{"id":6054,"date":"2022-05-10T07:32:50","date_gmt":"2022-05-10T12:32:50","guid":{"rendered":"https:\/\/1reason.com\/re\/alpine-income-property-trust-reports-first-quarter-2022-operating-results\/6054\/"},"modified":"2022-05-11T02:32:50","modified_gmt":"2022-05-11T07:32:50","slug":"alpine-income-property-trust-reports-first-quarter-2022-operating-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/alpine-income-property-trust-reports-first-quarter-2022-operating-results\/6054\/","title":{"rendered":"Alpine Income Property Trust Reports First Quarter 2022 Operating Results"},"content":{"rendered":"<div>  <\/p>\n<p align=\"justify\"><strong><u>Select Highlights<\/u><\/strong><\/p>\n<ul type=\"square\">\n<li style=\"margin-bottom:6pt;text-align:justify\">Reported Net Income per diluted share attributable to the Company of $0.06 for the quarter ended March 31, 2022.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Reported FFO per diluted share of $0.49 for the quarter ended March 31, 2022, an increase of 16.7% from the comparable prior year period.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Reported AFFO per diluted share of $0.48 for the quarter ended March 31, 2022, an increase of 9.1% from the comparable prior year period.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Acquired 16 net lease retail properties during the first quarter of 2022 for total acquisition volume of $65.5 million, reflecting a weighted average going-in cash cap rate of 6.9%.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Paid a cash dividend for the first quarter of 2022 of $0.27 per share, a 12.5% increase from the comparable prior year period quarterly dividend, and an annualized yield of 5.6% based on the closing price of the Company\u2019s common stock on April 20, 2022.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">On April 14, 2022, the Company exercised the accordion options under its 2026 Term Loan and 2027 Term Loan for combined new proceeds of $60.0 million. Proceeds were utilized to pay down the Company\u2019s Revolving Credit Facility.<\/li>\n<li style=\"text-align:justify\">On April 14, 2022, the Company announced the sale of its sole remaining office property for $38.8, generating a gain on sale of $7.0 million.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><u>Quarterly Operating Results Highlights<\/u><\/strong><\/p>\n<p align=\"justify\">The table below provides a summary of the Company\u2019s operating results for the quarter ended March 31, 2022 (in thousands, except per share data):<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Three Months <br \/>Ended<\/strong><br \/><strong>March 31, <br \/>2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Three Months <br \/>Ended<\/strong><br \/><strong>March 31,<\/strong><br \/><strong>2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"4\"><strong><em>Variance to <br \/>Comparable Period in <br \/>the Prior Year<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:57%;width:57%;min-width:57%\">Total Revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:9%;width:9%;min-width:9%\">10,799<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:9%;width:9%;min-width:9%\">5,890<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:9%;width:9%;min-width:9%\"><em>4,909<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:9%;width:9%;min-width:9%\"><em>83.3<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">924<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">511<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>413<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>80.8<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net Income Attributable to PINE<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">806<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">440<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>366<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>83.2<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\">Net Income per Diluted Share Attributable to PINE<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.06<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.05<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>0.01<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>20.0<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">FFO<sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">6,596<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">3,654<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>2,942<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>80.5<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">FFO per Diluted Share<sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.49<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.42<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>0.07<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>16.7<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">AFFO<sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">6,452<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">3,850<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>2,602<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>67.6<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">AFFO per Diluted Share<sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.48<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.44<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>0.04<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>9.1<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dividends Declared and Paid, per Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.27<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.24<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em>0.03<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>12.5<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)<\/sup>See the \u201cNon-GAAP Financial Measures\u201d section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.<\/p>\n<p align=\"justify\"><strong><u>CEO Comments<\/u><\/strong><\/p>\n<p align=\"justify\">\u201cWe\u2019re very pleased with our start to 2022 as we continued our momentum from our record fourth quarter by selling our last remaining office property to position our portfolio as 100% retail and acquiring more than $65 million of high-quality, predominately investment grade-rated retail net lease properties,\u201d said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. \u201cWith the proceeds from our final office sale already redeployed into our first quarter pharmacy portfolio acquisition, our top tenant is now Walgreens. Our focus in the second quarter is on the execution of our increased disposition guidance as we look to cycle out of certain assets where we see outsized relative value in the market and redeploy those proceeds into opportunities within our healthy acquisition pipeline. These efforts should drive improved long-term earnings per share growth, incrementally de-lever our balance sheet, and further support our attractive 5.6% dividend yield.