0001558370-24-013628 | 10-Q | XBRL Viewer

INVESTMENT SECURITIES

9 Months Ended

Sep. 30, 2024

NOTE 7. INVESTMENT SECURITIES

As of September 30, 2024, the Company owns, in the aggregate and on a fully diluted basis, 2.36 million shares of PINE, or 15.3% of PINE’s total shares outstanding for an investment value of $43.0 million, which total includes 1.2 million OP Units, or 7.9%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 1,138,621 shares of common stock owned by the Company, or 7.4%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other loss in the accompanying consolidated statements of operations.

The Company’s available-for-sale securities as of September 30, 2024 and December 31, 2023 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
September 30, 2024
Common Stock	$	20,929	$	—	$	(206)	$	20,723
Operating Units		23,253		—		(979)		22,274
Total Equity Securities		44,182		—		(1,185)		42,997
Total Available-for-Sale Securities	$	44,182	$	—	$	(1,185)	$	42,997

December 31, 2023
Common Stock	$	20,482	$	—	$	(1,732)	$	18,750
Operating Units		23,253		—		(2,558)		20,695
Total Equity Securities		43,735		—		(4,290)		39,445
Total Available-for-Sale Securities	$	43,735	$	—	$	(4,290)	$	39,445

LONG-TERM DEBT - 2029 Term Loan (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Long-term debt
Outstanding Principal	$ 528,834
Notional amount	100,000
2029 Term Loan
Long-term debt
Outstanding Principal	$ 100,000
Debt Instrument Term, Maturity	5 years
Interest rate (as a percent)	4.68%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

INTEREST RATE SWAPS

9 Months Ended

Sep. 30, 2024

INTEREST RATE SWAPS

INTEREST RATE SWAPS

NOTE 16. INTEREST RATE SWAPS

The Company has entered into interest rate swap agreements to hedge against changes in future cash flows resulting from fluctuating interest rates related to the below noted borrowings. The interest rate agreements were 100% effective during the three and nine months ended September 30, 2024 and 2023. Accordingly, the changes in fair value on the interest rate swaps have been classified in accumulated other comprehensive income. The fair value of the interest rate swap agreements are included in other assets and accrued and other liabilities, respectively, on the consolidated balance sheets. Information related to the Company’s interest rate swap agreements as of September 30, 2024 is presented below (in thousands):


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2024
2026 Term Loan	3/29/2024	3/10/2026	1.44% + 0.10% + applicable spread	$	50,000	$	1,495
2026 Term Loan	8/31/2021	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	605
2026 Term Loan⁽²⁾	3/10/2026	3/10/2031	3.80% + 0.10% + applicable spread	$	40,000	$	(1,198)
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	4,499
2027 Term Loan⁽²⁾	1/31/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	(1,515)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(836)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(843)
2028 Term Loan ⁽²⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	(1,356)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.27% + 0.10% + applicable spread	$	50,000	$	(140)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.26% + 0.10% + applicable spread	$	33,000	$	(79)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.36% + 0.10% + applicable spread	$	17,000	$	(118)
Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	(919)

⁽¹⁾	On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

⁽³⁾	Prior to September 30, 2024, these interest rate swaps were assigned to the Credit Facility. Effective September 30, 2024, these hedges were redesignated to the 2029 Term Loan.

The use of interest rate swap agreements carries risks, including the risk that the counterparties to these agreements are not able to perform. To mitigate this risk, the Company enters into interest rate swap agreements with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not currently anticipate that any of the counterparties to the Company’s interest rate swap agreements will fail to meet their obligations. As of September 30, 2024, there were no events of default related to the Company’s interest rate swap agreements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) $ in Millions	3 Months Ended
	Dec. 31, 2015 Transaction	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Accounts Receivable
Number of closed land transactions \| Transaction	2
Allowance for doubtful accounts		$ 2.2	$ 1.7
Other Assets
Accounts Receivable
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts		5.1	4.6
Accounts receivable related to real estate operations		$ 0.6	$ 0.6

DEFERRED REVENUE (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
DEFERRED REVENUE
Prepaid Rent	$ 4,004	$ 3,723
Interest Reserve from Commercial Loans and Investments	1,473	744
Tenant Contributions	694	733
Total Deferred Revenue	$ 6,171	$ 5,200

INCOME PROPERTIES - Dispositions (Details) $ in Millions	9 Months Ended
INCOME PROPERTIES - Dispositions (Details) $ in Millions	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property
2024 Dispositions
Dispositions of Income Properties
Sales price	$ 38.0
Gain (Loss) on Sale	$ 3.8
Number of real estate properties \| property	2
2024 Dispositions \| Income Property, Santa Fe, New Mexico
Dispositions of Income Properties
Sales price	$ 20.0
Gain (Loss) on Sale	$ 4.6
Number of real estate properties \| property	1
2024 Dispositions \| Income Property, Multi-tenant, Jordan Landing, West Jordan, Utah
Dispositions of Income Properties
Sales price	$ 18.0
Gain (Loss) on Sale	$ 0.8
Number Of Tenant Repurchase Options \| property	1
2023 Dispositions, Income Properties
Dispositions of Income Properties
Sales price		$ 22.9
Gain (Loss) on Sale		$ 3.3
Number of real estate properties \| property		3
2023 Dispositions, Income Properties \| Income Property, Outparcel Corporation, Henderson, Nevada
Dispositions of Income Properties
Sales price		$ 2.1
Disposal Group, Not Discontinued Operation, Gain		0.8
2023 Dispositions, Income Properties \| Income Property, Single Tenant, Reston, Virginia
Dispositions of Income Properties
Sales price		18.5
Disposal Group, Not Discontinued Operation Loss		1.3
2023 Dispositions, Income Properties \| Income Property, Multi-tenant, Crossroads Towne Center, Chandler, Arizona
Dispositions of Income Properties
Sales price		2.3
Disposal Group, Not Discontinued Operation, Gain		$ 1.2

EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class of Stock
Dividends, Preferred Stock	$ 1,878	$ 1,195	$ 4,936	$ 3,585
Series A preferred stock
Class of Stock
Dividends, Preferred Stock	$ 1,878	$ 1,195	$ 4,936	$ 3,585
Cash dividends paid and declared (in dollars per share)	$ 0.40	$ 0.40	$ 1.20	$ 1.20
Common Stock
Class of Stock
Dividends, Common Stock	$ 11,030	$ 8,544	$ 28,339	$ 25,744
Cash dividends paid and declared (in dollars per share)	$ 0.38	$ 0.38	$ 1.14	$ 1.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2022	$ 30	$ 229	$ 172,471	$ 316,279	$ 15,761	$ 504,770
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				(1,507)		(1,507)
Stock Repurchase		(3)	(5,169)			(5,172)
Vested Restricted Stock and Performance Shares		1	(1,029)			(1,028)
Exercise of Stock Options and Stock Issuance to Directors			308			308
Payment of Equity Issuance Costs			(130)			(130)
Stock-Based Compensation Expense			2,424			2,424
Preferred Stock Dividends Declared for the Period				(3,585)		(3,585)
Common Stock Dividends Declared for the Period				(26,398)		(26,398)
Other Comprehensive Income (Loss)					8,389	8,389
Balance at Sep. 30, 2023	30	227	168,875	284,789	24,150	478,071
Balance at Dec. 31, 2022	30	229	172,471	316,279	15,761	504,770
Balance at Dec. 31, 2023	30	226	168,435	281,944	6,891	457,526
Balance at Jun. 30, 2023	30	227	168,103	291,958	18,249	478,567
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				2,686		2,686
Stock Repurchase			(87)			(87)
Exercise of Stock Options and Stock Issuance to Directors			67			67
Payment of Equity Issuance Costs			(8)			(8)
Stock-Based Compensation Expense			800			800
Preferred Stock Dividends Declared for the Period				(1,195)		(1,195)
Common Stock Dividends Declared for the Period				(8,660)		(8,660)
Other Comprehensive Income (Loss)					5,901	5,901
Balance at Sep. 30, 2023	30	227	168,875	284,789	24,150	478,071
Balance at Dec. 31, 2023	30	226	168,435	281,944	6,891	457,526
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				13,252		13,252
Stock Repurchase			(664)			(664)
Vested Restricted Stock and Performance Shares		1	(1,275)			(1,274)
Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	17		32,979			32,996
Exercise of Stock Options and Stock Issuance to Directors			558			558
Stock Issuance, Net of Equity Issuance Costs		73	132,127			132,200
Stock-Based Compensation Expense			2,307			2,307
Preferred Stock Dividends Declared for the Period				(4,936)		(4,936)
Common Stock Dividends Declared for the Period				(28,887)		(28,887)
Other Comprehensive Income (Loss)					(7,296)	(7,296)
Balance at Sep. 30, 2024	47	300	334,467	261,373	(405)	595,782
Balance at Jun. 30, 2024	47	231	207,882	268,269	15,386	491,815
Increase (decrease) in shareholders' equity
Net Income (Loss) Attributable to the Company				6,227		6,227
Exercise of Stock Options and Stock Issuance to Directors			89			89
Stock Issuance, Net of Equity Issuance Costs		69	125,835			125,904
Stock-Based Compensation Expense			661			661
Preferred Stock Dividends Declared for the Period				(1,878)		(1,878)
Common Stock Dividends Declared for the Period				(11,245)		(11,245)
Other Comprehensive Income (Loss)					(15,791)	(15,791)
Balance at Sep. 30, 2024	$ 47	$ 300	$ 334,467	$ 261,373	$ (405)	$ 595,782

COMMON STOCK AND EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2024

COMMON STOCK AND EARNINGS PER SHARE

COMMON STOCK AND EARNINGS PER SHARE

NOTE 13. COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per common share is computed by dividing net income (loss) attributable to common stockholders during the period by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is based on the assumption of the vesting of restricted stock at the beginning of each period using the treasury stock method at average cost for the periods. Effective as of January 1, 2022, diluted earnings per common share also reflects the 2025 Notes (hereinafter defined) on an if-converted basis.

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	4,349	$	1,491	$	8,316	$	(5,092)
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	4,349	$	1,491	$	8,316	$	(5,092)

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		25,445,411		22,484,561		23,601,389		22,556,642
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		76,338		—		23,980		—
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—		—		—
Weighted Average Shares Outstanding, Diluted		25,521,749		22,484,561		23,625,369		22,556,642

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	0.17	$	0.07	$	0.35	$	(0.23)

⁽¹⁾

As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in net income or loss that would result from the assumed conversion of the 2025 Convertible Senior Notes effective January 1, 2022 due to the implementation of ASU 2020-06 which requires presentation on an if-converted basis. For the three and nine months ended September 30, 2024, a total of $0.5 million and $1.6 million of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income attributable to common stockholders for the respective periods. For the three and nine months ended September 30, 2023, a total of $0.5 million and $1.6 million

of interest was not included, respectively, as the impact of the 2025 Notes, if-converted, would have been antidilutive to net income (loss) attributable to common stockholders for the respective periods.

⁽²⁾

A total of 3.7 million and 3.6 million shares representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income per share attributable to common stockholders for the three and nine months ended September 30, 2024, respectively, because they were antidilutive to net income attributable to common stockholders for the respective periods. A total of 3.4 million and 3.3 million shares, representing the dilutive impact of the 2025 Notes, upon adoption of ASU 2020-06 effective January 1, 2022, were not included in the computation of diluted net income (loss) attributable to common stockholders for each of the three and nine month periods ended September 30, 2023, respectively, because they were antidilutive to net income (loss) attributable to common stockholders for the respective periods.

There were 76,338 and 23,980 potentially dilutive shares related to the Company’s restricted stock for the three and nine months ended September 30, 2024. There were no potentially dilutive securities for the three and nine months ended September 30, 2023 related to the Company’s stock options and restricted stock. The effect of 36,307 dilutive restricted stock units were not included for the nine months ended September 30, 2023, as the effect would be anti-dilutive.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Thousands		12 Months Ended
	Jan. 01, 2024 subsidiary	Dec. 31, 2023 subsidiary	Sep. 30, 2024 USD ($)
Income Taxes
Number of taxable REIT subsidiaries \| subsidiary	1	2
Reserves for uncertain income tax positions \| $			$ 0

COMMERCIAL LOANS AND INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

COMMERCIAL LOANS AND INVESTMENTS

Schedule of components of commercial loan investment portfolio

The Company’s commercial loans and investments were comprised of the following at September 30, 2024 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025	$	30,000	$	30,000	$	29,974	9.00%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,930	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Construction Loan - Hypoluxo - Lake Worth, FL	March 2024	June 2025		5,638		5,638		5,575	11.00%
Series A Preferred Investment	July 2024	July 2029		10,000		10,000		9,904	14.00%
Mortgage Note - Rivana - Herndon, VA	September 2024	September 2026		43,818		43,818		43,280	11.00%
			$	104,856	$	104,856	$	104,063
CECL Reserve								(1,049)
Total Commercial Loans and Investments							$	103,014

The Company’s commercial loans and investments were comprised of the following at December 31, 2023 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024	$	8,700	$	1,857	$	1,854	7.25%
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,937	8.75%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,892	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Mortgage Note – Sabal Pavilion – Tampa, FL	December 2023	June 2024		15,400		15,400		15,393	7.50%
			$	69,500	$	62,657	$	62,476
CECL Reserve								(627)
Total Commercial Loans and Investments							$	61,849

The carrying value of the commercial loans and investments portfolio at September 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Current Face Amount	$	104,856	$	62,657
Unaccreted Origination Fees		(793)		(181)
CECL Reserve		(1,049)		(627)
Total Commercial Loans and Investments	$	103,014	$	61,849

STOCK-BASED COMPENSATION - All Equity and Liability Classified Award Activity (Details)	9 Months Ended
	Sep. 30, 2024 shares
Shares
Outstanding (in shares)	453,732
Granted (in shares)	207,582
Vested / Exercised (in shares)	(161,372)
Forfeited (in shares)	(94,870)
Outstanding (in shares)	405,072
January 28, 2017 \| Performance Shares
Shares
Nonvested (in shares)	237,375
Granted (in shares)	100,391
Vested / Exercised (in shares)	(85,938)
Forfeited (in shares)	(43,825)
Nonvested (in shares)	208,003
Three-Year Vesting \| Restricted Shares
Shares
Nonvested (in shares)	216,357
Granted (in shares)	107,191
Vested / Exercised (in shares)	(75,434)
Forfeited (in shares)	(51,045)
Nonvested (in shares)	197,069

INVESTMENT SECURITIES - General Information (Details) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended		58 Months Ended
	Nov. 26, 2019	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Investment in Alpine Income Property Trust, Inc.		$ 42,997				$ 42,997	$ 39,445
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Number of shares owned		2,360,000				2,360,000
Investment ownership percentage (as a percent)		15.30%				15.30%
Investment in Alpine Income Property Trust, Inc.		$ 42,997				$ 42,997	39,445
Alpine Income Property OP, LP Limited Partnership Units
Marketable Securities [Line Items]
Investment ownership percentage (as a percent)		7.90%				7.90%
Investment in Alpine Income Property Trust, Inc.		$ 22,274				$ 22,274	20,695
Share purchased						1,223,854
Common Stock
Marketable Securities [Line Items]
Investment ownership percentage (as a percent)		7.40%				7.40%
Investment in Alpine Income Property Trust, Inc.		$ 20,723				$ 20,723	$ 18,750
Share purchased	421,053	29,807	129,271	155,665	8,088	1,138,621

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-14

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 80
-Name Accounting Standards Codification
-Section 55
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480078/944-80-55-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482736/825-10-45-1A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

MANAGEMENT SERVICES BUSINESS - Summary of Amounts Due (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party [Member]
Related Party Transaction
Other receivables	$ 1,362	$ 1,395
Investee \| Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	1,362	1,395
Investee \| Management Services Fee \| Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	1,052	1,062
Investee \| Dividend Receivable \| Alpine Income Property Trust, Inc.
Related Party Transaction
Other receivables	343	337
Investee \| Other \| Alpine Income Property Trust, Inc.
Related Party Transaction
Other liability	$ (33)	$ (4)

- Definition

Amount of liabilities classified as other.

+ References + Details

PROVISION FOR IMPAIRMENT

9 Months Ended

Sep. 30, 2024

PROVISION FOR IMPAIRMENT

PROVISION FOR IMPAIRMENT

NOTE 10. PROVISION FOR IMPAIRMENT

Income Properties. The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of long-lived assets required to be assessed for impairment is determined on a non-recurring basis using Level 3 inputs in the fair value hierarchy. These Level 3 inputs may include, but are not limited to, executed purchase and sale agreements on specific properties, third party valuations, discounted cash flow models, and other model-based techniques.

There were no impairment charges on the Company’s income property portfolio during the three or nine months ended September 30, 2024.

During the three and nine months ended September 30, 2023, the Company recorded a $0.9 million impairment charge on the sale of the Westcliff Property. The purchase and sale agreement for the Company’s sale of the Westcliff Property was executed on July 28, 2023. The impairment charge of $0.9 million represents the sales price, less the book value of the asset as of September 30, 2023, less costs to sell. The sale of the Westcliff Property closed on October 12, 2023.

Commercial Loans and Investments. Pursuant to ASC 326, Financial Instruments - Credit Losses, the Company measures and records a provision for current expected credit losses (“CECL”) each time a new investment is made or a loan is repaid, as well as if changes to estimates occur during a quarterly measurement period. We are unable to use historical data to estimate expected credit losses, as we have incurred no losses to date. Management utilizes a loss-rate method and considers macroeconomic factors to estimate its CECL allowance, which is calculated based on the amortized cost basis of the commercial loans.

During the nine months ended September 30, 2024, the Company recorded a $0.7 million impairment charge, comprised of a $0.2 million charge related to the discount provided to the borrower on their early repayment of the Sabal Pavilion loan, as described in Note 4, “Commercial Loans and Investments”, and a $0.5 million increase in our CECL allowance due to a net increase in principal outstanding. During the nine months ended September 30, 2023, the Company recorded a $0.5 million impairment charge, representing the provision for credit losses related to our commercial loans and investments.

EQUITY (Tables)

9 Months Ended

Sep. 30, 2024

EQUITY

Schedule of dividend declared and paid for stock

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Series A Preferred Stock
Dividends	$	1,878	$	1,195	$	4,936	$	3,585
Per Share	$	0.40	$	0.40	$	1.20	$	1.20

Common Stock
Dividends	$	11,030	$	8,544	$	28,339	$	25,744
Per Share	$	0.38	$	0.38	$	1.14	$	1.14

REAL ESTATE OPERATIONS - Land and Development Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
REAL ESTATE OPERATIONS
Land and Development Costs	$ 300	$ 358
Subsurface Interests		373
Total Land and Development Costs	$ 300	$ 731

REAL ESTATE OPERATIONS

9 Months Ended

Sep. 30, 2024

REAL ESTATE OPERATIONS

REAL ESTATE OPERATIONS

NOTE 6. REAL ESTATE OPERATIONS

Real Estate Operations

Land and development costs at September 30, 2024 and December 31, 2023 were as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Land and Development Costs	$	300	$	358
Subsurface Interests		—		373
Total Land and Development Costs	$	300	$	731

Subsurface Interests. As of December 31, 2023, the Company owned 352,000 acres of Subsurface Interests. The Company sold its remaining acres of Subsurface Interests during the nine months ended September 30, 2024 for $5.0 million, or a gain on sale of $4.5 million.

The Company historically leased certain of the Subsurface Interests to mineral exploration firms for exploration. The Company’s subsurface historical operations consisted of revenue from the leasing of exploration rights and in some instances, additional revenues from royalties applicable to production from the leased acreage, which revenues are included within real estate operations in the consolidated statements of operations. There were no sales of subsurface oil, gas, and mineral rights during the nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, the Company sold subsurface oil, gas, and mineral rights of 465 acres for a sales price of $0.6 million and 3,481 acres for a sales price of $1.0 million, respectively.

The Company historically released surface entry rights or other rights upon request of a surface owner for a negotiated release fee typically based on a percentage of the surface value. Cash payments for the release of surface entry rights totaled $0.1 million and $0.5 million in the nine months ended September 30, 2024 and 2023, respectively.

Mitigation Credits. During the nine months ended September 30, 2024, the Company sold its remaining mitigation credits. As of December 31, 2023, the Company owned mitigation credits with an aggregate cost basis of $1.0 million.

