Form 4: Alpine Income Property Trust Director Receives Stock in Lieu of Retainer Fee

Director Rachel Elias Wein receives shares of Alpine Income Property Trust in lieu of her Q1 2024 director retainer fee.

Summary

• Rachel Elias Wein, a director of Alpine Income Property Trust, received 968 shares of common stock on April 1, 2024.
• These shares were issued in lieu of her first quarter 2024 director retainer fee of $15,000.
• The share price used to calculate the number of shares was $15.4815, based on the 20-day trailing average closing price as of the last day of the quarter.
• Following the transaction, Ms. Wein beneficially owns 9,705 shares of Alpine Income Property Trust.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally. The use of stock aligns director interests with shareholders, which is a positive.

Positives

• The director compensation policy allows for the issuance of shares in lieu of cash, aligning director interests with shareholders.
• The use of a 20-day trailing average closing price provides a fair valuation for the shares issued.

Industry Context

This type of director compensation, using stock in lieu of cash, is common in REITs to align director interests with shareholders and conserve cash.

Comparison to Industry Standards

• Many REITs use a combination of cash and stock for director compensation.
• The specific mix varies depending on the company's size, financial condition, and compensation philosophy.
• Using a trailing average closing price is a standard practice to determine the fair value of shares issued as compensation.

Stakeholder Impact

• Shareholders may view the stock issuance positively as it aligns director interests with their own.
• The company conserves cash by issuing stock instead of paying the retainer fee in cash.

Key Dates