\u201d<\/p>\n<p align=\"justify\"><strong><u>Acquisitions<\/u><\/strong><\/p>\n<p align=\"justify\">During the three months ended March 31, 2022, the Company acquired 16 high-quality net lease properties for total acquisition volume of $65.5 million, reflecting a weighted average going-in cash cap rate of 6.9%. As of the acquisition date, the properties had a weighted average remaining lease term of 9.0 years, were located in 12 different states, and were leased to tenants operating in six retail sectors including the pharmacy, grocery, dollar store, specialty retail, convenience store, and automotive parts sectors. Approximately 79% of annualized base rents acquired are generated from a tenant or the parent of a tenant with an investment grade credit rating.<\/p>\n<p><strong><u>Disposition <\/u><\/strong><\/p>\n<p align=\"justify\">Subsequent to the quarter ended March 31, 2022, on April 14, 2022, the Company completed the sale of its sole remaining office property located in Hillsboro, Oregon and leased to Wells Fargo for a sales price of $38.8 million. The sale of the property generated a gain of $7.0 million. Proceeds from the sale were part of reverse Section 1031 like-kind exchanges.<\/p>\n<p><strong><u>Property Portfolio<\/u><\/strong><\/p>\n<p align=\"justify\">The Company\u2019s portfolio consisted of the following as of March 31, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:90%;width:90%;min-width:90%\">Number of Properties<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:10%;width:10%;min-width:10%\">129<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Square Feet<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">3.5 million<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Weighted Average Remaining Lease Term<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">7.8 years<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">States where Properties are Located<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">35<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Occupancy<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">100%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">% of Annualized Base Rent Attributable to Retail Tenants<sup>(1)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">92%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">% of Annualized Base Rent Attributable to Office Tenants<sup>(1)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">% of Annualized Base Rent Subject to Rent Escalations in the Primary Lease Term<sup>(1)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">43%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">% of Annualized Base Rent Attributable to Investment Grade Rated Tenants<sup>(1)(2)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">50%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">% of Annualized Base Rent Attributable to Credit Rated Tenants<sup>(1)(<\/sup><sup>3<\/sup><sup>)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">77%<\/td>\n<\/tr>\n<\/table>\n<p>Any differences a result of rounding.<\/p>\n<p align=\"justify\"><sup>(1) <\/sup>Annualized Base Rent (\u201cABR\u201d) represents the annualized in-place straight-line base rent required by the tenant\u2019s lease. ABR is a non-GAAP financial measure. We believe this non-GAAP financial measure is useful to investors because it is a widely accepted industry measure used by analysts and investors to compare the real estate portfolios and operating performance of REITs.<\/p>\n<p align=\"justify\"><sup>(2) <\/sup>The Company defines an Investment Grade Rated tenant as a tenant or the parent of a tenant with a credit rating from S&amp;P Global Ratings, Moody\u2019s Investors Service, Fitch Ratings or the National Associated of Insurance Commissioners of Baa3, BBB-, NAIC-2 or higher.<\/p>\n<p align=\"justify\"><sup>(<\/sup><sup>3<\/sup><sup>) <\/sup>The Company defines a Credit Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&amp;P Global Ratings, Moody\u2019s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.<\/p>\n<p align=\"justify\">The Company\u2019s portfolio included the following top tenants as of March 31, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:55%;width:55%;min-width:55%\"><strong>Tenant<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:24%;width:24%;min-width:24%\"><strong>Credit Rating<\/strong><sup><strong> (1)<\/strong><\/sup><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\"><strong>% of Annualized Base Rent<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Walgreens<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">BBB<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\">11%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Wells Fargo<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">A+<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">At Home<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">B<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Hobby Lobby<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">N\/A<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Academy Sports<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">BB-<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dollar General<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">BBB<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Walmart<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">AA<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Lowe\u2019s<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">BBB+<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dollar Tree\/Family Dollar<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">BBB<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Sportsman\u2019s Warehouse<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">N\/A<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_middle\"><strong>Total<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><strong>53<\/strong><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin\" \/><\/tr>\n<\/table>\n<p align=\"justify\">Any differences a result of rounding.<\/p>\n<p align=\"justify\"><sup>(1)<\/sup>Credit rating is from S&amp;P Global Ratings, Moody\u2019s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners, as applicable, as of March 31, 2022.