Alpine Income Property Trust raises Q3 dividend 6.7%, reports $77M Q2 investments at 8.7% yield

The company announced its financial results for the second quarter and first half of 2026 through a press release and investor presentation. The actual financial metrics are contained in the attached exhibits, which are not included in this 8-K body text.

Alpine Income Property Trust released its financial results for the second quarter and first half of 2026. The 8-K itself does not contain the actual financial figures—those are in the attached exhibits (press release and investor presentation), which are furnished under Regulation FD but not filed.

Alpine Income Property Trust reported Q2 2026 total revenues of $20.0 million (up from $14.9 million in Q2 2025) and net income attributable to common stockholders of $3.0 million ($0.16 per diluted share), compared to a net loss of $1.6 million ($0.12 per share) in Q2 2025. FFO per diluted share was $0.57 versus $0.44 in the prior-year quarter, and AFFO per diluted share was $0.58 versus $0.44. For the six months ended June 30, 2026, revenues totaled $38.4 million with net income of $4.1 million ($0.23 per diluted share), FFO of $1.10 per share, and AFFO of $1.11 per share.

In Q2 2026, PINE completed approximately $77 million of gross investment activity comprising 3 properties ($36.6 million) and 1 commercial loan origination ($40.0 million), at a blended initial yield of 8.7%. For the six months ended June 30, 2026, total investments were $150.5 million (4 properties and 4 commercial loans) at a blended initial yield of 11.4%. The property acquisitions had a weighted average initial cash cap rate of 7.4% in Q2 and 7.6% for the half year, while commercial loans had weighted average initial coupon rates of 10.0% and 13.1%, respectively.

PINE's Board of Directors authorized a 6.7% increase in the quarterly common stock dividend to $0.320 per share (from $0.300), payable September 30, 2026 to stockholders of record as of September 10, 2026. The Board also declared a quarterly preferred stock dividend of $0.500 per share for Q3 2026, payable on the same date.

PINE revised its 2026 guidance upward for net income per diluted share to $0.81–$0.84 (from $0.72–$0.76), FFO per diluted share to $2.10–$2.13 (from $2.09–$2.13), and AFFO per diluted share to $2.12–$2.15 (from $2.11–$2.15). Investment volume guidance remains $170–$200 million, while disposition volume was lowered to $20–$40 million (from $30–$60 million).

In Q2 2026, PINE issued 1,139,351 common shares at a weighted average gross price of $19.31 per share (net proceeds $21.7 million) and 156,302 preferred shares at $25.18 per share (net proceeds $3.9 million) through its ATM programs. For the six months ended June 30, 2026, the company issued 2,801,075 common shares (net proceeds $53.3 million) and 342,540 preferred shares (net proceeds $8.4 million), opportunistically utilizing the ATM programs to support liquidity.

For the three months ended June 30, 2026, Alpine reported net income attributable to common stockholders of $3.0 million, or $0.16 per diluted share, compared to a net loss of $1.6 million, or $(0.12) per diluted share, in the prior-year quarter. For the six months ended June 30, 2026, net income attributable to common stockholders was $4.1 million, or $0.23 per diluted share, versus a net loss of $2.8 million, or $(0.20) per diluted share, in the prior-year period. The improvement reflects higher lease and interest income, partially offset by increased operating expenses and preferred dividends.

Alpine reaffirmed its full-year 2026 guidance for FFO per share of $2.10 to $2.13 (midpoint up 1.4% year-over-year) and AFFO per share of $2.12 to $2.15 (midpoint up 1.4% year-over-year). The company also expects investment volume of $170 million to $200 million and disposition volume of $20 million to $40 million for the year. The guidance does not reflect any potential incentive management fee based on stockholder return.

Alpine declared and paid a quarterly common dividend of $0.300 per share for Q2 2026, up from $0.285 in the prior-year quarter. The presentation references a Q3 2026 annualized dividend of $1.28 per share, implying a quarterly rate of $0.32, which represents a further increase. This continues the company's dividend growth trajectory, with a 60%+ increase in the quarterly dividend since the start of 2020.

Alpine's commercial loan portfolio grew significantly during the first half of 2026. The face amount of the commercial loan portfolio (excluding participation obligations sold and sale-leaseback transactions) increased from $129.8 million at the start of the period to $167.0 million at June 30, 2026, driven by $52.9 million in draws (including accrued PIK interest) and $15.7 million in principal repayments. The portfolio now comprises 13 loans with a weighted average coupon rate of 13.2% and $85.4 million in unfunded commitments.

As of June 30, 2026, Alpine reported net debt to pro forma adjusted EBITDA of 6.4x and net debt to total enterprise value of 44.8%. The company has $83 million in liquidity and no debt maturities until 2029. All debt is unsecured, with a weighted average interest rate of 4.38%, and the company has utilized interest rate swaps to fix SOFR on $300 million of its $369.5 million total debt.