Alpine Income Property Trust Announces Hiring of Chief Financial Officer
May 31 2024 - 4:10PM
Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or
“PINE”) announced today that Philip R. Mays has been appointed
Senior Vice President, Chief Financial Officer and Treasurer of the
Company, effective as of June 17, 2024.
Mr. Mays was most recently the Chief Financial
Officer of Shadowbox Studios, from September 2021 to February 2024.
Prior to that, from June 2011 to September 2021, Mr. Mays served as
Chief Financial Officer and Executive Vice President of Cedar
Realty Trust, Inc. (“Cedar”), a NYSE-listed retail real estate
investment trust (“REIT”). His departure from Cedar coincided with
Cedar’s announcement that it would explore strategic alternatives,
and preceded by six months the announcement of Cedar’s sale. Before
joining Cedar, Mr. Mays served as Chief Accounting Officer and Vice
President of Finance of Federal Realty Investment Trust, a
NYSE-listed retail REIT, from May 2005 to June 2011. Earlier in his
career, Mr. Mays held various accounting and finance positions,
including seven years as an accountant at Ernst & Young LLP. At
Ernst & Young LLP, he supervised audits and assisted clients in
real estate, construction and hospitality, including public REITs.
Mr. Mays received his Bachelor of Science in Accounting and Finance
from Jacksonville University. He is a member of the American
Institute of Certified Public Accountants.
In addition to his position at PINE, Mr. Mays
will also serve as Senior Vice President, Chief Financial Officer
and Treasurer of CTO Realty Growth, Inc. (NYSE: CTO), a publicly
traded REIT that is also the external manager of PINE. Mr. Mays
will be based at the Company’s headquarters in Winter Park,
Florida.
Upon the effectiveness of Mr. Mays’s
appointment, Mr. Mays will act as the Company’s principal financial
officer, and Lisa M. Vorakoun will resume her role as Senior Vice
President and Chief Accounting Officer of the Company.
John P. Albright, President and CEO, stated, “We
are excited to welcome Phil to the CTO and Alpine team as our
Senior Vice President and Chief Financial Officer. Phil’s public
REIT CFO and finance experience are a welcome addition, and we look
forward to his contributions to the growth of both companies.” Mr.
Albright continued, “Phil’s relationships within the retail
shopping center REIT sector, including the banking, investor and
research communities, will be a valuable addition to the Company
and will complement the strengths of our existing executive
team.”
About Alpine Income Property Trust,
Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE)
is a publicly traded real estate investment trust that seeks to
deliver attractive risk-adjusted returns and dependable cash
dividends by investing in, owning and operating a portfolio of
single tenant net leased properties that are predominately leased
to high-quality publicly traded and credit-rated tenants.
We encourage you to review our most recent
investor presentation which is available on our website at
http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include general business and economic conditions, continued
volatility and uncertainty in the credit markets and broader
financial markets, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, credit risk associated with the Company
investing in first mortgage investments, illiquidity of real estate
investments and potential damages from natural disasters, the
impact of epidemics or pandemics (such as the COVID-19 Pandemic and
its variants) on the Company’s business and the business of its
tenants and the impact of such epidemics or pandemics on the U.S.
economy and market conditions generally, other factors affecting
the Company’s business or the business of its tenants that are
beyond the control of the Company or its tenants, and the factors
set forth under “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and other risks and
uncertainties discussed from time to time in the Company’s filings
with the U.S. Securities and Exchange Commission. Any
forward-looking statement made in this press release speaks only as
of the date on which it is made. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future
developments or otherwise.
Contact: |
Daniel E. SmithSenior Vice President, General Counsel &
Corporate Secretary(386) 944-5632dsmith@ctoreit.com |
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