{"id":6720,"date":"2022-08-13T05:19:14","date_gmt":"2022-08-13T10:19:14","guid":{"rendered":"https:\/\/1reason.com\/re\/alpine-income-property-trust-reports-second-quarter-2022-operating-results\/6720\/"},"modified":"2022-08-14T00:19:14","modified_gmt":"2022-08-14T05:19:14","slug":"alpine-income-property-trust-reports-second-quarter-2022-operating-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/alpine-income-property-trust-reports-second-quarter-2022-operating-results\/6720\/","title":{"rendered":"Alpine Income Property Trust Reports Second 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 $1.05 for the quarter ended June 30, 2022.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Reported FFO per diluted share of $0.47 for the quarter ended June 30, 2022, an increase of 23.7% from the comparable prior year period.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Reported AFFO per diluted share of $0.47 for the quarter ended June 30, 2022, an increase of 20.5% from the comparable prior year period.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Acquired 19 net lease retail properties during the second quarter of 2022 for total acquisition volume of $43.6 million, reflecting a weighted average going-in cash cap rate of 7.0%.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Sold five net lease properties, including the Company\u2019s sole remaining office property, for total disposition volume of $72.8 million at a weighted average exit cap rate of 7.1%, generating total gains of $15.6 million. Excluding the office property disposition, the properties were sold at a weighted average cap rate of 5.8%.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">Exercised the accordion options under its 2026 Term Loan and 2027 Term Loan for combined new proceeds of $60.0 million.<\/li>\n<li style=\"text-align:justify\">Paid a cash dividend for the second quarter of 2022 of $0.27 per share, an 8.0% increase from the comparable prior year period quarterly dividend, and an annualized yield of 6.0% based on the closing price of the Company\u2019s common stock on July 20, 2022.<\/li>\n<\/ul>\n<p align=\"justify\"><strong><u>CEO Comments<\/u><\/strong><\/p>\n<p align=\"justify\">\u201cWe had a very strong quarter of capital recycling as we reduced select tenant concentrations and took advantage of attractive asset pricing, especially relative to our current market valuation,\u201d said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. \u201cExcluding the sale of our remaining office property, our dispositions efforts were notably accretive as we generated a weighted average sale cap rate of 5.8% and we reinvested the proceeds from these dispositions into well-performing properties in strong retail sectors at a weighted average acquisition cap rate of 7.0%. We anticipate continued capital recycling in the third quarter that should deliver attractive net investment spreads and improved earnings growth, all while incrementally deleveraging our balance sheet and enhancing our overall portfolio quality. With increased 2022 earnings guidance and another solid quarter of outperformance, we\u2019re looking forward to building momentum in the back half of the year and driving improved company valuation as we work to demonstrate the value proposition of our high-quality, 100% retail portfolio.\u201d<\/p>\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 June 30, 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 Ended <\/strong><br \/><strong>June 30, 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 Ended <\/strong><br \/><strong>June 30, 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 Comparable<br \/>Period in the Prior Year<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:41%;width:41%;min-width:41%\">Total Revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">11,280<\/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:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">6,597<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\"><em> 4,683 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\"><em>71.0<\/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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">16,336<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">346<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 15,990 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>4,621.4<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net Income Attributable to PINE<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">14,282<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">304<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 13,978<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>4,598.0<\/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\" colspan=\"2\">Net Income per Diluted Share Attributable to PINE<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">1.05<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.03<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 1.02<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>3,400.0<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">FFO<sup> (1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">6,393<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">3,809<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 2,584 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>67.8<\/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\">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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.47<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.38<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 0.09 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>23.7<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">AFFO <sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">6,345<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">3,892<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 2,453 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>63.0<\/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\">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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.47<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.39<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 0.08 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>20.5<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Dividends Declared and Paid, per Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.25<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 0.02 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>8.0<\/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>Year-to-Date Operating Results Highlights<\/u><\/strong><\/p>\n<p align=\"justify\">The table below provides a summary of the Company\u2019s operating results for the six months ended June 30, 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>Six Months Ended <\/strong><br \/><strong>June 30, 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>Six Months Ended <\/strong><br \/><strong>June 30, 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 Comparable<br \/>Period in the Prior Year<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:41%;width:41%;min-width:41%\">Total Revenues<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;width:2%;min-width:2%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">22,079<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:2%;width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\">12,487<\/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:2%;width:2%;min-width:2%\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\"><em> 9,592<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:12%;width:12%;min-width:12%\"><em>76.8<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\" style=\"max-width:1%;width:1%;min-width:1%\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Net Income<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">17,260<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">857<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 16,403 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>1,914.0<\/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\">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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">15,088<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">744<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 