Revenues and the cost of sales of mitigation credit sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. During the nine months ended September 30, 2024, 14.99 mitigation credits were sold for $1.8 million, resulting in a gain on sale of $0.5 million. During the nine months ended September 30, 2023, 9.45 mitigation credits were sold for $1.1 million, resulting in a gain on sale of $0.3 million.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) $ in Thousands	Sep. 30, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Restricted Cash
Restricted Cash \| $	$ 1,696	$ 7,605	$ 22,618
Number of interest and/or real estate tax reserve accounts \| item	4

BUSINESS SEGMENT DATA

9 Months Ended

Sep. 30, 2024

BUSINESS SEGMENT DATA

BUSINESS SEGMENT DATA

NOTE 22. BUSINESS SEGMENT DATA

The Company operates in four primary business segments: income properties, management services, commercial loans and investments, and real estate operations. Our income property operations consist of income-producing properties, and our business plan is focused on investing in additional income-producing properties. Our income property operations accounted for 89.3% and 89.7% of our identifiable assets as of September 30, 2024 and December 31, 2023, and 89.0% and 88.8% of our consolidated revenues for the nine months ended September 30, 2024 and 2023, respectively. Our management fee income consists primarily of the management fees earned for the management of PINE as well as from the Portfolio Management Agreement and the Subsurface Management Agreement. As of September 30, 2024, our commercial loans and investments portfolio consisted of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments. Our real estate operations consist of revenues generated from the sale of and royalty income related to our interests in subsurface oil, gas, and mineral rights, and the sale of mitigation credits.

The Company evaluates segment performance based on operating income. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each segment requires different management techniques, knowledge, and skills.

Information about the Company’s operations in different segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues:
Income Properties	$	28,528	$	25,183	$	79,029	$	70,373
Management Fee Income		1,124		1,094		3,360		3,294
Interest Income From Commercial Loans and Investments		1,615		1,114		4,407		2,965
Real Estate Operations		538		1,079		1,981		2,602
Total Revenues	$	31,805	$	28,470	$	88,777	$	79,234
Operating Income:
Income Properties	$	20,731	$	18,123	$	56,399	$	49,490
Management Fee Income		1,124		1,094		3,360		3,294
Interest Income From Commercial Loans and Investments		1,615		1,114		4,407		2,965
Real Estate Operations		179		927		544		1,726
General and Corporate Expense		(17,296)		(15,108)		(47,451)		(43,307)
Provision for Impairment		(538)		(929)		(653)		(1,408)
Gain (Loss) on Disposition of Assets		(855)		2,464		8,308		3,565
Total Operating Income	$	4,960	$	7,685	$	24,914	$	16,325
Depreciation and Amortization:
Income Properties	$	13,204	$	11,651	$	35,650	$	32,769
Corporate and Other		17		18		51		45
Total Depreciation and Amortization	$	13,221	$	11,669	$	35,701	$	32,814
Capital Expenditures:
Income Properties	$	138,850	$	11,010	$	216,969	$	100,333
Commercial Loans and Investments		53,176		50		60,206		17,477
Corporate and Other		2		4		17		255
Total Capital Expenditures	$	192,028	$	11,064	$	277,192	$	118,065

Identifiable assets of each segment as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Identifiable Assets:
Income Properties	$	1,049,915	$	887,345
Management Services		1,371		1,395
Commercial Loans and Investments		103,358		62,099
Real Estate Operations		889		2,343
Corporate and Other		20,591		36,486
Total Assets	$	1,176,124	$	989,668

Operating income represents income from operations before interest expense, investment income, and income taxes. General and corporate expenses are an aggregate of general and administrative expenses and depreciation and amortization expense. Identifiable assets by segment are those assets that are used in the Company’s operations in each segment. Real Estate Operations primarily includes the identifiable assets of the Company’s Subsurface Interests and mitigation credits. Corporate and other assets consist primarily of cash and restricted cash, property, plant, and equipment related to the other operations, as well as the general and corporate operations. The management services and real estate operations segments had no capital expenditures during the nine months ended September 30, 2024 or 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 19. STOCK-BASED COMPENSATION

SUMMARY OF STOCK-BASED COMPENSATION

A summary of share activity for all equity classified stock compensation during the nine months ended September 30, 2024 is presented below.


Type of Award	Shares Outstanding at 1/1/2024		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 9/30/2024
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		237,375		100,391		(85,938)		—		(43,825)		208,003
Equity Classified - Three Year Vest Restricted Shares		216,357		107,191		(75,434)		—		(51,045)		197,069
Total Shares		453,732		207,582		(161,372)		—		(94,870)		405,072

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total Cost of Share-Based Plans Charged Against Income	$	750	$	868	$	2,887	$	2,802

EQUITY-CLASSIFIED STOCK COMPENSATION

Performance Share Awards – Peer Group Market Condition Vesting

Performance shares have been granted to certain employees under the 2010 Plan. The performance share awards entitle the recipient to receive, upon the vesting thereof, shares of common stock of the Company equal to between 0% and 150% of the number of performance shares awarded. The number of shares of common stock ultimately received by the award recipient is determined based on the Company’s total stockholder return as compared to the total stockholder return of a certain peer group during a three-year performance period. The Company granted a total of 100,391 performance shares during the nine months ended September 30, 2024.

The Company used a Monte Carlo simulation pricing model to determine the fair value of its awards that are based on market conditions. The determination of the fair value of market condition-based awards is affected by the Company’s stock price as well as assumptions regarding a number of other variables. These variables include expected stock price volatility over the requisite performance term of the awards, the relative performance of the Company’s stock price and stockholder returns to companies in its peer group, annual dividends, and a risk-free interest rate assumption. Compensation cost is recognized regardless of the achievement of the market conditions, provided the requisite service period is met.

As of September 30, 2024, there was $2.0 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested performance share awards, which will be recognized over a remaining weighted average period of 1.8 years.

A summary of the activity for these awards during the nine months ended September 30, 2024 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2024		237,375	$	18.08
Granted		100,391	$	15.28
Vested		(85,938)	$	15.99
Expired		—	$	—
Forfeited		(43,825)	$	17.67
Non-Vested at September 30, 2024		208,003	$	17.68

Restricted Shares

Restricted shares have been granted to certain employees under the 2010 Plan. Certain of the restricted shares vest on each of the first, second, and third anniversaries of January 28 of the applicable year provided the grantee is an employee of the Company on those dates. Certain other restricted share awards, granted on July 1, 2022, vest entirely on the third anniversary of the grant date, or July 1, 2025, provided the grantee is an employee of the Company on that date. In addition, any unvested portion of the restricted shares will vest upon a change in control. The Company granted a total of 107,191 shares of restricted Company common stock during the nine months ended September 30, 2024.

The Company’s determination of the fair value of the restricted stock awards was calculated by multiplying the number of shares issued by the Company’s stock price at the grant date. Compensation cost is recognized on a straight-line basis over the applicable vesting period.

As of September 30, 2024, there was $2.1 million of unrecognized compensation cost, adjusted for estimated forfeitures, related to the non-vested restricted share awards, which will be recognized over a remaining weighted average period of 1.8 years.

A summary of the activity for these awards during the nine months ended September 30, 2024 is presented below:


Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2024		216,357	$	19.07
Granted		107,191	$	16.31
Vested		(75,434)	$	17.80
Expired		—	$	—
Forfeited		(51,045)	$	18.77
Non-Vested at September 30, 2024		197,069	$	18.12

NON-EMPLOYEE DIRECTOR STOCK COMPENSATION

Each member of the Company’s Board of Directors has the option to receive his or her annual retainer and meeting fees in shares of Company common stock rather than cash. The number of shares awarded to the directors making such election is calculated quarterly by dividing (i) the sum of (A) the amount of the quarterly retainer payment due to such director plus (B) meeting fees earned by such director during the quarter, by (ii) the trailing 20-day average price of the Company’s common stock as of the last day of the quarter, rounded down to the nearest whole number of shares.

Each non-employee director serving as of the beginning of each calendar year shall receive an annual award of the Company’s common stock. The value of such award totaled $62,500 and $35,000 for the nine months ended September 30, 2024 and 2023, respectively, (the “Annual Award”). The number of shares awarded is calculated based on the trailing 20-day average price of the Company’s common stock as of the date two business days prior to the date of the award, rounded down to the nearest whole number of shares. Non-employee directors do not receive meeting fees, but do receive additional retainers for service on Board committees, as set forth in the Company’s Non-Employee Director Compensation Policy available on the Company’s website (www.ctoreit.com).

During the nine months ended September 30, 2024 and 2023, the expense recognized for the value of the Company’s common stock received by non-employee directors totaled $0.6 million, or 33,629 shares, and $0.4 million, or 21,247 shares, respectively. The expense recognized includes the Annual Award received during the first quarter of each respective year, which totaled $0.3 million and $0.2 million during the nine months ended September 30, 2024 and 2023, respectively.

DESCRIPTION OF BUSINESS

9 Months Ended

Sep. 30, 2024

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

NOTE 1. 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.

As of September 30, 2024, we own and manage, sometimes utilizing third-party property management companies, 22 commercial real estate properties in seven states in the United States, comprising 4.6 million square feet of gross leasable space. In addition to our income property portfolio, as of September 30, 2024, our business included the following:

Management Services: A fee-based management business that is engaged in managing Alpine Income Property Trust, Inc. (“PINE”) as well as; (i) a portfolio of assets pursuant to the Portfolio Management Agreement (hereinafter defined) and (ii) Subsurface Interests (hereinafter defined) pursuant to the Subsurface Management Agreement (hereinafter defined), as further described in Note 5, “Management Services Business”.

Commercial Loans and Investments: A portfolio of four commercial loan investments and two preferred equity investments which are classified as commercial loan investments.

Real Estate Operations: During the nine months ended September 30, 2024, the Company sold its remaining mitigation credits. These credits were produced by the Company’s formerly owned mitigation bank. During the nine months ended September 30, 2024, the Company sold its portfolio of subsurface mineral interests associated with approximately 352,000 surface acres in 19 counties in the State of Florida (“Subsurface Interests”), as further described in Note 6, “Real Estate Operations”. As part of the Subsurface Interests sale, the Company entered into a management agreement with the buyer to provide ongoing management services (the “Subsurface Management Agreement”).

Investment in PINE: Our business also includes our investment in PINE. As of September 30, 2024, the fair value of our investment totaled $43.0 million, or 15.3% 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.

COMMON STOCK AND EARNINGS PER SHARE - Anti-dilutive Securities and Convertible Notes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Shares excluded from computation of diluted net income (loss)			23,980
Dilutive securities	76,338	0		0
Anti-dilutive securities (in shares)				36,307
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive convertible securities excluded	$ 0.5	$ 0.5	$ 1.6	$ 1.6
Shares excluded from computation of diluted net income (loss)	3,700,000	3,400,000	3,600,000	3,300,000

INTEREST RATE SWAPS (Tables)

9 Months Ended

Sep. 30, 2024

INTEREST RATE SWAPS

Schedule of interest rate swap agreements

Information related to the Company’s interest rate swap agreements as of September 30, 2024 is presented below (in thousands):


Hedged Item ⁽¹⁾	Effective Date	Maturity Date	Rate	Amount		Fair Value as of September 30, 2024
2026 Term Loan	3/29/2024	3/10/2026	1.44% + 0.10% + applicable spread	$	50,000	$	1,495
2026 Term Loan	8/31/2021	3/10/2026	0.70% + 0.10% + applicable spread	$	15,000	$	605
2026 Term Loan⁽²⁾	3/10/2026	3/10/2031	3.80% + 0.10% + applicable spread	$	40,000	$	(1,198)
2027 Term Loan	3/29/2024	1/31/2027	1.35% + 0.10% + applicable spread	$	100,000	$	4,499
2027 Term Loan⁽²⁾	1/31/2027	1/30/2032	3.75% + 0.10% + applicable spread	$	60,000	$	(1,515)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(836)
2028 Term Loan	9/30/2022	1/31/2028	3.78% + 0.10% + applicable spread	$	50,000	$	(843)
2028 Term Loan ⁽²⁾	1/31/2028	1/31/2033	3.81% + 0.10% + applicable spread	$	60,000	$	(1,356)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.27% + 0.10% + applicable spread	$	50,000	$	(140)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.26% + 0.10% + applicable spread	$	33,000	$	(79)
2029 Term Loan⁽³⁾	1/31/2023	1/31/2030	3.36% + 0.10% + applicable spread	$	17,000	$	(118)
Credit Facility	2/1/2024	1/31/2028	3.85% + 0.10% + applicable spread	$	50,000	$	(919)

⁽¹⁾	On September 30, 2022, the Company converted its existing interest rate swaps from 1-month LIBOR to SOFR.

⁽²⁾	The Company entered into forward swaps to further fix interest rates through periods that the Company reasonably expects to extend its current term loans.

⁽³⁾	Prior to September 30, 2024, these interest rate swaps were assigned to the Credit Facility. Effective September 30, 2024, these hedges were redesignated to the 2029 Term Loan.

COMMERCIAL LOANS AND INVESTMENTS - Summary of Commercial Loan Investments (Details) $ / shares in Units, $ in Thousands									9 Months Ended		12 Months Ended
	Sep. 27, 2024 USD ($)	Jul. 11, 2024 USD ($) $ / shares shares	Apr. 18, 2024 USD ($)	Feb. 02, 2024 USD ($)	Dec. 20, 2023 USD ($)	Mar. 01, 2023 USD ($)	Feb. 21, 2023 USD ($)	Apr. 07, 2022 USD ($) item	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Sep. 25, 2024 USD ($)	Mar. 26, 2024 USD ($) location	Mar. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									$ 104,856		$ 69,500
Current Face Amount									104,856		62,657
Carrying Value before CECL									104,063		62,476
Carrying Value									103,014		61,849
CECL Reserve									$ (1,049)		$ (627)
Dividend Rate									6.375%		6.375%
Preferred Stock, par value (in dollars per share) \| $ / shares									$ 0.01		$ 0.01
Mortgage Note - 4311 Maple Avenue, Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Remaining commitment														$ 0
Amount repaid by borrower							$ 400
Mortgage Note - Founders Square - Dallas, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									$ 15,000		$ 15,000
Current Face Amount						$ 15,000			15,000		15,000
Carrying Value before CECL									$ 14,930		$ 14,892
Coupon Rate						8.75%			8.75%		8.75%
Interest-only term (in years)						3 years
Origination fee (as percentage)						1.00%
Fee income						$ 150
Promissory Note - Main Street - Daytona Beach, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									$ 400		$ 400
Current Face Amount									400		400
Carrying Value before CECL									$ 400		$ 400
Coupon Rate									7.00%		7.00%
Mortgage Note - Sabal Pavilion - Tampa, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount											$ 15,400
Current Face Amount					$ 15,400						15,400
Carrying Value before CECL											$ 15,393
Coupon Rate					7.50%						7.50%
Interest-only term (in years)					9 months
Discount on repayment of mortgage loan			$ 200						$ 200
Amount repaid by borrower			$ 15,200						15,200
Construction Loan - Hypoluxo Project - Lake Worth, FL
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Number of outparcel locations \| location													7
Original Face Amount												$ 5,600	$ 10,000
Interest rate (as a percent)													11.00%
Construction Loan - Hypoluxo - Atlanta, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									5,638
Current Face Amount									5,638
Carrying Value before CECL									$ 5,575
Coupon Rate									11.00%
Construction Loan - The Exchange At Gwinnett - Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount											$ 8,700
Current Face Amount											1,857
Carrying Value before CECL											$ 1,854
Coupon Rate											7.25%
Loan origination										$ 2,200
Remaining commitment										0
Amount repaid by borrower										$ 600
Construction Loan - The Exchange At Gwinnett - Buford, GA \| Gwinnett project located in Buford, GA
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Loan origination									$ 0
Remaining commitment									0
Amount repaid by borrower				$ 1,900
Preferred Investment - Watters Creek - Allen, TX
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									30,000		$ 30,000
Current Face Amount								$ 30,000	30,000		30,000
Carrying Value before CECL									$ 29,974		$ 29,937
Coupon Rate								8.50%	9.00%		8.75%
Origination fee								$ 150
Percentage of funding towards total investment (as a percent)								23.00%
Mortgage Loans On Real Estate, Extension Term, Number of Option \| item								2
Mortgage Loans On Real Estate, Extension Term								1 year
Series A preferred stock investment
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									$ 10,000
Current Face Amount		$ 10,000							10,000
Carrying Value before CECL									$ 9,904
Coupon Rate									14.00%
Origination fee (as percentage)		1.00%
Fee income		$ 100
Series A preferred stock investment \| Series A preferred stock
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Shares acquired in exchange of escrow deposit \| shares		10,000
Dividend Rate		14.00%
Preferred Stock, par value (in dollars per share) \| $ / shares		$ 0.01
Mortgage Note Rivana at Innovation Station Property, Herndon, Virginia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate
Original Face Amount									$ 43,818
Current Face Amount	$ 43,800								43,818
Carrying Value before CECL									$ 43,280
Coupon Rate	11.00%								11.00%
Interest-only term (in years)	2 years
Origination fee (as percentage)	1.25%
Fee income	$ 500

BUSINESS SEGMENT DATA - Summary of Operations in Different Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
BUSINESS SEGMENT DATA
Total Revenues	$ 31,805	$ 28,470	$ 88,777	$ 79,234
Provision for Impairment	(538)	(929)	(653)	(1,408)
Gain (Loss) on Disposition of Assets	(855)	2,464	8,308	3,565
Total Operating Income	4,960	7,685	24,914	16,325
Depreciation and Amortization	13,221	11,669	35,701	32,814
Capital Expenditures	192,028	11,064	277,192	118,065
Operating Segments
BUSINESS SEGMENT DATA
Provision for Impairment	(538)	(929)	(653)	(1,408)
Gain (Loss) on Disposition of Assets	(855)	2,464	8,308	3,565
General and Corporate Expense
BUSINESS SEGMENT DATA
Total Operating Income	(17,296)	(15,108)	(47,451)	(43,307)
Depreciation and Amortization	17	18	51	45
Capital Expenditures	2	4	17	255
Income Properties
BUSINESS SEGMENT DATA
Total Revenues	28,528	25,183	79,029	70,373
Provision for Impairment	0		0
Income Properties \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	20,731	18,123	56,399	49,490
Depreciation and Amortization	13,204	11,651	35,650	32,769
Capital Expenditures	138,850	11,010	216,969	100,333
Management Fee Income
BUSINESS SEGMENT DATA
Total Revenues	1,124	1,094	3,360	3,294
Management Fee Income \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	1,124	1,094	3,360	3,294
Capital Expenditures			0	0
Interest Income From Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Revenues	1,615	1,114	4,407	2,965
Provision for Impairment			(700)	(500)
Interest Income From Commercial Loans and Investments \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	1,615	1,114	4,407	2,965
Capital Expenditures	53,176	50	60,206	17,477
Real Estate Operations
BUSINESS SEGMENT DATA
Total Revenues	538	1,079	1,981	2,602
Real Estate Operations \| Operating Segments
BUSINESS SEGMENT DATA
Total Operating Income	$ 179	$ 927	$ 544	$ 1,726

MANAGEMENT SERVICES BUSINESS (Tables)

9 Months Ended

Sep. 30, 2024

MANAGEMENT SERVICES BUSINESS

Schedule of amounts due from PINE

The following table represents amounts due from PINE as of September 30, 2024 and December 31, 2023 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	September 30, 2024		December 31, 2023
Management Services Fee due From PINE	$	1,052	$	1,062
Dividend Receivable		343		337
Other		(33)		(4)
Total	$	1,362	$	1,395

COMMON STOCK AND EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

COMMON STOCK AND EARNINGS PER SHARE

Schedule of computation of earnings per share

The following is a reconciliation of basic and diluted earnings per common share for each of the periods presented (in thousands, except share and per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Basic and Diluted Earnings:
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$	4,349	$	1,491	$	8,316	$	(5,092)
Add Back: Effect of Dilutive Interest Related to 2025 Notes ⁽¹⁾		—		—		—		—
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$	4,349	$	1,491	$	8,316	$	(5,092)

Basic and Diluted Shares:
Weighted Average Shares Outstanding, Basic		25,445,411		22,484,561		23,601,389		22,556,642
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method		76,338		—		23,980		—
Common Shares Applicable to Dilutive Effect of 2025 Notes ⁽²⁾		—		—		—		—
Weighted Average Shares Outstanding, Diluted		25,521,749		22,484,561		23,625,369		22,556,642

Per Share Information:
Net Income (Loss) Attributable to Common Stockholders
Basic and Diluted	$	0.17	$	0.07	$	0.35	$	(0.23)

⁽¹⁾

⁽²⁾

INCOME TAXES

9 Months Ended

Sep. 30, 2024

INCOME TAXES

INCOME TAXES

NOTE 20. INCOME TAXES

The Company elected to be taxed as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income

taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through TRSs and subsidiaries of TRSs, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the taxable year ended December 31, 2023, the Company held a total of two TRSs, each subject to taxation and the separate filing of its corporate income tax returns. As of January 1, 2024, the Company consolidated its TRSs into one TRS subject to taxation and the filing of a single corporate income tax return.

