Alpine Income Property Trust Announces Year-To-Date 2025 Transaction Activity & Preferred Equity Offering

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) reported fourth-quarter-through-Dec. 1, 2025 transaction and capital markets activity including acquisitions, structured investments, dispositions and a preferred equity offering.

Key facts: 8 properties acquired for $39.8M (going-in cash cap 6.9%, remaining lease term 4.4 years); $47.5M of new structured loan commitments (weighted initial cash yield 16.1%); YTD 2025 investment activity $244.2M at a 10.1% weighted average initial cash yield; YTD dispositions $52.2M (exit cap 8.0%) and $5.3M vacant property sales. Occupancy was 99.4%, weighted average remaining lease term 8.4 years, and 50% of annualized base rent from investment-grade tenants. The company completed a $50.0M gross preferred equity offering of 8.00% Series A preferred (ticker PINE-PA).

Positive

• YTD investment activity of $244.2M at 10.1% yield
• Originated $47.5M in structured loan commitments at 16.1% yield
• Closed $50.0M preferred equity offering (8.00% Series A)
• Portfolio occupancy at 99.4% with 8.4-year WALT
• 50% of annualized base rent from investment-grade tenants

Negative

• YTD dispositions of $52.2M at an 8.0% weighted exit cap rate
• Acquisitions weighted remaining lease term of 4.4 years (shorter-term cash flows)
• Walgreens reduced to fifth-largest tenant after recent sales

News Market Reaction

+0.76%

1 alert

+0.76% News Effect

On the day this news was published, PINE gained 0.76%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 property acquisitions: $39.8M Structured loan commitments: $47.5M Initial cash yield: 16.1% +5 more

8 metrics

Q4 property acquisitions $39.8M Eight properties acquired in Q4 2025 through Dec. 1

Structured loan commitments $47.5M Three new structured investments originated in Q4 2025

Initial cash yield 16.1% Weighted average initial cash yield on new structured investments

YTD investment activity $244.2M 2025 acquisitions and structured investments year-to-date

YTD income asset sales $52.2M Year-to-date 2025 income-producing dispositions (8.0% exit cap rate)

Portfolio occupancy 99.4% Occupancy as of December 1, 2025

Preferred gross proceeds $50,000,000 Series A preferred equity offering closed Nov. 12, 2025

Series A dividend rate 8.00% Coupon on Series A cumulative redeemable preferred stock

Market Reality Check

Price: $20.53 Vol: Volume 193,129 is 1.21x t...

normal vol

$20.53 Last Close

Volume Volume 193,129 is 1.21x the 20-day average of 159,582, indicating elevated interest ahead of this update. normal

Technical Shares at $16.93 are trading above the $15.25 200-day MA and sit about 5% below the 52-week high of $17.88.

Peers on Argus

Retail REIT peers were mixed, with moves from -0.49% (GTY) to +2.36% (CBL), whil...

1 Up

Retail REIT peers were mixed, with moves from -0.49% (GTY) to +2.36% (CBL), while momentum scans only flagged WHLR up 61.10% on no news, pointing to stock-specific rather than sector-driven dynamics for PINE.

Historical Context

5 past events · Latest: Dec 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Transactions & offering	Positive	+0.8%	YTD acquisitions, structured loans, dispositions and preferred equity closing.
Nov 20	Acquisition update	Positive	+1.6%	Purchase of Walmart and TJ Maxx–anchored Richmond parcels for $20.7M.
Nov 18	Dividend declaration	Positive	+0.8%	Declared Q4 2025 common and preferred dividends with ~6.9% yield indication.
Nov 12	Acquisition update	Positive	+1.6%	Acquisition of long-tenured Sam’s Club property in Houston for $15.4M.
Nov 05	Preferred pricing	Positive	+0.3%	Pricing 8.00% Series A preferred stock, targeting $50.0M gross proceeds.