14,344<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>1,928.0<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" colspan=\"2\">Net Income per Diluted Share Attributable to PINE<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">1.12<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.08<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 1.04<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>1,300.0<\/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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">12,989<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">7,463<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 5,526<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>74.0<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">FFO per Diluted Share <sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.97<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.79<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 0.18<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>22.8<\/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\">AFFO <sup>(1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">12,797<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">7,742<\/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>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 5,055 <\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>65.3<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_middle\"><em>%<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">AFFO per Diluted Share<sup> (1)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.95<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.82<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>$<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_right hugin gnw_vertical_align_middle\"><em> 0.13<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>15.9<\/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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.54<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">0.49<\/td>\n<td class=\"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> 0.05<\/em><\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\"><em>10.2<\/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>Acquisitions<\/u><\/strong><\/p>\n<p align=\"justify\">During the three months ended June 30, 2022, the Company acquired 19 high-quality net lease properties for total acquisition volume of $43.6 million, reflecting a weighted average going-in cash cap rate of 7.0%. As of the acquisition date, the properties had a weighted average remaining lease term of 9.9 years, were located in nine states, and were leased to tenants operating in five retail sectors, including the dollar store, home improvement, consumer electronics, health &amp; fitness, and quick service restaurant industries. Approximately 48% 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 align=\"justify\">During the six months ended June 30, 2022, the Company has acquired 35 net lease properties for total acquisition volume of $109.1 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 9.4 years and were located in 17 states. Approximately 67% 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>Dispositions<\/u><\/strong><\/p>\n<p align=\"justify\">During the three months and six months ended June 30, 2022, the Company sold five net lease properties, including its remaining office property located in Hillsboro, Oregon, for total disposition volume of $72.8 million, representing a weighted average exit cap rate of 7.1%. The sale of the properties generated total gains of $15.6 million.<\/p>\n<p align=\"justify\">Excluding the office property disposition, the properties were sold at a weighted average exit cap rate of 5.8% and were leased to Sportsman\u2019s Warehouse, At Home, Hobby Lobby, and Cheddar\u2019s Scratch Kitchen.<\/p>\n<p><strong><u>Property Portfolio<\/u><\/strong><\/p>\n<p align=\"justify\">The Company\u2019s portfolio consisted of the following as of June 30, 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:87%;width:87%;min-width:87%\">Number of Properties<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_middle\" style=\"max-width:13%;width:13%;min-width:13%\">143<\/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\">3.3 million<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Annualized Base Rent<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_middle\">$39.6 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\">8.0 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 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\">42%<\/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\">48%<\/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\">76%<\/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 Association 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 that represent 2.0% or greater of the Company&#8217;s total annualized base rent as of June 30, 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:39%;width:39%;min-width:39%\"><strong>Tenant<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:30%;width:30%;min-width:30%\"><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\" colspan=\"1\" style=\"max-width:30%;width:30%;min-width:30%\"><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\">12%<\/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\">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\">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\">LA Fitness<\/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\">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\">Hobby Lobby<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">Not Rated<\/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\">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\">4%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Best Buy<\/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\">7-Eleven<\/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\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Burlington<\/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\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Kohl\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\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Big Lots<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">Not Rated<\/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\">2%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Other<\/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\">41%<\/td>\n<\/tr>\n<tr>\n<td class=\"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>100<\/strong><strong>%<\/strong><\/td>\n<\/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 June 30, 2022. 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\">The Company\u2019s portfolio consisted of the following industries as of June 30, 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:49%;width:49%;min-width:49%\"><strong>Industry<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:20%;width:20%;min-width:20%\"><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:30%;width:30%;min-width:30%\"><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\">14%<\/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\">11%<\/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\">10%<\/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\">9%<\/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\">7%<\/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\">7%<\/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\">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\">5%<\/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\">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\">5%<\/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\">5%<\/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\">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\">3%<\/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\">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\">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\">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\">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\">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_align_right hugin gnw_vertical_align_top\">&lt; 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=\"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<\/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 June 30, 2022.