As a result of the Company’s election to be taxed as a REIT, during the year ended December 31, 2020, an $82.5 million deferred tax benefit was recorded to de-recognize the deferred tax assets and liabilities associated with the entities included in the REIT. A significant portion of the deferred tax benefit recognized related to the de-recognition of deferred tax liabilities resulting from Internal Revenue Code Section 1031 like-kind exchanges (“1031 Exchanges”). The Company will be subject to corporate income taxes related to assets held by it that are sold during the 5-year period following the date of conversion to the extent such sold assets had a built-in gain as of January 1, 2020. The Company has disposed of certain, primarily single-tenant, REIT assets after the REIT conversion within the 5-year period. All such sales were completed using 1031 Exchanges or other deferred tax structures to mitigate the built-in gain tax liability of conversion.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMMERCIAL LOANS AND INVESTMENTS

9 Months Ended

Sep. 30, 2024

COMMERCIAL LOANS AND INVESTMENTS

COMMERCIAL LOANS AND INVESTMENTS

NOTE 4. COMMERCIAL LOANS AND INVESTMENTS

Our investments in commercial loans or similarly structured investments, such as preferred equity, mezzanine loans or other subordinated debt, have been and are expected to continue to be secured by real estate or the borrower’s pledge of its ownership interest in the entity that owns the real estate. The investments are associated with commercial real estate located in the United States and its territories, and are current or performing with either a fixed or floating rate. Some of these loans may be syndicated in either a pari-passu or senior/subordinated structure. Commercial first mortgage loans generally provide for a higher recovery rate due to their senior position in the underlying collateral. Commercial mezzanine loans are typically secured by a pledge of the borrower’s equity ownership in the underlying commercial real estate. Unlike a mortgage, a mezzanine loan is not secured by a lien on the property. An investor’s rights in a mezzanine loan are usually governed by an intercreditor agreement that provides holders with the rights to cure defaults and exercise control on certain decisions of any senior debt secured by the same commercial property.

2024 Activity. On February 2, 2024, the borrower under the construction loan originated in January 2022 and secured by the property and improvements constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia repaid the principal balance of $1.9 million, leaving no remaining balance outstanding as of September 30, 2024. There is no remaining commitment to the borrower as of September 30, 2024.

On March 26, 2024, the Company originated a construction loan secured by the property and improvements to be constructed thereon consisting of seven outparcel locations, known as the Hypoluxo Project, located in Lake Worth, Florida for $10.0 million. On September 25, 2024, the Company signed an amendment with the borrower of the Hypoluxo project, reducing the total funding obligation to $5.6 million and adjusting the maturity date to June 1, 2025. The construction loan continues to bear a fixed interest rate of 11.0% and requires interest only payments prior to maturity. As of September 30, 2024, the Company has fully funded this obligation.

On April 18,2024, the borrower on the mortgage loan secured by the Sabal Pavilion property, as described below, repaid the mortgage loan, at a $0.2 million discount, for proceeds to the Company of $15.2 million.

On July 11, 2024, the Company funded $10.0 million into an escrow account, which escrow closed on August 1, 2024 in exchange for 10,000 shares of 14.000% Series A preferred stock, with a $0.01 par value per share, of a subsidiary of a publicly-traded hospitality, entertainment and real-estate company (the “Series A Preferred Investment”). In connection with the investment, the Company received an origination fee of 1.0% or $0.1 million. The investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. In connection with the investment, the Company received an origination fee of 1.0% or $0.1 million. The investment is not redeemable prior to July 11, 2029, except upon the occurrence of certain specified events. The Company determined, pursuant to FASB ASC Topic 810, Consolidation, that we do not have a variable interest in the entity underlying the Series A Preferred Investment; accordingly, FASB Topic ASC 320, Investments-Debt Securities, was applied and the investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition.

On September 27, 2024, the Company originated a $43.8 million first mortgage loan secured by the Rivana at Innovation Station property located in Herndon, Virginia. The loan is interest-only with a term of two years with a fixed interest rate of 11.0%. The Company received an origination fee of 1.25% or $0.5 million.

2023 Activity. On February 21, 2023, the borrower of the mortgage note secured by the 4311 Maple Avenue property located in Dallas, Texas repaid the principal balance of $0.4 million, leaving no remaining balance outstanding as of March 31, 2023.

On March 1, 2023, the Company originated a $15.0 million first mortgage loan secured by the Founders Square property located in Dallas, Texas. The loan is interest-only with a term of three years with a fixed interest rate of 8.75%. The Company received an origination fee of 1.0% or $0.15 million.

During the nine months ended September 30, 2023, the Company funded $2.2 million to the borrower and received $0.6 million in principal repayments under the construction loan originated in January 2022 and secured by the property and improvements to be constructed thereon for the second phase of The Exchange at Gwinnett project located in Buford, Georgia. As of September 30, 2023, there is no remaining commitment to the borrower.

On December 20, 2023, simultaneous with the sale of the property, the Company originated a $15.4 million first mortgage loan secured by the Sabal Pavilion property located in Tampa, Florida. The loan was interest-only with a term of nine months with a fixed interest rate of 7.50%. During the nine months ended September 30, 2024, the borrower repaid the mortgage loan, at a $0.2 million discount, for proceeds to the Company of $15.2 million.

Watters Creek Investment. On April 7, 2022, the Company entered into a preferred equity agreement to provide $30.0 million of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Investment”). The Watters Creek Investment matures on April 6, 2025, has two one-year extension options, bears a fixed interest rate of 8.50% at the time of acquisition with increases during the initial term as well as the option terms, and requires payments of interest only prior to maturity. At closing, an origination fee of $0.15 million was received by the Company. The Watters Creek Investment represents $30.0 million, or approximately 23%, of funding towards the total investment in Watters Creek at Montgomery Farm, a grocery-anchored, mixed-use property located in Allen, Texas (the “Watters Creek Property”). The remaining funding is comprised of a combination of third-party sponsorship equity and a secured first mortgage.

The Company’s variable interest in the entity underlying the Watters Creek Investment is primarily due to the inherent credit risk associated with the $30.0 million fixed-return preferred investment. The day-to-day operations, including asset management and leasing, of the Watters Creek Property are managed by an unrelated third-party. Pursuant to FASB ASC Topic 810, Consolidation, the Company determined we are not the primary beneficiary of the entity underlying the Watters Creek Investment; accordingly, the entity was not consolidated. The investment was recorded in the consolidated balance sheets as a commercial loan investment at the time of acquisition. The significant factors related to this determination included, but were not limited to, the Company not having the power to direct the activities of the entity underlying the Watters Creek Investment due to (i) the day-to-day operations being managed by an unrelated third-party and (ii) the Company’s position as minority lender with fixed returns and maturity dates for the repayment of the $30.0 million preferred investment.

The Company’s commercial loans and investments were comprised of the following at September 30, 2024 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025	$	30,000	$	30,000	$	29,974	9.00%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,930	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Construction Loan - Hypoluxo - Lake Worth, FL	March 2024	June 2025		5,638		5,638		5,575	11.00%
Series A Preferred Investment	July 2024	July 2029		10,000		10,000		9,904	14.00%
Mortgage Note - Rivana - Herndon, VA	September 2024	September 2026		43,818		43,818		43,280	11.00%
			$	104,856	$	104,856	$	104,063
CECL Reserve								(1,049)
Total Commercial Loans and Investments							$	103,014

The Company’s commercial loans and investments were comprised of the following at December 31, 2023 (in thousands):


Description	Date of Investment	Maturity Date	Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate
Construction Loan – The Exchange At Gwinnett – Buford, GA	January 2022	January 2024	$	8,700	$	1,857	$	1,854	7.25%
Preferred Investment – Watters Creek – Allen, TX	April 2022	April 2025		30,000		30,000		29,937	8.75%
Mortgage Note – Founders Square – Dallas, TX	March 2023	March 2026		15,000		15,000		14,892	8.75%
Promissory Note – Main Street – Daytona Beach, FL	June 2023	May 2033		400		400		400	7.00%
Mortgage Note – Sabal Pavilion – Tampa, FL	December 2023	June 2024		15,400		15,400		15,393	7.50%
			$	69,500	$	62,657	$	62,476
CECL Reserve								(627)
Total Commercial Loans and Investments							$	61,849

The carrying value of the commercial loans and investments portfolio at September 30, 2024 and December 31, 2023 consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Current Face Amount	$	104,856	$	62,657
Unaccreted Origination Fees		(793)		(181)
CECL Reserve		(1,049)		(627)
Total Commercial Loans and Investments	$	103,014	$	61,849

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 23. SUBSEQUENT EVENTS

Subsequent events and transactions were evaluated through October 24, 2024, the date the consolidated financial statements were issued.

On October 16, 2024, the Company filed a new shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2024 Registration Statement”). As of October 24, 2024, the 2024 Registration Statement had not yet been declared effective by the Securities and Exchange Commission.

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2024

COMMITMENTS AND CONTINGENCIES

Schedule of Commitments

The Company has committed to fund the following capital improvements. The improvements, which are related to several properties, are estimated to be generally completed within twelve months. These commitments, as of September 30, 2024, are as follows (in thousands):


	As of September 30, 2024
Total Commitment ⁽¹⁾	$	22,414
Less Amount Funded		(2,947)
Remaining Commitment	$	19,467

⁽¹⁾ Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	9 Months Ended
INCOME PROPERTIES - Acquisitions (Details) $ in Thousands	Sep. 30, 2024 USD ($) ft² property	Sep. 30, 2023 USD ($) ft² property tenant	Feb. 24, 2023 ft²	Mar. 03, 2022 USD ($)
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 14,700
Weighted average amortization period of intangible assets	7 years
Face Value of Debt	$ 528,834
Fixed-Rate Mortgage Note
Acquisitions of Income Properties
Face Value of Debt				$ 17,800
Income Property, Vacant Land Parcel Adjacent West Broad Village, Richmond, Virginia
Acquisitions of Income Properties
Purchase Price		1,500
2024 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs	207,800
Land	42,500
Buildings and improvements	144,500
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value	32,300
Intangible liabilities for below market lease value	$ 11,500
Weighted average amortization period of intangible assets	5 years 9 months 18 days
Purchase Price	$ 210,000
2024 Acquisitions \| Three Property Portfolio
Acquisitions of Income Properties
Number of real estate properties \| property	3
Aggregate acquisition cost including capitalized acquisition costs	$ 135,100
Purchase Price	$ 137,500
2024 Acquisitions \| Three Property Portfolio, Carolina Pavilion in Charlotte, North Carolina
Acquisitions of Income Properties
Property Square-Feet \| ft²	686,000
Percentage Leased at Acquisition	93.00%
Remaining Lease Term at Acquisition Date (in years)	5 years 10 months 24 days
2024 Acquisitions \| Three property portfolio, Millenia Crossing in Orlando, Florida
Acquisitions of Income Properties
Property Square-Feet \| ft²	100,000
Percentage Leased at Acquisition	96.00%
Remaining Lease Term at Acquisition Date (in years)	6 years 1 month 6 days
2024 Acquisitions \| Three property portfolio, Lake Brandon Village in Tampa, Florida
Acquisitions of Income Properties
Property Square-Feet \| ft²	102,000
Percentage Leased at Acquisition	100.00%
Remaining Lease Term at Acquisition Date (in years)	7 years 4 months 24 days
2024 Acquisitions \| Income Property Marketplace at Seminole Towne Center, Sanford, Florida
Acquisitions of Income Properties
Number of real estate properties \| property	4
Aggregate acquisition cost including capitalized acquisition costs	$ 68,800
Property Square-Feet \| ft²	315,066
Purchase Price	$ 68,700
Percentage Leased at Acquisition	98.00%
Remaining Lease Term at Acquisition Date (in years)	4 years 8 months 12 days
2024 Acquisitions \| Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties \| property	1
Area of real estate property acquired \| ft²	4,000
Property Square-Feet \| ft²	28,100
Purchase Price	$ 2,300
Remaining Lease Term at Acquisition Date (in years)	10 years
2024 Acquisitions \| Income Property, Multi-tenant, Rockwall, Texas and Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties \| property	1
2023 Acquisitions
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		80,300
Land		21,200
Buildings and improvements		53,600
Intangible assets pertaining to the in-place lease value, leasing fees and above market lease value		8,700
Intangible liabilities for below market lease value		$ 3,200
Weighted average amortization period of intangible assets		5 years 7 months 6 days
Purchase Price		$ 80,000
2023 Acquisitions \| Income Property, Multi-tenant, Rockwall, Texas
Acquisitions of Income Properties
Aggregate acquisition cost including capitalized acquisition costs		$ 61,300
Property Square-Feet \| ft²		446,500
Purchase Price		$ 61,200
Percentage Leased at Acquisition		95.00%
Remaining Lease Term at Acquisition Date (in years)		4 years 2 months 12 days
2023 Acquisitions \| Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties \| property		4
Property Square-Feet \| ft²		24,100	28,100
Purchase Price		$ 14,600
Number of tenant \| tenant		6
Remaining Lease Term at Acquisition Date (in years)		9 years 10 months 24 days
2023 Acquisitions \| Income Property, Multi-tenant, Rockwall, Texas and Income Property Exchange at Gwinnett, Buford, Georgia
Acquisitions of Income Properties
Number of real estate properties \| property		1
2023 Acquisitions \| Income Property, Land Parcel, Adjacent Forsyth Property, Atlanta Georgia
Acquisitions of Income Properties
Number of real estate properties \| property		1
Purchase Price		$ 4,300

SHARE REPURCHASES

9 Months Ended

Sep. 30, 2024

SHARE REPURCHASES

SHARE REPURCHASES

NOTE 14. SHARE REPURCHASES

COMMON STOCK REPURCHASE PROGRAM

In February 2020, the Company’s Board approved a $10.0 million common stock repurchase program (the “$10.0 Million Common Stock Repurchase Program”). During the year ended December 31, 2020, the Company repurchased 265,695 shares of its common stock on the open market for a total cost of $4.1 million, or an average price per share of $15.43. During the year ended December 31, 2021, the Company repurchased 121,659 shares of its common stock on the open market for a total cost of $2.2 million, or an average price per share of $18.16. During the year ended December 31, 2022, the Company repurchased 145,724 shares of its common stock on the open market for a total cost of $2.8 million, or an average price per share of $19.15. No repurchases were made pursuant to the $10.0 Million Common Stock Repurchase Program during the year ended December 31, 2023.

On February 16, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “February 2023 $5.0 Million Common Stock Repurchase Program”), which eliminated the unutilized portion of the $10.0 Million Common Stock Repurchase Program. Pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the three months ended March 31, 2023, the Company repurchased 303,354 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.48, pursuant to the February 2023 $5.0 Million Common Stock Repurchase Program. Accordingly, as of March 31, 2023, no shares of the Company’s common stock remained available for repurchase under the February 2023 $5.0 Million Common Stock Repurchase Program.

On April 25, 2023, the Company’s Board of Directors approved a common stock repurchase program, (the “April 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the April 2023 $5.0 Million Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2023, the Company repurchased 62,015 shares of its common stock on the open market for a total cost of $1.0 million, or an average price per share of $15.72. The April 2023 $5.0 Million Common Stock Repurchase Program was terminated in connection with the establishment of the December 2023 $5.0 Million Common Stock Repurchase Program (hereinafter defined).

On December 12, 2023, the Company’s Board of Directors approved a common stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “December 2023 $5.0 Million Common Stock Repurchase Program”). Pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $5.0 million. Shares may be purchased under the December 2023 $5.0 Million Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The December 2023 $5.0 Million Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended. During the nine months ended September 30, 2024, the Company repurchased 40,726 shares of its common stock on the open market for a total cost of $0.7 million, or an average price per share of $16.28, pursuant to the December 2023 $5.0 Million Common Stock Repurchase Program, leaving $4.3 million remaining of the December 2023 $5.0 Million Common Stock Repurchase Program as of September 30, 2024.

SERIES A PREFERRED STOCK REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase shares (the “Series A Preferred Stock Repurchase Program”). Pursuant to the Series A Preferred Stock Repurchase Program, the Company may repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million. Shares may be purchased under the Series A Preferred Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Exchange Act. The Series A Preferred Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its Series A Preferred Stock and may be modified or suspended. The Company did not purchase any shares of its Series A Preferred Stock under the Series A Preferred Stock Repurchase Program during the nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company repurchased 6,794 shares of Series A Preferred Stock on the open market for a total cost of $0.1 million, or an average price per share of $18.55.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Preferred Stock
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Dividend rate (as a percent)	6.375%	6.375%
Preferred stock, liquidation preference (in dollars per share)	$ 25.00	$ 25.00
Preferred Stock, Shares Issued	4,713,069	2,978,808
Preferred Stock, Shares Outstanding	4,713,069	2,978,808
Common Stock
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares issued	29,971,538	22,643,034
Common Stock, shares outstanding	29,971,538	22,643,034

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	9 Months Ended
	Sep. 30, 2024 segment
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of business segments	4

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total Revenues	$ 31,805	$ 28,470	$ 88,777	$ 79,234
Direct Cost of Revenues
Total Direct Cost of Revenues	(8,156)	(7,212)	(24,067)	(21,759)
General and Administrative Expenses	(4,075)	(3,439)	(11,750)	(10,493)
Provision for Impairment	(538)	(929)	(653)	(1,408)
Depreciation and Amortization	(13,221)	(11,669)	(35,701)	(32,814)
Total Operating Expenses	(25,990)	(23,249)	(72,171)	(66,474)
Gain (Loss) on Disposition of Assets	(855)	2,464	8,308	3,565
Other Gain (Loss)	(855)	2,464	8,308	3,565
Total Operating Income	4,960	7,685	24,914	16,325
Investment and Other Income (Loss)	7,031	1,184	5,201	(1,296)
Interest Expense	(5,632)	(6,318)	(16,765)	(16,161)
Income (Loss) Before Income Tax Benefit (Expense)	6,359	2,551	13,350	(1,132)
Income Tax Benefit (Expense)	(132)	135	(98)	(375)
Net Income (Loss) Attributable to the Company	6,227	2,686	13,252	(1,507)
Distributions to Preferred Stockholders	(1,878)	(1,195)	(4,936)	(3,585)
Net Income (Loss) Attributable to Common Stockholders	$ 4,349	$ 1,491	$ 8,316	$ (5,092)
Per Share Information-See Note 13:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ 0.07	$ 0.35	$ (0.23)
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ 0.07	$ 0.35	$ (0.23)
Weighted Average Number of Common Shares - Basic (in shares)	25,445,411	22,484,561	23,601,389	22,556,642
Weighted Average Number of Common Shares - Diluted (in shares)	25,521,749	22,484,561	23,625,369	22,556,642
Income Properties
Revenues
Total Revenues	$ 28,528	$ 25,183	$ 79,029	$ 70,373
Direct Cost of Revenues
Total Direct Cost of Revenues	(7,797)	(7,060)	(22,630)	(20,883)
Provision for Impairment	0		0
Management Fee Income
Revenues
Total Revenues	1,124	1,094	3,360	3,294
Interest Income From Commercial Loans and Investments
Revenues
Total Revenues	1,615	1,114	4,407	2,965
Direct Cost of Revenues
Provision for Impairment			(700)	(500)
Real Estate Operations
Revenues
Total Revenues	538	1,079	1,981	2,602
Direct Cost of Revenues
Total Direct Cost of Revenues	$ (359)	$ (152)	$ (1,437)	$ (876)

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2024

STOCK-BASED COMPENSATION

Summary of share activity for all equity classified stock compensation

A summary of share activity for all equity classified stock compensation during the nine months ended September 30, 2024 is presented below.


Type of Award	Shares Outstanding at 1/1/2024		Granted Shares		Vested / Exercised Shares		Expired Shares		Forfeited Shares		Shares Outstanding at 9/30/2024
Equity Classified - Performance Share Awards - Peer Group Market Condition Vesting		237,375		100,391		(85,938)		—		(43,825)		208,003
Equity Classified - Three Year Vest Restricted Shares		216,357		107,191		(75,434)		—		(51,045)		197,069
Total Shares		453,732		207,582		(161,372)		—		(94,870)		405,072

Schedule of amounts recognized for stock-based compensation

Amounts recognized in the financial statements for stock-based compensation are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total Cost of Share-Based Plans Charged Against Income	$	750	$	868	$	2,887	$	2,802

January 28, 2017

STOCK-BASED COMPENSATION

Summary of performance share awards activity

A summary of the activity for these awards during the nine months ended September 30, 2024 is presented below:


Performance Shares With Market Conditions	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2024		237,375	$	18.08
Granted		100,391	$	15.28
Vested		(85,938)	$	15.99
Expired		—	$	—
Forfeited		(43,825)	$	17.67
Non-Vested at September 30, 2024		208,003	$	17.68

Three-Year Vesting

STOCK-BASED COMPENSATION

Summary of nonvested restricted stock award activity

A summary of the activity for these awards during the nine months ended September 30, 2024 is presented below:


Non-Vested Restricted Shares	Shares		Wtd. Avg. Fair Value Per Share
Non-Vested at January 1, 2024		216,357	$	19.07
Granted		107,191	$	16.31
Vested		(75,434)	$	17.80
Expired		—	$	—
Forfeited		(51,045)	$	18.77
Non-Vested at September 30, 2024		197,069	$	18.12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, which provides a more complete understanding of the Company’s accounting policies, financial position, operating results, business, properties, and other matters. The unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to present fairly the financial position of the Company and the results of operations for the interim periods.

