Alpine Income Property Trust, Inc.

Listed Company

PINE-PACIK 0001786117NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$60.53M

Net Income

$-2.66M

Total Assets

$715.87M

Equity

$279.88M

Shares Out

16.52M

Op. Cash Flow

$25.75M

Business

Alpine Income Property Trust, Inc. is a real estate investment trust that acquires, owns and operates a portfolio of commercial net lease properties in the United States and also acquires or originates commercial real estate loans. It primarily leases freestanding, single-tenant retail and other commercial properties under long-term, triple-net leases and invests in commercial loans and related investments secured by real estate. The company operates through two business segments: income properties and commercial loans and investments and is externally managed by Alpine Income Property Manager, LLC. Its properties are geographically diversified across numerous U.S. markets and are primarily located in or near metropolitan statistical areas, targeting retail tenants and other tenants with creditworthy profiles.

Summary from filing dated 2025-02-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Lease Income	49	46	45	45	30
Interest Income from Commercial Loans and Investments	11	6	637,000	—	—
Other Revenue	525,000	461,000	40,000	—	—
Total Revenues	61	52	46	45	30
Real Estate Expenses	8	8	7	5	4
General and Administrative Expenses	7	7	6	6	5
Provision for Impairment	7	2	3	—	—
Depreciation and Amortization	27	26	26	24	16
Total Operating Expenses	49	42	42	35	25
Gain on Disposition of Assets	2	3	9	34	10
Gain on Extinguishment of Debt	—	—	23,000	−727,000	—
Net Income From Operations	13	14	13	43	15
Investment and Other Income	242,000	247,000	289,000	12,000	2,000
Interest Expense	−16	−12	−10	—	—
Net Income (Loss)	−3	2	3	34	11
Less: Net Loss (Income) Attributable to Noncontrolling Interest	228,000	−188,000	−349,000	−4	−1
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	−3	2	3	30	10
Less: Distributions to Preferred Stockholders	−552,000	—	—	—	—
Net Income (Loss) Attributable to Common Stockholders	−3	2	3	—	—
Basic (in dollars per share)	−0.22	0.15	0.21	2.48	1.02
Diluted (in dollars per share)	−0.22	0.14	0.19	2.17	0.89
Basic (in shares)	14	14	14	12	10
Diluted (in shares)	16	15	16	14	11

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land, at Cost	152	148	149	177	178
Building and Improvements, at Cost	344	342	329	323	266
Total Real Estate, at Cost	496	490	478	499	444
Less, Accumulated Depreciation	−54	−46	−35	−22	−15
Real Estate-Net	441	444	444	477	429
Assets Held for Sale	8	2	4	0	—
Commercial Loans and Investments	168	90	35	0	—
Cash and Cash Equivalents	5	2	4	9	9
Restricted Cash	34	6	10	4	646,000
Intangible Lease Assets-Net	49	44	49	60	59
Straight-Line Rent Adjustment	2	1	1	2	2
Other Assets	9	16	17	21	6
Total Assets	716	605	565	573	506
Accounts Payable, Accrued Expenses, and Other Liabilities	8	8	6	4	2
Prepaid Rent and Deferred Revenue	14	2	3	1	2
Intangible Lease Liabilities-Net	5	5	5	5	5
Obligation Under Participation Agreement	10	11	—	—	—
Long-Term Debt-Net	378	301	276	267	268
Total Liabilities	415	329	289	278	278
Commitments and Contingencies-See Note 20	—	—	—	—	—
Preferred Stock, $0.01 par value per share, 100 million shares authorized, $0.01 par value, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,083,328 shares issued and outstanding as of December 31, 2025 and no shares issued and outstanding as of December 31, 2024	21,000	—	—	—	—
Common Stock, $0.01 par value per share, 500 million shares authorized, 14,783,419 shares issued and outstanding as of December 31, 2025 and 14,691,982 shares issued and outstanding as of December 31, 2024	148,000	147,000	137,000	134,000	114,000
Additional Paid-in Capital	314	262	244	237	201
Dividends in Excess of Net Income	−35	−16	−2	10	−6
Accumulated Other Comprehensive Income	1	7	9	15	2
Stockholders' Equity	280	253	251	262	197
Noncontrolling Interest	21	23	25	34	31
Total Equity	301	276	276	295	228
Total Liabilities and Equity	716	605	565	573	506

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and Amortization	27	26	26	24	16
Amortization of Intangible Lease Assets and Liabilities to Lease Income	−613,000	−517,000	−417,000	−328,000	−257,000
Amortization of Deferred Financing Costs to Interest Expense	795,000	720,000	710,000	599,000	362,000
Accretion of Commercial Loans and Investments Origination Fees	−524,000	−179,000	−18,000	—	—
Non-Cash Compensation	380,000	247,000	318,000	310,000	309,000
Straight-Line Rent Adjustment	−703,000	−515,000	−402,000	−935,000	−607,000
Other Assets	374,000	−973,000	186,000	552,000	−2
Accounts Payable, Accrued Expenses, and Other Liabilities	−1	877,000	132,000	217,000	673,000
Prepaid Rent and Deferred Revenue	−3	−2	−252,000	−253,000	977,000
Net Cash Provided By Operating Activities	26	23	23	25	17
Acquisition of Real Estate Including Intangible Lease Assets and Liabilities	−101	−74	−84	−189	−223
Investments in and Improvements to Real Estate	−7	−800,000	−300,000	—	—
Proceeds from Disposition of Assets	69	60	106	150	27
Acquisition of Commercial Loans and Investments	−136	−58	−35	—	—
Principal Payments Received on Commercial Loans and Investments	58	3	—	—	—
Proceeds from Sale of Participation Interest	10	14	—	—	—
Payments on Participation Obligation	−11	−2	—	—	—
Cash Received for Commercial Loan Reserves	15	2	3	—	—
Net Cash Used In Investing Activities	−104	−56	−11	−39	−196
Proceeds from Long-Term Debt	216	122	32	277	295
Payments on Long-Term Debt	−140	−97	−24	−278	−162
Cash Paid for Loan Fees	−141,000	−91,000	−73,000	−2	−1
Repurchases of Common Stock	−9	−775,000	−15	—	—
Proceeds from Issuance of Preferred Stock, Net of Underwriting Discount and Expenses	48	—	—	—	—
Proceeds From Stock Issuances, Net	12	19	12	36	68
Dividends Paid - Preferred Stock	−552,000	—	—	—	—
Dividends Paid - Common Stock	−18	−17	−17	−15	−12
Net Cash Provided By (Used In) Financing Activities	109	26	−11	18	186
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	31	−6	687,000	4	8
Cash Paid for Interest	15	12	9	8	3
Unrealized Loss on Cash Flow Hedge	−6	−3	−4	13	2
Operating Partnership Unit Redemptions	—	—	9	—	—
Right-of-Use Assets and Operating Lease Liability-See Note 9	—	2	—	2	—
Unpaid Portion of Interest Paid In Kind	43,000	—	—	—	—

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