<\/p>\n<p align=\"justify\">The Company\u2019s portfolio consisted of the following industries as of March 31, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:55%;width:55%;min-width:55%\"><strong>Industry<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:24%;width:24%;min-width:24%\"><strong \/><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\"><strong>% of Annualized Base Rent<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Pharmacy<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">13%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Home Furnishings<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">11%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">General Merchandise<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">10%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Sporting Goods<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Financial Services<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dollar Stores<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Grocery<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">6%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Convenience Store<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Entertainment<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Home Improvement<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Consumer Electronics<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Specialty Retail<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Casual Dining<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Automotive Parts<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Health &amp; Fitness<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Off-Price Retail<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Farm &amp; Rural Supply<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Quick Service Restaurant<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Office Supplies<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Automotive Services<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Healthcare Services<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Fast Casual Restaurants<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Pet Supplies<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Other <sup>(1)<\/sup><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_middle\"><strong>Total<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\"><strong>26 Industries<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><strong>100<\/strong><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin\" \/><\/tr>\n<\/table>\n<p align=\"justify\">Any differences a result of rounding.<br \/><sup>(1)<\/sup> Includes three industries collectively representing less than 1% of the Company\u2019s ABR as of March 31, 2022.<\/p>\n<p align=\"justify\">The Company\u2019s portfolio included properties in the following states as of March 31, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:55%;width:55%;min-width:55%\"><strong>State<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:24%;width:24%;min-width:24%\"><strong \/><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\"><strong>% of Annualized Base Rent<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Texas<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">16%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Oregon<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">North Carolina<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">7%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Ohio<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">6%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Georgia<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">6%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Florida<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">New Jersey<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Arizona<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Michigan<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Oklahoma<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">South Carolina<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Massachusetts<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">New York<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">3%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Maryland<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">New Mexico<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Minnesota<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Wisconsin<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Washington<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Alabama<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Nevada<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Illinois<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Pennsylvania<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">West Virginia<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Missouri<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Connecticut<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Mississippi<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Indiana<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Louisiana<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Kentucky<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Maine<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">South Dakota<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Kansas<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">California<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Virginia<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Arkansas<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\">&lt; 1%<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_middle\"><strong> Total<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\"><strong>35 States<\/strong><\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><strong>100<\/strong><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin\" \/><\/tr>\n<\/table>\n<p align=\"justify\">Any differences a result of rounding.<\/p>\n<p><strong><u>Capital Markets and Balance Sheet<\/u><\/strong><\/p>\n<p align=\"justify\">During the quarter ended March 31, 2022, the Company completed the following notable capital markets activity:<\/p>\n<ul type=\"square\">\n<li style=\"text-align:justify\">The Company issued 314,671 common shares under its ATM offering program at a weighted average gross price of $19.65 per share, for total net proceeds of $6.1 million.\n<\/li>\n<\/ul>\n<p align=\"justify\">The following table provides a summary of the Company\u2019s long-term debt as of March 31, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Component of Long-Term Debt<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Principal<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\"><strong>Interest Rate<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\"><strong>Maturity Date<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Revolving Credit Facility<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">150.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\">30-Day LIBOR +<br \/>[1.35% &#8211; 1.95%]<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">November 2023<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">2026 Term Loan<sup>(<\/sup><sup>1<\/sup><sup>)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">60.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">30-Day LIBOR +<br \/>[1.35% &#8211; 1.95%]<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">May 2026<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">2027 Term Loan<sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">80.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">30-Day LIBOR +<br \/>[1.25% &#8211; 1.90%]<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">January 2027<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Mortgage Note Payable \u2013 CMBS Portfolio<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">30.