Alpine Income Property Trust Announces Full Year 2025 Transaction Activity

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) reported record full-year 2025 investment activity of $277.7 million with a weighted average initial cash yield of 10.3%. Fourth-quarter 2025 investment activity totaled $142.1 million at an 11.7% weighted average initial cash yield, including two new structured loans totaling $33.5 million at a 12.0% initial cash yield.

Full-year dispositions were $82.8 million (income-producing sales of $67.5 million at an 8.0% weighted average exit cash cap rate). Year-end portfolio: 99.4% occupancy, 8.4 years weighted average remaining lease term, and 51% of annualized base rent from investment-grade tenants.

Positive

• Record full-year investment activity of $277.7M
• Weighted average initial cash yield of 10.3% for 2025 investments
• Year-end portfolio occupancy at 99.4%
• Weighted average remaining lease term of 8.4 years

Negative

• Full-year dispositions totaling $82.8M reduced income-producing assets to $67.5M
• Weighted average exit cash cap rate of 8.0% on 2025 income-producing sales

Key Figures

FY 2025 investments $277.7 million Full year 2025 acquisitions & structured investments at 10.3% initial cash yield

Q4 2025 investments $142.1 million Q4 2025 acquisitions & structured investments at 11.7% initial cash yield

New structured commitments $33.5 million Two new structured investments since December 1, 2025 at 12.0% yield

First mortgage loan $20.0 million Fully funded at close, 12.0% initial yield, Fairfax County, Virginia

First mortgage commitment $13.5 million Loan commitment at 12.0% initial yield, Denver redevelopment

FY 2025 dispositions $82.8 million Income-producing, vacant properties and structured interest sales

Q4 2025 dispositions $48.4 million Includes $38.4M income-producing sales at 7.7% exit cash cap rate

Occupancy 99.4% Portfolio occupancy as of December 31, 2025; WALT 8.4 years

Market Reality Check

$16.79 Last Close

Volume Volume 101,640 is below the 20-day average of 194,174, indicating subdued pre-news activity. low

Technical Shares at $16.72 were trading above the 200-day MA of $15.28, and about 6.5% below the 52-week high.

Peers on Argus

Ahead of this update, PINE was modestly lower over 24 hours while several retail REIT peers like SITC, WSR, BFS and CBL also showed small declines, with GTY slightly positive, pointing to mixed, stock-specific trading rather than a uniform sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 01	Transactions & offering	Positive	+0.8%	Update on 2025 deals plus preferred equity raise for growth capital.
Nov 20	Acquisition update	Positive	+1.6%	Walmart-anchored Richmond acquisition expanding investment-grade tenant exposure.
Nov 18	Dividend declaration	Positive	+0.8%	Q4 2025 common and preferred dividends maintaining income profile.
Nov 12	Acquisition update	Positive	+1.6%	Sam’s Club acquisition strengthening Walmart-linked, investment-grade rent base.
Nov 05	Preferred offering	Positive	+0.3%	Pricing of 8.00% Series A preferred to fund investments and debt repayment.

Pattern Detected

Recent news across acquisitions, offerings and dividends has generally coincided with modestly positive next-day price reactions.

Recent Company History

Over the last few months, Alpine has focused on external growth and balance sheet initiatives. In November 2025 it priced and then completed an 8.00% Series A preferred stock offering, raising about $50M for acquisitions and loan investments. Multiple Walmart-anchored and Sam’s Club acquisitions strengthened its investment‑grade tenant mix, while Q4 2025 dividends underscored income focus. Today’s record 2025 transaction update extends that capital deployment and recycling narrative.

Market Pulse Summary

This announcement details a record $277.7 million of 2025 investment activity, alongside $82.8 million of dispositions, highlighting an active capital recycling strategy. The portfolio ended 2025 at 99.4% occupancy with an 8.4-year weighted average lease term and growing exposure to investment‑grade tenants such as Walmart, Lowe’s and Dick’s Sporting Goods. Investors may focus on the sustainability of these high initial cash yields and future transaction pacing relative to funding costs.

Key Terms

net leased financial

"single tenant net leased commercial income properties"

A net leased property is a real estate arrangement where the tenant not only pays rent but also covers some or all ongoing property costs like taxes, insurance, and maintenance. For investors this matters because it makes income more predictable and lowers the landlord’s operating expenses and risk—similar to renting a car where the renter also pays for fuel and upkeep, leaving the owner with steadier, more passive returns.

paid-in-kind interest financial

"cash yield of 12.0% (including paid-in-kind interest)"

Paid-in-kind interest is interest on a loan or bond that is paid by issuing more debt or additional securities instead of cash, so the borrower adds the unpaid interest to the principal balance. For investors, it matters because it preserves the borrower’s cash now but increases the total debt or dilutes ownership later—like taking a ballooning credit card balance instead of paying the bill—and can raise risk of higher leverage and reduced cash returns.

first mortgage loan financial

"$20.0 million first mortgage loan, fully funded at close"

A first mortgage loan is the primary loan secured by a property, meaning the lender has the first claim on that property if the borrower fails to repay. Think of it as the lead lien in a queue: it gets paid before any other debts tied to the same property. Investors care because first mortgages typically carry lower risk and stronger recovery prospects, influencing loan values, interest rates and the stability of mortgage-backed investments.

weighted average initial cash yield financial

"representing a weighted average initial cash yield of 11.7%"

