,668)	(2,664)
Expired (in shares)		0	0	0
Forfeited (in shares)		0	0	0
Outstanding (in shares)		8,000	2,668	5,336

STOCK-BASED COMPENSATION - Unre

STOCK-BASED COMPENSATION - Unrecognized Compensation (Details) - Non employee - Restricted Shares $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 0.1
Vesting period	3 years
Compensation cost to be recognized over a remaining period	10 months 24 days

STOCK-BASED COMPENSATION - Gene

STOCK-BASED COMPENSATION - General Information (Details) $ in Thousands	Jan. 03, 2022shares	Oct. 01, 2021shares	Jul. 01, 2021shares	Apr. 01, 2021shares	Jan. 01, 2021shares	Oct. 01, 2020shares	Jul. 01, 2020shares	Apr. 01, 2020shares	Jan. 02, 2020shares	Dec. 31, 2019USD ($)	Dec. 31, 2021USD ($)Dshares	Dec. 31, 2020USD ($)shares
STOCK-BASED COMPENSATION
Stock Issuance to Directors										$ 4	$ 297	$ 238
Non employee | Restricted Shares
STOCK-BASED COMPENSATION
Period for average closing price | D											20
Stock Issuance to Directors										$ 100	$ 300	$ 200
Shares issued (in shares) | shares	3,477	3,594	3,525	3,453	3,586	3,474	3,414	4,098	1,269		14,049	14,572

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock Compensation Expense (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 31, 2019	Nov. 25, 2019	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4	$ 509	$ 309	$ 268
CTO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 509
Director Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 4		50	51
Director Retainers Paid in Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ 259	$ 217

RELATED PARTY MANAGEMENT COMP_3

RELATED PARTY MANAGEMENT COMPANY - General Information (Details)	Jan. 07, 2022USD ($)	Jul. 12, 2021shares	Jun. 30, 2021shares	Apr. 06, 2021USD ($)property	Apr. 02, 2021USD ($)	Nov. 26, 2019USD ($)shares	Nov. 25, 2019USD ($)property	Jan. 01, 2019USD ($)	Dec. 31, 2019USD ($)property	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Jan. 05, 2022property
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs										$ 67,770,000
Share issued | shares						421,053
Percentage of outstanding common stock						22.30%
Stock split ratio						1
Cash investment						$ 15,500,000
Incentive fee payable										$ 0	$ 0
Partners' Capital Account, Units Issued | shares		54,689	424,951							479,640
Partners' Capital Account, Units Issued, Value										$ 9,000,000
Partners' Capital Account, Units Issued, Value Per Unit | $ / shares										$ 18.85
Number of properties sold | property							0		0
CTO Realty Growth, Inc. and Certain of its Subsidiaries
Related Party Transaction [Line Items]
Number of properties sold | property				1								1
Sales price of property	$ 6,900,000			$ 11,500,000	$ 44,500,000
IPO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs									$ 142,500,000	$ 8,000,000
Share issued | shares						7,500,000				421,053
Private Placement
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs						$ 7,500,000			7,501,000
Share issued | shares						394,737
CTO
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs						$ 8,000,000				$ 100,000
Share issued | shares										8,088
Partners' Capital Account, Units Issued | shares										1,223,854
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
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									300,000	$ 3,200,000	2,600,000
Payment of dividend									$ 100,000	$ 2,100,000	$ 1,700,000
Payment of managers dividend and management fee							$ 0	$ 0
CTO | PINE GP
Related Party Transaction [Line Items]
Share issued | shares										823,878
Average price per share | $ / shares										$ 17.65
Percentage of outstanding common stock										15.60%
Cash investment										$ 41,000,000
CTO | Private Placement
Related Party Transaction [Line Items]
Stock Issuance, Net of Equity Issuance Costs										$ 7,500,000
Share issued | shares										394,737

RELATED PARTY MANAGEMENT COMP_4

RELATED PARTY MANAGEMENT COMPANY - Due from the Company to CTO (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTY MANAGEMENT COMPANY
Management Fee due to CTO	$ 913	$ 631
Other	388	(52)
Total	$ 1,301	$ 579

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Jan. 07, 2022USD ($)	Jan. 05, 2022USD ($)property	Apr. 06, 2021USD ($)property	Apr. 02, 2021USD ($)	Dec. 31, 2021property	Dec. 31, 2019property	Nov. 25, 2019property
SUBSEQUENT EVENTS
Number of Real Estate Properties					113
Number of properties sold						0	0
CTO Realty Growth, Inc. and Certain of its Subsidiaries
SUBSEQUENT EVENTS
Number of properties sold		1	1
Sales price of property | $	$ 6.9		$ 11.5	$ 44.5
Subsequent Event | CTO Realty Growth, Inc. and Certain of its Subsidiaries
SUBSEQUENT EVENTS
Number of properties sold		1
Sales price of property | $		$ 6.9
Remaining Lease Term	10 years 4 months 24 days