Alpine Income Property Trust Closes $450 Million Unsecured Credit Agreement

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) closed a $450 million amended and restated unsecured credit facility on Feb 4, 2026 to retire prior unsecured debt.

The facility includes a $250 million revolving credit facility due Feb 2030, a $100 million term loan due Feb 2029, and a $100 million term loan due Feb 2031; an accordion increases capacity to $750 million. Initial fixed rates range ~3.5% to ~4.8% using SOFR swaps; rates step to ~4.8% and ~5.0% on swap maturities in 2026–2027. Syndicate led by Truist Bank with multiple co-syndication agents.

Positive

• Closed $450M unsecured credit facility
• Accordion increases potential capacity to $750M
• Initial term loan rates fixed near 3.5% via SOFR swaps
• Pricing grid reduces spread by 10–15 bps versus prior debt

Negative

• Revolving facility outstanding carries initial ~4.8% interest
• Forward rate resets to ~4.8%–5.0% in 2026–2027

Key Figures

Credit Facility Size: $450 million Revolving Credit Facility: $250 million 2029 Term Loan: $100 million +5 more

8 metrics

Credit Facility Size $450 million Total unsecured Credit Facility capacity

Revolving Credit Facility $250 million Revolver due February 2030 with two six‑month extensions

2029 Term Loan $100 million Unsecured term loan due February 2029

2031 Term Loan $100 million Unsecured term loan due February 2031

Accordion Capacity $750 million Maximum borrowings allowed under accordion feature

Initial 2029 Term Rate 3.5% Initial fixed interest rate via SOFR swaps

Revolver Initial Fixed Rate 4.8% Initial fixed rate on $100M of revolver borrowings

Future 2031 Term Rate 5.0% Approximate rate after January 2027 swap change

Market Reality Check

Price: $18.48 Vol: Volume 141,225 is roughly...

normal vol

$18.48 Last Close

Volume Volume 141,225 is roughly in line with the 150,349 20-day average. normal

Technical Trading above the 200-day MA of $15.41, reflecting a solid uptrend into this announcement.

Peers on Argus

PINE was up 1.36% while key REIT retail peers were mixed: SITC +2.28%, BFS +1.76...

PINE was up 1.36% while key REIT retail peers were mixed: SITC +2.28%, BFS +1.76%, GTY +0.88%, WSR -0.28%, CBL -1.39%, pointing to a stock-specific backdrop rather than a broad sector move.

Historical Context

5 past events · Latest: Jan 20 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Property acquisition	Positive	-0.1%	Acquisition of Aspen retail property with long triple net master lease.
Jan 02	Transaction update	Positive	+0.4%	Record 2025 investment activity with strong initial cash yields and occupancy.
Dec 01	Capital & deals	Positive	+0.8%	YTD acquisitions, loan commitments, dispositions and $50M preferred equity raise.
Nov 20	Property acquisition	Positive	+1.6%	Purchase of Walmart-anchored Richmond center with high-income trade area.
Nov 18	Dividend declaration	Positive	+0.8%	Q4 2025 common and preferred dividend declaration at attractive yields.

Pattern Detected

Recent corporate updates, acquisitions, and dividend news have generally seen modest positive price alignment, with only one mild divergence.

Recent Company History

Over the past few months, Alpine Income Property Trust has focused on portfolio growth, capital recycling, and income stability. Acquisitions in Richmond and Aspen expanded its single-tenant retail footprint, while transaction updates in 2025 highlighted strong investment activity and high occupancy. A Q4 2025 dividend declaration reinforced the income profile. A preferred equity offering in late 2025 added permanent capital. Today’s credit facility refinancing fits this ongoing balance sheet and growth optimization path.

Market Pulse Summary

This announcement details a $450 million unsecured credit facility that refinances prior unsecured d...

Analysis

This announcement details a $450 million unsecured credit facility that refinances prior unsecured debt while slightly reducing spreads and extending maturities across a revolver and two term loans. It reinforces PINE’s recent pattern of active capital management alongside portfolio growth. Investors may focus on the future SOFR swap step-ups, total borrowing capacity up to $750 million, and how interest expense trends versus prior quarters in upcoming filings.

