Alpine Income Property Trust Announces Pricing of Public Offering of 8.00% Series A Cumulative Redeemable Preferred Stock

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) priced a public offering of 2,000,000 shares of 8.00% Series A cumulative redeemable preferred stock at $25.00 per share, implying gross proceeds of $50,000,000 before underwriting fees. The underwriters have a 30‑day option to purchase up to 300,000 additional shares to cover over‑allotments.

The offering is expected to close on November 12, 2025. Net proceeds are expected to be used for general corporate purposes, including property acquisitions, commercial loan and investment opportunities, and repayment of debt. The company intends to apply to list the shares on the NYSE under PINE-PA.

Positive

• Gross proceeds of $50,000,000
• 8.00% fixed cumulative dividend on Series A preferred
• Underwriters granted 30‑day 15% over‑allotment option (300,000 shares)
• Company intends NYSE listing under PINE-PA

Negative

• 8.00% fixed dividend creates ongoing cash dividend obligation
• Proceeds stated before underwriting discount and offering expenses
• Offering may increase capital claims ahead of common shareholders via liquidation preference

Insights

Capital Markets Analyst

Offering raises $50,000,000 via 8.00% preferred stock; expected close Nov 12, 2025.

The transaction sells 2,000,000 shares at $25.00 per share with a 30-day over-allotment for 300,000 shares. The security carries an 8.00% cumulative dividend and a $25.00 liquidation preference, and listing is planned under the symbol PINE-PA.

This provides immediate equity-like capital while preserving common equity dilution. Key dependencies include successful closing on Nov 12, 2025 and exercise or non-exercise of the 30-day option; underwriting fees and net proceeds will vary accordingly.

Watch the final net proceeds and any statement on use of proceeds within the prospectus supplement over the next 30 days.

REIT Strategist

Net proceeds earmarked for general corporate uses, including acquisitions and debt repayment.

The company states net proceeds may fund property acquisitions, commercial loans, investments, and repayment under credit agreements. The financing route uses preferred equity rather than issuing common shares or drawing additional bank debt.

Risks include the 8.00% dividend obligation and its effect on distributable cash, and the timing and scale of intended uses which depend on market conditions. The offering closing is expected on Nov 12, 2025 and prospective investors should review the prospectus supplement for precise fees, stated uses, and risk factors.

Monitor the prospectus supplement and the quarterly filing for exact net proceeds, underwriting discount, and any changes to intended use within the next reporting cycle.

WINTER PARK, Fla., Nov. 05, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (“PINE” or the “Company”) today announced the pricing of a public offering of 2,000,000 shares of the Company’s 8.00% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a public offering price of $25.00 per share. The Series A Preferred Stock will have a $25.00 per share liquidation preference. PINE expects to receive gross proceeds of $50,000,000 from the sale of the Series A Preferred Stock before deducting the underwriting discount and other estimated offering expenses. The Company has granted the underwriters an option for 30 days to purchase up to an additional 300,000 shares of the Series A Preferred Stock solely to cover over-allotments. The offering is expected to close on November 12, 2025, subject to customary closing conditions.

The Company expects to use the net proceeds from the offering for general corporate and working capital purposes, which may include property acquisitions, commercial loan and investment opportunities and repayment of debt, including amounts outstanding under PINE’s credit agreements.

PINE intends to file an application to list the Series A Preferred Stock on the New York Stock Exchange under the ticker symbol “PINE-PA.”

Raymond James, Stifel and Baird are acting as joint book-running managers for the offering. Janney Montgomery Scott, KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Securities LLC, Synovus Securities Inc. and Truist Securities are acting as co-managers for the offering.

The Series A Preferred Stock will be offered under the Company’s existing shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained from Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by email at prospectus@raymondjames.com; Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600, Baltimore, MD 21231, email: syndprospectus@stifel.com; and Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: 800-792-2473, email: syndicate@rwbaird.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. 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 portfolio of single tenant net leased commercial income properties that are predominantly leased to high-quality publicly traded and credit-rated tenants.

Safe Harbor

Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Examples of forward-looking statements in this press release include, without limitation, statements regarding the proposed offering of the Series A Preferred Stock, the expected use of the net proceeds from the offering, the listing of the shares of Series A Preferred Stock on the New York Stock Exchange and the Company’s expectations concerning market conditions for an offering of the Series A Preferred Stock.

Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and those described under the heading “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, which can be accessed at the SEC’s website at www.sec.gov.

There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact: Philip R. Mays
Senior Vice President, Chief Financial Officer and Treasurer
(407) 904-3324
pmays@alpinereit.com

FAQ

What did PINE announce about the Series A preferred offering on November 6, 2025?

PINE priced 2,000,000 shares of 8.00% Series A preferred at $25.00 per share for gross proceeds of $50,000,000.

When is the PINE Series A preferred offering expected to close and list?

The offering is expected to close on November 12, 2025, and the company intends to apply to list the shares on the NYSE as PINE-PA.

How will PINE use the net proceeds from the Series A preferred offering?

Net proceeds are expected to be used for general corporate and working capital purposes, including property acquisitions, loans/investments, and debt repayment.

What is the size of the underwriter over‑allotment for PINE’s offering?

Underwriters have a 30‑day option to purchase up to 300,000 additional shares to cover over‑allotments.

What are key investor considerations for PINE’s 8.00% Series A preferred?

Key points: $25 liquidation preference per share, 8.00% cumulative dividend, and issuance proceeds before underwriting fees total $50M.