Form 4: Alpine Income Property Trust Director Acquires Shares in Lieu of Retainer Fee

Director Andrew C. Richardson acquired 1,259 shares of Alpine Income Property Trust, Inc. (PINE) common stock on April 1, 2024, in lieu of his 1st quarter 2024 director retainer fee.

Summary

• On April 1, 2024, Andrew C. Richardson, a director of Alpine Income Property Trust, Inc. (PINE), acquired 1,259 shares of common stock.
• The shares were issued in lieu of his 1st quarter 2024 director retainer fee of $15,000.
• The share price used for the calculation was $15.4815, which represents the 20-day trailing average closing price as of the last day of the quarter.
• Following the transaction, Richardson directly owns 17,819 shares of Alpine Income Property Trust, Inc.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. A director accepting shares in lieu of cash compensation can be seen as a sign of confidence in the company's future prospects.

Positives

• The director's acceptance of shares in lieu of cash compensation demonstrates confidence in the company's value.

Industry Context

Directors receiving shares in lieu of cash compensation is a common practice, particularly for REITs, as it aligns their interests with those of shareholders.

Comparison to Industry Standards

• Comparing Alpine Income Property Trust to peers like Agree Realty Corporation (ADC) and Realty Income Corporation (O), director compensation structures are generally similar, often including a mix of cash and equity.
• The practice of issuing shares in lieu of cash is also seen in other REITs such as National Retail Properties (NNN) and Federal Realty Investment Trust (FRT).

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.

Key Dates