Alpine Income Property Trust, Inc.

Company and structure

• Alpine Income Property Trust, Inc. (NYSE: PINE) is a Maryland real estate investment trust (REIT) with two primary operating segments: income properties and commercial loans and investments.
• The company has no employees and is externally managed by Alpine Income Property Manager, LLC, a wholly owned subsidiary of CTO Realty Growth, Inc.
• Ownership and partnership interests: CTO holds a 7.6% direct/indirect ownership of the Operating Partnership; Alpine holds 92.4% of the Operating Partnership common units. Series A Preferred units of the Operating Partnership are owned by the company.

Portfolio — income properties

• 127 net-leased properties located in 32 states.
• Occupancy: 99.5% (as of 12/31/2025).
• Gross rentable area: about 4.3 million sq ft (4,272,921 rentable sq ft), generating $46,227 thousand of annualized base rent (as of 12/31/2025).
• Leases: long-term, primarily net leases (tenant pays taxes, insurance, utilities, maintenance, and certain capital expenditures).
• Weighted average lease term (based on annualized base rent as of 12/31/2025): 8.4 years.
• Largest property: located in the Rochester, New York MSA.
• Geographic and tenant mix:
  • Approximately 52% of annualized base rent is derived from properties in MSAs with populations over 1 million (as of 12/31/2025).
  • About 51% of annualized base rent comes from tenants with an investment grade credit rating (per the company’s criteria).
  • Portfolio includes national and well-known tenants such as Dick’s Sporting Goods, Lowe’s, Walmart, Best Buy, Home Depot, Walgreens, Academy Sports, Tractor Supply, CVS, and others.
  • Some tenants occupy multiple properties, which creates single-tenant and multi-property concentration risk.

Commercial loans and investments

• As of 12/31/2025 the commercial loan and investment portfolio had a carrying value of $167.6 million, consisting of nine construction loans, six mortgage notes, and three properties acquired via sale-leaseback arrangements with future repurchase rights.
• 2025 activity:
  • Originated 11 commercial loans totaling $137.3 million with a weighted average initial cash yield of 12.4%.
  • Originated one $2.0 million short-term mortgage note with an initial cash yield of 16.5% (originated 6/5/2025; repaid 7/2/2025).
  • Amended five existing loan investments to extend maturities and upsized four loan face amounts by $39.7 million.
  • Sold a $10.0 million A-1 participation interest in a $29.5 million portfolio loan.
• 2024 activity included three new commercial loans ($31.1 million) and three sale-leaseback properties totaling $31.4 million; an impairment related to a sale-leaseback portfolio was noted.
• Mezzanine/credit strategy: investments may include construction loans, mortgage notes, and mezzanine loans, with leases and collateral typically real estate-backed.

Capital structure and financing

• Credit facility: 2022 Amended and Restated Credit Agreement provides a senior unsecured revolving facility of $250 million (matures January 31, 2027, with extension options; accordion feature up to $750 million total). Interest is SOFR-based (SOFR + 0.10% to 2.20% depending on facility usage) plus a utilization fee (15–25 basis points depending on unused capacity relative to 50%).
• Term loans:
  • 2026 Term Loan: initially $60 million, increased to $100 million; SOFR-based pricing and amended with sustainability-linked pricing.
  • 2027 Term Loan: initially $80 million, increased to $100 million; SOFR-based pricing and the same sustainability-linked framework.
• Equity and preferred equity activity:
  • November 2025: public offering of 2,000,000 shares of 8.00% Series A Cumulative Redeemable Preferred Stock at $25.00 per share; gross proceeds $50.0 million; net proceeds $48.1 million.
  • December 2025: implemented a $35.0 million 2025 Preferred Stock ATM Program; in 2025, 83,328 shares were sold for gross $2.1 million (net $2.0 million); remaining availability under this program $32.9 million.
  • ATM history: proceeds from a 2020 ATM were recognized in 2021 and 2022; the 2022 ATM continues to provide availability. As of 12/31/2025, $79.9 million of availability remained under both ATM programs combined.
• Other liquidity and capital matters: 2020 and 2023 shelf registrations support potential issuances of common stock, preferred stock, and other securities; the company maintains a registered program for equity and debt securities and has executed follow-on equity offerings and ATM activity.

Revenue, impairments, and distributions

• Primary recurring revenue for the income properties segment is base rent. Annualized base rent for the property portfolio was $46.227 million as of 12/31/2025.
• Reported impairment charges include $2.9 million related to seven convenience-store properties in 2023; $1.1 million in 2024; $0.9 million in 2025; and a $1.0 million impairment on a Party City property that became vacant in 2025.
• The company emphasizes cash distributions and REIT-related requirements. Distributions depend on taxable income, capital needs, and debt covenants.

Governance and operations

• The company has no employees; day-to-day operations are performed by Alpine Income Property Manager, LLC, and executives are employees of CTO Realty Growth, Inc.
• The Board provides governance and risk oversight, including cybersecurity and other material matters within the company’s risk framework.
• The management and ROFO framework with CTO and its affiliates creates potential conflicts of interest; the Management Agreement and ROFO Agreement are key governance considerations.

Summary

Alpine Income Property Trust, Inc. is a small-to-mid-sized REIT focused on a portfolio of 127 net-leased income properties across 32 states (99.5% occupied; ~4.3 million RSF; WALE 8.4 years) and a commercial loan and investment portfolio with a carrying value of $167.6 million as of 12/31/2025. The company is externally managed by a CTO affiliate and funds acquisitions and operations through a combination of a revolving credit facility, term loans, ATM programs, and preferred equity. The property portfolio generated about $46.2 million of annualized base rent in 2025. The business faces impairment and tenant concentration risk and includes related-party governance considerations with CTO and the Manager.