Alpine Income Property Trust, Inc 8-K, filed Dec 1, 2020

Alpine Income Property Trust, Inc. (PINE)

8-K 2020-12-01 For: 2020-12-01

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Added on April 05, 2026

About this 8-K

Alpine Income Property Trust, Inc filed this 8-K on December 1, 2020.

Items reported

Item 9.01: Financial statements and exhibits

Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.01 Par Value	PINE	NYSE

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Maryland		84-2769895
(State or other jurisdiction of	Commission File Number 001-39143	(I.R.S. Employer
incorporation or organization)		Identification No.)

1140 N. Williamson Blvd., Suite 140 Daytona Beach, Florida	32114
(Address of principal executive offices)	(Zip Code)


Exhibit No.		Description

99.1		Unaudited Pro Forma Consolidated and Combined Financial Statements of Alpine Income Property Trust, Inc. as of September 30, 2020, for the nine months ended September 30, 2020 and for the year ended December 31, 2019.

By:	/s/ Matthew M. Partridge
	Senior Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)


	Historical		2020 Acquisition Transaction Accounting Adjustments		Notes	Pro Forma
ASSETS
Real Estate:
Land, at cost	$	78,623,631	$	498,276	[A]	$	79,121,907
Building and Improvements, at cost		131,761,540		2,680,394	[A]		134,441,934
Total Real Estate, at cost		210,385,171		3,178,670			213,563,841
Less, Accumulated Depreciation		(4,717,615)		—			(4,717,615)
Real Estate—Net		205,667,556		3,178,670			208,846,226
Cash and Cash Equivalents		1,885,906		—			1,885,906
Intangible Lease Assets—Net		35,007,647		556,947	[A]		35,564,594
Straight-Line Rent Adjustment		1,735,570		—			1,735,570
Other Assets		1,372,908		—			1,372,908
Total Assets	$	245,669,587	$	3,735,617		$	249,405,204
LIABILITIES AND EQUITY
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	$	2,892,550	$	—		$	2,892,550
Prepaid Rent and Deferred Revenue		1,131,678		—			1,131,678
Intangible Lease Liabilities—Net		2,910,877		35,087	[A]		2,945,964
Long-Term Debt		87,853,998		3,700,530	[B]		91,554,528
Total Liabilities		94,789,103		3,735,617			98,524,720
Commitments and Contingencies
Equity:
Alpine Income Property Trust, Inc. Stockholders' Equity:
Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding		—		—			—
Common Stock, $0.01 par value per share, 500 million shares authorized, 7,455,281 shares issued and outstanding		79,115		—			79,115
Additional Paid-in Capital		133,105,087		—			133,105,087
Dividends in Excess of Net Income		(4,992,404)		—			(4,992,404)
Accumulated Other Comprehensive Loss		(618,563)		—			(618,563)
Stockholders' Equity		127,573,235		—			127,573,235
Noncontrolling Interest		23,307,249		—			23,307,249
Total Equity		150,880,484		—			150,880,484
Total Liabilities and Equity	$	245,669,587	$	3,735,617		$	249,405,204


	Historical		2020 Acquisition
	Nine Months Ended		Transaction Accounting
	September 30, 2020		Adjustments		Notes	Pro Forma
Revenues:
Lease Income	$	13,862,514	$	2,726,386	[A][B]	$	16,588,900
Total Revenues		13,862,514		2,726,386			16,588,900
Operating Expenses:
Real Estate Expenses		1,703,955		144,817	[A]		1,848,772
General and Administrative Expenses		3,535,608		—			3,535,608
Depreciation and Amortization		7,003,602		1,840,766	[B]		8,844,368
Total Operating Expenses		12,243,165		1,985,583			14,228,748
Gain on Disposition of Assets		287,375		—			287,375
Net Income from Operations		1,906,724		740,803			2,647,527
Interest Expense		976,648		580,808	[C]		1,557,456
Net Income		930,076		159,995			1,090,071
Less: Net Income Attributable to Noncontrolling Interest		(131,066)		(22,559)	[D]		(153,625)
Net Income Attributable to Alpine Income Property Trust, Inc.	$	799,010	$	137,436		$	936,446

Per Common Share Data:
Net Income Attributable to Alpine Income Property Trust, Inc.
Basic	$	0.10	$	0.02		$	0.12
Diluted	$	0.09	$	0.02		$	0.11
Weighted Average Number of Common Shares:
Basic		7,632,660		7,632,660			7,632,660
Diluted		8,856,514		8,856,514			8,856,514


	Historical
	Predecessor for the Period from January 1, 2019 to November 25, 2019		PINE for the Period from November 26, 2019 to December 31, 2019		Combined		2020 Acquisition Transaction Accounting Adjustments		Notes	Autonomous Entity Adjustments		Notes	Pro Forma
Revenues:
Lease Income	$	11,837,104	$	1,394,200	$	13,231,304	$	7,604,664	[A][B]	$	1,337,821	[E]	$	22,173,789
Total Revenues		11,837,104		1,394,200		13,231,304		7,604,664			1,337,821			22,173,789
Operating Expenses:
Real Estate Expenses		1,664,543		372,535		2,037,078		483,991	[A]		—			2,521,069
General and Administrative Expenses		1,683,187		338,663		2,021,850		—			2,306,150	[F]		4,328,000
Depreciation and Amortization		4,858,803		686,985		5,545,788		4,773,132	[B]		1,397,466	[G]		11,716,386
Total Operating Expenses		8,206,533		1,398,183		9,604,716		5,257,123			3,703,616			18,565,455
Net Income (Loss) from Operations		3,630,571		(3,983)		3,626,588		2,347,541			(2,365,795)			3,608,334
Interest Expense		—		41,230		41,230		1,899,343	[C]		131,270	[H]		2,071,843
Net Income (Loss)		3,630,571		(45,213)		3,585,358		448,198			(2,497,065)			1,536,491
Less: Net (Income) Loss Attributable to Noncontrolling Interest		—		6,063		6,063		(60,103)	[D]		(152,003)	[I]		(206,043)
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	$	3,630,571	$	(39,150)	$	3,591,421	$	388,095		$	(2,649,068)		$	1,330,448

Per Common Share Data:
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.
Basic		N/A	$	—	$	0.45	$	0.05		$	(0.34)		$	0.17
Diluted		N/A	$	—	$	0.39	$	0.04		$	(0.29)		$	0.15
Weighted Average Number of Common Shares:
Basic		N/A		7,902,737		7,902,737		7,902,737			7,902,737			7,902,737
Diluted		N/A		9,126,591		9,126,591		9,126,591			9,126,591			9,126,591


Allocation of Acquisition Cost:
Land	$	498,276
Building and Improvements		2,680,394
Intangible Lease Assets		556,947
Intangible Lease Liabilities		(35,087)
Total Acquisition Cost	$	3,700,530


Lease Income Adjustments
Base Rent	$	1,122,210
Straight-line Rent		101,677
Below (Above) Market Lease		(171,012)
Deferred Expense		284,946
Total Lease Income Adjustment	$	1,337,821