Alpine Income Property Trust Stock Price, News & Analysis

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust (REIT) focused on owning and operating single tenant net leased commercial income properties in the United States. The company describes itself in multiple press releases as an owner and operator of single tenant net leased commercial income properties, and as a REIT with a portfolio of these assets.

According to its public disclosures, Alpine Income Property Trust’s business centers on acquiring, managing and selectively selling net leased commercial properties and originating commercial loans and structured investments. The company’s portfolio, as described in its quarterly results, includes a diversified mix of tenants across industries such as sporting goods, home improvement, dollar stores, casual dining, pharmacy, home furnishings, consumer electronics, entertainment, technology, media and life sciences, grocery, off-price retail, wholesale club and general merchandise. These industries each represent a portion of the company’s annualized base rent.

Alpine Income Property Trust reports that its property portfolio consists of over one hundred single tenant properties spread across dozens of U.S. states. As of a recent quarter, the company disclosed 128 properties totaling 4.1 million square feet, with occupancy of 99.4% and a weighted average remaining lease term of 8.7 years. The company also reports that its annualized base rent is concentrated across 21 industries and 34 states, reflecting a diversified tenant and geographic base.

Tenant and industry mix

In its operating updates, Alpine Income Property Trust identifies a group of top tenants that each contribute at least 2% of annualized base rent. These include Lowe’s, Dick’s Sporting Goods, Beachside Hospitality Group, Walgreens, Best Buy, Family Dollar, Dollar General, GermFree Laboratories, Walmart, At Home, Bass Pro Shops, BJ’s Wholesale Club, Academy Sports, Alamo Drafthouse, Dollar Tree and Home Depot, with the balance of rent coming from other tenants. The company reports that a significant portion of its annualized base rent is attributable to tenants with public credit ratings, and that investment grade rated tenants account for a meaningful share of total rent.

Alpine Income Property Trust also discloses its top industry exposures by annualized base rent. Sporting goods and home improvement represent the largest industry concentrations, followed by dollar stores, casual dining, pharmacy, home furnishings, consumer electronics, entertainment, technology/media/life sciences, grocery, off-price retail, wholesale club and general merchandise. The company’s state-level disclosure shows that Florida, New Jersey, Texas, New York, North Carolina, Michigan, Illinois, Georgia, Ohio, Minnesota, West Virginia, Tennessee and Colorado each represent at least 2% of annualized base rent, with the remainder spread across other states.

Net lease and structured investment strategy

In addition to owning net leased properties, Alpine Income Property Trust reports activity in commercial loans and structured investments. In its quarterly and transaction updates, the company describes originating first mortgage loans and other structured investments secured by assets such as luxury residential developments and mixed-use developments. These investments are reported with initial cash yields and terms, and are part of the company’s broader income-generating strategy alongside property ownership.

The company also reports active capital recycling. It discloses acquisitions of net leased properties and portfolios, as well as dispositions of income-producing assets, vacant properties and participation interests in structured investments. These transactions are described with purchase or sale prices, going-in cash cap rates or exit cash cap rates, and remaining lease terms at the time of acquisition, illustrating how the company manages its portfolio over time.

Capital structure and preferred equity

Alpine Income Property Trust has disclosed multiple capital markets transactions, including a public offering of its 8.00% Series A Cumulative Redeemable Preferred Stock and an at-the-market program for additional preferred shares. The company has filed Articles Supplementary in Maryland to designate shares of this Series A Preferred Stock and has listed the security on the New York Stock Exchange under the ticker symbol PINE-PA. The preferred stock ranks senior to the company’s common stock with respect to distributions and liquidation rights and pays cumulative quarterly dividends, as described in the company’s SEC filings.

The company also reports using a revolving credit facility and term loans, with interest rate swaps used to fix portions of its floating-rate debt. In its balance sheet and capital markets disclosure, Alpine Income Property Trust provides information on total debt, weighted average interest rates, maturities and liquidity, including available capacity under its revolving credit facility and cash balances.

Dividends and REIT status

As a REIT, Alpine Income Property Trust emphasizes regular cash dividends to its shareholders. The company has announced quarterly cash dividends on its common stock and on its Series A Preferred Stock, stating per-share dividend amounts and payment dates. In its filings, the company notes that the Series A Preferred Stock has cumulative dividends payable quarterly in arrears, subject to authorization and declaration by the board of directors.

The company’s SEC filings also reference its qualification as a REIT for U.S. federal income tax purposes. The Articles Supplementary for the Series A Preferred Stock describe ownership and transfer restrictions intended to help preserve this REIT qualification.

Management and operating structure

Alpine Income Property Trust operates through an operating partnership, Alpine Income Property OP, LP, in which the company holds a majority interest. The company has a management agreement with Alpine Income Property Manager, LLC, under which the manager oversees the company’s day-to-day operations, business and affairs, subject to the direction and supervision of the board of directors and investment guidelines approved by the board. The company pays a base management fee calculated as a percentage of total equity, and has disclosed partial management fee waivers related to the proceeds from its preferred equity offerings.