Pattern Detected

Recent acquisition, dividend, and preferred-offering headlines all saw modest positive next-day reactions between 0.33% and 1.60%, suggesting investors have generally responded constructively to PINE’s capital deployment and financing updates.

Recent Company History

Over the last several weeks, PINE has focused on external growth and balance sheet initiatives. It announced multiple acquisitions, including Sam’s Club and Walmart/TJ Maxx–anchored assets, a Q4 $0.285 common dividend, and the Series A preferred stock offering at $25.00 per share for $50.0M gross proceeds. These events all produced small positive price moves (0.33–1.60%), and today’s year-to-date transaction update and preferred closing continue that same strategic theme of capital recycling and non-common equity funding.

Market Pulse Summary

This announcement outlines PINE’s 2025 capital recycling, including $244.2M of investments, $52.2M o...

Analysis

This announcement outlines PINE’s 2025 capital recycling, including $244.2M of investments, $52.2M of income-producing sales, and portfolio occupancy of 99.4% with 50% of rent from investment-grade tenants. It also confirms closing of the $50.0M, 8.00% Series A preferred offering. Investors may focus on acquisition cap rates versus funding costs, performance of higher-yield structured loans, and future disposition activity as key metrics to monitor.

Key Terms

single tenant net leased, first mortgage loan, cumulative redeemable preferred stock, investment grade, +2 more

6 terms

single tenant net leased technical

"an owner and operator of single tenant net leased commercial income properties"

A single tenant net leased property is a commercial real estate asset rented to one tenant under a lease where the tenant also pays most property expenses such as taxes, insurance and upkeep. For investors it often looks like a long-term, low-effort income stream—similar to owning a rental where the tenant covers bills and repairs—but it also concentrates risk on that one tenant’s creditworthiness and lease term, which strongly affect value.

first mortgage loan financial

"recently originated a $4.5 million first mortgage loan with an 11.0% initial cash yield"

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.

cumulative redeemable preferred stock financial

"2,000,000 shares of the Company’s 8.00% Series A Cumulative Redeemable Preferred Stock"

Cumulative redeemable preferred stock is a type of investment that gives shareholders priority over common stockholders to receive dividends and get their money back if the company is sold or closes. If the company misses dividend payments, it must pay them later before any dividends can go to other shareholders. This makes it a more secure and flexible option for investors seeking steady income with some ability to redeem their shares in the future.

investment grade financial

"with 50% of annualized base rent attributable to investment grade rated tenants"

A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.

annualized base rent financial

"Walgreens has now decreased to the Company’s fifth largest tenant based on annualized base rent"

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.

gaap technical

"Annualized base rent represents annualized in-place straight-line base rent pursuant to GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

AI-generated analysis. Not financial advice.

WINTER PARK, Fla., Dec. 01, 2025 (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 fourth quarter through December 1, 2025 and year-to-date 2025, and its capital markets activity in the fourth quarter.

Transaction Activity

During the fourth quarter 2025 through December 1, 2025, the Company has completed the following transactions:

