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Alpine Income Property Trust Reports Second Quarter 2025 Operating and Financial Results

WINTER PARK, Fla., July 24, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the 鈥淐ompany鈥� or 鈥淧INE鈥�), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and six months ended June 30, 2025.

鈥淲e continued to effectively execute our strategy focused on accretive capital recycling and have supplemented it with opportunistic common stock repurchases during the first half of the year,鈥� said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. 鈥淒uring the first half of 2025, we invested $85.9 million at a weighted average initial cash yield of 9.1% and sold $28.2 million of assets at a weighted average cash yield of 8.4%. Importantly, we believe that these activities have further strengthened our portfolio by reducing Walgreens to our 5th largest tenant and extending our weighted average remaining lease term to 8.9 years, up from 6.6 a year ago.鈥�

Second Quarter 2025 Highlights

Operating results for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per share data):

⁽¹⁾听See the 鈥�Non-GAAP Financial Measures鈥� section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.

Investment Activity

Acquisitions for the three and six months ended June 30, 2025 (dollars in thousands):

Disposition Activity

Dispositions for the three and six months ended June 30, 2025 (dollars in thousands):

Subsequent to June 30, 2025, on July 2, 2025, the Company was repaid the current face amount of $25.5 million on the Publix Land Development loan, which proceeds were utilized to pay down the Revolving Credit Facility.

Property Portfolio ⁽²⁾

The Company鈥檚 property portfolio consisted of the following as of June 30, 2025:

^(1)听听ABR represents annualized in-place straight-line base rent pursuant to GAAP. As of June 30, 2025, annualized in-place cash base rent totaled $43.6 million.
^(2)听听During the year ended December 31, 2024, the Company acquired three single-tenant income properties for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option (the 鈥淪ale-Leaseback Tenants鈥�). This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes, however, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Sale-Leaseback Tenants. The Sale-Leaseback Tenants represent 6% of annualized in-place cash base rent as of June 30, 2025.

The Company鈥檚 property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of June 30, 2025:

The Company鈥檚 property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of June 30, 2025:

The Company鈥檚 property portfolio included properties in the following top states that represent 2.0% or greater of the Company鈥檚 total ABR as of June 30, 2025:

Balance Sheet and Capital Markets (dollars in thousands, except per share data)

⁽¹⁾听 Includes all unrestricted cash and cash equivalents and restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of June 30, 2025, the Company had an outstanding balance of $153.0 million under the Revolving Credit Facility and $48.0 million of additional borrowing availability based on unencumbered asset value as of June 30, 2025. However, with our current in-place commitments, the borrowing availability under our Revolving Credit Facility could potentially expand up to an additional $49.0 million if we are able to increase our unencumbered asset value, providing the potential for total liquidity of over $100.0 million.

Below is a summary of repurchases of shares of common stock under the Company鈥檚 $10.0 million common stock repurchase program for the three and six months ended June 30, 2025:

The Company鈥檚 long-term debt as of June 30, 2025:

⁽¹⁾听As of June 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the SOFR adjustment of 0.10% and the applicable spread on $100 million of the outstanding balance on the Company鈥檚 Revolving Credit Facility.
⁽²⁾听As of June 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.
⁽³⁾听As of June 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance.

As of June 30, 2025, the Company held a 92.0% interest in Alpine Income Property OP, LP, the Company鈥檚 operating partnership (the 鈥淥perating Partnership鈥� or 鈥淥P鈥�).听There were 1,223,854 OP Units held by third parties outstanding and 14,151,914 shares of the Company鈥檚 common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,375,768 as of June 30, 2025.听

Dividends

The Company鈥檚 dividends for the three and six months ended June 30, 2025:

2025 Outlook

The Company has reaffirmed its FFO and AFFO outlook for 2025. The Company鈥檚 outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission.

The Company鈥檚 outlook for 2025 is as follows:

Reconciliation of the outlook range of the Company鈥檚 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:

⁽¹⁾听Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the six months ended June 30, 2025. The Company鈥檚 revised outlook excludes projections related to these measures.

Second Quarter 2025 Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the three and six months ended June 30, 2025, on Friday, July 25, 2025 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company鈥檚 website at or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company鈥檚 website at .

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.

We encourage you to review our most recent investor presentation which is available on our website at .

Safe Harbor

This press release may contain 鈥渇orward-looking statements.鈥� Forward-looking statements include statements that may be identified by words such as 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥渓ikely,鈥� 鈥渁nticipates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渟eeks,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渃ontinues,鈥� 鈥減rojects鈥� and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company鈥檚 current expectations and assumptions regarding capital market conditions, the Company鈥檚 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鈥檚 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, tariffs and international trade policies, 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鈥檚 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鈥檚 business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under 鈥淩isk Factors鈥� in the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company鈥檚 Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 and other risks and uncertainties discussed from time to time in the Company鈥檚 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.听

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (鈥淕AAP鈥�). We also disclose Funds From Operations (鈥淔FO鈥�), Adjusted Funds From Operations (鈥淎FFO鈥�), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (鈥淧ro Forma Adjusted EBITDA鈥�), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.听

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.听

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of AG真人官方 Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.听

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.听

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company鈥檚 capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.

Other Definitions

Annualized Base Rent (ABR) represents the annualized in-place straight-line base rent pursuant to GAAP.

Annualized In-Place Cash Base Rent represents the annualized in-place contractual minimum base rent on a cash basis.

Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody鈥檚 Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody鈥檚 Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody鈥檚 Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody鈥檚 Investors Service, as applicable, as of June 30, 2025.

Weighted Average Remaining Lease Term is weighted by the ABR and does not assume the exercise of any tenant purchase options.

Alpine Income Property Trust, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)听

Alpine Income Property Trust, Inc.
Consolidated Statements of Operations
(Unaudited)
听(In thousands, except share, per share and dividend data)听

⁽¹⁾听Includes 1,223,854 shares during the three and six months ended June 30, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO AG真人官方ty Growth, Inc.

Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Funds From Operations and Adjusted Funds From Operations
(Unaudited)
(In thousands, except per share data)听

Alpine Income Property Trust, Inc.
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands)听

⁽¹⁾听Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company鈥檚 investment and disposition activity during the three months ended June 30, 2025.
⁽²⁾听Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

Contact: Investor Relations
[email protected]