Alpine Income Property Trust, Inc. — Form 8-K Summary
Business Context and Reporting Period
This Form 8-K reports a management change at Alpine Income Property Trust, Inc., a Maryland real estate investment trust whose common stock trades on the NYSE under the symbol PINE. The reported event occurred on June 30, 2020; the filing was signed on July 2, 2020.
Financial Metrics and Liquidity
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating and financial metrics.
Material Change Versus the Prior Period
- Mark E. Patten notified the Company that he will resign as Senior Vice President, Chief Financial Officer, and Treasurer effective July 31, 2020.
- Mr. Patten also intends to resign effective July 31, 2020, as Senior Vice President and Chief Financial Officer of CTO Realty Growth, Inc. (CTO).
- CTO is the sole member of Alpine Income Property Manager, LLC, the Company’s external manager.
- Mr. Patten is expected to remain the Company’s principal financial officer and principal accounting officer through July 31, 2020.
Outlook, Risks, Contingencies, and Unusual Items
- CTO has begun searching for a successor Chief Financial Officer, who is expected also to serve as the Company’s Chief Financial Officer.
- Mr. Patten stated that his resignation is not due to any dispute or disagreement concerning the Company’s accounting principles or practices, financial statements, or disclosures.
- The filing provides no financial guidance or quantitative outlook.
Key Facts for Investor Verification
- Confirm the appointment, qualifications, and effective date of the successor CFO.
- Assess any transition effects on financial reporting, accounting oversight, and the external management relationship with CTO.
- Review subsequent filings for updates regarding the CFO search and any changes in management or compensation arrangements.