The company’s SEC filings describe amendments to the operating partnership agreement to authorize the issuance of Series A Preferred Units that mirror the economic terms of the Series A Preferred Stock. The company intends to contribute net proceeds from preferred stock offerings to the operating partnership in exchange for these preferred units.

Geographic and sector classification

Alpine Income Property Trust is incorporated in Maryland and lists its principal executive offices in Winter Park, Florida. Its common stock trades on the New York Stock Exchange under the symbol PINE, and its 8.00% Series A Cumulative Redeemable Preferred Stock trades under the symbol PINE-PA. The company is classified in the real estate and rental and leasing sector and, based on the Polygon description provided, is categorized as a lessor of residential buildings and dwellings, while also being described in its own disclosures as a REIT that owns and operates single tenant net leased commercial income properties.

Key business characteristics

• Public REIT with common stock and preferred stock listed on the NYSE.
• Focus on single tenant net leased commercial properties across multiple industries and states.
• Diversified tenant base including national retailers and other commercial tenants, with a portion of rent from investment grade rated tenants.
• Supplemental income from commercial loans and structured investments, such as first mortgage loans secured by development projects.
• Active portfolio management through acquisitions, dispositions and capital recycling.
• External management structure under a management agreement with Alpine Income Property Manager, LLC.

FAQs about Alpine Income Property Trust, Inc. (PINE)

• What does Alpine Income Property Trust, Inc. do?
  

  Alpine Income Property Trust, Inc. is a real estate investment trust that owns and operates a portfolio of single tenant net leased commercial income properties in the United States. The company also originates commercial loans and structured investments secured by real estate assets.

• How does Alpine Income Property Trust generate income?
  

  According to its public disclosures, the company generates income primarily from rent paid by tenants under net leases on its single tenant commercial properties and from interest income on commercial loans and structured investments such as first mortgage loans.

• What types of tenants occupy Alpine Income Property Trust’s properties?
  

  The company reports a tenant base that includes retailers and operators in industries such as sporting goods, home improvement, dollar stores, casual dining, pharmacy, home furnishings, consumer electronics, entertainment, technology, media and life sciences, grocery, off-price retail, wholesale club and general merchandise. Named tenants include Lowe’s, Dick’s Sporting Goods, Walgreens, Best Buy, Family Dollar, Dollar General, Walmart and others.

• Where are Alpine Income Property Trust’s properties located?
  

  Alpine Income Property Trust discloses that its property portfolio spans 34 U.S. states. States representing at least 2% of annualized base rent include Florida, New Jersey, Texas, New York, North Carolina, Michigan, Illinois, Georgia, Ohio, Minnesota, West Virginia, Tennessee and Colorado, with additional properties in other states.

• What is the occupancy level of Alpine Income Property Trust’s portfolio?
  

  In a recent quarterly update, the company reported that its property portfolio was 99.4% occupied, with a weighted average remaining lease term of 8.7 years. Occupancy and lease term metrics are disclosed as part of the company’s regular operating results.

• Does Alpine Income Property Trust pay dividends?
  

  Yes. The company has announced quarterly cash dividends on its common stock and on its 8.00% Series A Cumulative Redeemable Preferred Stock. Dividends on the preferred stock are described as cumulative and payable quarterly in arrears when authorized and declared by the board of directors.

• What is the Series A Preferred Stock (PINE-PA)?
  

  The 8.00% Series A Cumulative Redeemable Preferred Stock is a class of preferred equity issued by Alpine Income Property Trust. It ranks senior to the company’s common stock with respect to distribution and liquidation rights, pays cumulative quarterly dividends, and has terms described in Articles Supplementary filed with the State Department of Assessments and Taxation of Maryland and referenced in the company’s SEC filings.

• How is Alpine Income Property Trust managed?
  

  The company has a management agreement with Alpine Income Property Manager, LLC, which manages, operates and administers the company’s day-to-day operations, business and affairs. The manager is paid a base management fee calculated as a percentage of the company’s total equity, and the agreement is overseen by the company’s board of directors.

• What role does the operating partnership play?
  

  Alpine Income Property Trust conducts its business through Alpine Income Property OP, LP, its operating partnership. The company holds a majority interest in the operating partnership and has authorized preferred units in the operating partnership that mirror the terms of the company’s Series A Preferred Stock. The company contributes net proceeds from preferred stock offerings to the operating partnership in exchange for these preferred units.

• On which exchange does Alpine Income Property Trust trade and under what symbols?
  

  The company’s common stock trades on the New York Stock Exchange under the symbol PINE. Its 8.00% Series A Cumulative Redeemable Preferred Stock trades on the New York Stock Exchange under the symbol PINE-PA, as disclosed in its SEC filings.