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_bottom\">4.33%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">October 2034<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:59%;width:59%;min-width:59%\">Total Debt\/Weighted Average Rate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">320.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">2.35%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:59%;width:59%;min-width:59%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><sup>(<\/sup><sup>1<\/sup><sup>) <\/sup>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.<\/p>\n<p align=\"justify\"><sup>(<\/sup><sup>2<\/sup><sup>) <\/sup>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.<\/p>\n<p align=\"justify\">Subsequent to the quarter ended March 31, 2022, on April 14, 2022, the Company exercised the accordion options under the Company\u2019s 2026 Term Loan and 2027 Term Loan for $40.0 million and $20.0 million, respectively, increasing aggregate lender commitments and borrowings under each Term Loan to $100.0 million. The $60.0 million in total proceeds were utilized to pay down the Company\u2019s Revolving Credit Facility.<\/p>\n<p align=\"justify\">As of March 31, 2022, the Company held an 87.4% interest in Alpine Income Property OP, LP, the Company\u2019s operating partnership (the \u201cOperating Partnership\u201d or \u201cOP\u201d). There were 1,703,494 OP Units held by third parties outstanding and 11,772,963 shares of the Company\u2019s common stock outstanding, for total outstanding common stock and OP Units held by third parties of 13,476,457, as of March 31, 2022.<\/p>\n<p align=\"justify\">As of March 31, 2022, the Company\u2019s net debt to Pro Forma EBITDA was 8.8 times, and as defined in the Company\u2019s credit agreement, the Company\u2019s fixed charge coverage ratio was 5.6 times. As of March 31, 2022, the Company\u2019s net debt to total enterprise value was 55.6%. The Company calculates total enterprise value as the sum of net debt and the market value of the Company&#8217;s outstanding common shares and OP Units, as if the OP Units have been converted to common shares.<\/p>\n<p><strong><u>Dividend<\/u><\/strong><\/p>\n<p align=\"justify\">On February 23, 2022, the Company announced a cash dividend for the first quarter of 2022 of $0.27 per share, payable on March 31, 2022 to stockholders of record as of the close of business on March 10, 2022. The first quarter 2022 cash dividend represents a 12.5% increase over the comparable prior year period quarterly dividend and a payout ratio of 55.1% and 56.3% of the Company\u2019s first quarter 2022 FFO per diluted share and AFFO per diluted share, respectively.<\/p>\n<p align=\"justify\"><strong><u>2022 Outlook<\/u><\/strong><\/p>\n<p align=\"justify\">The Company has increased its outlook for 2022 to take into account the Company\u2019s first quarter performance and revised expectations regarding the Company\u2019s investment activities and forecasted capital markets transactions. The Company\u2019s outlook for 2022 assumes continued stability in economic activity, stable or positive business trends related to each of our tenants and other significant assumptions.<\/p>\n<p align=\"justify\">The Company\u2019s increased outlook for 2022 is as follows<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"5\"><strong>Outlook Range for 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:75%;width:75%;min-width:75%\" \/>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>Low<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:11%;width:11%;min-width:11%\"><strong>High<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Acquisitions<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$215 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\">to<\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$250 million<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dispositions<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$75 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\">to<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$100 million<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">FFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$1.55<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\">to<\/td>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$1.60<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">AFFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$1.53<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\">to<\/td>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">$1.58<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Weighted Average Diluted Shares Outstanding<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">15.0 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\">to<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">16.5 million<\/td>\n<\/tr>\n<\/table>\n<p><strong><u>First Quarter 2022 Earnings Conference Call &amp; Webcast<\/u><\/strong><\/p>\n<p align=\"justify\">The Company will host a conference call to present its operating results for the quarter ended March 31, 2022 tomorrow, Friday, April 22, 2022, at 9:00 AM ET. Stockholders and interested parties may access the earnings call via teleconference or webcast:<\/p>\n<p align=\"justify\">Teleconference:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin\" style=\"max-width:15%;width:15%;min-width:15%\">USA (Toll Free):<\/td>\n<td class=\"hugin\" style=\"max-width:85%;width:85%;min-width:85%\">1 (877) 815-0077<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">International:<\/td>\n<td class=\"hugin\">1 (631) 625-3206<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">Please dial in at least fifteen minutes prior to the scheduled start time and use the code <strong><u>8056588<\/u><\/strong> when prompted.<\/p>\n<p align=\"justify\">A webcast of the call can be accessed at: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=racPZJ7PDekeNjXQmBR2RpRqrclWuPJSxU6e4cjGKbEXUzPmG3BXVtUJGU38iiu_vgEY1hEaHt8FBQvriBVg1jTUyjStsf1oTJwtMHD3KJbC0TMVYWr3V1PKafl0Hp4wwU9lm3mkS1uhTdcdzvK2eQ==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/edge.media-server.com\/mmc\/p\/d945c9mm<\/a>. To access the webcast, log on to the web address noted above or go to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lHG6Ko4vS2lHfoOtTSUrdYJQp3Gy8pcQUbh0qnc4Mx05HOob52Yib4jLIot81i1P0imYTVUTVDS-0qDajNj8l4TML9SmOkOpWNKplqyf2cs=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">http:\/\/www.alpinereit.com<\/a> and log in at the investor relations section of the website.<\/p>\n<p align=\"justify\"><strong><u>About Alpine Income Property Trust, Inc.<\/u><\/strong><\/p>\n<p align=\"justify\">Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality net leased commercial properties.<\/p>\n<p align=\"justify\">We encourage you to review our most recent investor presentation which is available on our website at<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=lHG6Ko4vS2lHfoOtTSUrdYJQp3Gy8pcQUbh0qnc4Mx09vyR0pjUBHeeLReKFETHZwZ6FJswxLHitQs8MXUq-VBAIdgSz80zEec5CgXXj0l0=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">http:\/\/www.alpinereit.com<\/a>.