<\/p>\n<p align=\"justify\">The Company\u2019s portfolio included properties in the following states as of June 30, 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:49%;width:49%;min-width:49%\"><strong>State<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" style=\"max-width:20%;width:20%;min-width:20%\"><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:30%;width:30%;min-width:30%\"><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\">19%<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_top\">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_top\">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\">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\">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\">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\">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\">4%<\/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\">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\">3%<\/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\">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_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\">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_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\">2%<\/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\">2%<\/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\">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_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\">Nebraska<\/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_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\">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_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\">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\">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\">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=\"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\"><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<\/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 June 30, 2022, the Company completed the following notable capital markets activity:<\/p>\n<ul type=\"square\">\n<li style=\"margin-bottom:6pt;text-align:justify\">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.<\/li>\n<li style=\"margin-bottom:6pt;text-align:justify\">The Company issued 87,112 common shares under its ATM offering program at a weighted average gross price of $19.09 per share, for total net proceeds of $1.6 million.<\/li>\n<\/ul>\n<p align=\"justify\">The following table provides a summary of the Company\u2019s long-term debt as of June 30, 2022:<\/p>\n<table class=\"gnw_table_border_collapse hugin\" style=\"width:100%;border-collapse:collapse !important\">\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" style=\"max-width:46%;width:46%;min-width:46%\"><strong>Component of Long-Term Debt<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\"><strong>Principal<\/strong><strong><br \/><\/strong><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:20%;width:20%;min-width:20%\"><strong>Interest Rate<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:15%;width:15%;min-width:15%\"><strong>Maturity Date<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:47%;min-width:47%\">Revolving Credit Facility<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;min-width:2%\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:15%;min-width:15%\">72.5 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" style=\"max-width:20%;min-width:20%\">30-Day LIBOR + <br \/>[1.35% &#8211; 1.95%]<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:2%;min-width:2%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;min-width:12%\">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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">100.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">SOFR + 10 bps +<br \/>[1.35% &#8211; 1.95%]<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">May 2026<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">2027 Term Loan <sup>(2)<\/sup><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">100.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\">SOFR + 10 bps +<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\">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\">$<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">30.0 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_bottom\">4.33%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">October 2034<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\">Total Debt\/Weighted Average Rate<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_bottom\">302.5 million<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_center hugin gnw_vertical_align_bottom\">3.04%<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><sup>(<\/sup><sup>1<\/sup><sup>)<\/sup> Effective May 21, 2021 and as amended on April 14, 2022, the Company utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 0.80% plus the 0.10% credit spread adjustment and applicable spread on $60.0 million of the 2026 term loan balance.<\/p>\n<p align=\"justify\"><sup>(<\/sup><sup>2<\/sup><sup>)<\/sup> Effective September 30, 2021 and as amended on April 14, 2022, 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 SOFR and achieve a weighted average fixed interest rate of 0.51% plus the 0.10% credit spread adjustment and the applicable spread on $80.0 million of the 2027 term loan balance.<\/p>\n<p align=\"justify\">As of June 30, 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 11,863,589 shares of the Company\u2019s common stock outstanding, for total outstanding common stock and OP Units held by third parties of 13,567,083, as of June 30, 2022.<\/p>\n<p align=\"justify\">As of June 30, 2022, the Company\u2019s net debt to Pro Forma EBITDA was 8.3 times, and as defined in the Company\u2019s credit agreement, the Company\u2019s fixed charge coverage ratio was 4.9 times. As of June 30, 2022, the Company\u2019s net debt to total enterprise value was 54.0%. 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 May 24, 2022, the Company announced a cash dividend for the second quarter of 2022 of $0.27 per share, payable on June 30, 2022 to stockholders of record as of the close of business on June 9, 2022. The second quarter 2022 cash dividend represents an 8.0% increase over the comparable prior year period quarterly dividend and a payout ratio of 57.4% of both the Company\u2019s second quarter 2022 FFO per diluted share and the Company\u2019s AFFO per diluted share.<\/p>\n<p align=\"justify\"><strong><u>2022 Outlook<\/u><\/strong><\/p>\n<p align=\"justify\">The Company has increased its per share earnings outlook for 2022 to take into account the Company\u2019s year-to-date performance and revised expectations regarding the Company\u2019s investment activities, forecasted capital markets transactions, 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>Revised Outlook Range for 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"5\"><strong><em>Change from Prior Outlook<\/em><\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\" style=\"max-width:38%;width:38%;min-width:38%\" \/>\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_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%\"><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_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%\"><strong>High<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%\"><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_align_center hugin gnw_vertical_align_middle\" colspan=\"2\" style=\"max-width:14%;width:14%;min-width:14%\"><strong><em>High<\/em><\/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\">$235 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$0 million<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\"><em>to<\/em><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>($15) million<\/em><\/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\">$125 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\">$175 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$50 million<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\"><em>to<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$75 million<\/em><\/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\">$1.60<\/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\">$1.65<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$<\/em><em>0.05<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\"><em>to<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$<\/em><em>0.05<\/em><\/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\">$1.58<\/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\">$1.63<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$<\/em><em>0.05<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\"><em>to<\/em><\/td>\n<td class=\"gnw_padding_left_none gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>$<\/em><em>0.05<\/em><\/td>\n<\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_middle\">Weighted Average Diluted <br \/>Shares Outstanding<\/td>\n<td class=\"hugin gnw_vertical_align_middle\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\">14.0 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\">14.5 million<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>(1.0) million<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\"><em>to<\/em><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_middle\" colspan=\"2\"><em>(2.0) million<\/em><\/td>\n<\/tr>\n<\/table>\n<p><strong><u>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 June 30, 2022 on Friday, July 22, 2022, at 9:00 AM ET.