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries, and other entities in which we have a controlling interest. Any real estate entities or properties included in the consolidated financial statements have been consolidated only for the periods that such entities or properties were owned or under control by us. All inter-company balances and transactions have been eliminated in the consolidated financial statements. As of September 30, 2024, the Company has an equity investment in PINE.

Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards related to the manner in which enterprises report operating segment information. The Company operates in four primary business segments including income properties, management services, commercial loans and investments, and real estate operations, as further discussed within Note 22, “Business Segment Data”. The Company has no other reportable segments. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on a disaggregated basis for purposes of allocating and evaluating financial performance.

Real Estate

The Company’s real estate assets are stated at cost, less accumulated depreciation and amortization. Such assets are depreciated on a straight-line basis over their estimated useful lives. Renewals and betterments are capitalized to the applicable property accounts. The cost of maintenance and repairs is expensed as incurred. The cost of property retired or otherwise disposed of, and the related accumulated depreciation or amortization, are removed from the accounts, and any resulting gain or loss is recorded in the Company’s consolidated statement of operations. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the three months ended September 30, 2024 and September 30, 2023, was $8.0 million and $6.8 million, respectively. The amount of depreciation of real estate, exclusive of amortization related to intangible assets, recognized for the nine months ended September 30, 2024 and September 30, 2023, was $21.2 million and $19.1 million, respectively.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to the Company’s investments in income properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.

Cash and Cash Equivalents

Cash and cash equivalents includes cash on hand, bank demand accounts, and money market accounts having original maturities of 90 days or less. The Company’s bank balances as of September 30, 2024 and December 31, 2023 include certain amounts over the Federal Deposit Insurance Corporation limits.

Restricted Cash

Restricted cash totaled $1.7 million at September 30, 2024, which is being held in four interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments.

Derivative Financial Instruments and Hedging Activity

The Company accounts for its cash flow hedging derivatives in accordance with FASB ASC Topic 815-20, Derivatives and Hedging. Depending upon the hedge’s value at each balance sheet date, the derivatives are included in either other assets or accrued and other liabilities on the consolidated balance sheet at their fair value. On the date each

interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

The Company documented the relationship between the hedging instruments and the hedged item, as well as its risk-management objective and strategy for undertaking the hedge transactions. At the hedges’ inception, the Company assessed whether the derivatives that are used in hedging the transactions are highly effective in offsetting changes in cash flows of the hedged items, and we will continue to do so on a quarterly basis.

Changes in fair value of the hedging instruments that are highly effective and designated and qualified as cash-flow hedges are recorded in other comprehensive income and loss, until earnings are affected by the variability in cash flows of the designated hedged items (see Note 16, “Interest Rate Swaps”).

Fair Value of Financial Instruments

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities at September 30, 2024 and December 31, 2023, approximate fair value because of the short maturity of these instruments. The carrying value of the Company’s Credit Facility (hereinafter defined) as of September 30, 2024 and December 31, 2023, approximates current market rates for revolving credit arrangements with similar risks and maturities. The face value of the Company’s fixed rate commercial loans and investments, the 2026 Term Loan (hereinafter defined), the 2027 Term Loan (hereinafter defined), the 2028 Term Loan (hereinafter defined), the 2029 Term Loan (hereinafter defined), mortgage note, and convertible debt held as of September 30, 2024 and December 31, 2023 are measured at fair value based on current market rates for financial instruments with similar risks and maturities (see Note 8, “Fair Value of Financial Instruments”).

Fair Value Measurements

The Company’s estimates of fair value of financial and non-financial assets and liabilities is based on the framework established by U.S. GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. U.S. GAAP describes a fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable. The following describes the three levels:

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Level 2 – Valuation is based upon inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

●

Level 3 – Valuation is generated from model-based techniques that use at least one significant assumption not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include option pricing models, discounted cash flow models and similar techniques.

Recognition of Interest Income from Commercial Loans and Investments

Interest income on commercial loans and investments includes interest payments made by the borrower and the accretion of purchase discounts and loan origination fees, offset by the amortization of loan costs. Interest payments are accrued based on the actual coupon rate and the outstanding principal balance and purchase discounts and loan origination fees are accreted into income using the effective yield method, adjusted for prepayments.

Mitigation Credits

Mitigation credits are stated at historical cost. As these assets are sold, the related revenues and cost of sales are reported as revenues from, and direct costs of, real estate operations, respectively, in the consolidated statements of operations. As of September 30, 2024, the Company had disposed of all of its remaining mitigation credits.

Accounts Receivable

Accounts receivable related to income properties, which are classified in other assets on the consolidated balance sheets, primarily consist of accrued tenant reimbursable expenses and other tenant receivables. Receivables related to income property tenants totaled $5.1 million and $4.6 million as of September 30, 2024 and December 31, 2023, respectively.

Accounts receivable related to real estate operations, which are classified in other assets on the consolidated balance sheets, totaled $0.6 million as of September 30, 2024 and December 31, 2023. The accounts receivable as of September 30, 2024 and December 31, 2023 are primarily related to the reimbursement of certain infrastructure costs completed by the Company in conjunction with two land sale transactions that closed during the fourth quarter of 2015 as more fully described in Note 11, “Other Assets.”

The collectability of the aforementioned receivables shall be considered and adjusted through an allowance for doubtful accounts which is included in income property revenue on the consolidated statements of operations. As of September 30, 2024 and December 31, 2023, the Company’s allowance for doubtful accounts totaled $2.2 million and $1.7 million, respectively.

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Investments in real estate are carried at cost less accumulated depreciation and impairment losses, if any. The cost of investments in real estate reflects their purchase price or development cost. We evaluate each acquisition transaction to determine whether the acquired asset meets the definition of a business. Under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, an acquisition does not qualify as a business when there is no substantive process acquired or substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or the acquisition does not include a substantive process in the form of an acquired workforce or an acquired contract that cannot be replaced without significant cost, effort or delay. Transaction costs related to acquisitions that are asset acquisitions are capitalized as part of the cost basis of the acquired assets, while transaction costs for acquisitions that are deemed to be acquisitions of a business are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life or improve the productive capacity of the asset. Costs of repairs and maintenance are expensed as incurred.

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded as other assets or liabilities based on the present value. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining terms of the respective leases. The capitalized below-market lease values are amortized as an increase to rental income over the initial term unless management believes that it is likely that the tenant will renew the lease upon expiration, in which case the Company amortizes the value attributable to the renewal over the renewal period. The value of in-place leases and leasing costs are amortized to expense over the remaining non-cancelable periods of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be written off.

The Company incurs costs related to the development and leasing of its properties. Such costs include, but are not limited to, tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements, and are included in construction in progress during the development period. When a construction project is considered to be substantially complete, the capitalized costs are reclassified to the appropriate real estate asset and depreciation begins. The Company assesses the level of construction activity to determine the amount, if any, of interest expense to be capitalized to the underlying construction projects.

Sales of Real Estate

When income properties are disposed of, the related cost basis of the real estate, intangible lease assets, and intangible lease liabilities, net of accumulated depreciation and/or amortization, and any accrued straight-line rental income balance for the underlying operating leases are removed, and gains or losses from the dispositions are reflected in net income within gain (loss) on disposition of assets. In accordance with the FASB guidance, gains or losses on sales of real estate are generally recognized using the full accrual method.

Gains and losses on land sales, in addition to the sale of Subsurface Interests and mitigation credits, are accounted for as required by FASB ASC Topic 606, Revenue from Contracts with Customers. The Company recognizes revenue from such sales when the Company transfers the promised goods in the contract based on the transaction price allocated to the performance obligations within the contract. As market information becomes available, the underlying cost basis is analyzed and recorded at the lower of cost or market.

Income Taxes

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with its taxable year ended December 31, 2020. The Company believes that, commencing with such taxable year, it has been organized and has operated in such a manner as to qualify for taxation as a REIT under the U.S. federal income tax laws. The Company intends to continue to operate in such a manner. As a REIT, the Company will be subject to U.S. federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its REIT taxable income, determined without regard to the dividends paid deduction and excluding any net capital gain, to qualify as a REIT, the Company intends to distribute all of its net taxable income. The Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its REIT taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under U.S. federal income tax laws. Certain states may impose minimum franchise taxes. To comply with certain REIT requirements, the Company holds certain of its non-REIT assets and operations through TRSs and subsidiaries of TRSs, which are subject to applicable U.S. federal, state and local corporate income tax on their taxable income. For the taxable year ended December 31, 2023, the Company held a total of two TRSs, each subject to taxation and the separate filing of its corporate income tax returns. As of January 1, 2024, the Company consolidated its TRSs into one TRS subject to taxation and the filing of a single corporate income tax return.

The Company uses the asset and liability method to account for income taxes for the Company’s TRS. Deferred income taxes result primarily from the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes (see Note 20, “Income Taxes”). In June 2006, the FASB issued additional guidance, which clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements included in income taxes. The interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The interpretation also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, and disclosure and transition. In accordance with FASB guidance included in income taxes, the Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported. Additionally, the Company believes that its accruals for tax liabilities are adequate. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the FASB guidance.

Recently Issued Accounting Standards

Segment Reporting. In November 2023, the FASB issued ASU 2023-07 which enhances segment disclosure requirements for entities required to report segment information in accordance with FASB ASC 280, Segment Reporting. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023.

Income Taxes. In December 2023, the FASB issued ASU 2023-09 which enhances income tax disclosure requirements in accordance with FASB ASC 740, Income Taxes. The amendments in this update are effective for annual reporting periods beginning after December 15, 2023.

MANAGEMENT SERVICES BUSINESS - General Information (Details)		3 Months Ended		9 Months Ended		12 Months Ended			58 Months Ended
	Nov. 26, 2019 USD ($) property shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) shares	Dec. 12, 2023 USD ($)	Feb. 16, 2023 USD ($)	Oct. 26, 2021 USD ($)
Real Estate
Investment in Alpine Income Property Trust, Inc.		$ 42,997,000		$ 42,997,000		$ 39,445,000			$ 42,997,000
Revenues		31,805,000	$ 28,470,000	88,777,000	$ 79,234,000
Management Fee Income
Real Estate
Revenues		1,124,000	1,094,000	3,360,000	$ 3,294,000
Management Fee Income \| Portfolio Management Agreement
Real Estate
Revenues				200,000
Management Fee Income \| Portfolio Management Agreement \| Maximum
Real Estate
Revenues		100,000
Management Fee Income \| Asset Management Agreement
Real Estate
Revenues				$ 100,000
Management Fee Income \| Asset Management Agreement \| Maximum
Real Estate
Revenues		$ 100,000
Alpine Income Property OP, LP Limited Partnership Units
Real Estate
Number of contributed properties \| property	5
Aggregate of OP units \| shares	1,223,854
Initial value	$ 23,300,000
Share purchased \| shares									1,223,854
Investment ownership percentage (as a percent)		7.90%		7.90%					7.90%
Investment in Alpine Income Property Trust, Inc.		$ 22,274,000		$ 22,274,000		20,695,000			$ 22,274,000
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Real Estate
Investment ownership percentage (as a percent)		15.30%		15.30%					15.30%
Investment in Alpine Income Property Trust, Inc.		$ 42,997,000		$ 42,997,000		39,445,000			$ 42,997,000
Common Stock
Real Estate
Share purchased \| shares	421,053			29,807	129,271		155,665	8,088	1,138,621
Purchase price of shares	$ 8,000,000.0			$ 400,000	$ 2,100,000		$ 2,700,000	$ 100,000
Investment ownership percentage (as a percent)		7.40%		7.40%					7.40%
Investment in Alpine Income Property Trust, Inc.		$ 20,723,000		$ 20,723,000		18,750,000			$ 20,723,000
Private placement
Real Estate
Share purchased \| shares	394,737
Purchase price of shares	$ 7,500,000
Management Agreement PINE
Real Estate
Percentage of base management fee				0.375%
Management fee (as a percent)				1.50%
Percentage of cumulative annual hurdle rate				8.00%
Amount of threshold incentive fee				$ 0.00
Percentage of multiply factor				15.00%
Management fee revenue earned		1,100,000	1,100,000	$ 3,100,000	3,300,000
Dividends received		700,000	$ 600,000	1,900,000	$ 1,900,000
Alpine
Real Estate
Number of properties sold \| property	15
Aggregate cash consideration	$ 125,900,000
Amount of shares authorized for purchase by the board		$ 0		$ 0					$ 0	$ 2,000,000.0	$ 2,100,000	$ 5,000,000.0
Average price per share \| $ / shares				$ 14.97	$ 16.21		$ 17.57	$ 17.65
Investee \| Alpine Income Property Trust, Inc.
Real Estate
Incentive fee income						$ 0

STOCK-BASED COMPENSATION - Three Year Vest Restricted Shares (Details) - Three-Year Vesting - Restricted Shares $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Shares
Nonvested (in shares) \| shares	216,357
Granted (in shares) \| shares	107,191
Vested (in shares) \| shares	(75,434)
Forfeited (in shares) \| shares	(51,045)
Nonvested (in shares) \| shares	197,069
Weighted Average Fair Value
Nonvested (in dollars per share) \| $ / shares	$ 19.07
Granted (in dollars per share) \| $ / shares	16.31
Vested (in dollars per share) \| $ / shares	17.80
Forfeited (in dollars per share) \| $ / shares	18.77
Nonvested (in dollars per share) \| $ / shares	$ 18.12
Compensation cost
Unrecognized compensation cost \| $	$ 2.1
Weighted average period of recognition of unrecognized compensation cost	1 year 9 months 18 days

INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2024

INVESTMENT SECURITIES

Schedule of marketable securities

The Company’s available-for-sale securities as of September 30, 2024 and December 31, 2023 are summarized below (in thousands):


	Cost		Unrealized Gains in Investment Income		Unrealized Losses in Investment Income		Estimated Fair Value (Level 1 Inputs)
September 30, 2024
Common Stock	$	20,929	$	—	$	(206)	$	20,723
Operating Units		23,253		—		(979)		22,274
Total Equity Securities		44,182		—		(1,185)		42,997
Total Available-for-Sale Securities	$	44,182	$	—	$	(1,185)	$	42,997

December 31, 2023
Common Stock	$	20,482	$	—	$	(1,732)	$	18,750
Operating Units		23,253		—		(2,558)		20,695
Total Equity Securities		43,735		—		(4,290)		39,445
Total Available-for-Sale Securities	$	43,735	$	—	$	(4,290)	$	39,445

LONG-TERM DEBT - Financing Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Deferred financing costs, net	$ 1,911	$ 1,260
Financing costs, net of accumulated amortization	$ 1,253	$ 1,638

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Sep. 30, 2024 USD ($)
COMMITMENTS AND CONTINGENCIES
Total Commitment	$ 22,414
Less Amount Funded	(2,947)
Remaining Commitment	$ 19,467

FAIR VALUE OF FINANCIAL INSTRUMENTS - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	$ 8,172	$ 10,214
Restricted Cash	1,696	7,605
Carrying Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	103,014	61,849
Long-Term Debt	526,838	495,370
Estimated Fair Value \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Carrying value and estimated fair value of financial instruments
Cash and Cash Equivalents	8,172	10,214
Restricted Cash	1,696	7,605
Estimated Fair Value \| Significant Other Observable Inputs (Level 2)
Carrying value and estimated fair value of financial instruments
Commercial Loans and Investments	106,799	63,261
Long-Term Debt	$ 510,842	$ 473,807

STOCK-BASED COMPENSATION - Non-Employee Director Stock Compensation (Details) - Share-based Payment Arrangement, Nonemployee - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
STOCK-BASED COMPENSATION
Trailing Day On Behalf Of Company's Common Stock To Be Sell	20 days
Annual award	$ 62,500	$ 35,000
Number of shares awarded calculated based on the number of days of average price of the Company's common stock	20 days
Number of business days based on which number of days of average price of the Company's common stock, the number of shares awarded are calculated	2 days
Expense recognized	$ 600,000	$ 400,000
Expense recognized (in shares)	33,629	21,247
Annual award received	$ 300,000	$ 200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCK-BASED COMPENSATION - Performance Share Awards - Peer Group Market Condition Vesting (Details) - Performance Shares - January 28, 2017 $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
STOCK-BASED COMPENSATION
Performance period	3 years
Shares
Nonvested (in shares) \| shares	237,375
Granted (in shares) \| shares	100,391
Vested (in shares) \| shares	(85,938)
Forfeited (in shares) \| shares	(43,825)
Nonvested (in shares) \| shares	208,003
Weighted Average Fair Value
Nonvested (in dollars per share) \| $ / shares	$ 18.08
Granted (in dollars per share) \| $ / shares	15.28
Vested (in dollars per share) \| $ / shares	15.99
Forfeited (in dollars per share) \| $ / shares	17.67
Nonvested (in dollars per share) \| $ / shares	$ 17.68
Compensation cost
Unrecognized compensation cost \| $	$ 2.0
Weighted average period of recognition of unrecognized compensation cost	1 year 9 months 18 days
Minimum
STOCK-BASED COMPENSATION
Vesting percentage	0.00%
Maximum
STOCK-BASED COMPENSATION
Vesting percentage	150.00%

INTANGIBLE ASSETS AND LIABILITIES - Summary of Estimated Amortization and Accretion (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Future Amortization Amount
Total	$ 107,658	$ 97,109
Future Accretion to Income Property Revenue
Total	(18,857)	$ (10,441)
Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	5,664
2025	20,675
2026	19,718
2027	16,224
2028	12,493
2029	5,172
2030 and Thereafter	8,855
Total	88,801
Future Amortization
Future Amortization Amount
Remainder of 2024	5,635
2025	20,704
2026	19,834
2027	17,083
2028	13,307
2029	4,867
2030 and Thereafter	7,361
Total	88,791
Future Accretion to Income Property Revenue
Future Accretion to Income Property Revenue
Remainder of 2024	29
2025	(29)
2026	(116)
2027	(859)
2028	(814)
2029	305
2030 and Thereafter	1,494
Total	$ 10

DESCRIPTION OF BUSINESS (Details) a in Thousands, $ in Thousands, ft² in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) a ft² property country state loan	Dec. 31, 2023 USD ($)
Real Estate Properties
Number of commercial loan investments \| loan	4
Investment in Alpine Income Property Trust, Inc. \| $	$ 42,997	$ 39,445
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Real Estate Properties
Investment in Alpine Income Property Trust, Inc. \| $	$ 42,997	$ 39,445
Investment ownership percentage (as a percent)	15.30%
Conversion ratio on merger	1
Florida
Real Estate Properties
Number of states in which entity operates \| country	19
Subsurface area of portfolio of mineral interests \| a	352
Commercial
Real Estate Properties
Number of real estate properties \| property	22
Number of states in which entity operates \| state	7
Gross leasable space \| ft²	4.6
Number of preferred equity investment \| property	2

Document and Entity Information - $ / shares	9 Months Ended
Document and Entity Information - $ / shares	Sep. 30, 2024	Oct. 17, 2024
Document Information [Line Items]
Entity Central Index Key	0000023795
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-11350
Entity Registrant Name	CTO REALTY GROWTH, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	59-0483700
Entity Address, Address Line One	369 N. New York Avenue,
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Winter Park
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32789
City Area Code	386
Local Phone Number	274-2202
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Listing, Par Value Per Share	$ 0.01
Entity Common Stock, Shares Outstanding		29,976,153
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CTO
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01
Cumulative Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6.375% Series A Cumulative Redeemable
Trading Symbol	CTO-PA
Security Exchange Name	NYSE
Entity Listing, Par Value Per Share	$ 0.01

INCOME TAXES (Details) $ in Millions		12 Months Ended
INCOME TAXES (Details) $ in Millions	Jan. 01, 2024 subsidiary	Dec. 31, 2023 subsidiary	Dec. 31, 2020 USD ($)
INCOME TAXES
Number of taxable REIT subsidiaries \| subsidiary	1	2
Deferred tax benefit \| $			$ 82.5

LONG-TERM DEBT - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
LONG-TERM DEBT
Interest expense	$ 5,348	$ 6,036	$ 15,888	$ 15,318
Amortization of Deferred Financing Costs	245	242	758	724
Amortization of Discount on Convertible Notes	39	40	119	119
Total Interest Expense	5,632	6,318	16,765	16,161
Total Interest Paid	$ 4,986	$ 5,589	$ 15,640	$ 15,178

EQUITY

9 Months Ended

Sep. 30, 2024

EQUITY

EQUITY

NOTE 12. EQUITY

SHELF REGISTRATION

On April 1, 2021, the Company filed a shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $350.0 million (the “2021 Registration Statement”). The Securities and Exchange Commission declared the 2021 Registration Statement effective on April 19, 2021.

