WINTER PARK, Fla., Oct. 23, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE:PINE) (the "Company" or "PINE"), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and nine months ended September 30, 2025.
"We produced a strong quarter of operational results, property transactions and loan investments activity, that brings our year-to-date investments through September 30th to $136 million at a weighted-average initial cash yield of 8.9%," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Further, we continue to selectively recycle properties to manage tenant credit, with Lowe's and Dick's Sporting Goods now representing our two top tenants and 48% of our ABR derived from investment grade rated tenants."
Third Quarter 2025 Highlights
Operating results for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
Nine Months Ended
September 30, 2025
September 30, 2024
September 30, 2025
September 30, 2024
Total Revenues
$
14,563
$
13,480
$
43,632
$
38,436
Net Income (Loss) Attributable to PINE
$
(1,310
)
$
3,080
$
(4,130
)
$
3,024
Net Income (Loss) per Diluted Share Attributable to PINE
$
(0.09
)
$
0.21
$
(0.29
)
$
0.20
FFO(1)
$
7,135
$
6,690
$
20,832
$
19,133
FFO per Diluted Share(1)
$
0.46
$
0.45
$
1.34
$
1.29
AFFO(1)
$
7,128
$
6,649
$
20,909
$
19,291
AFFO per Diluted Share(1)
$
0.46
$
0.44
$
1.34
$
1.30
________________________
(1)
See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.
Investment Activity
Investments for the three and nine months ended September 30, 2025 (dollars in thousands):
Three Months EndedSeptember 30, 2025
Nine Months EndedSeptember 30, 2025
Number of Investments
Amount
Number of Investments
Amount
Properties
2
$
21,120
5
$
60,815
Commercial Loans and Investments
3
28,600
9
74,786
Total Investments
5
$
49,720
14
$
135,601
Properties - Weighted Average Initial Cash Cap Rate
6.0
%
7.7
%
Commercial Loans and Investments - Weighted Average Initial Cash Yield
10.6
%
9.9
%
Total Investments - Weighted Average Initial Cash Yield
8.6
%
8.9
%
Properties - Weighted Average Remaining Lease Term at Time of Acquisition
11.6 years
13.6 years
Subsequent to September 30, 2025, the Company completed the following transactions:
Acquired a four-property portfolio for $3.8 million, reflecting a weighted average initial cash yield of 8.4%. The acquisition of three properties was announced on October 7, 2025, with the fourth property closing approximately one week later.
Originated a new first mortgage loan investment secured by a luxury residential development located in the Austin, Texas metropolitan area. The loan agreement provides for a phase one loan and a phase two loan. On October 15, 2025, the Company funded $14.1 million of the phase one loan, with a total commitment for the phase one loan of up to $29.5 million. The Company's funding of the remainder of the phase one loan is subject to the borrower's satisfaction of certain conditions. The total commitment for the phase two loan is up to $31.8 million, and the Company's funding of loan commitments under the phase two loan is subject to the borrower's satisfaction of certain conditions. The interest rate for all amounts funded under both the phase one and phase two loans, commencing at October 15, 2025, is 17.0%, inclusive of 4.0% paid-in-kind for the full term of the loan, and steps down to 16.0% during months seven to 12, and to 14.0% thereafter. The loan has 36-month term and will be repaid as collateralized home lots are sold.
Originated a new first mortgage loan investment secured by a mixed-use development in Lake Toxaway, North Carolina. At closing, the Company funded $6.4 million of an initial $7.0 million commitment. Subject to the borrower's satisfaction of certain conditions, the loan agreement provides for an additional commitment of up to $6.5 million, for a total potential loan amount of $13.5 million. The interest rate for the 24-month loan is 16.0%, inclusive of 3.0% paid-in-kind.
Amended and upsized an existing investment, Cornerstone Exchange, which is secured by a 8.6-acre retail land development in Daytona Beach, FL. At closing, the Company funded $4.1 million of a new $21.3 million commitment. Combined with the existing $2.6 million principal balance, the upsize brings the total principal balance to $6.8 million, and the total commitment to $23.9 million. From the date of closing, the interest rate for all principal is 10.0%, and the maturity has been extended to April 2027.
