WINTER PARK, Fla., April 23, 2026 (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 months ended March 31, 2026.
First Quarter 2026 Highlights
Operating results for the three months ended March 31, 2026 and 2025 (dollars in thousands, except per share data):
Three Months Ended
March 31, 2026
March 31, 2025
Total Revenues
$
18,406
$
14,206
Net Income (Loss) Attributable to PINE
$
2,185
$
(1,179
)
Net Income (Loss) per Diluted Share Attributable to PINE
$
0.06
$
(0.08
)
FFO Attributable to Common Stockholders (1)
$
8,861
$
6,909
FFO Attributable to Common Stockholders per Diluted Share (1)
$
0.53
$
0.44
AFFO Attributable to Common Stockholders (1)
$
8,907
$
7,040
AFFO Attributable to Common Stockholders per Diluted Share (1)
$
0.53
$
0.44
(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.
"Building on a record year of investment activity in 2025, we began 2026 with $74 million of first quarter investment volume and have a strong pipeline of attractive acquisition opportunities," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Supported by opportunistic equity issuance and the recast of our credit facility in the first quarter, our confidence in the investment landscape has increased, prompting us to raise our investment volume outlook by $100 million."
Investment Activity
Investments for the three months ended March 31, 2026 (dollars in thousands):
Three Months Ended March 31, 2026
Number of Investments
Amount
Properties (1)
1
$
10,000
Commercial Loan Originations
3
63,930
Total Investments
4
$
73,930
Properties - Weighted Average Initial Cash Cap Rate
8.5
%
Commercial Loans - Weighted Average Initial Coupon Rate (2)
15.0
%
Total Investments - Weighted Average Initial Yield
14.1
%
Properties - Weighted Average Remaining Lease Term at Time of Acquisition
50.0 years
(1)
The $10.0 million property acquisition is accounted for as a financing arrangement for GAAP purposes and included in the Sale-Leaseback Properties, hereinafter defined.
(2)
Includes paid-in-kind ("PIK") interest coupon rate.
Disposition Activity
Dispositions for the three months ended March 31, 2026 (dollars in thousands):
Three Months Ended March 31, 2026
Number of Investments
Amount
Properties
3
$
5,816
Commercial Loans
1
10,763
Total Dispositions
4
$
16,579
Properties - Weighted Average Exit Cash Cap Rate
7.4%
Commercial Loans - Weighted Average Cash Yield
10.0%
Total Dispositions - Weighted Average Cash Yield
9.1%
Investments (1)
The Company's property and commercial loan portfolios consisted of the following as of March 31, 2026:
Property Portfolio
Number of Properties
125
Square Feet
4.3 million
Annualized Base Rent (ABR) (1)
$47.0 million
Weighted Average Remaining Lease Term
9.3 years
States where Properties are Located
31
Industries
24
Occupancy
99.5%
% of ABR Attributable to Investment Grade Rated Tenants
50%
% of ABR Attributable to Credit Rated Tenants
66%
% of ABR Attributable to Sale-Leaseback Properties (2)
11%
Commercial Loan Portfolio (3)
Number of Commercial Loans
14
Outstanding Face Amount (4)
$160.4 million
Weighted Average Coupon Rate (5)
13.5%
Weighted Average Remaining Term
1.8 years
Unfunded Commitment Amount
$59.1 million
(1)
ABR represents annualized in-place straight-line base rent pursuant to GAAP. Annualized in-place cash base rent totaled $45.2 million.
(2)
The Company owns four single-tenant income properties which were acquired through sale-leaseback transactions that include tenant repurchase options (the "Sale-Leaseback Properties"). These Sale-Leaseback Properties are accounted for as financing arrangements for GAAP purposes. However, as they constitute real estate assets for both legal and tax purposes, we include them for purposes of describing our property portfolio, including for tenant, industry, and state concentrations and exclude them for purposes of describing our commercial loan portfolio. The Sale-Leaseback Properties represent 8.3% of annualized in-place cash base rent.
(3)
See Supplemental Disclosure on Commercial Loans and Investments on page 15 of this press release.
(4)
Net of $20.3 million A-1 Participation and $41.1 million of financing related to Sale-Leaseback Properties.
(5)
Includes PIK interest coupon rate.