On October 11, 2022, the Company filed a new shelf registration statement on Form S-3, relating to the registration and potential issuance of its common stock, preferred stock, debt securities, warrants, rights, and units with a maximum aggregate offering price of up to $500.0 million (the “2022 Registration Statement”). The Securities and Exchange Commission declared the 2022 Registration Statement effective on October 26, 2022. The 2021 Registration Statement was terminated concurrently with the effectiveness of the 2022 Registration Statement.

EQUITY OFFERING

On December 5, 2022, the Company completed a follow-on public offering of 3,450,000 shares of common stock, which included the full exercise of the underwriters’ option to purchase an additional 450,000 shares of common stock. Upon closing, the Company issued 3,450,000 shares and received net proceeds of $62.4 million, after deducting the underwriting discount and expenses.

ATM PROGRAM

On April 30, 2021, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2021 ATM Program”) pursuant to which the Company sold shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 961,261 shares under the 2021 ATM Program for gross proceeds of $21.1 million at a weighted average price of $21.99 per share, generating net proceeds of $20.8 million after deducting transaction fees totaling less than $0.3 million. The Company was not active under the 2021 ATM Program during the year ended December 31, 2021. The 2021 ATM Program was terminated in connection with the establishment of the 2022 ATM Program (hereinafter defined).

On October 28, 2022, the Company implemented a $150.0 million “at-the-market” equity offering program (the “2022 ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s common stock. During the year ended December 31, 2022, the Company sold 604,765 shares under the 2022 ATM Program for gross proceeds of $12.3 million at a weighted average price of $20.29 per share, generating net proceeds of $12.1 million after deducting transaction fees totaling $0.2 million. The Company was not active under the 2022 ATM Program during the year ended December 31, 2023. During the nine months ended September 30, 2024, the Company sold 7,226,192 shares under the 2022 ATM Program for gross proceeds of $134.2 million at a weighted average price of $18.57 per share, generating net proceeds of $132.2 million after deducting transaction fees of $2.0 million. As of September 30, 2024, $3.6 million of availability remained under the 2022 ATM Program.

PREFERRED STOCK

On June 28, 2021, the Company priced a public offering of 3,000,000 shares of its 6.375% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The offering closed on July 6, 2021 and generated total net proceeds to the Company of $72.4 million, after deducting the underwriting

discount and expenses.

On April 4, 2024, the Company priced a public offering of 1,500,000 additional shares of the Series A Preferred Stock, liquidation preference $25.00 per share, at a public offering price of $20.00 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of the Series A Preferred Stock to cover over-allotments, which the underwriters exercised with respect to 218,417 shares on April 9, 2024. Upon closing on April 11, 2024, 1,718,417 shares of the Series A Preferred Stock (including the 218,417 shares of Series A Preferred Stock issued pursuant to the underwriters’ option) were issued generating net proceeds of $33.1 million, after deducting the underwriting discount and offering expenses payable by the Company.

On August 23, 2024, the Company implemented a $24.5 million “at-the-market” preferred stock equity offering program (the “2024 Preferred Stock ATM Program”) pursuant to which the Company may sell, from time to time, shares of the Company’s 6.375% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share. During the nine months ended September 30, 2024, the Company sold 15,844 shares under the 2024 Preferred Stock ATM Program generating net proceeds of $0.4 million at a weighted average price of $23.22 per share after deducting transaction fees of less than $0.1 million. As of September 30, 2024, $24.1 million of availability remained under the 2024 Preferred Stock ATM Program.

The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company. The Series A Preferred Stock has no maturity date and will remain outstanding unless redeemed.

The Series A Preferred Stock is not redeemable by the Company prior to July 6, 2026 except under limited circumstances intended to preserve the Company’s qualification as a REIT for U.S. federal income tax purposes or upon the occurrence of a change of control, as defined in the Articles Supplementary designating the Series A Preferred Stock (the “Articles Supplementary”). Upon such change in control, the Company may redeem, at its election, the Series A Preferred Stock at a redemption price of $25.00 per share plus any accumulated and unpaid dividends up to, but excluding the date of redemption, and in limited circumstances, the holders of preferred stock shares may convert some or all of their Series A Preferred Stock into shares of the Company’s common stock at conversion rates set forth in the Articles Supplementary.

See Note 14, “Share Repurchases” for the Company’s Series A Preferred Stock repurchase activity.

DIVIDENDS

The Company elected to be taxed as a REIT for U.S. federal income tax purposes under the Code commencing with its taxable year ended December 31, 2020. In order to maintain its qualification as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, determined without regard to the deduction for dividends paid and excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate U.S. federal income taxes payable by the Company. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the

Company may generate operating cash flow in excess of its dividends, or alternatively, may elect to make dividend payments in excess of operating cash flows.

The following table outlines dividends declared and paid for each issuance of CTO’s stock during the three and nine months ended September 30, 2024 and 2023 (in thousands, except per share data):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Series A Preferred Stock
Dividends	$	1,878	$	1,195	$	4,936	$	3,585
Per Share	$	0.40	$	0.40	$	1.20	$	1.20

Common Stock
Dividends	$	11,030	$	8,544	$	28,339	$	25,744
Per Share	$	0.38	$	0.38	$	1.14	$	1.14

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ 6,599	$ 11,770
Investment Securities	42,997	39,445
Recurring basis
Fair value of assets
Investment Securities	42,997	39,445
Recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair value of assets
Investment Securities	42,997	39,445
Recurring basis \| 2026 Term Loan One \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	902	2,813
Recurring basis \| 2026 Term Loan One \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	902	2,813
Recurring basis \| 2027 Term loan \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,984	5,759
Recurring basis \| 2027 Term loan \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	2,984	5,759
Recurring basis \| 2028 Term Loan \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(3,034)	(1,994)
Recurring basis \| 2028 Term Loan \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(3,034)	(1,994)
Recurring basis \| 2029 Term Loan \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(337)
Recurring basis \| 2029 Term Loan \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(337)
Recurring basis \| Credit Facility Interest Rate Swap \| Interest Rate Swap
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	(920)	313
Recurring basis \| Credit Facility Interest Rate Swap \| Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair value of assets
Cash Flow Hedge - Interest Rate Swap	$ (920)	$ 313

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table presents the carrying value and estimated fair value of the Company’s financial instruments not carried at fair value on the consolidated balance sheets at September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,172	$	8,172	$	10,214	$	10,214
Restricted Cash - Level 1	$	1,696	$	1,696	$	7,605	$	7,605
Commercial Loans and Investments - Level 2	$	103,014	$	106,799	$	61,849	$	63,261
Long-Term Debt - Level 2	$	526,838	$	510,842	$	495,370	$	473,807

To determine estimated fair values of the financial instruments listed above, market rates of interest, which include credit assumptions, were used to discount contractual cash flows. The estimated fair values are not necessarily indicative of the amount the Company could realize on disposition of the financial instruments. The use of different market assumptions or estimation methodologies could have a material effect on the estimated fair value amounts.

The following table presents the fair value of assets measured on a recurring basis by level as of September 30, 2024 and December 31, 2023 (in thousands). See Note 16, “Interest Rate Swaps” for further disclosure related to the Company’s interest rate swaps.


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	902	$	—	$	902	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	2,984	$	—	$	2,984	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(3,034)	$	—	$	(3,034)	$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(337)	$	—	$	(337)	$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	(920)	$	—	$	(920)	$	—
Investment Securities	$	42,997	$	42,997	$	—	$	—
December 31, 2023
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	2,813	$	—	$	2,813	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	5,759	$	—	$	5,759	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,994)	$	—	$	(1,994)	$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	313	$	—	$	313	$	—
Investment Securities	$	39,445	$	39,445	$	—	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

LONG-TERM DEBT

NOTE 15. LONG-TERM DEBT

As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate		Wtd. Avg. Rate as of September 30, 2024
Credit Facility ⁽¹⁾	$	95,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		5.82%
2026 Term Loan ⁽²⁾		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]		2.72%
2027 Term Loan ⁽³⁾		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		2.80%
2028 Term Loan ⁽⁴⁾		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]		5.18%
2029 Term Loan ⁽⁵⁾		100,000	September 2029		SOFR + 0.10% + [1.20% - 2.15%]		4.68%
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%		3.88%
Mortgage Note Payable		17,800	August 2026		4.060%		4.06%
Total Long-Term Face Value Debt	$	528,834					4.28%

⁽¹⁾

Prior to September 30, 2024, the Company utilized interest rate swaps on $150.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.47% plus the 10 bps SOFR adjustment plus the applicable spread. Effective September 30, 2024, the Company redesignated $100.0 million of interest rate swaps to the 2029 Term Loan. Accordingly, as of September 30, 2024, the Company utilized interest rate swaps on $50.0 million of the Credit Facility balance to fix SOFR and achieve a weighted average fixed swap rate of 3.85% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽²⁾ The Company utilized interest rate swaps on the $65.0 million 2026 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 1.27% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.

Credit Facility. The Credit Facility, with Bank of Montreal (“BMO”) as the administrative agent for the lenders thereunder, is unsecured with regard to our income property portfolio but is guaranteed by certain wholly owned subsidiaries of the Company. The Credit Facility bank group is led by BMO and also includes Truist Bank and Wells Fargo. On September 7, 2017, the Company executed the second amendment and restatement of the Credit Facility (the “2017 Amended Credit Facility” and, as amended, the “Credit Agreement”). As a result of the March 2021 Revolver Amendment and the Eighth Amendment, both as defined below, The Huntington National Bank, PNC Bank, National Association, and Regions Bank, were added as lenders to the Company’s Credit Facility.

On May 24, 2019, the Company executed the second amendment to the 2017 Amended Credit Facility (the “May 2019 Revolver Amendment”). As a result of the May 2019 Revolver Amendment, the Credit Facility had a total borrowing capacity of $200.0 million with the ability to increase that capacity up to $300.0 million during the term, subject to lender approval. The Credit Facility provides the lenders with a security interest in the equity of the Company subsidiaries that own the properties included in the borrowing base. The indebtedness outstanding under the Credit Facility accrues interest at a rate ranging from SOFR plus 0.10% plus 125 basis points to SOFR plus 0.10% plus 220 basis points based on the total balance outstanding under the Credit Facility as a percentage of the total asset value of the Company, as defined in the 2017 Amended Credit Facility, as amended by the Eighth Amendment. The Credit Facility also accrues a fee of 15 to 25 basis points for any unused portion of the borrowing capacity based on whether the unused portion is greater or less than 50% of the total borrowing capacity. Pursuant to the Eighth Amendment, the Credit Facility matures on January 31, 2027, with the ability to extend the term for 1 year.

On November 26, 2019, the Company entered into the third amendment to the 2017 Amended Credit Facility (the “November 2019 Revolver Amendment”), which further amends the 2017 Amended Credit Facility. The November 2019 Revolver Amendment included, among other things, an adjustment of certain financial maintenance covenants, including a temporary reduction of the minimum fixed charge coverage ratio to allow the Company to redeploy the proceeds received from the sale of certain income properties to PINE, and an increase in the maximum amount the Company may invest in stock and stock equivalents of real estate investment trusts to allow the Company to invest in PINE’s common stock and OP Units.

On July 1, 2020, the Company entered into the fourth amendment to the 2017 Amended Credit Facility (the “July 2020 Revolver Amendment”) whereby the tangible net worth covenant was adjusted to be more reflective of market terms. The July 2020 Revolver Amendment was effective as of March 31, 2020.

On November 12, 2020, the Company entered into the fifth amendment to the 2017 Amended Credit Facility (the “November 2020 Revolver Amendment”). The November 2020 Revolver Amendment provided that, among other things, (i) the Company must comply with certain adjusted additional financial maintenance requirements, including (x) a new restricted payments covenant which limits the type and amount of cash distributions that may be made by the Company and (y) an adjusted fix charges ratio, which now excludes certain onetime expenses for purposes of calculation and (ii) the Company must, from and after the date that the Company elects to qualify as a REIT, maintain its status as a REIT.

On March 10, 2021, the Company entered into the sixth amendment to the 2017 Amended Credit Facility (the “March 2021 Revolver Amendment”). The March 2021 Revolver Amendment included, among other things, (i) increase of the revolving credit commitment from $200.0 million to $210.0 million, (ii) addition of a term loan in the aggregate amount of $50.0 million (the “2026 Term Loan”), (iii) updates to certain financing rate provisions provided therein, and (iv) joinder of The Huntington National Bank as a 2026 Term Loan lender and Credit Facility lender. The March 2021 Revolver Amendment also includes accordion options that allow the Company to request additional 2026 Term Loan lender commitments up to a total of $150.0 million and additional Credit Facility lender commitments up to a total of $300.0 million. During the six months ended June 30, 2021, the Company exercised the 2026 Term Loan accordion option for $15.0 million, increasing total lender commitments to $65.0 million.

On November 5, 2021, the Company entered into the seventh amendment to the 2017 Amended Credit Facility (the “November 2021 Revolver Amendment”). The November 2021 Revolver Amendment included, among other things, (i) addition of a term loan in the aggregate amount of $100.0 million (the “2027 Term Loan”) and (ii) joinder of KeyBank National Association, Raymond James Bank, and Synovus Bank as 2027 Term Loan lenders. The November 2021 Revolver Amendment also includes an accordion option that allows the Company to request additional term loan lender commitments up to a total of $400.0 million in the aggregate.

On September 20, 2022, the Company entered into the eighth amendment to the 2017 Amended Credit Facility (the “Eighth Amendment”), which includes among other things: (i) the origination of a term loan, in the amount of $100.0 million (the “2028 Term Loan”), (ii) the increase of the revolving credit commitment from up to $210.0 million to up to $300.0 million, (iii) an accordion option that allows the Company to request additional revolving loan commitments and additional term loan commitments, provided, (a) the aggregate amount of revolving loan commitments shall not exceed $750,000,000 and (b) the aggregate amount of term loan commitments shall not exceed $500,000,000, (iv) an extension of the maturity date to January 31, 2027, (v) a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions based on its performance against certain sustainability performance targets, (vi) the release of the Pledge Collateral, as defined in the Eighth Amendment, and (vii) the joinder of PNC Bank, National

Association (“PNC”) as a Term Loan Lender, as defined in the Credit Agreement, and PNC and Regions Bank as Revolving Lenders, as defined in the Credit Agreement.

On December 20, 2023, the Company entered into the ninth amendment to the 2017 Amended Credit Facility (the “Ninth Amendment”), which revises certain non-monetary limitations as described in more detail in the Ninth Amendment.

At September 30, 2024, the current commitment level under the Credit Facility was $300.0 million, and the undrawn commitment under the Credit Facility totaled $205.0 million. As of September 30, 2024, the Credit Facility had a $95.0 million balance outstanding.

The Credit Facility is subject to customary restrictive covenants including, but not limited to, limitations on the Company’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 Company is subject to various financial maintenance covenants including, but not limited to, a maximum indebtedness ratio, a maximum secured indebtedness ratio, and a minimum fixed charge coverage ratio. The Credit Facility also contains affirmative covenants and events of default including, but not limited to, a cross default to the Company’s other indebtedness and upon the occurrence of a change in control. The Company’s failure to comply with these covenants or the occurrence of an event of default could result in acceleration of the Company’s debt and other financial obligations under the Credit Facility.

2029 Term Loan. On September 30, 2024, the Company and certain subsidiaries of the Company entered into a credit agreement with KeyBank National Association, as administrative agent, and certain other lenders named therein, for a term loan (the “2029 Term Loan”) in an aggregate principal amount of $100.0 million with a maturity of five years. The 2029 Term Loan bears interest at SOFR plus a spread based on the Company’s leverage ratio. The Company applied existing SOFR swap agreements, previously used to fix the interest rate on $100.0 million of borrowings under the Company’s revolving credit facility, to the 2029 Term Loan resulting in an initial effective fixed interest rate on the 2029 Term Loan of 4.68%.

Mortgage Notes Payable. On March 3, 2022, in connection with the acquisition of Price Plaza Shopping Center, the Company assumed an existing $17.8 million secured fixed-rate mortgage note payable, which bears interest at a fixed rate of 4.06% and matures in August 2026.

Convertible Debt. The Company had an initial aggregate principal amount of $75.0 million of 3.875% Convertible Notes (the “2025 Notes”). During the year ended December 31, 2020, the Company repurchased $12.5 million aggregate principal amount of 2025 Notes at a $2.6 million discount, resulting in a gain on extinguishment of debt of $1.1 million. During the year ended December 31, 2021, the Company repurchased $11.4 million aggregate principal amount of 2025 Notes at a $1.6 million premium, resulting in a loss on extinguishment of debt of $2.9 million. Following these repurchases, $51.0 million aggregate principal amount of the 2025 Notes remains outstanding at September 30, 2024.

On February 16, 2023, the Company’s Board of Directors approved a 2025 Notes repurchase program, which is expected to be in effect until the approved dollar amount has been used to repurchase 2025 Notes (the “2025 Notes Repurchase Program”). Pursuant to the 2025 Notes Repurchase Program, the Company may repurchase, in one or more transactions, 2025 Notes in the aggregate principal amount of not more than $4.74 million. The 2025 Notes Repurchase Program does not obligate the Company to acquire any particular amount of 2025 Notes and may be modified or suspended. The Company was not active under the 2025 Notes Repurchase Program during the nine months ended September 30, 2024 and 2023.

The 2025 Notes represent senior unsecured obligations of the Company and pay interest semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2020, at a rate of 3.875% per annum. The 2025 Notes mature on April 15, 2025 and may not be redeemed by the Company prior to the maturity date. The conversion rate for the 2025 Notes was initially 12.7910 shares of the Company’s common stock per $1,000 of principal of the 2025 Notes (equivalent to an initial conversion price of $78.18 per share of the Company’s common stock). The initial conversion price of the 2025 Notes represented a premium of 20% to the $65.15 closing sale price of the Company’s common stock on the NYSE American on January 29, 2020. If the Company’s Board increases the quarterly dividend above the $0.13 per share in place at issuance, the conversion rate is adjusted with each such increase in the quarterly dividend amount. After the third quarter 2024 dividend, the conversion rate is equal to 71.3007 shares of common stock for each $1,000 principal amount of 2025 Notes, which represents an adjusted conversion price of $14.03 per share of common stock. At the maturity date, the Company is required to settle the 2025 Notes in cash. Should certain corporate transactions or events occur prior to the

stated maturity date, the Company will increase the conversion rate for a holder that elects to convert its 2025 Notes in connection with such corporate transaction or event.

The conversion rate is subject to adjustment in certain circumstances. Holders may not surrender their 2025 Notes for conversion prior to January 15, 2025 except upon the occurrence of certain conditions relating to the closing sale price of the Company’s common stock, the trading price per $1,000 principal amount of 2025 Notes, or specified corporate events including a change in control of the Company. The Company may not redeem the 2025 Notes prior to the stated maturity date and no sinking fund is provided for the 2025 Notes. In the event a holder surrenders its 2025 Notes for conversion, the Company may, at its election, settle the conversion in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. The Company’s ultimate election regarding settlement of 2025 Notes upon any conversion thereof will be made based on a variety of factors, including but not limited to economic and market conditions, and the Company’s liquidity. At time of issuance, in accordance with U.S. GAAP, the 2025 Notes were accounted for as a liability with a separate equity component recorded for the conversion option. The equity component was eliminated on January 1, 2022 with the 2025 Notes Adjustment.

As of September 30, 2024, the unamortized debt discount of our 2025 Notes was $0.1 million, which represents the cash component of the discount.

Long-term debt consisted of the following (in thousands):


	September 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	95,000	$	—	$	163,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		100,000		—
2029 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,949		—		50,830		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,911)		—		(1,260)		—
Total Long-Term Debt	$	526,838	$	—	$	495,370	$	—

Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands):


As of September 30, 2024	Amount
Remainder of 2024	$	—
2025		51,034
2026		82,800
2027		195,000
2028		100,000
2029		100,000
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	528,834

The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands):


	Total
Current Face Amount	$	528,834
Unamortized Discount on Convertible Debt		(85)
Financing Costs, net of Accumulated Amortization		(1,911)
Total Long-Term Debt	$	526,838

In addition to the $1.9 million of financing costs, net of accumulated amortization included in the table above, as of September 30, 2024, the Company also had financing costs, net of accumulated amortization related to the Credit Facility of $1.3 million which is included in other assets on the consolidated balance sheets. These costs are amortized on a straight-line basis over the term of the Credit Facility and are included in interest expense in the Company’s accompanying consolidated statements of operations.

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Expense	$	5,348	$	6,036	$	15,888	$	15,318
Amortization of Deferred Financing Costs		245		242		758		724
Amortization of Discount on Convertible Notes		39		40		119		119
Total Interest Expense	$	5,632	$	6,318	$	16,765	$	16,161

Total Interest Paid ⁽¹⁾	$	4,986	$	5,589	$	15,640	$	15,178

⁽¹⁾	^{Net of capitalized interest of}^$0.1^{million during the three and nine months ended September 30, 2024 and capitalized interest of}^$0.1^{million and}^$0.2^{million during the three and nine months ended September 30, 2023, respectively.}

The Company was in compliance with all of its debt covenants as of September 30, 2024 and December 31, 2023.

