Alpine Income Property Trust

John P. Albright serves as President and CEO of Alpine Income Property Trust and sets the investment strategy. He is also the CEO of CTO Realty Growth, the entity that externally manages Alpine. Matthew M. Partridge serves as CFO, overseeing financial operations. The management agreement between Alpine and CTO means the parent company's platform, including its underwriting and acquisition teams, executes the day-to-day deployment.

Alpine leverages the deal-sourcing infrastructure of its external manager, CTO Realty Growth, which maintains relationships with commercial real estate brokers, property owners, and corporate tenants across the United States. The firm targets off-market and lightly marketed net-lease properties typically priced below $50 million, a segment where institutional competition is less crowded. This sourcing model is augmented by Alpine's public-company status, which provides equity currency for larger portfolio transactions.

Alpine Income Property Trust operates under an external management agreement with CTO Realty Growth, which provides the REIT with its executive team, acquisition platform, asset management, and administrative services. In exchange, CTO receives a base management fee tied to Alpine's equity market capitalization and an incentive fee based on total shareholder return outperformance. This structure means Alpine employs no direct staff — all personnel functions flow through the manager.

No. Alpine's stated strategy is acquiring existing, income-producing net-lease properties with tenants already in place, typically under long-term lease agreements. The firm avoids development risk, land speculation, and property repositioning. The focus remains on contractual rent streams from credit-rated tenants, with built-in escalators providing organic income growth.

Alpine concentrates on necessity-based retail and select commercial properties. The portfolio includes casual dining restaurants, convenience stores, grocery-anchored centers, and single-tenant office properties. Most tenants carry investment-grade or near-investment-grade credit ratings from at least one major agency. This credit-focused underwriting is designed to produce predictable rent collection through economic cycles.

No. Alpine operates as a standalone public REIT deploying its own balance sheet. It does not operate a fund-of-funds program or offer co-investment rights to outside limited partners. However, it does occasionally co-acquire properties alongside its external manager, CTO Realty Growth, using a split-ownership structure on shared assets.

The critical structural differentiator is external management: Alpine has no direct employees, while Realty Income and W.P. Carey are fully integrated organizations with internal acquisition, legal, and property management teams. This externalization means Alpine's overhead is effectively variable and tied to a management contract, creating a different cost structure and incentive framework. It also means Alpine can scale acquisition activity without building a proportional corporate infrastructure — a model that can accelerate early-stage asset growth but introduces different governance dynamics for public shareholders.