NYSE: PINE
Alpine Income Property Trust, Inc.CIK 0001786117 · SIC 6798 · Real Estate Investment Trusts
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Alpine Income Property Trust to acquire 13-property industrial portfolio for $117.3M
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Alpine Income Property Trust raises Q3 dividend 6.7%, reports $77M Q2 investments at 8.7% yield
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PINE: revenue $20.0M, net income $4.2M. PINE operating income +249.5% YoY as commercial loan portfolio doubles; equity
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Alpine Income Property Trust shareholders approve routine annual meeting matters
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Alpine Income Property Trust expands ATM programs, adding up to $150M common and up to $35M preferred capacity
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revenue $18.4M, net income $2.2M. Alpine Income swings to profit
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Alpine Income Property Trust reports Q1 2026 earnings results
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Alpine Income Property Trust offers up to $35M of 8.00% Series A Preferred Stock at $25/share
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Latest financial statements
From 10-Q filed Oct 22, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(Unaudited, in thousands, except share and per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Revenues: | ||||
| Lease Income | 12,812 | 12,122 | 38,051 | 35,970 |
| Interest Income from Commercial Loans and Investments | 7,611 | 2,320 | 20,700 | 7,358 |
| Other Revenue | 37 | 121 | 117 | 304 |
| Total Revenues | 20,460 | 14,563 | 58,868 | 43,632 |
| Operating Expenses: | ||||
| Real Estate Expenses | 2,095 | 1,891 | 6,482 | 6,030 |
| General and Administrative Expenses | 2,009 | 1,695 | 5,896 | 5,108 |
| Provision for Impairment and Adjustment to CECL Reserve | (76) | 1,915 | 809 | 6,749 |
| Depreciation and Amortization | 6,881 | 6,597 | 20,901 | 20,609 |
| Total Operating Expenses | 10,909 | 12,098 | 34,088 | 38,496 |
| Gain (Loss) on Disposition of Assets | 272 | (46) | 369 | 2,043 |
| Net Income From Operations | 9,823 | 2,419 | 25,149 | 7,179 |
| Investment and Other Income | 17 | 68 | 472 | 160 |
| Interest Expense | (4,828) | (3,910) | (13,760) | (11,822) |
| Net Income (Loss) | 5,012 | (1,423) | 11,861 | (4,483) |
| Less: Net Loss (Income) Attributable to Noncontrolling Interest | (324) | 113 | (797) | 353 |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | 4,688 | (1,310) | 11,064 | (4,130) |
| Less: Distributions to Preferred Stockholders | (1,245) | — | (3,554) | — |
| Net Income (Loss) Attributable to Common Stockholders | 3,443 | (1,310) | 7,510 | (4,130) |
| Per Common Share Data: | ||||
| Net Income (Loss) Attributable to Common Stockholders | ||||
| Basic | 0.19 | (0.09) | 0.45 | (0.29) |
| Diluted | 0.18 | (0.09) | 0.42 | (0.29) |
| Weighted Average Number of Common Shares: | ||||
| Basic | 17,694,160 | 14,158,190 | 16,776,481 | 14,328,245 |
| Diluted | 18,918,014 | 15,382,044 | 18,000,335 | 15,552,099 |
Consolidated Balance Sheets
(In thousands, except share and per share data)
| Description | September 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real Estate: | ||
| Land, at Cost | 175,167 | 151,628 |
| Building and Improvements, at Cost | 373,114 | 344,138 |
| Total Real Estate, at Cost | 548,281 | 495,766 |
| Less, Accumulated Depreciation | (66,967) | (54,446) |
| Real Estate—Net | 481,314 | 441,320 |
| Assets Held for Sale | 966 | 8,077 |
| Commercial Loans and Investments | 231,421 | 167,553 |
| Cash and Cash Equivalents | 11,722 | 4,589 |
| Restricted Cash | 19,139 | 34,410 |
| Intangible Lease Assets—Net | 47,888 | 48,925 |
| Straight-Line Rent Adjustment | 2,597 | 2,092 |
| Other Assets | 26,059 | 8,908 |
| Total Assets | 821,106 | 715,874 |
| LIABILITIES AND EQUITY | ||
| Liabilities: | ||
| Accounts Payable, Accrued Expenses, and Other Liabilities | 16,647 | 7,877 |