EQUITY - General Information (Details) - USD ($)								9 Months Ended	12 Months Ended
EQUITY - General Information (Details) - USD ($)	Aug. 23, 2024	Apr. 11, 2024	Apr. 09, 2024	Apr. 04, 2024	Dec. 05, 2022	Jul. 06, 2021	Jun. 28, 2021	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 28, 2022	Oct. 11, 2022	Apr. 30, 2021	Apr. 01, 2021
Class of Stock
Aggregate offering price												$ 500,000,000.0		$ 350,000,000.0
Dividend rate (as a percent)								6.375%	6.375%
Preferred Stock, par value (in dollars per share)								$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)								$ 25.00	$ 25.00
Gross Proceeds								$ 32,996,000
At Market Offering Program
Class of Stock
Authorized share value													$ 150,000,000.0
Units issued										961,261
Gross proceeds from issuance of common stock										$ 21,100,000
Total net proceeds										$ 20,800,000
Shares issued during period, weighted-average price per share (in dollars per share)										$ 21.99
Transaction fees										$ 300,000
At Market Offering Program 2022
Class of Stock
Authorized share value											$ 150,000,000.0
Units issued								7,226,192		604,765
Gross proceeds from issuance of common stock								$ 134,200,000		$ 12,300,000
Total net proceeds								$ 132,200,000		$ 12,100,000
Shares issued during period, weighted-average price per share (in dollars per share)								$ 18.57		$ 20.29
Transaction fees								$ 2,000,000.0		$ 200,000
Remaining authorized share value								3,600,000
At Market Offering Program 2024 \| Series A cumulative redeemable preferred stock
Class of Stock
Purchase price of shares								$ 15,844
Authorized share value	$ 24,500,000
Dividend rate (as a percent)	6.375%
Preferred Stock, par value (in dollars per share)	$ 0.01
Shares issued during period, weighted-average price per share (in dollars per share)								$ 23.22
Transaction fees								$ 100,000
Preferred stock, liquidation preference (in dollars per share)	$ 25.00
Gross Proceeds								400,000
Remaining authorized share value								$ 24,100,000
Follow on Public Offering
Class of Stock
Share price (in dollars per share)							$ 25.00
Units issued					3,450,000		3,000,000
Dividend rate (as a percent)							6.375%
Total net proceeds					$ 62,400,000	$ 72,400,000
Preferred stock, redemption price per share							$ 25.00
Preferred Stock, Capital Shares Reserved for Future Issuance				1,500,000
Follow on Public Offering \| Series A preferred stock
Class of Stock
Units issued		1,718,417
Public Offering
Class of Stock
Shares issued price per share				$ 20.00
Preferred stock, liquidation preference (in dollars per share)				$ 25.00
Gross Proceeds		$ 33,100,000
Over-Allotment option
Class of Stock
Units issued					450,000
Underwriters Option Period to Exercise the Grant				30 days
Over-Allotment option \| Series A preferred stock
Class of Stock
Units issued		218,417	218,417
Over-Allotment option \| Maximum
Class of Stock
Preferred Stock, Capital Shares Reserved for Future Issuance				225,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Issued Accounting Standards (Details)	Sep. 30, 2024
Accounting Standards Update 2023-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false
Accounting Standards Update 2023-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted	false

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477123/405-50-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479845/805-20-65-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479845/805-20-65-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (a)
-SubTopic 10
-Topic 326
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-3

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (b)
-SubTopic 10
-Topic 326
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-9

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477123/405-50-65-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482477/820-10-65-13

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-5

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-6

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479845/805-20-65-3

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479845/805-20-65-3

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479845/805-20-65-3

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479832/842-10-65-5

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-6

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 69: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 70: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 71: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 72: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 73: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 74: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482615/740-10-65-8

Reference 75: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 76: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 77: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 78: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 79: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 80: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483194/926-20-65-2

Reference 81: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 82: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 83: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 84: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 85: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 86: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483421/250-10-45-6

Reference 87: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 88: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 89: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 90: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 91: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 92: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 93: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 94: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 95: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 96: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 97: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 98: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480424/946-10-50-3

Reference 99: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 100: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

+ Details

REAL ESTATE OPERATIONS - Subsurface Interests (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($) a	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) a	Dec. 31, 2023 a
Surface land over subsurface interests
Subsurface interests
Area of land (in acres) \| a				352,000
Revenue recognized for cash payments for the release of surface entry rights		$ 0.1	$ 0.5
Real Estate Operations \| Subsurface Revenue, Land Sales
Subsurface interests
Revenue from contract with customer, including assessed tax	$ 0.6	0.0	$ 1.0
Area of land sold (in acres) \| a	465		3,481
Real Estate Operations \| Surface land over subsurface interests \| Subsurface Revenue, Land Sales
Subsurface interests
Revenue from contract with customer, including assessed tax		5.0
Gain on Sale		$ 4.5

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flow from Operating Activities:
Net Income (Loss) Attributable to the Company	$ 13,252	$ (1,507)
Adjustments to Reconcile Net Income (Loss) Attributable to the Company to Net Cash Provided by Operating Activities:
Depreciation and Amortization	35,701	32,814
Amortization of Intangible Liabilities to Income Property Revenue	830	1,793
Amortization of Deferred Financing Costs to Interest Expense	758	724
Amortization of Discount on Convertible Debt	119	119
Gain on Disposition of Real Estate and Intangible Lease Assets and Liabilities	(3,763)	(3,565)
Gain on Disposition of Subsurface Interests	(4,545)
Provision for Impairment	653	1,408
Accretion of Commercial Loans and Investments Origination Fees	(129)	(105)
Non-Cash Imputed Interest	(22)	(22)
Deferred Income Taxes	(10)	167
Unrealized Loss (Gain) on Investment Securities	(2,250)	5,663
Extinguishment of Contingent Obligation		(2,300)
Non-Cash Compensation	2,887	2,802
Decrease (Increase) in Assets:
Refundable Income Taxes	229	18
Land and Development Costs	2	(13)
Mitigation Credits and Mitigation Credit Rights	1,044	709
Other Assets	(3,985)	(3,792)
Increase (Decrease) in Liabilities:
Accounts Payable	(684)	1,424
Accrued and Other Liabilities	4,775	3,092
Deferred Revenue	971	516
Net Cash Provided By Operating Activities	45,833	39,945
Cash Flow from Investing Activities:
Acquisition of Real Estate and Intangible Lease Assets and Liabilities	(207,757)	(82,810)
Investments in and Improvements to Real Estate	(9,229)	(17,778)
Acquisition of Commercial Loans and Investments	(60,206)	(17,477)
Proceeds from Disposition of Property, Plant, and Equipment, Net, and Assets Held for Sale	37,157	21,689
Proceeds from Disposition of Subsurface Interests	4,974
Principal Payments Received on Commercial Loans and Investments	18,517	986
Acquisition of Investment Securities	(447)	(2,883)
Proceeds from the Sale of Investment Securities	1,655
Net Cash Used In Investing Activities	(215,336)	(98,273)
Cash Flow From Financing Activities:
Proceeds from Long-Term Debt	318,000	132,850
Payments on Long-Term Debt	(286,000)	(30,600)
Cash Paid for Loan Fees	(989)	(132)
Cash Received Exercise of Stock Options and Common Stock Issuance	558	308
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	32,996
Cash Used to Purchase Common and Preferred Stock	(664)	(5,172)
Cash Paid for Vesting of Restricted Stock	(1,274)	(1,028)
Proceeds from (Cash Paid for) Issuance of Common and Preferred Stock, Net	132,200	(130)
Dividends Paid - Preferred Stock	(4,936)	(3,585)
Dividends Paid - Common Stock	(28,339)	(25,744)
Net Cash Provided By Financing Activities	161,552	66,767
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(7,951)	8,439
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	17,819	21,194
Cash, Cash Equivalents and Restricted Cash, End of Period	9,868	29,633
Reconciliation of Cash to the Consolidated Balance Sheets:
Cash and Cash Equivalents	8,172	7,015
Restricted Cash	1,696	22,618
Total Cash	$ 9,868	$ 29,633

PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
PROVISION FOR IMPAIRMENT (Details) - USD ($) $ in Thousands	Apr. 18, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Impairment of Long-Lived Assets
Impairment Charges		$ 538	$ 929	$ 653	$ 1,408
Mortgage Note - Sabal Pavilion - Tampa, FL
Impairment of Long-Lived Assets
Comprised charges related to the discount	$ 200			200
Income Properties
Impairment of Long-Lived Assets
Impairment Charges		$ 0		0
Interest Income From Commercial Loans and Investments
Impairment of Long-Lived Assets
Impairment Charges				700	500
Net increase in principal outstanding				500
Interest Income From Commercial Loans and Investments \| Mortgage Note - Sabal Pavilion - Tampa, FL
Impairment of Long-Lived Assets
Comprised charges related to the discount				$ 200
Income Property, Westcliff Shopping Center, Fort Worth, Texas \| Income Properties \| Disposal group, Not discontinued operations \| 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges			$ 900		900
Income Property, Westcliff Shopping Center, Fort Worth, Texas \| Income Properties \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2023 Dispositions, Income Properties
Impairment of Long-Lived Assets
Impairment Charges					$ 900

BUSINESS SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2024

BUSINESS SEGMENT DATA

Schedule of operations in different segments

Information about the Company’s operations in different segments for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues:
Income Properties	$	28,528	$	25,183	$	79,029	$	70,373
Management Fee Income		1,124		1,094		3,360		3,294
Interest Income From Commercial Loans and Investments		1,615		1,114		4,407		2,965
Real Estate Operations		538		1,079		1,981		2,602
Total Revenues	$	31,805	$	28,470	$	88,777	$	79,234
Operating Income:
Income Properties	$	20,731	$	18,123	$	56,399	$	49,490
Management Fee Income		1,124		1,094		3,360		3,294
Interest Income From Commercial Loans and Investments		1,615		1,114		4,407		2,965
Real Estate Operations		179		927		544		1,726
General and Corporate Expense		(17,296)		(15,108)		(47,451)		(43,307)
Provision for Impairment		(538)		(929)		(653)		(1,408)
Gain (Loss) on Disposition of Assets		(855)		2,464		8,308		3,565
Total Operating Income	$	4,960	$	7,685	$	24,914	$	16,325
Depreciation and Amortization:
Income Properties	$	13,204	$	11,651	$	35,650	$	32,769
Corporate and Other		17		18		51		45
Total Depreciation and Amortization	$	13,221	$	11,669	$	35,701	$	32,814
Capital Expenditures:
Income Properties	$	138,850	$	11,010	$	216,969	$	100,333
Commercial Loans and Investments		53,176		50		60,206		17,477
Corporate and Other		2		4		17		255
Total Capital Expenditures	$	192,028	$	11,064	$	277,192	$	118,065

Identifiable assets of each segment as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Identifiable Assets:
Income Properties	$	1,049,915	$	887,345
Management Services		1,371		1,395
Commercial Loans and Investments		103,358		62,099
Real Estate Operations		889		2,343
Corporate and Other		20,591		36,486
Total Assets	$	1,176,124	$	989,668

INCOME PROPERTIES - Leasing Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leasing Revenue
Lease Payments	$ 21,143	$ 19,547	$ 58,841	$ 55,187
Variable Lease Payments	7,385	5,636	20,188	15,186
Total Leasing Revenue	$ 28,528	$ 25,183	$ 79,029	$ 70,373
Operating Lease, Lease Income, Statement of Income or Comprehensive Income	Revenues	Revenues	Revenues	Revenues

ACCRUED AND OTHER LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

ACCRUED AND OTHER LIABILITIES

Schedule of components of accrued and other liabilities

Accrued and other liabilities consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accrued Property Taxes	$	8,044	$	2,090
Reserve for Tenant Improvements		1,386		1,168
Tenant Security Deposits		2,764		2,301
Accrued Construction Costs		691		1,170
Accrued Interest		1,091		773
Environmental Reserve		47		54
Cash Flow Hedge - Interest Rate Swaps		7,004		4,879
Operating Leases - Liability		320		417
Other		5,054		5,521
Total Accrued and Other Liabilities	$	26,401	$	18,373

REAL ESTATE OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2024

REAL ESTATE OPERATIONS

Summary of land and development costs

Land and development costs at September 30, 2024 and December 31, 2023 were as follows (in thousands):


	As of
	September 30, 2024		December 31, 2023
Land and Development Costs	$	300	$	358
Subsurface Interests		—		373
Total Land and Development Costs	$	300	$	731

INCOME PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2024

ASSETS HELD FOR SALE

Schedule of components of leasing revenue

The components of leasing revenue are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Leasing Revenue
Lease Payments	$	21,143	$	19,547	$	58,841	$	55,187
Variable Lease Payments		7,385		5,636		20,188		15,186
Total Leasing Revenue	$	28,528	$	25,183	$	79,029	$	70,373

Schedule of minimum future base rental revenue on non-cancelable leases

Minimum future base rental receipts under non-cancelable operating leases, excluding percentage rent and other lease payments that are not fixed and determinable, having remaining terms in excess of one year subsequent to September 30, 2024, are summarized as follows (in thousands):


Year Ending December 31,	Amounts
Remainder of 2024	$	22,910
2025		87,000
2026		78,802
2027		66,802
2028		54,079
2029		40,515
2030 and Thereafter (Cumulative)		106,608
Total	$	456,716

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate:
Land, at Cost	$ 253,742	$ 222,232
Building and Improvements, at Cost	691,055	559,389
Other Furnishings and Equipment, at Cost	874	857
Construction in Process, at Cost	4,838	3,997
Total Real Estate, at Cost	950,509	786,475
Less, Accumulated Depreciation	(70,545)	(52,012)
Real Estate-Net	879,964	734,463
Land and Development Costs	300	731
Intangible Lease Assets-Net	107,658	97,109
Investment in Alpine Income Property Trust, Inc.	42,997	39,445
Mitigation Credits		1,044
Commercial Loans and Investments	103,014	61,849
Cash and Cash Equivalents	8,172	10,214
Restricted Cash	1,696	7,605
Refundable Income Taxes	18	246
Deferred Income Taxes-Net	2,019	2,009
Other Assets-See Note 11	30,286	34,953
Total Assets	1,176,124	989,668
Liabilities:
Accounts Payable	2,075	2,758
Accrued and Other Liabilities-See Note 17	26,401	18,373
Deferred Revenue-See Note 18	6,171	5,200
Intangible Lease Liabilities-Net	18,857	10,441
Long-Term Debt	526,838	495,370
Total Liabilities	580,342	532,142
Commitments and Contingencies-See Note 21
Stockholders' Equity:
Preferred Stock - 100,000,000 shares authorized; $0.01 par value, 6.375% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 4,713,069 shares issued and outstanding at September 30, 2024 and 2,978,808 shares issued and outstanding at December 31, 2023	47	30
Common Stock - 500,000,000 shares authorized; $0.01 par value, 29,971,538 shares issued and outstanding at September 30, 2024 and 22,643,034 shares issued and outstanding at December 31, 2023	300	226
Additional Paid-In Capital	334,467	168,435
Retained Earnings	261,373	281,944
Accumulated Other Comprehensive Income (Loss)	(405)	6,891
Total Stockholders' Equity	595,782	457,526
Total Liabilities and Stockholders' Equity	$ 1,176,124	$ 989,668

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

LONG-TERM DEBT

Schedule of outstanding indebtedness, at face value

As of September 30, 2024, the Company’s outstanding indebtedness, at face value, was as follows (in thousands):


	Face Value Debt		Maturity Date	Interest Rate		Wtd. Avg. Rate as of September 30, 2024
Credit Facility ⁽¹⁾	$	95,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		5.82%
2026 Term Loan ⁽²⁾		65,000	March 2026		SOFR + 0.10% + [1.25% - 2.20%]		2.72%
2027 Term Loan ⁽³⁾		100,000	January 2027		SOFR + 0.10% + [1.25% - 2.20%]		2.80%
2028 Term Loan ⁽⁴⁾		100,000	January 2028		SOFR + 0.10% + [1.20% - 2.15%]		5.18%
2029 Term Loan ⁽⁵⁾		100,000	September 2029		SOFR + 0.10% + [1.20% - 2.15%]		4.68%
3.875% Convertible Senior Notes due 2025		51,034	April 2025		3.875%		3.88%
Mortgage Note Payable		17,800	August 2026		4.060%		4.06%
Total Long-Term Face Value Debt	$	528,834					4.28%

⁽¹⁾

⁽³⁾	The Company utilized interest rate swaps on the $100.0 million 2027 Term Loan balance to fix SOFR and achieve a fixed swap rate of 1.35% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁴⁾	The Company utilized interest rate swaps on the $100.0 million 2028 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.78% plus the 10 bps SOFR adjustment plus the applicable spread.

⁽⁵⁾	The Company utilized interest rate swaps on the $100.0 million 2029 Term Loan balance to fix SOFR and achieve a weighted average fixed swap rate of 3.28% plus the 10 bps SOFR adjustment plus the applicable spread.

Schedule of components of long-term debt

Long-term debt consisted of the following (in thousands):


	September 30, 2024				December 31, 2023
	Total		Due Within One Year		Total		Due Within One Year
Credit Facility	$	95,000	$	—	$	163,000	$	—
2026 Term Loan		65,000		—		65,000		—
2027 Term Loan		100,000		—		100,000		—
2028 Term Loan		100,000		—		100,000		—
2029 Term Loan		100,000		—		—		—
3.875% Convertible Senior Notes, net of Discount		50,949		—		50,830		—
Mortgage Note Payable		17,800		—		17,800		—
Financing Costs, net of Accumulated Amortization		(1,911)		—		(1,260)		—
Total Long-Term Debt	$	526,838	$	—	$	495,370	$	—

Schedule of payments applicable to reduction of principal amounts

Payments applicable to reduction of principal amounts as of September 30, 2024 will be required as follows (in thousands):


As of September 30, 2024	Amount
Remainder of 2024	$	—
2025		51,034
2026		82,800
2027		195,000
2028		100,000
2029		100,000
2030 and Thereafter		—
Total Long-Term Debt - Face Value	$	528,834

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of September 30, 2024 consisted of the following (in thousands):


	Total
Current Face Amount	$	528,834
Unamortized Discount on Convertible Debt		(85)
Financing Costs, net of Accumulated Amortization		(1,911)
Total Long-Term Debt	$	526,838

Schedule of interest expense on debt

The following table reflects a summary of interest expense incurred and paid during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest Expense	$	5,348	$	6,036	$	15,888	$	15,318
Amortization of Deferred Financing Costs		245		242		758		724
Amortization of Discount on Convertible Notes		39		40		119		119
Total Interest Expense	$	5,632	$	6,318	$	16,765	$	16,161

Total Interest Paid ⁽¹⁾	$	4,986	$	5,589	$	15,640	$	15,178

⁽¹⁾	^{Net of capitalized interest of}^$0.1^{million during the three and nine months ended September 30, 2024 and capitalized interest of}^$0.1^{million and}^$0.2^{million during the three and nine months ended September 30, 2023, respectively.}

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

LONG-TERM DEBT - Payments Applicable to Reduction of Principal (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Payments applicable to reduction of principal amounts
2025	$ 51,034
2026	82,800
2027	195,000
2028	100,000
2029	100,000
Total Long-Term Debt - Face Value	$ 528,834

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Oct. 16, 2024	Oct. 11, 2022	Apr. 01, 2021
Subsequent Events
Shares Authorized		$ 500.0	$ 350.0
Subsequent Event
Subsequent Events
Shares Authorized	$ 500.0

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments


	September 30, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	8,172	$	8,172	$	10,214	$	10,214
Restricted Cash - Level 1	$	1,696	$	1,696	$	7,605	$	7,605
Commercial Loans and Investments - Level 2	$	103,014	$	106,799	$	61,849	$	63,261
Long-Term Debt - Level 2	$	526,838	$	510,842	$	495,370	$	473,807

Schedule of fair value of assets measured on recurring basis by Level


			Fair Value at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	902	$	—	$	902	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	2,984	$	—	$	2,984	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(3,034)	$	—	$	(3,034)	$	—
Cash Flow Hedge - 2029 Term Loan Interest Rate Swaps	$	(337)	$	—	$	(337)	$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	(920)	$	—	$	(920)	$	—
Investment Securities	$	42,997	$	42,997	$	—	$	—
December 31, 2023
Cash Flow Hedge - 2026 Term Loan Interest Rate Swaps	$	2,813	$	—	$	2,813	$	—
Cash Flow Hedge - 2027 Term Loan Interest Rate Swaps	$	5,759	$	—	$	5,759	$	—
Cash Flow Hedge - 2028 Term Loan Interest Rate Swaps	$	(1,994)	$	—	$	(1,994)	$	—
Cash Flow Hedge - Credit Facility Interest Rate Swaps	$	313	$	—	$	313	$	—
Investment Securities	$	39,445	$	39,445	$	—	$	—