Key Terms

sofr, accordion feature, basis points, triple net, +1 more

5 terms

sofr financial

"Borrowings under the Credit Facility range within a pricing grid ... plus SOFR"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

accordion feature financial

"Provides an accordion feature which allows for total borrowings ... to $750 million"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

basis points financial

"pricing grid ... and are 10 to 15 basis points lower compared to prior unsecured debt"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

triple net financial

"single tenant net leased commercial income properties ... triple net"

A triple net (NNN) lease is a property rental arrangement where the tenant pays rent plus the three main operating costs—property taxes, insurance, and maintenance—so the landlord receives mostly rent income without day-to-day expense responsibilities. Think of it like leasing a car where the renter also covers gas, insurance and routine servicing; for investors this can mean steadier, more predictable cash flow and lower management work, but greater dependence on the tenant’s creditworthiness and lease terms.

forward-looking statements regulatory

"Safe Harbor This press release may contain “forward-looking statements.”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

WINTER PARK, Fla., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”), today announced that it closed an amended and restated unsecured credit facility (the “Credit Facility”) with the proceeds used to effectively retire all the Company’s prior unsecured debt. Highlights of the new Credit Facility are as follows:

• A $450 million unsecured Credit Facility comprised of:
  • a $250 million revolving credit facility due February 2030 with two six-month extension options (the “Revolving Credit Facility”),
  • a $100 million term loan due February 2029 (the “2029 Term Loan”), and
  • a $100 million term loan due February 2031 (the “2031 Term Loan”)
• Borrowings under the Credit Facility range within a pricing grid based on the Company’s leverage ratio plus SOFR and are 10 to 15 basis points lower compared to the Company’s prior unsecured debt
• Provides an accordion feature which allows for total borrowings under the Credit Facility to be increased to $750 million
  
  

At closing, the Company applied existing SOFR swap agreements resulting in an initial fixed interest rate for both the 2029 Term Loan and the 2031 Term loan of approximately 3.5% and for $100 million outstanding under the Revolving Credit Facility of approximately 4.8%. In May 2026, when the SOFR swap agreements applied to the 2029 Term Loan mature and are replaced by a forward SOFR swap agreement executed today, the interest rate will adjust to approximately 4.8%. In January 2027, when the SOFR swap agreements applied to the 2031 Term Loan mature and are replaced by forward SOFR swap agreements executed today, the interest rate will adjust to approximately 5.0%. In January 2027, $50 million of the current SOFR swap agreements applied to the Revolving Credit Facility mature and in March 2028 the other $50 million mature.

The Credit Facility was provided by a syndicate of banks led by Truist Bank, N.A., as administrative agent. Co-syndication agents included KeyBank National Association, PNC Bank, National Association, Raymond James Bank, Regions Bank, and The Huntington National Bank. Additional participating banks included Pinnacle Bank and Stifel Bank & Trust.

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 portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants. The Company also complements its income property portfolio by strategically investing in a select portfolio of commercial loan investments intended to deliver an attractive risk-adjusted return.

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 commercial loans and 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-K for the year ended December 31, 2024 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.

Contact:
Investor Relations
ir@alpinereit.com

FAQ

What did Alpine Income Property Trust (PINE) announce on Feb 4, 2026 about its credit facility?

The company closed a $450 million unsecured credit facility to retire prior unsecured debt. According to the company, the facility includes a $250 million revolving credit line and two $100 million term loans due 2029 and 2031.

How does the $450M credit facility affect PINE's borrowing capacity and structure?

PINE now has a $450 million facility with an accordion to $750 million. According to the company, it consists of a $250 million revolver due Feb 2030 and $100 million term loans due 2029 and 2031.

What interest rates will PINE pay on the new term loans and when do they adjust?

Initial fixed rates are about 3.5% for both term loans using SOFR swaps. According to the company, rates will adjust to roughly 4.8% in May 2026 and about 5.0% in Jan 2027 when swaps mature.

Who led the lending syndicate for Alpine Income Property Trust's Feb 2026 credit facility (PINE)?

The credit facility was led by Truist Bank as administrative agent with co-syndication agents including KeyBank, PNC, Raymond James, Regions and Huntington. According to the company, additional participating banks joined the syndicate.

What immediate financial impact did closing the Feb 4, 2026 PINE credit facility have on existing debt?

The company used proceeds to effectively retire all prior unsecured debt at closing. According to the company, existing SOFR swap agreements were applied to set initial fixed interest rates on outstanding borrowings.