Alpine Income Property Trust
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Alpine Income Property Trust (PINE) investor relations material

Alpine Income Property Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary6 Feb, 2026

Executive summary

  • Achieved record annual investment volume of $277.7 million in 2025, driving AFFO per share growth of 8.6% for the year and 22.7% in Q4 year-over-year.

  • Portfolio consists of 127 properties across 32 states, totaling 4.3 million sq ft, with 99.5% occupancy and 8.4 years weighted average lease term at year-end.

  • 51% of annualized base rent comes from investment-grade tenants, with top tenants including Lowe's, Dick's Sporting Goods, and Walmart.

  • Commercial loan portfolio complements property holdings, with $129.8 million outstanding at a 12.4% weighted average coupon rate.

  • Quarterly common stock dividend increased 5.3% for Q1 2026.

Financial highlights

  • Total revenues for 2025 were $60.5 million (lease income $48.7M, interest income $11.4M), up from $52.2 million in 2024.

  • Q4 2025 total revenue: $16.9 million; Q4 FFO and AFFO per diluted share: $0.54, up 22.7% year-over-year.

  • Full-year FFO/AFFO per share: $1.88/$1.89, with AFFO per share up 11.6% year-over-year.

  • Net income attributable to common stockholders was $(3.2) million for 2025, compared to $2.1 million in 2024.

  • Net debt to pro forma Adjusted EBITDA improved to 6.7x; year-end liquidity: $65.8 million.

Outlook and guidance

  • 2026 guidance: FFO per share $2.07–$2.11, AFFO per share $2.09–$2.13, net income per share $0.74–$0.78.

  • Expected 2026 investment volume: $70–$100 million; disposition volume: $30–$60 million.

  • Dividend increased 5.3% to $0.30 per share, with a 56% AFFO payout ratio.

  • Minimal lease expirations through 2026, with 8.4 years weighted average lease term remaining.

  • 2026 guidance projects 11.6% year-over-year AFFO per share growth, leading the sector.

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Frequently asked questions

Alpine Income Property Trust, Inc., a real estate investment trust, focuses on acquiring single-tenant, operational real estate assets. It acquires, owns, and operates a portfolio of high-quality single-tenant commercial properties that serve as mission critical facilities for their tenants. The company rents its properties for long-term operating leases at or below the fair market value. It primarily invests in the United States.

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