The Company's property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of March 31, 2026:
Tenant
Credit Rating
% of ABR
Lowe's
BBB+ / Baa1
12
%
Dicks Sporting Goods
BBB / Baa2
10
%
Beachside Hospitality Group
NR / NR
8
%
Walmart
AA / Aa2
7
%
Best Buy
BBB+ / A3
5
%
Dollar General
BBB / Baa3
5
%
Family Dollar
NR / NR
4
%
GermFree Laboratories
NR / NR
4
%
Walgreens
NR / NR
3
%
At Home
NR / NR
3
%
Bass Pro Shops
BB- / Ba3
3
%
BJ's Wholesale Club
BB+ / Ba1
3
%
Academy Sports
BB+ / Ba2
3
%
Aspen Retail
NR / NR
2
%
Alamo Drafthouse
A+ / A2
2
%
Dollar Tree
BBB / Baa2
2
%
Home Depot
A / A2
2
%
TJX Companies
A / A2
2
%
Burlington
BB+ / Ba1
2
%
Other
18
%
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 March 31, 2026:
Industry
% of ABR
Sporting Goods
16
%
Home Improvement
15
%
Casual Dining
12
%
Dollar Stores
11
%
Grocery
7
%
Consumer Electronics
6
%
Home Furnishings
5
%
Entertainment
5
%
Pharmacy
4
%
Technology, Media & Life Sciences
4
%
Off-Price Retail
4
%
Wholesale Club
3
%
Other
8
%
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 March 31, 2026:
State
% of ABR
Florida
13
%
Texas
9
%
New Jersey
9
%
New York
6
%
Michigan
6
%
North Carolina
6
%
Illinois
6
%
Colorado
5
%
Virginia
5
%
Georgia
4
%
Minnesota
3
%
Ohio
3
%
West Virginia
3
%
Tennessee
3
%
Kansas
2
%
Louisiana
2
%
California
2
%
Missouri
2
%
Other
11
%
Total
100
%
Balance Sheet and Capital Markets
(Dollars in table in thousands)
As of March 31, 2026
Leverage
Net Debt / Total Enterprise Value
56.3%
Net Debt / Pro Forma Adjusted EBITDA
6.6x
Fixed Charge Coverage Ratio
2.9x
Liquidity
Available Capacity Under Revolving Credit Facility
$
81,215
Cash, Cash Equivalents and Restricted Cash
8,136
Total Liquidity
$
89,351
The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of March 31, 2026, the Company had an outstanding balance of $161.5 million under the Revolving Credit Facility and $81.2 million of additional borrowing availability based on unencumbered asset value as of March 31, 2026. However, with our current in-place commitments, the borrowing availability under our Revolving Credit Facility could potentially expand up to an additional $7.3 million if we are able to increase our unencumbered asset value, providing the potential for total liquidity of $96.7 million.
On February 4, 2026, the Company entered into an Amended and Restated Credit Agreement with Truist Bank, N.A., as administrative agent, and certain other lenders named therein (the "Amended and Restated Credit Agreement"). The Amended and Restated Credit Agreement provides for a $250.0 million senior unsecured revolving credit facility, a $100.0 million senior unsecured term loan credit facility maturing in 2029, and a $100.0 million senior unsecured term loan credit facility maturing in 2031. On February 4, 2026, in connection with the Company's entry into the Amended and Restated Credit Agreement, the Company repaid all obligations outstanding under the previous agreement with KeyBank National Association, as administrative agent, and certain other lenders named therein (as amended, the "Prior Credit Agreement"). As a result, the Prior Credit Agreement was terminated, and the obligations thereunder were discharged.
During the three months ended March 31, 2026, the Company issued 186,238 preferred shares under its Series A Preferred Stock ATM offering program at a weighted average gross price of $25.17 per share, for total net proceeds of $4.6 million. During the three months ended March 31, 2026, the Company issued 1,661,724 common shares under its common stock ATM offering program at a weighted average gross price of $19.31 per share, for total net proceeds of $31.6 million.
The Company's long-term debt as of March 31, 2026 (dollars in thousands):
As of March 31, 2026
Face Value Debt
Stated Interest Rate
Wtd. Avg. Rate
Maturity Date
Revolving Credit Facility (1)
$
161,500
SOFR +[1.25% - 2.20%]
4.96%
February 2030
2029 Term Loan (2)
100,000
SOFR +[1.25% - 1.90%]
3.50%
February 2029
2031 Term Loan (3)
100,000
SOFR +[1.25% - 1.90%]
3.50%
February 2031
Total Debt/Weighted-Average Rate
$
361,500
4.15%
