Lisa M. Vorakoun
About Lisa M. Vorakoun
Senior Vice President and Chief Accounting Officer (CAO) of Alpine Income Property Trust (PINE) since April 2024; previously PINE’s Vice President & CAO (July 2020–April 2024) and Vice President & Controller (Aug 2019–July 2020). She briefly served as PINE’s Interim Chief Financial Officer and Treasurer effective April 1, 2024, before CFO duties transitioned to Philip R. Mays in June 2024 . Age 41 as of the 2025 proxy; B.S. and MAcc from Florida State University; member of AICPA and FICPA; earlier audit experience at James Moore & Co. (2006–2012) . Performance context: PINE is externally managed; executives are CTO employees and compensation is set and paid by CTO. Company-level revenue and EBITDA trends are below for pay-for-performance context, but PINE does not set or pay Lisa’s compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alpine Income Property Trust (PINE) | SVP & Chief Accounting Officer | Apr 2024–Present | Principal accounting officer; signed 2024 10-K; leads SEC reporting and controls . |
| Alpine Income Property Trust (PINE) | Interim CFO & Treasurer | Apr 1, 2024–Jun 2024 | Bridged finance leadership during CFO transition; maintained reporting continuity . |
| Alpine Income Property Trust (PINE) | VP & Chief Accounting Officer | Jul 2020–Apr 2024 | Built PINE’s public-company reporting cadence and control environment . |
| Alpine Income Property Trust (PINE) | VP & Controller | Aug 2019–Jul 2020 | Established initial reporting and internal controls at IPO/formation . |
| CTO Realty Growth (CTO) | SVP & Chief Accounting Officer | Apr 2024–Present | Parallel CAO leadership at external manager parent (CTO) . |
| CTO Realty Growth (CTO) | VP & CAO; Controller | Jan 2013–Apr 2024 | Advanced finance leadership; aligned accounting policies between CTO/PINE . |
| James Moore & Co. | Audit Manager | 2006–2012 | Led audits across industries; foundation for public company reporting . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| American Institute of CPAs (AICPA) | Member | N/A | Professional standards adherence; continuous learning . |
| Florida Institute of CPAs (FICPA) | Member | N/A | State practice alignment and networking . |
Fixed Compensation
- PINE is externally managed; executive officers (including Lisa) are employees of CTO. PINE pays the external Manager fees and does not pay executive cash compensation; salaries/bonuses are determined and paid by CTO and are not reimbursed by PINE .
- PINE’s 2024 management fees totaled ~$4.2 million; no 2024 incentive fee was earned under the TSR-linked structure (8% hurdle, high-water mark) .
Performance Compensation
- Equity awards at PINE: The Compensation Committee did not grant awards to the Manager or its employees in 2024; there is no formal 2025 equity program adopted as of the proxy. PINE maintains Individual and Manager equity plans but has historically used them primarily for director stock-in-lieu fees, not for Manager personnel .
- Clawback: Board-adopted Dodd-Frank compliant clawback policy (Oct 17, 2023) recoups incentive compensation tied to financial restatements; no indemnification for recouped amounts; Committee administers with consultation from CFO/CAO as applicable .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed at PINE for Manager employees (CTO determines executive metrics/awards) | — | — | — | — | — . |
Equity Ownership & Alignment
- Beneficial ownership: PINE’s 2025 security ownership table lists directors and select officers; Lisa is an executive officer but her individual PINE share count is not disclosed in that table . She is a Section 16 officer per 10-K Exhibit B .
- Hedging/pledging: PINE policy prohibits officers/directors/employees from hedging Company stock and from purchasing/borrowing on margin or pledging Company securities; enhances alignment and mitigates pledging red flags .
- Director stock ownership guidelines: Apply to non-employee directors only (≥5x annual equity grant value or minimum 5,000 shares; compliance measured annually). No executive stock ownership guidelines disclosed at PINE due to external management structure .
Employment Terms
- Indemnification agreements: PINE entered into customary indemnification agreements with Lisa (Feb 6, 2025) providing advancement and indemnity to the fullest extent permitted by Maryland law, subject to exclusions; 10-K notes these agreements were executed and filed as exhibits .
- Management Agreement context: Executives serve at pleasure of the Board but are CTO employees supplied via Manager. Termination of the Management Agreement (other than for cause) triggers a termination fee (3× average annual base fee plus incentive over lookback periods), and would also terminate the ROFO agreement with CTO; potential company-level change-in-control economics, but no executive severance/change-in-control terms disclosed at PINE for Manager personnel .
Company Performance Context
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $45,191,000* | $44,967,000* | $46,005,000* |
| EBITDA ($) | $33,644,000* | $32,046,000* | $36,742,000* |
| Net Income ($) | $29,720,000* | $2,917,000* | $2,066,000* |
| Cash from Operations ($) | $24,652,000* | $25,644,000* | $25,608,000* |
| Levered Free Cash Flow ($) | $22,380,125* | $(19,930,500)* | $(22,437,375)* |
Values retrieved from S&P Global.*
Notes:
- PINE operates a net-lease portfolio (134 properties, 98% occupied, WALT 8.7 years at YE 2024), with Walgreens at 11% of lease income; portfolio composition informs stable revenue base against which accounting leadership executes reporting and controls .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited for officers/directors; mitigates alignment risks .
- Clawback: In place and non-indemnifiable; strengthens accountability .
- External management conflicts: Potential conflicts between CTO and PINE (fees, ROFO, resource allocation); Board oversight and independent director review noted; termination economics could be material .
- Section 16 compliance: Lisa designated as reporting officer; minimizes short-swing trade risks framework .
Compensation Peer Group & Say-on-Pay
- PINE did not disclose a compensation peer group for executives given external management. 2025 proxy included a Say-on-Pay advisory vote due to cessation of EGC status; it evaluates NEO compensation disclosure, but executive compensation is determined/paid by CTO, not PINE .
Expertise & Qualifications
- Credentials: B.S., MAcc (Florida State); AICPA/FICPA memberships; extensive REIT accounting leadership; principal accounting officer signature on 10-K .
- Board qualifications (company-level): Audit Committee financial expertise resides with directors; Lisa supports audit committee processes as CAO .
Investment Implications
- Transparency: Because executives are CTO employees, Lisa’s cash and equity incentives are not disclosed by PINE; pay-for-performance alignment must be evaluated via CTO’s proxy rather than PINE filings, limiting direct visibility for PINE shareholders .
- Governance strength: Anti-hedging/pledging policy and non-indemnifiable clawback reduce misalignment and enforcement risks; indemnification is standard with Maryland REITs .
- Retention/continuity: Long CTO/PINE tenure and seamless interim CFO coverage in 2024 suggest low near-term retention risk for accounting leadership; however, external manager structure concentrates key-person risk within CTO resources .
- Trading signals: Lack of disclosed PINE-level equity grants or Form 4 ownership detail for Lisa reduces ability to gauge insider selling pressure; Section 16 status and anti-pledging mitigate some risks, but monitor CTO proxy/Form 4s for her holdings and transactions going forward .