<!--Enhanced HTML document created with Toppan Merrill Bridge  9.10.0.88--><!--Created on: 5/25/2021 08:30:46 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:1px solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Washington, DC 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:16pt;font-weight:bold;">FORM 8-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">CURRENT REPORT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">of the Securities Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Date of Report (Date of earliest event reported): May 19, 2021</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:20pt;font-weight:bold;">ALPINE INCOME PROPERTY TRUST, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Exact name of registrant as specified in its charter)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" width="25.0%" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;border:none;margin:0 auto;" align="center"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:bottom;width:32.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Maryland</b></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">84-2769895</b></p></td></tr><tr><td style="vertical-align:bottom;width:32.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(State or other jurisdiction of</b></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Commission File Number 001-39143</b></p></td><td style="vertical-align:bottom;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(I.R.S. Employer</b></p></td></tr><tr><td style="vertical-align:bottom;width:32.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">incorporation or organization)</b></p></td><td style="vertical-align:top;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Identification No.)</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1140 N. Williamson Blvd., Suite 140</b><br><b style="font-weight:bold;">Daytona Beach, Florida</b></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">32114</b></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Address of principal executive offices)</b></p></td><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Zip Code)</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p 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style="font-weight:normal;text-align:left;vertical-align:bottom;white-space:nowrap;width:38.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Title of each class</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:21.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Trading Symbol</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:bottom;width:40.45%;margin:0pt;padding:0pt 0pt 0pt 7.19pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Name of each exchange on which registered</b></p></th></tr><tr><td style="vertical-align:bottom;width:38.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Common Stock, $0.01 Par Value</b></p></td><td style="vertical-align:top;width:21.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PINE</b></p></td><td style="vertical-align:bottom;width:40.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NYSE </b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&#160;405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or&#160;Rule&#160;12b-2&#160;of the Securities Exchange Act of 1934&#160;(&#167;240.12b-2&#160;of this chapter).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Emerging growth company&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9746;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange Act.&#160;&#160;<font style="font-family:'Segoe UI Symbol';">&#9746;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:54pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Item 1.01.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Entry into a Material Definitive Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:10pt 0pt 10pt 0pt;"><i style="font-style:italic;">Amendment to Revolving Credit Facility</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">On May 19, 2021, Alpine Income Property OP, LP (the &#8220;Operating Partnership&#8221;), Alpine Income Property Trust, Inc. (the &#8220;Company&#8221;), and certain subsidiaries of the Company entered into a Third Amendment to Credit Agreement (the &#8220;Third Amendment&#8221;), which further amends that certain Credit Agreement dated as of November 26, 2019, by and among the Operating Partnership, as borrower, the Company, as a guarantor, and certain subsidiaries of the Company that are parties thereto, as guarantors, and Bank of Montreal, as administrative agent and lender, and the other lenders party thereto (as amended, the &#8220;Credit Agreement&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;"><a name="_Hlk72759421"></a>Among other things, the Third Amendment revises the Credit Agreement to provide that as of the last day of each fiscal quarter, the Operating Partnership shall not permit the ratio of Unsecured Indebtedness to Borrowing Base Value (each as defined in the Credit Agreement) to be greater than 0.60 to 1:00. Prior to the Third Amendment, the Credit Agreement provided that as of the last day of each fiscal quarter, the Operating Partnership could not permit the ratio of Unsecured Indebtedness to Total Asset Value to be greater than 0.60 to 1:00.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:10pt 0pt 10pt 0pt;"><i style="font-style:italic;">Term Loan</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;"><a name="_Hlk72737647"></a>On May 21, 2021, the Operating Partnership, the Company and certain subsidiaries of the Company entered into a term loan credit agreement (the &#8220;Term Loan Credit Agreement&#8221;) for a term loan facility (the &#8220;Term Loan Facility&#8221;) in an aggregate principal amount of $60 million with a maturity of five years. Truist Securities, Inc. is acting as Sole Lead Arranger and Sole Book Runner, with Truist Bank, N.A. as administrative agent. Truist Bank, N.A., Bank of Montreal, Raymond James Bank, N.A. and Stifel Bank are lenders under the Term Loan Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">In addition, the Operating Partnership may request one or up to three incremental term loan commitments in an aggregate amount not to exceed $100 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">Borrowings under the Term Loan Credit Agreement bear interest, at the Operating Partnership&#8217;s option, at a rate equal to either (i) the Eurodollar Rate (as defined in the Term Loan Credit Agreement) or (ii) the Base Rate (as defined in the Term Loan Credit Agreement).