Weighted average initial cash yield is the combined, up-front income return an investor can expect from a group of investments, where each asset’s initial cash return is averaged according to how much money was put into it. Think of it like averaging the fuel efficiency of several cars but giving bigger cars more weight because you drive them more; it shows the portfolio’s immediate income per dollar invested and helps investors compare expected short-term cash generation across deals or portfolios.

exit cash cap rate financial

"at a weighted average exit cash cap rate of 8.1%"

The exit cash cap rate is the percentage used to convert a property's expected cash income at the time of sale into an estimated sale price; divide the final year’s cash income by this rate to get the terminal value. It matters to investors because small changes in that percentage can greatly alter the projected sale proceeds and overall returns, similar to how a slight change in the interest rate shifts the value of a loan.

annualized base rent financial

"51% of annualized base rent attributable to investment grade rated tenants"

Annualized base rent is the total fixed rent a tenant is contractually required to pay over a year, based on the agreed monthly or periodic rate and excluding variable charges like utilities or percentage rent. For investors it acts like a predictable paycheck from a property lease, helping assess steady income, cash flow stability, and the value of real estate holdings much like knowing a subscription’s guaranteed yearly revenue.

investment grade rated financial

"attributable to investment grade rated tenants"

A security described as investment grade has been judged by a credit-rating agency to have a relatively low risk of default, similar to a person having a strong credit score. For investors this signals greater safety and typically lower interest costs for the issuer, so such bonds or loans are often preferred by conservative portfolios and affect pricing, regulatory treatment, and how much risk an investor must accept to buy them.

real estate investment trust regulatory

"a publicly traded real estate investment trust that seeks to deliver"

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

AI-generated analysis. Not financial advice.

– Record annual investment activity of $277.7 million –
– $82.8 million of dispositions –

WINTER PARK, Fla., Jan. 02, 2026 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”), an owner and operator of single tenant net leased commercial income properties, today announced its investment and disposition activities for the full fourth quarter and full year 2025.

Transaction Activity

During the fourth quarter and full year 2025, the Company completed the following transactions:

• Investments:
  • Since the prior transaction update on December 1, 2025, the Company originated two new structured investments totaling $33.5 million in loan commitments at a weighted average initial cash yield of 12.0% (including paid-in-kind interest).
    • $20.0 million first mortgage loan, fully funded at close, with an initial yield of 12.0% (including paid-in-kind interest), secured by a mixed-use development in Fairfax Country, Virginia.
    • $13.5 million first mortgage loan commitment with an initial yield of 12.0% (including paid-in-kind interest), secured by a mixed-use redevelopment in Denver, Colorado.
  • Total fourth quarter 2025 investment activity includes $142.1 million of acquisitions and structured investment transactions representing a weighted average initial cash yield of 11.7%.
  • Full year 2025 investment activity includes $277.7 million of acquisitions and structured investment transactions representing a weighted average initial cash yield of 10.3% and setting a new annual record.
• Dispositions:
  • Since the prior transaction update on December 1, 2025, the Company sold five net lease properties for an aggregate sale price of $15.3 million at a weighted average exit cash cap rate of 8.1%, leased to O’Reilly Auto Parts, Family Dollar, Chipotle, and Walgreens (two properties).
  • Total fourth quarter 2025 disposition activity of $48.4 million, including $38.4 million of income-producing asset sales at a weighted average exit cash cap rate of 7.7% and one $10.0 million structured investment participation interest sale.
  • Full year 2025 disposition activity of $82.8 million, including $67.5 million of income-producing asset sales at a weighted average exit cash cap rate of 8.0%, $5.3 million of vacant properties and one $10.0 million structured investment participation interest.

Year-End Portfolio Update

• As of December 31, 2025, the Company’s property portfolio was 99.4% occupied, with a weighted average remaining lease term of 8.4 years, and with 51% of annualized base rent attributable to investment grade rated tenants.
• Walmart is now the Company’s fourth largest tenant, joining a portfolio led by investment grade-rated tenants Lowe’s (BBB+ credit rating) and Dick’s Sporting Goods (BBB credit rating).
• Walgreens decreased to the Company’s ninth tenant based on annualized base rent, with five properties leased to Walgreens remaining in the Company’s portfolio.
  

About Alpine Income Property Trust, Inc. 

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a diversified portfolio of single tenant net leased commercial income properties that are predominantly leased to high-quality publicly traded and credit-rated tenants.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.  

Safe Harbor 

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-Q for the quarter ended September 30, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Annualized base rent represents annualized in-place straight-line base rent pursuant to GAAP as of September 30, 2025.

Contact:
Investor Relations
ir@alpinereit.com

FAQ

What was Alpine Income Property Trust (PINE) total investment activity for full-year 2025?

Full-year 2025 investment activity was $277.7 million representing a weighted average initial cash yield of 10.3%.

How much did PINE dispose of in 2025 and at what cap rate?

Full-year 2025 dispositions were $82.8 million, including $67.5 million of income-producing asset sales at a weighted average exit cash cap rate of 8.0%.

What were Alpine's portfolio occupancy and lease term as of December 31, 2025?

As of December 31, 2025 the portfolio was 99.4% occupied with a weighted average remaining lease term of 8.4 years.

How much were the new structured loan commitments announced by PINE in December 2025?

Since the prior update, PINE originated two structured investments totaling $33.5 million in loan commitments at a weighted average initial cash yield of 12.0%.

What portion of PINE's annualized base rent came from investment-grade tenants at year-end 2025?

51% of annualized base rent was attributable to investment-grade rated tenants as of December 31, 2025.