DESCRIPTION OF BUSINESS |
6 Months Ended | ||||||||||||
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Jun. 30, 2023 | |||||||||||||
DESCRIPTION OF BUSINESS | |||||||||||||
DESCRIPTION OF BUSINESS | NOTE 1. DESCRIPTION OF BUSINESS Description of Business We are a publicly traded, self-managed equity REIT that focuses on the ownership, management, and repositioning of high-quality retail and mixed-use properties located primarily in what we believe to be faster growing, business-friendly markets exhibiting accommodative business tax policies, outsized relative job and population growth, and where retail demand exceeds supply. We have pursued our investment strategy by investing primarily through fee simple ownership of our properties, commercial loans and preferred equity. We own and manage, sometimes utilizing third-party property management companies, 24 commercial real estate properties in 9 states in the United States. As of June 30, 2023, we owned 8 single-tenant and 16 multi-tenant income-producing properties comprising 4.2 million square feet of gross leasable space. In addition to our income property portfolio, as of June 30, 2023, our business included the following: Management Services:
Commercial Loans and Investments:
Real Estate Operations:
Our business also includes our investment in PINE. As of June 30, 2023, the fair value of our investment totaled $37.9 million, or 14.8% of PINE’s outstanding equity, including the units of limited partnership interest (“OP Units”) we hold in Alpine Income Property OP, LP (the “PINE Operating Partnership”), which are redeemable for cash, based upon the value of an equivalent number of shares of PINE common stock at the time of the redemption, or shares of PINE common stock on a one-for-one basis, at PINE’s election. Our investment in PINE generates investment income through the dividends distributed by PINE. In addition to the dividends we receive from PINE, our investment in PINE may benefit from any appreciation in PINE’s stock price, although no assurances can be provided that such appreciation will occur, the amount by which our investment will increase in value, or the timing thereof. Any dividends received from PINE are included in investment and other income (loss) on the accompanying consolidated statements of operations. |