• Acquisitions:
  • Acquired eight properties, all of which were previously announced, for an aggregate purchase price of $39.8 million representing a weighted average going-in cash cap rate of 6.9% and a weighted average remaining lease term at the time of acquisition of 4.4 years.
  • The acquisitions include:
    • A 131,039 square foot property leased to Sam’s Club, a subsidiary of Walmart (AA credit rating), in Houston, Texas.
    • A four-property portfolio: two properties leased to Hardee’s, one to Jiffy Lube and one to Burger King.
    • A three-property portfolio in Richmond, Virginia: one property ground leased to a 116,425 square foot Walmart Supercenter (AA credit rating), a four-tenant, triple-net-leased building anchored by TJ Maxx (A credit rating) and an additional ground leased outparcel.
  • 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).
• Structured Investments:
  • Originated three new structured investments totaling $47.5 million in loan commitments at a weighted average initial cash yield of 16.1% (including accrued interest).
    • The Company recently originated a $4.5 million first mortgage loan with an 11.0% initial cash yield, secured by a Costco-anchored mixed-use development project in Gwinnett County, Georgia.
    • Two of the structured investments were previously announced – a first mortgage commitment to a luxury residential development, where the $29.5 million phase 1 commitment is now fully funded following the borrower’s draw of the remaining $15.4 million, and a $13.5 million commitment for a first mortgage investment secured by a mixed-use development in Lake Toxaway, North Carolina.
  • Amended and upsized an existing investment, Cornerstone Exchange, which is secured by a retail land development in Daytona Beach, Florida, as previously announced. The amendment upsized the loan commitment by $21.3 million for a total commitment of $23.9 million with an initial yield of 10.0%, and the maturity has been extended to April 2027.
• Dispositions:
  • Sold a $10.0 million A-1 participation interest in its fully funded $29.5 million phase 1 loan commitment to the luxury residential development located in the Austin, Texas metropolitan area. As part of the transaction, the Company had the loan rated by an independent rating agency whereby the loan received a BBB- rating. The A-1 participation interest will be repaid on a priority basis with proceeds from any sale of collateral lots.
    • After adjusting for the A-1 participation sale and recent funding of the remaining portion of the phase 1 commitment, the Company’s remaining investment in the phase 1 commitment is approximately $19.5 million at an initial yield of 20.9%, including 4.0% accrued interest.
  • Between October 22, 2025 and November 26, 2025, the Company sold four net lease properties for an aggregate sale price of $23.2 million representing a weighted average exit cash cap rate of 7.5%. The properties are leased to Kohl’s, Circle K, Tractor Supply Company and Walgreens.
  • Walgreens has now decreased to the Company’s fifth largest tenant based on annualized base rent, with seven properties leased to Walgreens remaining in the Company’s portfolio.
    
    

Year-to-date 2025, the Company’s total investment activity includes $244.2 million of acquisition and structured investment transactions at a weighted average initial cash yield of 10.1%. Year-to-date disposition activity includes $52.2 million of income-producing asset sales representing a weighted average exit cash cap rate of 8.0%. Additionally, the Company has sold $5.3 million of vacant properties year-to-date and one $10.0 million structured investment participation interest (as described above).

As of December 1, 2025, the Company’s property portfolio was 99.4% occupied, with a weighted average remaining lease term of 8.4 years, and with 50% of annualized base rent attributable to investment grade rated tenants.

Preferred Equity Offering

On November 5, 2025, the Company announced the pricing of a public offering of 2,000,000 shares of the Company’s 8.00% Series A Cumulative Redeemable Preferred Stock at a public offering price of $25.00 per share. The security is listed on the New York Stock Exchange under the ticker symbol “PINE-PA”. On November 12, 2025, the Company closed the offering and received gross proceeds of $50,000,000 before deducting the underwriting discount and other offering expenses.

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 acquisitions did Alpine Income Property Trust (PINE) complete through Dec. 1, 2025?

The company acquired 8 properties for $39.8M, including a Sam’s Club in Houston and multi-property portfolios in Richmond and other markets.

How much did Alpine originate in structured investments in Q4 2025?

Alpine originated $47.5M of new structured investment loan commitments at a weighted initial cash yield of 16.1%.

What were Alpine’s year-to-date 2025 investment and disposition totals (PINE)?

Year-to-date investment activity totaled $244.2M at a 10.1% weighted initial cash yield; dispositions totaled $52.2M at an 8.0% weighted exit cap rate.

What are Alpine’s portfolio occupancy and lease term metrics as of Dec. 1, 2025?

Portfolio occupancy was 99.4% with a weighted average remaining lease term of 8.4 years.

What was the size and yield of Alpine’s preferred equity offering (PINE-PA)?

The company priced and closed a public sale of 2,000,000 shares of 8.00% Series A preferred at $25.00 per share, raising gross proceeds of $50.0M.

How much of Alpine’s annualized base rent is from investment-grade tenants as of Dec. 1, 2025?

50% of annualized base rent was attributable to investment-grade rated tenants.