COMMON STOCK AND EARNINGS PER SHARE - Summary of Common Stock and Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
COMMON STOCK AND EARNINGS PER SHARE
Net Income (Loss) Attributable to Common Stockholders, Used in Basic EPS	$ 4,349	$ 1,491	$ 8,316	$ (5,092)
Net Income (Loss) Attributable to Common Stockholders, Used in Diluted EPS	$ 4,349	$ 1,491	$ 8,316	$ (5,092)
Weighted Average Shares Outstanding, Basic (in shares)	25,445,411	22,484,561	23,601,389	22,556,642
Common Shares Applicable to Unvested Restricted Stock Using the Treasury Stock Method	76,338		23,980
Common Shares Applicable to Dilutive Effect of 2025 Notes			23,980
Weighted Average Shares Outstanding, Diluted (in shares)	25,521,749	22,484,561	23,625,369	22,556,642
Per Share Information:
Basic Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ 0.07	$ 0.35	$ (0.23)
Diluted Net Income (Loss) Attributable to Common Stockholders (in dollars per share)	$ 0.17	$ 0.07	$ 0.35	$ (0.23)

REAL ESTATE OPERATIONS - Mitigation Credits (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) item	Sep. 30, 2023 USD ($) item	Dec. 31, 2023 USD ($)
Mitigation Bank
Real Estate Properties
Mitigation credit and mitigation credit rights			$ 1.0
Mitigation Credit Sales \| Real Estate Operations
Real Estate Properties
Number of mitigation credits sold \| item	14.99	9.45
Gross Sales Price	$ 1.8	$ 1.1
Aggregate cost of sales	$ 0.5	$ 0.3

- Definition

+ References

+ Details

LONG-TERM DEBT - Convertible Notes (Details) $ / shares in Units, $ in Thousands			9 Months Ended	12 Months Ended
	Apr. 15, 2020 USD ($) $ / shares	Jan. 29, 2020 $ / shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2023 USD ($)	Feb. 16, 2023 USD ($)	Mar. 15, 2020 USD ($)
Long-term debt
Unamortized debt discount of notes			$ 85
Outstanding amount			$ 526,838			$ 495,370
3.875% Convertible Senior Notes due 2025
Long-term debt
Interest rate (as a percent)			3.875%			3.875%		3.875%
Outstanding amount			$ 50,949			$ 50,830		$ 75,000
2025 Notes maturing on April 15, 2025
Long-term debt
Debt instrument conversion ratio	12.7910		71.3007
Threshold principal amount for adjusted conversion price	$ 1		$ 1,000
Conversion price per share (in dollars per share) \| $ / shares	$ 78.18		$ 14.03
Repurchase of notes				$ 11,400	$ 12,500
Unamortized debt discount of notes				1,600	2,600
Loss on Extinguishment of Debt				$ 2,900	$ 1,100
Premium initial conversion price		20.00%
Closing share price (in dollars per share) \| $ / shares		$ 65.15
Sinking fund provided			$ 0
Dividend Declared and Paid - Common Stock (in dollars per share) \| $ / shares			$ 0.13
2025 Notes Repurchase Program \| Maximum
Long-term debt
Repurchase of notes							$ 4,740
Convertible Debt \| 2025 Notes maturing on April 15, 2025
Long-term debt
Threshold principal amount for adjusted conversion price			$ 1
Unamortized debt discount of notes			100
Outstanding amount			$ 51,000

DEFERRED REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

DEFERRED REVENUE

Schedule of components of deferred revenue

Deferred revenue consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Prepaid Rent	$	4,004	$	3,723
Interest Reserve from Commercial Loans and Investments		1,473		744
Tenant Contributions		694		733
Total Deferred Revenue	$	6,171	$	5,200

BUSINESS SEGMENT DATA - Identifiable Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
BUSINESS SEGMENT DATA
Total Assets	$ 1,176,124	$ 989,668
Operating Segments \| Income Properties
BUSINESS SEGMENT DATA
Total Assets	1,049,915	887,345
Operating Segments \| Management Services
BUSINESS SEGMENT DATA
Total Assets	1,371	1,395
Operating Segments \| Commercial Loans and Investments
BUSINESS SEGMENT DATA
Total Assets	103,358	62,099
Operating Segments \| Real Estate Operations
BUSINESS SEGMENT DATA
Total Assets	889	2,343
Corporate and Other
BUSINESS SEGMENT DATA
Total Assets	$ 20,591	$ 36,486

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

ACCRUED AND OTHER LIABILITIES - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ACCRUED AND OTHER LIABILITIES
Accrued Property Taxes	$ 8,044	$ 2,090
Reserve for Tenant Improvements	1,386	1,168
Tenant Security Deposits	2,764	2,301
Accrued Construction Costs	691	1,170
Accrued Interest	1,091	773
Environmental Reserve	47	54
Cash Flow Hedge - Interest Rate Swaps	7,004	4,879
Operating Leases - Liability	320	417
Other	5,054	5,521
Total Accrued and Other Liabilities	$ 26,401	$ 18,373
Operating Lease, Liability, Statement of Financial Position	Total Accrued and Other Liabilities	Total Accrued and Other Liabilities

MANAGEMENT SERVICES BUSINESS

9 Months Ended

Sep. 30, 2024

MANAGEMENT SERVICES BUSINESS

MANAGEMENT SERVICES BUSINESS

NOTE 5. MANAGEMENT SERVICES BUSINESS

The Company’s management fee income is within the scope of FASB ASC Topic 606, Revenue from Contracts with Customers. Management fee income is recognized as revenue over time, over the period the services are performed.

Alpine Income Property Trust. Pursuant to the Company’s management agreement with PINE, the Company generates a base management fee equal to 0.375% per quarter of PINE’s total equity (as defined in the management agreement and based on a 1.5% annual rate), calculated and payable in cash, quarterly in arrears. The Company also has an opportunity to achieve additional cash flows as manager of PINE pursuant to an annual incentive fee based on PINE’s total stockholder return exceeding an 8% cumulative annual hurdle rate (the “Outperformance Amount”) subject to a high-water mark price. PINE would pay the Company an incentive fee with respect to each annual measurement period in an amount equal to the greater of (i) $0.00 and (ii) the product of (a) 15% multiplied by (b) the Outperformance Amount multiplied by (c) the weighted average shares. No incentive fee was earned for the year ended December 31, 2023.

The Company earned management fee revenue from PINE for each of the three month periods ended September 30, 2024 and 2023 of $1.1 million. During the nine months ended September 30, 2024 and 2023, the Company earned management fee revenue from PINE totaling $3.1 million and $3.3 million, respectively. Dividend income for the three months ended September 30, 2024 and 2023 totaled $0.7 and $0.6 million, respectively. Dividend income for each of the nine months ended September 30, 2024 and 2023 totaled $1.9 million. Management fee revenue from PINE, included in management services, and dividend income, included in investment and other income (loss), are reflected in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE as of September 30, 2024 and December 31, 2023 which are included in other assets on the consolidated balance sheets (in thousands):


	As of
Description	September 30, 2024		December 31, 2023
Management Services Fee due From PINE	$	1,052	$	1,062
Dividend Receivable		343		337
Other		(33)		(4)
Total	$	1,362	$	1,395

On November 26, 2019, as part of PINE’s IPO, the Company sold PINE 15 properties for aggregate cash consideration of $125.9 million. In connection with the IPO, the Company contributed to the PINE Operating Partnership five properties in exchange for an aggregate of 1,223,854 OP Units, which had an initial value of $23.3 million. Additionally, on November 26, 2019, the Company purchased 394,737 shares of PINE common stock for a total purchase price of $7.5 million in a private placement and 421,053 shares of PINE common stock in the IPO for a total purchase price of $8.0 million.

On October 26, 2021, the Board authorized the purchase by the Company of up to $5.0 million in shares of common stock of PINE (the “Prior PINE Share Purchase Authorization”). Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2022, CTO purchased 155,665 shares of PINE common stock in the open market for $2.7 million, or an average price per share of $17.57. Pursuant to the Prior PINE Share Purchase Authorization, during the year ended December 31, 2021, the Company purchased 8,088 shares of PINE common stock on the open market for a total of $0.1 million, or an average price of $17.65 per share.

On February 16, 2023, the Board cancelled the Prior PINE Share Purchase Authorization and authorized the purchase by the Company of up to $2.1 million in shares of common stock of PINE (the “February 2023 PINE Share Purchase Authorization”). Pursuant to the February 2023 PINE Share Purchase Authorization, during the nine months ended September 30, 2023, the Company purchased 129,271 shares of PINE common stock on the open market for a total of $2.1 million, or an average price of $16.21 per share, which completed the February 2023 PINE Share Purchase Authorization.

On December 12, 2023, the Board authorized the purchase by the Company of up to $2.0 million in shares of common stock of PINE (the “December 2023 PINE Share Purchase Authorization”). No purchases of PINE common stock were made pursuant to the December 2023 PINE Share Purchase Authorization during the three months ended December 31, 2023. Pursuant to the December 2023 PINE Share Purchase Authorization, during the nine months ended September 30, 2024, the Company purchased 29,807 shares of PINE common stock on the open market for a total of $0.4 million, or an average price of $14.97 per share.

As of September 30, 2024, CTO owns, in the aggregate, 1,223,854 OP Units and 1,138,621 shares of PINE common stock, representing an investment totaling $43.0 million, or 15.3% of PINE’s outstanding equity.

Portfolio Management Agreement. On December 4, 2023, the Company entered into an asset management agreement with a third party to manage a portfolio of multi-tenant and single-tenant assets (the “Portfolio Management Agreement”). Although the Company has no direct relationship with the third party, PINE is a lender to the third-party pursuant to a mortgage note originated by PINE which is secured by the portfolio. The Company receives (or expects to receive) asset management fees, disposition management fees, leasing commissions, and other fees related to the Company’s management and administration of the portfolio pursuant to the Portfolio Management Agreement. The Company also entered into a revenue sharing agreement with PINE whereby PINE will receive the portion of fees earned by the Company under the Portfolio Management Agreement which are attributable to the single tenant properties within the portfolio. During the three and nine months ended September 30, 2024, the Company recognized less than $0.1 million and $0.2 million of revenue, respectively, pursuant to the Portfolio Management Agreement, which is included in management fee income on the Company’s consolidated statement of operations.

Asset Management Agreement. On February 16, 2024, the Company entered into the Subsurface Management Agreement with a third party in conjunction with the sale of the Company’s remaining Subsurface Interests as further described in Note 6, “Real Estate Operations” below. The Company is expected to receive management and other fees pursuant to the Subsurface Management Agreement. During the three and nine months ended September 30, 2024, the Company recognized less than $0.1 million and $0.1 million of revenue, respectively, pursuant to the Subsurface Management Agreement, which is included in management fee income on the Company’s consolidated statement of operations.

STOCK-BASED COMPENSATION - Recognized in Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
STOCK-BASED COMPENSATION
Total Cost of Share-Based Plans Charged Against Income	$ 750	$ 868	$ 2,887	$ 2,802

LONG-TERM DEBT - Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 29, 2024
Derivative [Line Items]
Notional amount	$ 100,000
Credit Facility
Derivative [Line Items]
Derivative basis spread rate (as a percent)		10.00%
Designated as a hedge \| Interest Rate Swap \| Credit Facility
Derivative [Line Items]
Notional amount	$ 50,000	$ 150,000
Derivative fixed interest rate (as a percent)	3.85%
Derivative basis spread rate (as a percent)	0.10%
Designated as a hedge \| Interest Rate Swap \| Credit Facility \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.85%	3.47%
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
Derivative [Line Items]
Notional amount	$ 50,000
Derivative fixed interest rate (as a percent)	1.44%
Derivative basis spread rate (as a percent)	0.10%
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	1.27%
Designated as a hedge \| Interest Rate Swap \| 2027 Term loan
Derivative [Line Items]
Notional amount	$ 100,000
Derivative fixed interest rate (as a percent)	1.35%
Derivative basis spread rate (as a percent)	0.10%
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan
Derivative [Line Items]
Notional amount	$ 50,000
Derivative fixed interest rate (as a percent)	3.78%
Derivative basis spread rate (as a percent)	0.10%
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.78%
Designated as a hedge \| Interest Rate Swap \| 2029 Term Loan
Derivative [Line Items]
Notional amount	$ 50,000
Derivative fixed interest rate (as a percent)	3.27%
Derivative basis spread rate (as a percent)	0.10%
Designated as a hedge \| Interest Rate Swap \| 2029 Term Loan \| Weighted Average
Derivative [Line Items]
Derivative fixed interest rate (as a percent)	3.28%

LONG-TERM DEBT - Outstanding Indebtedness (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Nov. 05, 2021	Mar. 10, 2021	Mar. 15, 2020
Long-term debt
Face Value of Debt	$ 528,834
Weighted average fixed interest rate	4.28%
Credit Facility
Long-term debt
Face Value of Debt	$ 95,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Debt Instrument, Variable Interest Rate, Type	us-gaap:SecuredOvernightFinancingRateSofrMember
Weighted average fixed interest rate	5.82%
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
Credit Facility \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2026 Term Loan
Long-term debt
Face Value of Debt	$ 65,000			$ 50,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted average fixed interest rate	2.72%
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2026 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2027 Term Loan
Long-term debt
Face Value of Debt	$ 100,000		$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted average fixed interest rate	2.80%
2027 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.25%
2027 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.20%
2028 Term Loan
Long-term debt
Face Value of Debt	$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Weighted average fixed interest rate	5.18%
2028 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.20%
2028 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
2029 Term Loan
Long-term debt
Face Value of Debt	$ 100,000
Debt instrument, variable rate, adjustment (as a percent)	0.10%
Interest rate (as a percent)	4.68%
Weighted average fixed interest rate	4.68%
2029 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)	1.20%
2029 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)	2.15%
3.875% Convertible Senior Notes due 2025
Long-term debt
Face Value of Debt	$ 51,034
Interest rate (as a percent)	3.875%	3.875%			3.875%
Weighted average fixed interest rate	3.88%
Mortgage Note Payable
Long-term debt
Face Value of Debt	$ 17,800
Interest rate (as a percent)	4.06%
Weighted average fixed interest rate	4.06%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Depreciation of real estate	$ 8.0	$ 6.8	$ 21.2	$ 19.1

INCOME PROPERTIES - Minimum Future Base Rental Revenue on Non-cancelable Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Minimum future base rental revenue on non-cancelable leases
Remainder of 2024	$ 22,910
2025	87,000
2026	78,802
2027	66,802
2028	54,079
2029	40,515
2030 and Thereafter (Cumulative)	106,608
Total	$ 456,716

INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INTEREST RATE SWAPS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 29, 2024
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative Asset, Statement of Financial Position	Other Assets-See Note 11		Other Assets-See Note 11
Derivative Liability, Statement of Financial Position	Accrued and Other Liabilities-See Note 17		Accrued and Other Liabilities-See Note 17
Notional amount	$ 100,000		$ 100,000
Credit Facility
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative basis spread rate (as a percent)					10.00%
Interest Rate Swap
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Effectiveness of interest rate cash flow hedge (as a percent)	100.00%	100.00%	100.00%	100.00%
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	1.44%		1.44%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (1,495)		$ (1,495)
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan One
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	0.70%		0.70%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 15,000		$ 15,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (605)		$ (605)
Designated as a hedge \| Interest Rate Swap \| 2026 Term Loan Two
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.80%		3.80%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 40,000		$ 40,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (1,198)		$ (1,198)
Designated as a hedge \| Interest Rate Swap \| 2027 Term loan
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	1.35%		1.35%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 100,000		$ 100,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (4,499)		$ (4,499)
Designated as a hedge \| Interest Rate Swap \| 2027 Term Loan One
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.75%		3.75%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 60,000		$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (1,515)		$ (1,515)
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.78%		3.78%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (836)		$ (836)
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan One
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.78%		3.78%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (843)		$ (843)
Designated as a hedge \| Interest Rate Swap \| 2028 Term Loan Two
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.81%		3.81%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 60,000		$ 60,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (1,356)		$ (1,356)
Designated as a hedge \| Interest Rate Swap \| 2029 Term Loan
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.27%		3.27%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (140)		$ (140)
Designated as a hedge \| Interest Rate Swap \| 2029 Term Loan One
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.26%		3.26%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 33,000		$ 33,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (79)		$ (79)
Designated as a hedge \| Interest Rate Swap \| 2029 Term Loan Two
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.36%		3.36%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 17,000		$ 17,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (118)		$ (118)
Designated as a hedge \| Interest Rate Swap \| Credit Facility
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITY
Derivative fixed interest rate (as a percent)	3.85%		3.85%
Derivative basis spread rate (as a percent)	0.10%		0.10%
Notional amount	$ 50,000		$ 50,000		$ 150,000
Fair value of interest rate swap agreement to hedge cash flows, assets	$ (919)		$ (919)

DEFERRED REVENUE

9 Months Ended

Sep. 30, 2024

DEFERRED REVENUE

DEFERRED REVENUE

NOTE 18. DEFERRED REVENUE

Deferred revenue consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Prepaid Rent	$	4,004	$	3,723
Interest Reserve from Commercial Loans and Investments		1,473		744
Tenant Contributions		694		733
Total Deferred Revenue	$	6,171	$	5,200

Interest Reserve from Commercial Loans and Investments. In connection with four of the Company’s commercial loan investments, the borrower has deposited interest and/or real estate tax reserves in accounts held by the Company. Those accounts balances are included in restricted cash on the Company’s consolidated balance sheets with the corresponding liability recorded in deferred revenue as seen above. Pursuant to each respective agreement, interest reserves are either (i) utilized to fund the monthly interest due on the loan or (ii) maintained throughout the term of the loan.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Intangible Lease Assets:
Value of In-Place Leases	$	110,027	$	90,246
Value of Above Market In-Place Leases		32,587		31,533
Value of Intangible Leasing Costs		28,847		24,974
Sub-total Intangible Lease Assets		171,461		146,753
Accumulated Amortization		(63,803)		(49,644)
Sub-total Intangible Lease Assets—Net		107,658		97,109
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(25,898)		(14,848)
Sub-total Intangible Lease Liabilities		(25,898)		(14,848)
Accumulated Amortization		7,041		4,407
Sub-total Intangible Lease Liabilities—Net		(18,857)		(10,441)
Total Intangible Assets and Liabilities—Net	$	88,801	$	86,668

Schedule of net amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Amortization Expense	$	5,188	$	4,837	$	14,532	$	13,724
Accretion to Income Properties Revenue		112		487		830		1,793
Net Amortization of Intangible Assets and Liabilities	$	5,300	$	5,324	$	15,362	$	15,517

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	$	5,635	$	29	$	5,664
2025		20,704		(29)		20,675
2026		19,834		(116)		19,718
2027		17,083		(859)		16,224
2028		13,307		(814)		12,493
2029		4,867		305		5,172
2030 and Thereafter		7,361		1,494		8,855
Total	$	88,791	$	10	$	88,801

LONG-TERM DEBT - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Mar. 15, 2020
Long-term debt
Long-term debt	$ 526,838	$ 495,370
Financing Costs, net of Accumulated Amortization	(1,911)	(1,260)
Credit Facility
Long-term debt
Long-term debt	95,000	163,000
2026 Term Loan
Long-term debt
Long-term debt	65,000	65,000
2027 Term Loan
Long-term debt
Long-term debt	100,000	100,000
2028 Term Loan
Long-term debt
Long-term debt	100,000	100,000
2029 Term Loan
Long-term debt
Long-term debt	$ 100,000
Interest rate (as a percent)	4.68%
3.875% Convertible Senior Notes, net of Discount
Long-term debt
Long-term debt	$ 50,949	$ 50,830	$ 75,000
Interest rate (as a percent)	3.875%	3.875%	3.875%
Mortgage Note Payable
Long-term debt
Long-term debt	$ 17,800	$ 17,800
Interest rate (as a percent)	4.06%

OTHER ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

OTHER ASSETS

Schedule of components of other assets

Other assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾	$	5,072	$	4,568
Income Property Straight-line Rent Adjustment		7,269		6,033
Income Property Leasing Commissions and Costs, Net		6,544		4,943
Operating Leases - Right-of-Use Asset		333		422
Golf Rounds Surcharge		—		102
Cash Flow Hedge - Interest Rate Swap		6,599		11,770
Infrastructure Reimbursement Receivables		590		568
Prepaid Expenses, Deposits, and Other		1,264		3,514
Due from Alpine Income Property Trust, Inc.		1,362		1,395
Financing Costs, Net of Accumulated Amortization		1,253		1,638
Total Other Assets	$	30,286	$	34,953

⁽¹⁾	Allowance for doubtful accounts was $2.2 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively.