<\/p>\n<p><strong><u>Safe Harbor<\/u><\/strong><\/p>\n<p align=\"justify\">This press release may contain \u201cforward-looking statements.\u201d Forward-looking statements include statements that may be identified by words such as \u201ccould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cseeks,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201ccontinues,\u201d \u201cprojects\u201d and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company\u2019s current expectations and assumptions regarding capital market conditions, the Company\u2019s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company\u2019s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters, the impact of the COVID-19 Pandemic and its variants on the Company\u2019s business and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the Company\u2019s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2021 and other risks and uncertainties discussed from time to time in the Company\u2019s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.<\/p>\n<p><strong>Non-GAAP Financial Measures<\/strong><\/p>\n<p align=\"justify\">Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (\u201cGAAP\u201d). We also disclose Funds From Operations (\u201cFFO\u201d) Adjusted Funds From Operations (\u201cAFFO\u201d), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (\u201cPro Forma EBITDA\u201d), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.<\/p>\n<p align=\"justify\">FFO, AFFO, and Pro Forma EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.<\/p>\n<p align=\"justify\">We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries.<\/p>\n<p align=\"justify\">To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of above- and below-market lease related intangibles, non-cash compensation, and other non-cash income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.<\/p>\n<p align=\"justify\">To derive Pro Forma EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, above- and below-market lease related intangibles, non-cash compensation, and other non-cash income or expense. Cash interest expense is also excluded from Pro Forma EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.<\/p>\n<p align=\"justify\">FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company\u2019s capital structure on our operating performance. FFO, AFFO, and Pro Forma EBITDA may not be comparable to similarly titled measures employed by other companies.<\/p>\n<p align=\"center\"><strong>Alpine Income Property Trust, Inc.<\/strong><br \/><strong>Consolidated Balance Sheets<\/strong><br \/>(In thousands, except share and per share data)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>As of<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>(Unaudited)<\/strong><br \/><strong>March 31, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>December31, 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>ASSETS<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Real Estate:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\">Land, at Cost<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">195,953<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">178,172<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Building and Improvements, at Cost<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">307,985<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">266,236<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Total Real Estate, at Cost<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">503,938<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">444,408<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Less, Accumulated Depreciation<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(18,965<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(15,419<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Real Estate\u2014Net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">484,973<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">428,989<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Cash and Cash Equivalents<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,244<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">8,851<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Restricted Cash<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">691<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">646<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Intangible Lease Assets\u2014Net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">64,120<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">58,821<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Straight-Line Rent Adjustment<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,110<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,838<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Other Assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">14,588<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,369<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total Assets<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">568,726<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">505,514<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Liabilities:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Accounts Payable, Accrued Expenses, and Other Liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,981<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,363<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Prepaid Rent and Deferred Revenue<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,524<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,033<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Intangible Lease Liabilities\u2014Net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,242<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5,476<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Long-Term Debt<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">318,814<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">267,740<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total Liabilities<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">330,561<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">277,612<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Commitments and Contingencies<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Equity:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2022 and December 31, 2021<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Common Stock, $0.01 par value per share, 500 million shares authorized, 11,772,963 shares issued and outstanding as of March 31, 2022 and 11,454,815 shares issued and outstanding as of December 31, 2021<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">118<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">114<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Additional Paid-in