Alpine Income Property Trust closes $175M financings
The 2030 loan’s initial fixed rate is approximately 4.6%, based on the company’s current leverage ratio, after $100 million of existing SOFR swaps were moved onto it.
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Rhea-AI Filing Summary
Alpine Income Property Trust, Inc. (PINE) announced the closing of a new $100 million unsecured term loan due October 2030 and an upsized unsecured revolving credit facility. Commitments under the revolver increased by $75 million, to $325 million from $250 million. The company described the loan and commitment increase as $175 million in unsecured financings and said they provide $175 million of potential liquidity to fund future acquisitions.
At closing, PINE moved $100 million of existing SOFR swap agreements from the revolver to the term loan, resulting in an initial fixed rate of approximately 4.6% based on its current leverage ratio. The swaps include $50 million maturing in January 2027 and the remaining $50 million in March 2028. The bank syndicate was led by Truist Bank, N.A., as administrative agent. Senior Vice President, Chief Financial Officer and Treasurer Philip R. Mays said PINE welcomed Capital One and Associated Bank to its credit facility.
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SOFR swap agreements financial
aggregate amount of commitments financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
Commission File Number | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Registrant’s Telephone Number, including area code
(
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities Registered Pursuant to Section 12(b) of the Act
Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement. |
The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
As previously disclosed by Alpine Income Property Trust, Inc. (the “Company”), on February 4, 2026, the Company, Alpine Income Property OP, LP, as borrower (the “Borrower”), and certain subsidiaries of the Borrower entered into an Amended and Restated Credit Agreement with Truist Bank, N.A., as administrative agent (“Truist”), and certain other lenders named therein (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement provided for a $250 million senior unsecured revolving credit facility (the “Revolving Facility”), a $100 million senior unsecured term loan credit facility maturing in 2029 (the “2029 Term Loan Facility”), and a $100 million senior unsecured term loan credit facility maturing in 2031 (the “2031 Term Loan Facility”).
On October 28, 2026, the Company, the Borrower, and certain subsidiaries of the Borrower entered into an Increase Agreement, Joinder, and First Amendment to Amended and Restated Credit Agreement with Truist and certain other lenders named therein (the “Amendment”). Pursuant to the Amendment, the parties agreed to:
| ● | An increase in the aggregate amount of the commitments under the Revolving Facility from $250 million to $325 million; and |
| ● | The origination of a new $100 million senior unsecured term loan credit facility maturing in 2030 (the “2030 Term Loan Facility” and, together with the Revolving Facility, the 2029 Term Loan Facility, and the 2031 Term Loan Facility, the “Facilities”). |
The Facilities were provided by a syndicate of banks led by Truist as administrative agent. Co-syndication agents included Capital One, National Association; KeyBank National Association; PNC Bank, National Association; Raymond James Bank; Regions Bank; and The Huntington National Bank. Additional participating banks included Associated Bank, National Association; Pinnacle Bank; and Stifel Bank & Trust.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K.
Item 7.01.Regulation FD Disclosure.
On October 29, 2026, the Company issued a press release (the “press release”) announcing the Company’s entry into the Amendment. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, unless it is specifically incorporated by reference therein.
The furnishing of the press release is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the press release includes material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
Exhibit Number | Description |
|---|---|
10.1 | Increase Agreement, Joinder, and First Amendment to Amended and Restated Credit Agreement, entered into as of October 28, 2026, among the Borrower, the Company, the Guarantors party thereto, Truist, and Certain Other Lenders Named Therein. |
99.1 | Press Release issued October 29, 2026. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: October 29, 2026
Alpine Income Property Trust, Inc.
By: /s/ Philip R. Mays
Senior Vice President, Chief Financial Officer and Treasurer
(Principal Financial Officer)
Exhibit 99.1
Press Release
| |
FOR IMMEDIATE RELEASE | ALPINE INCOME PROPERTY TRUST CLOSES $175 MILLION UNSECURED FINANCING |
WINTER PARK, FL, October 29, 2026 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”), today announced the successful closing of its previously announced 2030 term loan due October 2030 (the “2030 Term Loan”) and upsized revolving credit facility (“Revolving Credit Facility”) providing $175 million in unsecured financings consisting of:
“The new term loan and expanded revolver add $175 million of potential liquidity and financial flexibility to fund future acquisitions,” said Philip R. Mays, Senior Vice President and Chief Financial Officer of Alpine Income Property Trust. “We appreciate the continued support of our existing banking partners and are pleased to welcome Capital One and Associated Bank to our Credit Facility.”
At closing, the Company moved $100 million of existing SOFR swap agreements previously applied to the Revolving Credit Facility to the 2030 Term Loan, resulting in an initial fixed interest rate on the 2030 Term Loan of approximately 4.6% based on the Company’s current leverage ratio. The Company will continue to evaluate interest rate hedging alternatives as $50 million of the SOFR swap agreements applied to the 2030 Term Loan mature in January 2027, with the remaining $50 million maturing in March 2028.
The 2030 Term Loan and upsized Revolving Credit Facility were provided by a syndicate of banks led by Truist Bank, N.A., as administrative agent. Co-syndication agents included Capital One, National Association, KeyBank National Association, PNC Bank, National Association, Raymond James Bank, Regions Bank, and The Huntington National Bank. Additional participating banks included Associated Bank, National Association, 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 predominantly 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 “potential,” “future,” “outlook,” “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. Statements, among others, relating to potential liquidity and financial flexibility to fund future acquisitions and the Company’s continued evaluation of interest rate hedging alternatives are forward-looking statements. 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, geopolitical conflicts, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower 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 businesses of its tenants and borrowers 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 businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 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.
Contact:
Investor Relations
ir@alpinereit.com