ACCRUED AND OTHER LIABILITIES - Reserve for Tenant Improvements (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Tenant Improvement Allowances and Leasing Commissions	$ 6.4
Income Property, Multi-tenant, Shops at Legacy, Plano, Texas
Payment of tenant improvement allowances and leasing commissions	5.0
Remaining reserve for tenant improvements	$ 1.4

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Taxes, Net of Refunds Received	$ (91)	$ 231
Cash Paid for Interest	15,640	15,178
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedges	(7,296)	8,389
Common Stock Dividends Declared and Unpaid	548	654
Interest capitalized	$ 100	$ 200

INTANGIBLE ASSETS AND LIABILITIES - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 171,461	$ 146,753
Accumulated Amortization	(63,803)	(49,644)
Total	107,658	97,109
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases	(25,898)	(14,848)
Sub-total Intangible Lease Liabilities	(25,898)	(14,848)
Accumulated Amortization	7,041	4,407
Total	(18,857)	(10,441)
Total Intangible Assets and Liabilities-Net	88,801	86,668
Value of In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	110,027	90,246
Value of Above Market In-Place Leases
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	32,587	31,533
Value of Intangible Leasing Costs
Intangible Assets And Liabilities [Line Items]
Sub-total Intangible Lease Assets	$ 28,847	$ 24,974

COMMERCIAL LOANS AND INVESTMENTS - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable
Current Face Amount	$ 104,856	$ 62,657
CECL Reserve	(1,049)	(627)
Total Commercial Loan and Investments	103,014	61,849
Commercial loan and master lease investments
Accounts, Notes, Loans and Financing Receivable
Current Face Amount	104,856	62,657
Unaccreted Origination Fees	(793)	(181)
CECL Reserve	(1,049)	(627)
Total Commercial Loan and Investments	$ 103,014	$ 61,849

LONG-TERM DEBT - Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized interest
Interest capitalized	$ 0.1	$ 0.1	$ 0.1	$ 0.2

INTANGIBLE ASSETS AND LIABILITIES - Weighted Average Amortization Period (Details)	9 Months Ended
	Sep. 30, 2024
INTANGIBLE ASSETS AND LIABILITIES
Weighted average amortization period of intangible assets	7 years
Weighted average amortization period of intangible liabilities	5 years 4 months 24 days

INVESTMENT SECURITIES - Tabular Disclosure (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	$ 44,182	$ 43,735
Unrealized Losses in Investment Income	(1,185)	(4,290)
Investment Securities	42,997	39,445
Alpine Income Property Trust, Inc. Common Stock and Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	44,182	43,735
Unrealized Losses in Investment Income	(1,185)	(4,290)
Investment Securities	42,997	39,445
Common Stock
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	20,929	20,482
Unrealized Losses in Investment Income	(206)	(1,732)
Investment Securities	20,723	18,750
Alpine Income Property OP, LP Limited Partnership Units
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Cost	23,253	23,253
Unrealized Losses in Investment Income	(979)	(2,558)
Investment Securities	$ 22,274	$ 20,695

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

+ Details

LONG-TERM DEBT - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Mar. 03, 2022
Debt Instrument [Line Items]
Outstanding Principal	$ 528,834
Fixed-Rate Mortgage Note
Debt Instrument [Line Items]
Outstanding Principal		$ 17,800
Interest rate (as a percent)		4.06%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM DEBT - Credit Facility (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2024	Sep. 21, 2022	Sep. 20, 2022	Nov. 05, 2021	Mar. 10, 2021	Mar. 09, 2021	Sep. 07, 2017
Long-term debt
Outstanding Principal		$ 528,834
Credit Facility
Long-term debt
Extension term		1 year
Maximum borrowing capacity								$ 200,000
Maximum borrowing capacity, after possible increase								$ 300,000
Debt instrument, variable rate, adjustment (as a percent)		0.10%
Debt Instrument, Variable Interest Rate, Type		us-gaap:SecuredOvernightFinancingRateSofrMember
Unused portion of the borrowing capacity fee percentage condition		50.00%
Available borrowing capacity		$ 205,000
Amount outstanding		95,000
Borrowing capacity		300,000
Outstanding Principal		$ 95,000
Credit Facility \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
Commitment fee percentage on unused portion of the borrowing capacity		0.15%
Credit Facility \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
Commitment fee percentage on unused portion of the borrowing capacity		0.25%
New Term Loan
Long-term debt
Outstanding Principal				$ 100,000
Debt instrument face amount after accordion option				750,000
Eighth Amendment to Revolving Credit Facility
Long-term debt
Maximum borrowing capacity			$ 300,000	210,000
Debt instrument face amount after accordion option				$ 500,000
Credit Revolver Amendment 2021
Long-term debt
Maximum borrowing capacity						$ 210,000	$ 200,000
Aggregate borrowing capacity, additional commitments						300,000
2026 Term Loan
Long-term debt
Debt instrument, variable rate, adjustment (as a percent)		0.10%
Proceeds from Lines of Credit	$ 15,000
Outstanding Principal		$ 65,000				50,000
Aggregate borrowing capacity, additional commitments	$ 65,000					$ 150,000
2026 Term Loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2026 Term Loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%
2027 Term loan
Long-term debt
Maximum borrowing capacity					$ 400,000
Debt instrument, variable rate, adjustment (as a percent)		0.10%
Outstanding Principal		$ 100,000			$ 100,000
2027 Term loan \| Minimum
Long-term debt
Margin added to variable rate basis (as a percent)		1.25%
2027 Term loan \| Maximum
Long-term debt
Margin added to variable rate basis (as a percent)		2.20%

SHARE REPURCHASES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 12, 2023	Apr. 25, 2023	Feb. 16, 2023	Feb. 29, 2020
Stock Repurchases
Stock repurchase program authorized amount					$ 10,000						$ 10,000
Shares repurchased (in shares)					0
Stock repurchased	$ 87		$ 664	$ 5,172
Common Stock Repurchase Program, February 2020
Stock Repurchases
Stock repurchase program authorized amount												$ 10,000
Shares repurchased (in shares)						145,724	121,659	265,695
Stock repurchased						$ 2,800	$ 2,200	$ 4,100
Average share price (in dollars per share)						$ 19.15	$ 18.16	$ 15.43
Common Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount		$ 5,000									5,000
Shares repurchased (in shares)		303,354
Stock repurchased		$ 5,000
Average share price (in dollars per share)		$ 16.48
Remaining authorized repurchase amount		$ 0
Common Stock Repurchase Program, April 2023
Stock Repurchases
Stock repurchase program authorized amount					$ 5,000					$ 5,000
Shares repurchased (in shares)					62,015
Average share price (in dollars per share)					$ 15.72
Common Stock Repurchase Program, April 2023 \| Maximum
Stock Repurchases
Stock repurchased					$ 1,000
Common Stock Repurchase Program, December 2023
Stock Repurchases
Stock repurchase program authorized amount									$ 5,000
Shares repurchased (in shares)			40,726
Stock repurchased			$ 700
Average share price (in dollars per share)			$ 16.28
Remaining authorized repurchase amount									$ 4,300
Series A Preferred Stock Repurchase Program, February 2023
Stock Repurchases
Stock repurchase program authorized amount											$ 3,000
Shares repurchased (in shares)				6,794
Stock repurchased				$ 100
Average share price (in dollars per share)				$ 18.55

BUSINESS SEGMENT DATA - Description (Details)	9 Months Ended		12 Months Ended
BUSINESS SEGMENT DATA - Description (Details)	Sep. 30, 2024 segment loan	Sep. 30, 2023	Dec. 31, 2023
BUSINESS SEGMENT DATA
Number of operating segment \| segment	4
Number of commercial loan investments	4
Commercial Real Estate Portfolio Segment
BUSINESS SEGMENT DATA
Number of commercial loan investments	4
Number of preferred equity investments	2
Product concentration \| Identifiable Assets \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	89.30%		89.70%
Product concentration \| Base Rent Revenues \| Income Properties
BUSINESS SEGMENT DATA
Percentage of total	89.00%	88.80%

ACCRUED AND OTHER LIABILITIES

9 Months Ended

Sep. 30, 2024

ACCRUED AND OTHER LIABILITIES

ACCRUED AND OTHER LIABILITIES

NOTE 17. ACCRUED AND OTHER LIABILITIES

Accrued and other liabilities consisted of the following (in thousands):


	As of
	September 30, 2024		December 31, 2023
Accrued Property Taxes	$	8,044	$	2,090
Reserve for Tenant Improvements		1,386		1,168
Tenant Security Deposits		2,764		2,301
Accrued Construction Costs		691		1,170
Accrued Interest		1,091		773
Environmental Reserve		47		54
Cash Flow Hedge - Interest Rate Swaps		7,004		4,879
Operating Leases - Liability		320		417
Other		5,054		5,521
Total Accrued and Other Liabilities	$	26,401	$	18,373

Reserve for Tenant Improvements. In connection with recent acquisitions, the Company received an aggregate of $6.4 million from the sellers of certain properties for tenant improvement allowances, leasing commissions and other capital improvements. These amounts are included in accrued and other liabilities on the consolidated balance sheets. Through September 30, 2024, payments totaling $5.0 million were made leaving a remaining reserve for tenant improvements of $1.4 million.

INTANGIBLE ASSETS AND LIABILITIES - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES
Amortization Expense	$ 5,188	$ 4,837	$ 14,532	$ 13,724
Accretion to Income Properties Revenue	112	487	830	1,793
Net Amortization of Intangible Assets and Liabilities	$ 5,300	$ 5,324	$ 15,362	$ 15,517

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Assets
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts	$ 5,072	$ 4,568
Income Property Straight-line Rent Adjustment	7,269	6,033
Income Property Leasing Commissions and Costs, Net	6,544	4,943
Operating Leases - Right-of-Use Asset	333	422
Golf Rounds Surcharge		102
Cash Flow Hedge - Interest Rate Swap	6,599	11,770
Infrastructure Reimbursement Receivables	590	568
Prepaid Expenses, Deposits, and Other	1,264	3,514
Financing Costs, Net of Accumulated Amortization	1,253	1,638
Total Other Assets	$ 30,286	$ 34,953
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Total Other Assets	Total Other Assets
Allowance for doubtful accounts	$ 2,200	$ 1,700
Related Party
Other Assets
Other receivables	$ 1,362	$ 1,395

OTHER ASSETS

9 Months Ended

Sep. 30, 2024

OTHER ASSETS

OTHER ASSETS

NOTE 11. OTHER ASSETS

Other assets consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Income Property Tenant Receivables, Net of Allowance for Doubtful Accounts ⁽¹⁾	$	5,072	$	4,568
Income Property Straight-line Rent Adjustment		7,269		6,033
Income Property Leasing Commissions and Costs, Net		6,544		4,943
Operating Leases - Right-of-Use Asset		333		422
Golf Rounds Surcharge		—		102
Cash Flow Hedge - Interest Rate Swap		6,599		11,770
Infrastructure Reimbursement Receivables		590		568
Prepaid Expenses, Deposits, and Other		1,264		3,514
Due from Alpine Income Property Trust, Inc.		1,362		1,395
Financing Costs, Net of Accumulated Amortization		1,253		1,638
Total Other Assets	$	30,286	$	34,953

⁽¹⁾	Allowance for doubtful accounts was $2.2 million and $1.7 million as of September 30, 2024 and December 31, 2023, respectively.

Infrastructure Reimbursement Receivables. As of September 30, 2024 and December 31, 2023, the infrastructure reimbursement receivables were all related to two land sale transactions which closed in the fourth quarter of 2015 within the Tomoka Town Center.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 21. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company may be a party to certain legal proceedings, incidental to the normal course of its business. While the outcome of the legal proceedings cannot be predicted with certainty, the Company does not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Contractual Commitments – Expenditures


	As of September 30, 2024
Total Commitment ⁽¹⁾	$	22,414
Less Amount Funded		(2,947)
Remaining Commitment	$	19,467

⁽¹⁾ Commitment includes tenant improvements, leasing commissions, rebranding, facility expansion and other capital improvements.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net Income (Loss) Attributable to the Company	$ 6,227	$ 2,686	$ 13,252	$ (1,507)
Other Comprehensive Income (Loss):
Cash Flow Hedging Derivative - Interest Rate Swaps	(15,791)	5,901	(7,296)	8,389
Total Other Comprehensive Income (Loss)	(15,791)	5,901	(7,296)	8,389
Total Comprehensive Income (Loss)	$ (9,564)	$ 8,587	$ 5,956	$ 6,882

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2024

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Information

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024.

Principles of Consolidation

Segment Reporting

Real Estate

Use of Estimates in the Preparation of Financial Statements

Cash and Cash Equivalents

Restricted Cash

Restricted cash totaled $1.7 million at September 30, 2024, which is being held in four interest and/or real estate tax reserve accounts related to the Company’s commercial loans and investments.

Derivative Financial Instruments and Hedging Activity

interest rate swap was entered into, the Company designated the derivatives as a hedge of the variability of cash flows to be paid related to the recognized long-term debt liabilities.

Fair Value of Financial Instruments

Fair Value Measurements

●

Level 1 – Valuation is based upon quoted prices in active markets for identical assets or liabilities.

●

Recognition of Interest Income from Commercial Loans and Investments

Mitigation Credits

Accounts Receivable

Purchase Accounting for Acquisitions of Real Estate Subject to a Lease

Sales of Real Estate

Income Taxes

Recently Issued Accounting Standards

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 9. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands):


	As of
	September 30, 2024		December 31, 2023
Intangible Lease Assets:
Value of In-Place Leases	$	110,027	$	90,246
Value of Above Market In-Place Leases		32,587		31,533
Value of Intangible Leasing Costs		28,847		24,974
Sub-total Intangible Lease Assets		171,461		146,753
Accumulated Amortization		(63,803)		(49,644)
Sub-total Intangible Lease Assets—Net		107,658		97,109
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(25,898)		(14,848)
Sub-total Intangible Lease Liabilities		(25,898)		(14,848)
Accumulated Amortization		7,041		4,407
Sub-total Intangible Lease Liabilities—Net		(18,857)		(10,441)
Total Intangible Assets and Liabilities—Net	$	88,801	$	86,668

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Amortization Expense	$	5,188	$	4,837	$	14,532	$	13,724
Accretion to Income Properties Revenue		112		487		830		1,793
Net Amortization of Intangible Assets and Liabilities	$	5,300	$	5,324	$	15,362	$	15,517

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):


Year Ending December 31,	Future Amortization Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	$	5,635	$	29	$	5,664
2025		20,704		(29)		20,675
2026		19,834		(116)		19,718
2027		17,083		(859)		16,224
2028		13,307		(814)		12,493
2029		4,867		305		5,172
2030 and Thereafter		7,361		1,494		8,855
Total	$	88,791	$	10	$	88,801

As of September 30, 2024, the weighted average amortization period of total intangible assets and liabilities was 7.0 years and 5.4 years, respectively.

INCOME PROPERTIES

9 Months Ended

Sep. 30, 2024

INCOME PROPERTIES

INCOME PROPERTIES

NOTE 3. INCOME PROPERTIES

Leasing revenue consists of long-term rental revenue from retail, office, and commercial income properties, which is recognized as earned, using the straight-line method over the life of each lease. Lease payments below include straight-line base rental revenue as well as the non-cash accretion of above and below market lease amortization. The variable lease payments are primarily comprised of percentage rents, reimbursements from tenants for common area maintenance, insurance, real estate taxes, other operating expenses, and termination fee payments.

The components of leasing revenue are as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Leasing Revenue
Lease Payments	$	21,143	$	19,547	$	58,841	$	55,187
Variable Lease Payments		7,385		5,636		20,188		15,186
Total Leasing Revenue	$	28,528	$	25,183	$	79,029	$	70,373


Year Ending December 31,	Amounts
Remainder of 2024	$	22,910
2025		87,000
2026		78,802
2027		66,802
2028		54,079
2029		40,515
2030 and Thereafter (Cumulative)		106,608
Total	$	456,716

2024 Acquisitions. During the nine months ended September 30, 2024, the Company acquired four multi-tenant income properties, one vacant land parcel within an existing multi-tenant property, and one building within an existing multi-tenant income property for an aggregate purchase price of $210.0 million, or a total acquisition cost of $207.8 million, as follows:

●

A portfolio of three open-air shopping centers ( the “Three Property Portfolio”) for a gross purchase price of $137.5 million, less certain purchase credits, for a total acquisition cost of $135.1 million. The Three Property Portfolio consists of Carolina Pavilion in Charlotte, North Carolina; Millenia Crossing in Orlando, Florida; and Lake Brandon Village in Tampa, Florida. Carolina Pavilion comprises approximately 686,000 square feet, was 93% occupied, and had a weighted average remaining lease term of 5.9 years at acquisition. Millenia Crossing comprises approximately 100,000 square feet, was 96% occupied, and had a remaining lease term of 6.1 years at acquisition. Lake Brandon Village comprises approximately 102,000 square feet, was 100% occupied, and had a remaining lease term of 7.4 years at acquisition.

●

The Marketplace at Seminole Towne Center, a multi-tenant income property located in Sanford, Florida, for a purchase price of $68.7 million, or a total acquisition cost of $68.8 million including capitalized acquisition costs. The Marketplace at Seminole Towne Center comprises 315,066 square feet, was 98% occupied at acquisition, and had a weighted average remaining lease term of 4.7 years at acquisition.

●

One property, totaling 4,000 square feet, within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia for an aggregate purchase price of $2.3 million including capitalized acquisition costs. The weighted average remaining lease term at acquisition is 10.0 years. As a result of this acquisition, the Company has acquired the entire retail portion of Phase II of the Exchange at Gwinnett. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021.

●

A vacant land parcel, for future development, within the previously acquired West Broad Village property, located in the Short Pump submarket of Richmond, Virginia, for a purchase price of $1.5 million including capitalized acquisition costs.

Of the aggregate $207.8 million total acquisition cost, $42.5 million was allocated to land, $144.5 million was allocated to buildings and improvements, and $32.3 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $11.5 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.8 years at acquisition.

2024 Dispositions. During the nine months ended September 30, 2024, the Company sold two income properties for an aggregate sales price of $38.0 million and aggregate gains on sales of $3.8 million. The sales consisted of (i) one mixed use income property in downtown Santa Fe, New Mexico for $20.0 million, resulting in a gain of $4.6 million, and (ii) one multi-tenant income property located in West Jordan, Utah for $18.0 million resulting in a loss on sale of $0.8 million.

2023 Acquisitions. During the nine months ended September 30, 2023, the Company acquired four buildings within an existing multi-tenant income property, one multi-tenant income property, and one vacant land parcel adjacent to an existing multi-tenant property for an aggregate purchase price of $80.0 million, or a total acquisition cost of $80.3 million, as follows:

●

Four properties, totaling 24,100 square feet, within the 28,100 square foot retail portion of Phase II of The Exchange at Gwinnett located in Buford, Georgia for an aggregate purchase price of $14.6 million, or a total acquisition cost of $14.7 million including capitalized acquisition costs. The four properties are leased to six different tenants and had a weighted average remaining lease term of 9.9 years at acquisition. The Company previously purchased the Sprouts-anchored Phase I portion of The Exchange at Gwinnett in December 2021.

●

The Plaza at Rockwall, a multi-tenant income property located in Rockwall, Texas for a purchase price of $61.2 million, or a total acquisition cost of $61.3 million including capitalized acquisition costs. The Plaza at Rockwall comprises 446,500 square feet, was 95% occupied at acquisition, and had a weighted average remaining lease term of 4.2 years at acquisition.

●

A vacant land parcel adjacent to the previously acquired Collection at Forsyth property, located in the Forsyth County submarket of Atlanta, Georgia, for a purchase price of $4.3 million.

Of the aggregate $80.3 million total acquisition cost, $21.2 million was allocated to land, $53.6 million was allocated to buildings and improvements, and $8.7 million was allocated to intangible assets pertaining to the in-place lease value, leasing costs, and above market lease value and $3.2 million was allocated to intangible liabilities for the below market lease value. The amortization period for the intangible assets and liabilities was 5.6 years at acquisition.

2023 Dispositions. During the nine months ended September 30, 2023, the Company sold three income properties for an aggregate sales price of $22.9 million and aggregate gains on sales of $3.3 million. The sales consisted of (i) an outparcel of the multi-tenant property known as Eastern Commons, located in Henderson, Nevada, for $2.1 million, resulting in a gain of $0.8 million, (ii) an outparcel of the multi-tenant property known as Crossroads Towne Center, located in Chandler, Arizona, for $2.3 million, resulting in a gain of $1.2 million, and (iii) a single tenant office property located in Reston, Virginia leased to General Dynamics for $18.5 million, resulting in a gain of $1.3 million.

LONG-TERM DEBT - Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
LONG-TERM DEBT
Current Face Amount	$ 528,834
Unamortized Discount on Convertible Debt	(85)
Financing Costs, net of Accumulated Amortization	(1,911)	$ (1,260)
Total Long-Term Debt	$ 526,838	$ 495,370

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details