Capital<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">207,035<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">200,906<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Dividends in Excess of Net Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(8,779<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(6,419<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Accumulated Other Comprehensive Income<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">8,754<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,922<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Stockholders&#8217; Equity<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">207,128<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">196,523<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Noncontrolling Interest<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">31,037<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">31,379<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total Equity<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">238,165<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">227,902<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Total Liabilities and Equity<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">568,726<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">505,514<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/>\n<td class=\"hugin\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>Alpine Income Property Trust, Inc.<\/strong><br \/><strong>Consolidated Statements of Operations<\/strong><br \/>(Unaudited)<br \/>(In thousands, except share, per share and dividend data)<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31,<\/strong><br \/><strong>2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31,<\/strong><br \/><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Revenues:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\">Lease Income<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">10,799<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">5,890<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Total Revenues<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">10,799<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5,890<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Operating Expenses:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Real Estate Expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,092<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">651<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">General and Administrative Expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,431<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,030<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 hugin gnw_vertical_align_bottom\">Depreciation and Amortization<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5,672<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,143<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Total Operating Expenses<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">8,195<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4,824<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net Income from Operations<\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,604<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,066<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Interest Expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1,680<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">555<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net Income<\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">924<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">511<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Less: Net Income Attributable to<br \/>Noncontrolling Interest<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(118<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(71<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net Income Attributable to Alpine Income Property Trust, Inc.<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">806<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">440<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Per Common Share Data:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Net Income Attributable to Alpine Income Property Trust, Inc.<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Basic<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.07<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.06<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Diluted<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.06<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.05<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Weighted Average Number of Common Shares:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Basic<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">11,662,697<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"3\">7,565,429<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i25 hugin gnw_vertical_align_bottom\">Diluted<sup>(1)<\/sup><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">13,366,191<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">8,789,283<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"3\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Dividends Declared and Paid<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.27<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.24<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)<\/sup>Includes the weighted average impact of 1,703,494 shares underlying OP units including (i) 1,223,854 shares underlying OP Units issued to CTO Realty Growth, Inc. and (ii) 479,640 shares underlying OP Units issued to an unrelated third party.<\/p>\n<p align=\"center\"><strong>Alpine Income Property Trust, Inc.<\/strong><br \/><strong>Non-GAAP Financial Measures<\/strong><br \/><strong>Funds From Operations and Adjusted Funds From Operations<\/strong><br \/>(Unaudited)<br \/>(In thousands, except per share data)<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31,<\/strong><br \/><strong>2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31,<\/strong><br \/><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:73%;width:73%;min-width:73%\">Net Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">924<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:11%;width:11%;min-width:11%\">511<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Depreciation and Amortization<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">5,672<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,143<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Funds from Operations<\/td>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,596<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,654<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i10 hugin gnw_vertical_align_bottom\">Adjustments:<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Straight-Line Rent Adjustment<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(294<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(147<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">COVID-19 