<\/p>\n<p align=\"justify\">A live webcast of the call will be available on the Investor Relations page of the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=IHXg5wOyuuF8Tfk6fV_n_CcP8E-aRWSfkUQ9-BtDlj9Am7IrcZZHRdRLxPXgQPC2w5ZHXKsCe4YorqeC04fVKer3zeaM3B6IijNXYVnHF6w=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.alpinereit.com\">www.alpinereit.com<\/a> or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.<\/p>\n<p align=\"justify\">Webcast:<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=GbpYtNNInr1XmxI2Bq42Z1lmDrhMZvvienLC2UGT6oLq2yac-usbIAXEGSQ5zz-8bnF1Qz6to4OGdxAzraqQ9gCjMH1bSYyvxksHnN7pBEuM6WpqC4oPmYkaQlfSNji2d0cMNNfR0s26tLx30RjWvA==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/edge.media-server.com\/mmc\/p\/m5bmoukh<\/a><\/p>\n<p align=\"justify\">Dial-In: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=GbpYtNNInr1XmxI2Bq42Z-Im4fQYm-hRbVrNVGyD-PSKsiZ9snPfPgD5mMa0T4U9t4-m5lLhM4kxZhUJ7ohOO096Adqm7IwMta9rY9K-44nl0QvbQU1D43uHY90Y3Z5het4MFsvXI-6tHgb4GdTl5_GvUGq1LTYaNMkKz3Og741z2Q6wIFvNHv3DmAhVLDXIkOv-lg98ruDxPpDLWfyXsQFR5XtBVWckglmmKP1drpI=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/register.vevent.com\/register\/BI2ecaebb93f59455a9fc5047e6acb1c70<\/a><\/p>\n<p align=\"justify\">We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=IHXg5wOyuuF8Tfk6fV_n_CFhtoHZK00G1egSYuDgNM0Vyd4EaJ86Nf-JBhWf3_3t_ij0WJM8LkJACSTgAjadJJlI55kapnqruFTVilR5N9I=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.alpinereit.com\">www.alpinereit.com<\/a>.<\/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=OreMjRCkjfMSkJI6jrluRnl2KrjNkTMZhpTnkX9n4DMCoCwjYMLSSx_OLBQXVWaoEVum3M2BkBpKr9CbNYZKiH2Hz12qjG0hvG_PQIgaP2o=\" 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><u>Non-GAAP Financial Measures<\/u><\/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>June 30, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\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\"><strong \/><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_top_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong \/><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_justify 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 gnw_align_justify hugin gnw_vertical_align_bottom\" style=\"max-width:75%;width:75%;min-width:75%\">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:10%;width:10%;min-width:10%\">180,569<\/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:10%;width:10%;min-width:10%\">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 gnw_align_justify 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\">304,129<\/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 gnw_align_justify 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\">484,698<\/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 gnw_align_justify 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\">(17,527<\/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 gnw_align_justify 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\">467,171<\/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=\"gnw_align_justify hugin gnw_vertical_align_bottom\">Assets Held for Sale<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">2,435<\/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_align_justify 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\">2,427<\/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=\"gnw_align_justify 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\">15,131<\/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=\"gnw_align_justify 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\">61,371<\/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=\"gnw_align_justify 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\">1,912<\/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=\"gnw_align_justify 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\">16,909<\/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 gnw_align_justify 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\">567,356<\/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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">505,514<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong>Liabilities:<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i15 gnw_align_justify hugin gnw_vertical_align_bottom\">Accounts Payable, Accrued Expenses, and Other Liabilities<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">4,788<\/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 gnw_align_justify 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\">1,662<\/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 gnw_align_justify 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\">5,177<\/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 gnw_align_justify 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\">300,973<\/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=\"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 gnw_align_justify 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\">312,600<\/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=\"gnw_align_justify 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 gnw_align_justify hugin gnw_vertical_align_bottom\">Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of June 30, 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 gnw_align_justify hugin gnw_vertical_align_bottom\">Common Stock, $0.01 par value per share, 500 million shares authorized, 11,863,589 shares issued and outstanding as of June 30, 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\">119<\/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 gnw_align_justify 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\">208,706<\/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 gnw_align_justify hugin gnw_vertical_align_bottom\">Retained Earnings (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\">2,301<\/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\">(6,419<\/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 gnw_align_justify 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\">10,999<\/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 gnw_align_justify 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\">222,125<\/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\">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 gnw_align_justify 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\">32,631<\/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 gnw_align_justify 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\">254,756<\/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 gnw_align_justify 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\">567,356<\/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<\/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<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=\"7\"><strong>Six 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>June 30, 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>June 30, 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=\"3\"><strong>June 30, 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>June 30, 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\" \/>\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\" \/>\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_i20 