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The Operating Partnership will be subject to customary restrictive covenants under the Term Loan Facility, including, but not limited to, limitations on the Operating Partnership&#8217;s ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Operating Partnership will be subject to various financial maintenance covenants as described in the Term Loan Credit Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">The foregoing description of the Term Loan Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Term Loan Credit Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:54pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Item 2.03.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:54pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Item 7.01.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Regulation FD Disclosure.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">On May 24, 2021, the Company issued a press release regarding the entry into the Term Loan Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 to Current Report on Form 8-K.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 0pt 0pt;">The furnishing of the press release is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the press release includes material investor information that is not </p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;"><a name="_Hlk72738878"></a>The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:54pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Item 9.01.</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:10pt;margin-top:10pt;">Financial Statements and Exhibits.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:10pt 0pt 10pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;text-align:left;">(d)</i></font><i style="font-style:italic;">Exhibits</i></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:5.75pt;padding-right:5.75pt;table-layout:auto;width:96.43%;"><tr style="height:1pt;"><th style="font-weight:normal;text-align:left;vertical-align:top;width:14.32%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:85.67%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></th></tr><tr><th style="font-weight:normal;text-align:left;vertical-align:top;width:14.32%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-weight:bold;border-bottom:1px solid #000000;margin:0pt 0pt 1pt 0pt;"><b style="font-size:9pt;font-weight:bold;">Exhibit No.</b></p></th><th style="font-weight:normal;text-align:left;vertical-align:top;width:85.67%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-weight:bold;border-bottom:1px solid #000000;margin:0pt 0pt 1pt 0pt;"><b style="font-size:9pt;font-weight:bold;">Description</b></p></th></tr><tr><td style="vertical-align:top;width:14.32%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 1pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:21.2pt;"></font><font style="font-size:10pt;">10.1</font></p></td><td style="vertical-align:top;width:85.67%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 5pt 0pt;"><a style="-sec-extract:exhibit;" href="tmb-20210519xex10d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Third Amendment to Credit Agreement, dated as of May 19, 2021.</font></a></p></td></tr><tr><td style="vertical-align:top;width:14.32%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 1pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:21.2pt;"></font><font style="font-size:10pt;">10.2</font></p></td><td style="vertical-align:top;width:85.67%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 5pt 0pt;"><a style="-sec-extract:exhibit;" href="tmb-20210519xex10d2.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Credit Agreement, dated as of May 21, 2021, among Alpine Income Property, OP, LP, Alpine Income Property Trust, Inc., the other Guarantors from time to time parties thereto, Truist Bank, N.A., Bank of Montreal, Raymond James Bank, N.A. and Stifel Bank.</font></a></p></td></tr><tr><td style="vertical-align:top;width:14.32%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 1pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:21.2pt;"></font><font style="font-size:10pt;">99.1</font></p></td><td style="vertical-align:top;width:85.67%;margin:0pt;padding:0pt 5.75pt 0pt 5.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><a style="-sec-extract:exhibit;" href="tmb-20210519xex99d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">Press release issued May 24, 2021.</font></a></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">&#160; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 10pt 0pt;">SIGNATURES</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:10pt 0pt 10pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:216pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:1pt;margin-top:0pt;">Date: May 25, 2021</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:1pt;margin-top:0pt;"><b style="font-weight:bold;">Alpine Income Property Trust, Inc.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1pt 216pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1pt 216pt;">By:<font style="display:inline-block;width:21.55pt;"></font><u style="text-decoration:underline;text-decoration-color:#000000;">/s/Matthew M. Partridge</u><u style="text-decoration:underline;text-decoration-color:#000000;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:117.96pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 1pt 216pt;">Matthew M. Partridge,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 1pt 216pt;">Senior Vice President, Chief Financial Officer and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 1pt 216pt;">Treasurer</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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​
​
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
​
​
FORM 8-K
​
​
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
​
Date of Report (Date of earliest event reported): May 19, 2021
​
​
ALPINE INCOME PROPERTY TRUST, INC.