Rent Repayments<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">271<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Non-Cash Compensation<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">79<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">73<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Amortization of Deferred Financing<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Costs to Interest Expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">125<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">65<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Amortization of Intangible Assets<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">and Liabilities to Lease Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(101<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(41<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Other Non-Cash (Income) Expense<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">24<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(6<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_bottom\">Recurring Capital Expenditures<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">(19<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Adjusted Funds from Operations<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">6,452<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,850<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">FFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.49<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.42<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">AFFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.48<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.44<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>Alpine Income Property Trust, Inc.<\/strong><br \/><strong>Non-GAAP Financial Measures<\/strong><br \/><strong>Reconciliation of Net Debt to Pro Forma EBITDA<\/strong><br \/>(Unaudited)<br \/>(In thousands)<\/p>\n<table align=\"center\" class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>Three Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>March 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" style=\"max-width:83%;width:83%;min-width:83%\">Net Income<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\" style=\"max-width:15%;width:15%;min-width:15%\">924<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Adjustments:<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Depreciation and Amortization<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">5,672<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Straight-Line Rent Adjustment<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">(294<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Non-Cash Compensation<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">79<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Amortization of Deferred Financing Costs to Interest Expense<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">125<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Amortization of Intangible Assets and Liabilities to Lease Income<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">(101<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Other Non-Cash (Income) Expense<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">24<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Interest Expense, Net of Deferred Financing Costs Amortization<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1,554<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">EBITDA<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_center hugin gnw_vertical_align_top\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">7,983<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Annualized EBITDA<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">31,932<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Pro Forma Annualized Impact of Current Quarter Acquisitions<sup>(1)<\/sup><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">4,194<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Pro Forma EBITDA<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_center hugin gnw_vertical_align_top\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">36,126<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Total Long-Term Debt<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">318,814<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Financing Costs, Net of Accumulated Amortization<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">1,186<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Cash and Cash Equivalents<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">(2,244<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_label_i30 hugin gnw_vertical_align_top\">Restricted Cash<\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">(691<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\">)<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Net Debt<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_center hugin gnw_vertical_align_top\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">317,065<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">Net Debt to Pro Forma EBITDA<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\">8.8x<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1) <\/sup>Reflects the pro forma annualized impact on Annualized EBITDA of the Company\u2019s acquisition activity during the three months ended March 31, 2022.<\/p>\n<p align=\"justify\"><\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"hugin\" style=\"max-width:10%;width:10%;min-width:10%\">Contact:<\/td>\n<td class=\"hugin\" style=\"max-width:90%;width:90%;min-width:90%\">Matthew M. Partridge<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\" \/>\n<td class=\"hugin\">Senior Vice President, Chief Financial Officer &amp; Treasurer<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\" \/>\n<td class=\"hugin\">(407) 904-3324<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\" \/>\n<td class=\"hugin\"><a href=\"mailto:mpartridge@alpinereit.com\" rel=\"nofollow noopener\" target=\"_blank\" title=\"mpartridge@alpinereit.com\">mpartridge@alpinereit.com<\/a><\/td>\n<\/tr>\n<\/table>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/NmY0NGE4ZmMtNWE2Zi00YzViLTkwNTQtOTRmMzZmNGVkOGI0LTUwMDA2OTQ4Ng==\/tiny\/Alpine-Income-Property-Trust.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>DAYTONA BEACH, Fla., April 21, 2022 (GLOBE NEWSWIRE) &#8212; Alpine Income Property Trust, Inc. (NYSE: PINE) (the \u201cCompany\u201d or \u201cPINE\u201d) today announced its operating results and earnings for the quarter ended March 31, 2022.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6054"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=6054"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6054\/revisions"}],"predecessor-version":[{"id":6070,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6054\/revisions\/6070"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}