阿尔卑斯收益物业信托公司2026年季度报告

Indicate by check mark whether the registrant has submitted electronicallyevery Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller INDEX PARTI—FINANCIAL INFORMATION ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED BALANCE SHEETS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF OPERATIONS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY For the three months ended March 31, 2025: ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS ALPINE INCOME PROPERTY TRUST,INC.CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) The accompanying notes are an integral part of these consolidated financial statements. NOTESTO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE1. BUSINESS AND ORGANIZATION BUSINESS Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a real estate investment trust(“REIT”) that owns and operates a high-quality portfolio of commercial net lease properties complementedby a portfolio of commercial loan investments. The terms “us,” “we,” “our,” and “the Company” as used in Our income property portfolio consists of 125 net leased properties located in 31 states. The propertiesin our portfolio are primarily subject to long-term, net leases, which generally require the tenant to paydirectly or reimburse us for property operating expenses such as real estate taxes, insurance, assessmentsand other governmental fees, utilities, repairs and maintenance and certain capital expenditures. TheCompany also originates and acquires commercial loans and investments. Our investments in commercialloans are generally secured by real estate or the borrower’s pledge of its ownership interest in an entity thatowns real estate. As more fully described in Note 4, “Commercial Loans and Investments,” the four Sale-LeasebackProperties(defined in Note 4 below),which were purchased through sale-leaseback The Company operates in two primary business segments: income properties and commercial loans 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 publiclytraded REIT and the sole member of our Manager (“CTO”). All of our executive officers also serve asexecutive officers of CTO, and one of our executive officers and directors, John P. Albright, also serves as ORGANIZATION The Company is a Maryland corporation that was formed on August 19, 2019. On November 26,2019, the Company closed its initial public offering (“IPO”). We are externally managed by our Managerand 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 ouroperations are conducted through, the Operating Partnership. As of March 31, 2026, we have a totalcommon ownership interest in the Operating Partnership of93.1%, with CTO holding, directly andindirectly, a6.9% common ownership interest in the Operating Partnership. We also own 100% of theSeries A Preferred Units of the Operating Partnership underlying the Series A Preferred Stock (hereinafter The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under theInternal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meetcertain organizational and operational requirements, including a requirement to distribute at least 90% ofthe Company’s annual REIT taxable income, determined without regard to the dividends paid deductionand excluding net capital gain, to its stockholders (which does not necessarily equal net income ascalculated in accordance with generally accepted accounting principles). As a REIT, the Company isgenerally 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 NOTE2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of the Company, its wholly ownedsubsidiaries, and other entities in which we have a controlling interest. All inter-company balances and SEGMENT REPORTING Financial Accounting S