Disposition Activity
Dispositions for the three and nine months ended September 30, 2025 (dollars in thousands):
Three Months Ended September 30, 2025
Nine Months Ended September 30, 2025
Number of Investments
Amount
Number of Investments
Amount
Properties (Operating)
1
$
1,127
8
$
29,013
Properties (Vacant)
2
5,025
3
5,325
Commercial Loans and Investments
—
—
—
—
Total Dispositions
3
$
6,152
11
$
34,338
Properties (Operating) - Weighted Average Exit Cash Cap Rate
6.7
%
8.4
%
Commercial Loans and Investments - Weighted Average Cash Yield
—
%
—
%
Total Dispositions - Weighted Average Cash Yield
6.7
%
8.4
%
Subsequent to September 30, 2025, the Company completed or initiated the following transactions:
Sold the Company's only property leased to Kohl's for $12.0 million.
Entered into a hard-money contract to sell one Walgreens location for $5.5 million, with closing anticipated before year-end.
Property Portfolio (2)
The Company's property portfolio consisted of the following as of September 30, 2025:
Number of Properties
128
Square Feet
4.1 million
Annualized Base Rent (ABR)(1)
$46.3 million
Weighted Average Remaining Lease Term
8.7 years
States where Properties are Located
34
Industries
21
Occupancy
99.4%
% of ABR Attributable to Investment Grade Rated Tenants
48%
% of ABR Attributable to Credit Rated Tenants
66%
% of ABR Attributable to Sale-Leaseback Tenants(2)
8%
_____________________________
(1)
ABR represents annualized in-place straight-line base rent pursuant to GAAP. As of September 30, 2025, annualized in-place cash base rent totaled $44.7 million.
(2)
During the year ended December 31, 2024, the Company acquired three single-tenant income properties for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option (the "Sale-Leaseback Tenants"). This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes, however, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Sale-Leaseback Tenants. The Sale-Leaseback Tenants represent 6% of annualized in-place cash base rent as of September 30, 2025.
The Company's property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:
Tenant
Credit Rating
% of ABR
Lowe's
BBB+ / Baa1
12%
Dicks Sporting Goods
BBB / Baa2
10%
Beachside Hospitality Group
NR / NR
8%
Walgreens
NR / NR
6%
Best Buy
BBB+ / A3
5%
Family Dollar
NR / NR
5%
Dollar General
BBB / Baa3
5%
GermFree Laboratories
NR / NR
4%
Walmart
AA / Aa2
4%
At Home
NR / NR
3%
Bass Pro Shops
BB- / Ba3
3%
BJ's Wholesale Club
BB+ / Ba1
3%
Academy Sports
BB+ / Ba2
3%
Alamo Drafthouse
A / A2
2%
Dollar Tree
BBB / Baa2
2%
Home Depot
A / A2
2%
Other
23%
Total
100%
The Company's property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:
Industry
% of ABR
Sporting Goods
17%
Home Improvement
15%
Dollar Stores
12%
Casual Dining
9%
Pharmacy
7%
Home Furnishings
6%
Consumer Electronics
6%
Entertainment
5%
Technology, Media & Life Sciences
4%
Grocery
4%
Off-Price Retail
3%
Wholesale Club
3%
General Merchandise
3%
Other
6%
Total
100%
The Company's property portfolio included properties in the following top states that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:
State
% of ABR
Florida
13%
New Jersey
9%
Texas
7%
New York
7%
North Carolina
6%
Michigan
6%
Illinois
6%
Georgia
4%
Ohio
4%
Minnesota
3%
West Virginia
3%
Tennessee
3%
Colorado
2%
Kansas
2%
Other
25%
Total
100%
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
As of September 30, 2025
Leverage
Net Debt / Total Enterprise Value
62.1
%
Net Debt / Pro Forma Adjusted EBITDA
7.7x
Fixed Charge Coverage Ratio
3.1x
Liquidity
Available Capacity Under Revolving Credit Facility
$
60,172
Cash, Cash Equivalents