gnw_align_justify hugin gnw_vertical_align_bottom\" style=\"max-width:41%;width:41%;min-width:41%\">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:12%;width:12%;min-width:12%\">11,280<\/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%\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">6,597<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_border_bottom_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">22,079<\/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:12%;width:12%;min-width:12%\">12,487<\/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_i30 gnw_align_justify 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\">11,280<\/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\">6,597<\/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\">22,079<\/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\">12,487<\/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_align_justify 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\" \/>\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=\"gnw_label_i20 gnw_align_justify 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\">1,285<\/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\">824<\/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\">2,377<\/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\">1,475<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 gnw_align_justify 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\">1,479<\/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\">1,286<\/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\">2,910<\/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\">2,316<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i20 gnw_align_justify 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\">5,694<\/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\">3,463<\/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\">11,366<\/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\">6,606<\/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 gnw_align_justify 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\">8,458<\/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\">5,573<\/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_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\">16,653<\/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\">10,397<\/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_i20 gnw_align_justify hugin gnw_vertical_align_bottom\">Gain on Disposition of Assets<\/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\">15,637<\/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\">\u2014<\/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=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">15,637<\/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\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">18,459<\/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\">1,024<\/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\">21,063<\/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\">2,090<\/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_align_justify 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\">2,123<\/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\">678<\/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\">3,803<\/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\">1,233<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">16,336<\/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\">346<\/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\">17,260<\/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\">857<\/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 gnw_align_justify 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\">(2,054<\/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\">(42<\/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\">(2,172<\/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\">(113<\/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_align_justify 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\">14,282<\/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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">304<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">15,088<\/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\">744<\/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_justify 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\" \/>\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=\"gnw_align_justify 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\" \/>\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=\"gnw_align_justify 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\" \/>\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=\"gnw_label_i30 gnw_align_justify 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\">1.21<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.03<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1.28<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.09<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_label_i30 gnw_align_justify hugin gnw_vertical_align_bottom\">Diluted<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1.05<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.03<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">1.12<\/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\">0.08<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\" \/>\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=\"gnw_label_i30 gnw_align_justify hugin gnw_vertical_align_bottom\">Basic<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" colspan=\"2\">11,844,108<\/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\">8,853,259<\/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\">11,753,904<\/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\">8,212,902<\/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 gnw_align_justify 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\">13,547,602<\/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\">10,081,783<\/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\">13,457,398<\/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\">9,439,104<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\" \/>\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=\"gnw_align_justify 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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.25<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.54<\/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\">0.49<\/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\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Three Months Ended<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"7\"><strong>Six Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2022<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2021<\/strong><\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2022<\/strong><\/td>\n<td class=\"hugin gnw_vertical_align_bottom\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\" style=\"max-width:41%;width:41%;min-width:41%\">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:12%;width:12%;min-width:12%\">16,336<\/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%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">346<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" style=\"max-width:1%;width:1%;min-width:1%\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\" style=\"max-width:12%;width:12%;min-width:12%\">17,260<\/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:12%;width:12%;min-width:12%\">857<\/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_align_justify 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\">5,694<\/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\">3,463<\/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\">11,366<\/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\">6,606<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\">Gain on Disposition of 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\">(15,637<\/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\">\u2014<\/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\">(15,637<\/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\">\u2014<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">6,393<\/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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,809<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">12,989<\/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\">7,463<\/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_align_justify 