Form 4: PINE Director Acquires Stock for Q3 2025 Retainer

Alpine Income Property Trust director Brenna Andrea Wadleigh acquired 2,044 shares of common stock as part of her Q3 2025 quarterly retainer fee.

Summary

• Brenna Andrea Wadleigh, a Director of Alpine Income Property Trust, Inc. (PINE), acquired 2,044 shares of common stock.
• The transaction occurred on October 1, 2025, at a price of $14.6725 per share.
• The shares were issued as the equity component (approximately $17,500 value) and in lieu of the cash component ($12,500 value) of her Q3 2025 quarterly retainer fee.
• This acquisition was made pursuant to the Issuer's Non-Employee Director Compensation Policy, adopted on February 3, 2020, and last amended on January 30, 2025.
• Following this transaction, Ms. Wadleigh beneficially owns 6,376 shares of Alpine Income Property Trust common stock.
• The share price used for calculation was the 20-day trailing average closing price as of the last business day of the calendar quarter.

Sentiment

Score: 7

Explanation: The transaction reflects a routine, pre-scheduled compensation event for a director, which is generally positive as it increases insider ownership and aligns interests with shareholders. It does not indicate any new fundamental information but reinforces standard corporate governance.

Positives

• Increased director ownership aligns management interests with those of shareholders, which is generally viewed positively.
• The transaction is part of a structured compensation policy, indicating predictable and transparent governance practices.

Future Outlook

The filing does not contain any forward-looking statements or guidance beyond the details of the compensation policy.

Management Comments

• The shares were issued to the Reporting Person as (i) the equity component of her Q3 2025 quarterly retainer fee (the value of such component being approximately $17,500) and (ii) in lieu of the cash component of her Q3 2025 quarterly retainer fee of $12,500, pursuant to the Issuer's Non-Employee Director Compensation Policy.

Industry Context

The practice of compensating non-employee directors with a combination of cash and equity is a common and established practice across publicly traded companies, particularly within the Real Estate Investment Trust (REIT) sector, to align director incentives with long-term shareholder value.

Comparison to Industry Standards

• The compensation structure, involving both equity and a cash component (with an option for equity in lieu of cash), is consistent with standard non-employee director compensation practices observed in the REIT industry and broader public company governance.
• The use of a 20-day trailing average closing price for share calculation is a common method to determine fair value for equity grants, similar to practices seen in comparable companies like Realty Income Corporation or National Retail Properties, Inc., which also utilize equity as part of their director compensation.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Director Brenna Andrea Wadleigh as part of her quarterly retainer fee constitutes a related party transaction, executed under the company's established Non-Employee Director Compensation Policy.

Stakeholder Impact

• Shareholders: Increased director ownership can enhance confidence by aligning the director's financial interests with long-term shareholder value.
• Employees: No direct impact mentioned for employees.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled acquisition of shares by a director as part of their compensation package. It does not provide new material information that would alter the fundamental investment thesis for Alpine Income Property Trust, Inc. While increased insider ownership is generally positive for aligning interests, this specific transaction is expected and does not warrant a change in investment recommendation.

Keywords

Alpine Income Property Trust, PINE, Brenna Andrea Wadleigh, Form 4, Insider Transaction, Director Compensation, Stock Acquisition, Equity Compensation, Corporate Governance