X0306 4 2019-11-26 0 0001786117 Alpine Income Property Trust, Inc. PINE 0001392476 Albright John P 1140 N. WILLIAMSON BLVD., SUITE 140 DAYTONA BEACH FL 32114 1 1 0 0 President and CEO Common Stock, par value $0.01 per share 2019-11-26 4 D 0 100 10.00 D 0 D Mr. Albright acquired 100 shares of common stock, par value $0.01 per share, of Alpine Income Property Trust, Inc. (the "Issuer") in connection with the formation and capitalization of the Issuer at a cost of $1,000. The Issuer repurchased these shares for $1,000 upon closing of the Issuer's initial public offering. Mr. Albright also serves as the President and Chief Executive Officer of Consolidated-Tomoka Land Co. ("CTO") and is a member of CTO's board of directors. Mr. Albright disclaims beneficial ownership of all equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. Pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this filing shall not be deemed an admission that Mr. Albright is, for purposes of Section 16 of the Exchange Act or otherwise, the beneficial owner of any equity securities of the Issuer that are or may be beneficially owned by CTO or any of its affiliates. ***The Power of Attorney given by Mr. Albright was previously filed with the U.S. Securities and Exchange Commission on November 21, 2019 as an exhibit to the Form 3 filed by Mr. Albright with respect to the Issuer and is hereby incorporated by reference. /s/ Daniel E. Smith, attorney-in-fact for John P. Albright*** 2019-11-26