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\" \/>\n<td class=\"gnw_align_right 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\" \/>\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_align_justify 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\">(234<\/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\">(117<\/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\">(528<\/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\">(264<\/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_align_justify hugin gnw_vertical_align_bottom\">COVID-19 Rent Repayments, Net<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">22<\/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\" \/>\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\">45<\/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\">385<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">78<\/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\">79<\/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\">157<\/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\">152<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\">Amortization of Deferred Financing <br \/> 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\">132<\/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\">84<\/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\">257<\/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\">149<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\">Amortization of Intangible Assets <br \/> 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\">(69<\/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\">(50<\/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\">(170<\/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\">(91<\/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_align_justify 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\">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\">(5<\/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\">47<\/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\">(11<\/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_align_justify 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\">(22<\/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\">\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\">(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_align_justify 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\">6,345<\/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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">3,892<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">12,797<\/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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">7,742<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\">FFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.47<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.38<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.97<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.79<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_bottom\">AFFO per Diluted Share<\/td>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.47<\/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\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.39<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\" \/>\n<td class=\"hugin gnw_vertical_align_bottom\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_bottom\">0.95<\/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\">0.82<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_bottom\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\" \/>\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\"><strong \/><\/td>\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\"><strong \/><\/td>\n<td class=\"gnw_border_bottom_solid gnw_align_center hugin gnw_vertical_align_bottom\" colspan=\"3\"><strong>June 30, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_align_justify 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%\">16,336<\/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=\"gnw_align_justify 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_align_justify 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\">5,694<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_top\">Gain on Disposition of Assets<\/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\">(15,637<\/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_align_justify 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\">(234<\/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_align_justify 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\">78<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">132<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">(69<\/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_align_justify hugin gnw_vertical_align_top\">Other Non-Cash 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\">23<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">1,991<\/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=\"gnw_align_justify 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\">$<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">8,314<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_center hugin gnw_vertical_align_top\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_top\" colspan=\"2\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_top\">Annualized EBITDA<\/td>\n<td class=\"gnw_align_center hugin gnw_vertical_align_top\">$<\/td>\n<td class=\"gnw_padding_right_none gnw_align_right hugin gnw_vertical_align_top\">33,258<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify hugin gnw_vertical_align_top\">Pro Forma Annualized Impact of Current Quarter Acquisitions and Dispositions <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\">893<\/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=\"gnw_align_justify 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\">34,151<\/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=\"gnw_align_justify 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=\"gnw_align_justify 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\">300,973<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">1,527<\/td>\n<td class=\"gnw_padding_left_none gnw_align_left hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">(2,427<\/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_align_justify 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\">(15,131<\/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=\"gnw_align_justify 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\">284,942<\/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=\"gnw_align_justify 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\" \/>\n<td class=\"gnw_border_top_double gnw_align_right hugin gnw_vertical_align_top\" \/><\/tr>\n<tr>\n<td class=\"gnw_align_justify 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\">8.3x<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_double gnw_align_right hugin gnw_vertical_align_top\" \/><\/tr>\n<\/table>\n<p align=\"justify\"><sup>(1)<\/sup> Reflects the pro forma annualized impact on Annualized EBITDA of the Company\u2019s acquisition and disposition activities during the three months ended June 30, 2022.<\/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:8%;width:8%;min-width:8%\">Contact:<\/td>\n<td class=\"hugin\" style=\"max-width:92%;width:92%;min-width:92%\">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\/YjA0MjNlOTEtMDRiOS00NzA2LWIwNDktMWY2N2FhZjRmOGM2LTUwMDA2OTQ4Ng==\/tiny\/Alpine-Income-Property-Trust.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p>WINTER PARK, Fla., July 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 June 30, 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\/6720"}],"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=6720"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6720\/revisions"}],"predecessor-version":[{"id":6746,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/6720\/revisions\/6746"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=6720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=6720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=6720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}