(Exact name of registrant as specified in its charter)
​
​
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)
​
Registrant's Telephone Number, including area code
(386) 274-2202
​
​
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
​
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
​
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
​
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
​
Securities Registered Pursuant to Section 12(b) of the Act
​
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, $0.01 Par Value
PINE
NYSE
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
​
Emerging growth company
☒
​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☒
​
​
​
Item 1.01.
Entry into a Material Definitive Agreement.
Amendment to Revolving Credit Facility
On May 19, 2021, Alpine Income Property OP, LP (the "Operating Partnership"), Alpine Income Property Trust, Inc. (the "Company"), and certain subsidiaries of the Company entered into a Third Amendment to Credit Agreement (the "Third Amendment"), which further amends that certain Credit Agreement dated as of November 26, 2019, by and among the Operating Partnership, as borrower, the Company, as a guarantor, and certain subsidiaries of the Company that are parties thereto, as guarantors, and Bank of Montreal, as administrative agent and lender, and the other lenders party thereto (as amended, the "Credit Agreement").
Among other things, the Third Amendment revises the Credit Agreement to provide that as of the last day of each fiscal quarter, the Operating Partnership shall not permit the ratio of Unsecured Indebtedness to Borrowing Base Value (each as defined in the Credit Agreement) to be greater than 0.60 to 1:00. Prior to the Third Amendment, the Credit Agreement provided that as of the last day of each fiscal quarter, the Operating Partnership could not permit the ratio of Unsecured Indebtedness to Total Asset Value to be greater than 0.60 to 1:00.
The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Term Loan
On May 21, 2021, the Operating Partnership, the Company and certain subsidiaries of the Company entered into a term loan credit agreement (the "Term Loan Credit Agreement") for a term loan facility (the "Term Loan Facility") in an aggregate principal amount of $60 million with a maturity of five years. Truist Securities, Inc. is acting as Sole Lead Arranger and Sole Book Runner, with Truist Bank, N.A. as administrative agent. Truist Bank, N.A., Bank of Montreal, Raymond James Bank, N.A. and Stifel Bank are lenders under the Term Loan Facility.
In addition, the Operating Partnership may request one or up to three incremental term loan commitments in an aggregate amount not to exceed $100 million.
Borrowings under the Term Loan Credit Agreement bear interest, at the Operating Partnership's option, at a rate equal to either (i) the Eurodollar Rate (as defined in the Term Loan Credit Agreement) or (ii) the Base Rate (as defined in the Term Loan Credit Agreement).
​
The Operating Partnership will be subject to customary restrictive covenants under the Term Loan Facility, including, but not limited to, limitations on the Operating Partnership's ability to: (a) incur indebtedness; (b) make certain investments; (c) incur certain liens; (d) engage in certain affiliate transactions; and (e) engage in certain major transactions such as mergers. In addition, the Operating Partnership will be subject to various financial maintenance covenants as described in the Term Loan Credit Agreement.
The foregoing description of the Term Loan Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Term Loan Credit Agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 7.01.
Regulation FD Disclosure.
On May 24, 2021, the Company issued a press release regarding the entry into the Term Loan Credit Agreement. A copy of the press release is furnished as Exhibit 99.1 to Current Report on Form 8-K.
The furnishing of the press release is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the press release includes material investor information that is not
otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
10.1
Third Amendment to Credit Agreement, dated as of May 19, 2021.
10.2
Credit Agreement, dated as of May 21, 2021, among Alpine Income Property, OP, LP, Alpine Income Property Trust, Inc., the other Guarantors from time to time parties thereto, Truist Bank, N.A., Bank of Montreal, Raymond James Bank, N.A. and Stifel Bank.
99.1
Press release issued May 24, 2021.
​
​
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 25, 2021
Alpine Income Property Trust, Inc.
​
By:
/s/Matthew M. Partridge
​ ​
Matthew M. Partridge,
Senior Vice President, Chief Financial Officer and
Treasurer