| Prepaid Rent and Deferred Revenue | 14,286 | 14,031 |
| Intangible Lease Liabilities—Net | 6,120 | 4,971 |
| Obligation Under Participation Agreement | 18,519 | 10,000 |
| Long-Term Debt—Net | 396,676 | 377,739 |
| Total Liabilities | 452,248 | 414,618 |
| Commitments and Contingencies—See Note 20 | ||
| Equity: | ||
| Preferred Stock, 100 million shares authorized, $0.01 par value per share, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,489,747 shares issued and outstanding as of September 30, 2026 and 2,083,328 shares issued and outstanding as of December 31, 2025 | 25 | 21 |
| Common Stock, $0.01 par value per share, 500 million shares authorized, 17,935,407 shares issued and outstanding as of September 30, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025 | 179 | 148 |
| Additional Paid-in Capital | 383,408 | 313,690 |
| Dividends in Excess of Net Income | (43,689) | (35,276) |
| Accumulated Other Comprehensive Income | 7,452 | 1,293 |
| Stockholders' Equity | 347,375 | 279,876 |
| Noncontrolling Interest | 21,483 | 21,380 |
| Total Equity | 368,858 | 301,256 |
| Total Liabilities and Equity | 821,106 | 715,874 |
Consolidated Statements of Cash Flows (Unaudited)
(Unaudited, in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash Flow From Operating Activities: | ||
| Net Income (Loss) | 11,861 | (4,483) |
| Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities: | ||
| Depreciation and Amortization | 20,901 | 20,609 |
| Amortization of Intangible Lease Assets and Liabilities to Lease Income | (733) | (422) |
| Amortization of Deferred Financing Costs to Interest Expense | 871 | 591 |
| Accretion of Commercial Loans and Investments Origination Fees | (1,024) | (324) |
| Paid-In-Kind Accrued Interest | (2,323) | — |
| Gain on Disposition of Assets | (369) | (2,043) |
| Provision for Impairment and Adjustment to CECL Reserve | 809 | 6,749 |
| Non-Cash Compensation | 285 | 285 |
| Decrease (Increase) in Assets: | ||
| Straight-Line Rent Adjustment | (508) | (539) |
| Other Assets | (8,942) | 74 |
| Increase (Decrease) in Liabilities: | ||
| Accounts Payable, Accrued Expenses, and Other Liabilities | 3,029 | (185) |
| Prepaid Rent and Deferred Revenue | (11,255) | 124 |
| Net Cash Provided By Operating Activities | 12,602 | 20,436 |
| Cash Flow From Investing Activities: | ||
| Acquisition of Real Estate Including Intangible Lease Assets and Liabilities | (55,044) | (61,057) |
| Investments in and Improvements to Real Estate | (1,504) | (6,457) |
| Proceeds from Disposition of Assets | 5,910 | 32,644 |
| Acquisition of Commercial Loans and Investments | (97,183) | (63,418) |
| Principal Payments Received on Commercial Loans and Investments | 36,014 | 50,465 |
| Proceeds from Sale of Participation Interest | 10,763 | — |
| Payments on Participation Obligation | (2,244) | (11,403) |
| Cash Received for Commercial Loan Reserves | 17,422 | 3,218 |
| Net Cash Used In Investing Activities | (85,866) | (56,008) |
| Cash Flow from Financing Activities: | ||
| Proceeds from Long-Term Debt | 356,088 | 115,500 |
| Payments on Long-Term Debt | (335,588) | (59,000) |
| Cash Paid for Loan Fees | (4,239) | (111) |
| Repurchases of Common Stock | — | (8,798) |
| Proceeds From Stock Issuances, Net | 69,468 | (71) |
| Dividends Paid Preferred Stock | (3,554) | — |
| Dividends Paid Common Stock | (17,049) | (13,261) |
| Net Cash Provided By Financing Activities | 65,126 | 34,259 |
| Net Decrease in Cash and Cash Equivalents and Restricted Cash | (8,138) | (1,313) |
| Cash and Cash Equivalents and Restricted Cash, Beginning of Period | 38,999 | 7,951 |
| Cash and Cash Equivalents and Restricted Cash, End of Period | 30,861 | 6,638 |
| Reconciliation of Cash to the Consolidated Balance Sheets: | ||
| Cash and Cash Equivalents | 11,722 | 1,183 |
| Restricted Cash | 19,139 | 5,455 |
| Total Cash | 30,861 | 6,638 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited, in thousands, except share and per share data); (In thousands, except share and per share data); (Unaudited, in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