Alpine Income Property Trust, Inc. (PINE): History, Ownership, Mission, How It Works & Makes Money

How does a focused real estate investment trust thrive in a high-interest-rate environment? Alpine Income Property Trust, Inc. (PINE) gives us a clear answer, moving aggressively in 2025 to deploy capital into high-yield assets.

This isn't just another net lease story; the company's strategy of rotating capital into structured investments and high-credit tenants is working, evidenced by its trailing twelve-month revenue of $57.42 million and a near-perfect occupancy rate of 99.4% as of Q3 2025. They've completed 2025 year-to-date investments totaling approximately $136 million, and their increased 2025 Funds From Operations (FFO) guidance of $1.82 to $1.85 per share shows a defintely strong operational foundation.

If you're wondering how a REIT maintains a portfolio where nearly 50% of its annualized base rent comes from investment-grade tenants while still hitting an 8.9% weighted-average initial cash yield on new deals, you need to see the mechanics of their business model.

Alpine Income Property Trust, Inc. (PINE) History

You're looking for the bedrock of Alpine Income Property Trust, Inc. (PINE), and the core takeaway is that this is not a startup story, but a strategic corporate spin-off designed for laser-focused income generation. The company was purpose-built in 2019 by its parent, CTO Realty Growth, Inc., to aggregate high-quality, single-tenant net leased properties, creating a pure-play net lease Real Estate Investment Trust (REIT) for investors seeking stable dividends.

This structure immediately gave PINE a mature, income-producing portfolio right out of the gate, avoiding the typical long ramp-up period a new REIT faces. It was a smart, clean move to separate the single-tenant assets from the parent company's shift toward multi-tenant retail and office properties.

Given Company's Founding Timeline

Year established

The company was established in 2019, officially launching its Initial Public Offering (IPO) in November of that year.

Original location

The initial corporate location at the time of the IPO was Daytona Beach, Florida, as part of the Consolidated-Tomoka Land Co. (now CTO Realty Growth, Inc.) structure.

Founding team members

Alpine Income Property Trust, Inc. was formed as a spin-off from Consolidated-Tomoka Land Co. (CTO). Key initial management included John P. Albright, who served as CEO and President, and Mark E. Patten, the Senior Vice President and Chief Financial Officer at the time of the IPO.

Initial capital/funding

The company's initial capitalization came from its IPO and the acquisition of assets from its parent. The IPO closed with the sale of 7,500,000 shares of common stock at an initial price of $19.00 per share. PINE used approximately $125.9 million of the net proceeds to acquire 15 of its initial 20 properties from Consolidated-Tomoka Land Co.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The most transformative decision for Alpine Income Property Trust was its very genesis-the strategic spin-off from its parent company, CTO Realty Growth, Inc. This move immediately defined PINE's business model as a dedicated net lease vehicle, which is a defintely different risk profile than a diversified REIT.

This clarity of focus allows investors to bet specifically on the stability of long-term, triple-net leases (NNN), where the tenant pays for most property expenses like taxes, insurance, and maintenance. It's a lower-risk, lower-growth model, but the cash flow is incredibly predictable.

• The External Management Model: PINE is externally managed by a wholly owned subsidiary of CTO Realty Growth, Inc.. This structure means PINE has no employees of its own, relying on CTO's expertise for a fee, which aligns their interests through CTO's ownership stake in PINE.
• The 2025 Capital Stack Shift: The November 2025 pricing of the Series A Preferred Stock offering, raising $50 million in gross proceeds, was a key move. It signaled a willingness to use a higher-cost, fixed-rate capital source to fund growth and manage its debt profile, especially in a rising interest rate environment.
• Focus on Credit-Rated Tenants: The active acquisition strategy, like the November 2025 purchase of properties anchored by investment-grade tenants like Walmart and TJ Maxx for $20.7 million, continuously shifts the portfolio toward quality. As of late 2025, approximately 50% of the company's annualized base rent is attributable to investment-grade rated tenants, which is the real metric for net lease stability.

If you want to dive deeper into the nuts and bolts of how these transactions impact the balance sheet, you should check out Breaking Down Alpine Income Property Trust, Inc. (PINE) Financial Health: Key Insights for Investors. It's all about the cash flow. The next concrete step for you is to model how their recent $135.6 million investment volume in 2025 impacts their Funds From Operations (FFO) for the full year.

Alpine Income Property Trust, Inc. (PINE) Ownership Structure

Alpine Income Property Trust, Inc. (PINE) is controlled primarily by institutional money managers and its external manager, CTO Realty Growth, Inc., which collectively hold the majority of the equity and drive the strategic direction of this single-tenant net lease Real Estate Investment Trust (REIT). The governance structure is a classic external management model, where the same executive team, led by John P. Albright, manages both Alpine Income Property Trust and its largest affiliate shareholder, creating a distinct alignment of interests.

Alpine Income Property Trust's Current Status

Alpine Income Property Trust is a publicly traded REIT (Real Estate Investment Trust) listed on the New York Stock Exchange (NYSE) under the ticker symbol PINE. As a REIT, it is required to distribute at least 90% of its taxable income to shareholders, which is why it's a popular choice for income-focused investors. The company operates under an external management agreement with a subsidiary of CTO Realty Growth, Inc., which means the management team is employed by the external manager, not directly by the REIT. This structure is important because it means the management team's incentives are tied to the external manager's performance and ownership stake in Alpine Income Property Trust.

As of September 30, 2025, the company held a 92.0% interest in its Operating Partnership (OP), Alpine Income Property OP, LP, with third parties holding the remaining OP Units. The total outstanding common stock and OP Units held by third parties was approximately 15.4 million units as of that date. That's the quick math on the total equity pool.

Alpine Income Property Trust's Ownership Breakdown

The company's ownership is heavily concentrated among institutional investors, which is typical for a publicly traded REIT. This concentration means that a few large entities have significant influence over major corporate decisions, so you should defintely pay attention to their movements.

The largest single shareholder is often an affiliate: CTO Realty Growth, Inc. held an approximately 14.9% stake in the company's outstanding equity as of March 20, 2025. This is a key point-the external manager's parent company is a major stakeholder, which aligns its interests with the REIT's performance.

Alpine Income Property Trust's Leadership

The leadership team is seasoned, with an average tenure for the management team of about 6.3 years. The team is responsible for executing the strategy of acquiring and managing single-tenant net leased commercial properties, focusing on high-quality, credit-rated tenants.

The core executive team steering Alpine Income Property Trust as of November 2025 includes:

• John P. Albright: President and Chief Executive Officer (CEO) and a Director. He also holds the same roles at CTO Realty Growth, Inc., highlighting the close relationship between the two entities.
• Philip R. Mays: Senior Vice President, Chief Financial Officer (CFO), and Treasurer.
• Steven R. Greathouse: Senior Vice President, Investments.
• Daniel E. Smith: Senior Vice President, General Counsel, and Corporate Secretary.
• Lisa M. Vorakoun: Senior Vice President and Chief Accounting Officer.

This group manages the day-to-day operations and capital allocation, like the recent acquisition of a property anchored by Walmart and TJ Maxx for $20.7 million in November 2025. Understanding this team's background, especially the dual roles with CTO Realty Growth, Inc., is crucial for assessing potential conflicts and long-term strategy. You can review their full strategic goals in the Mission Statement, Vision, & Core Values of Alpine Income Property Trust, Inc. (PINE).

Alpine Income Property Trust, Inc. (PINE) Mission and Values

Alpine Income Property Trust, Inc.'s core purpose is to generate strong, predictable income for shareholders by focusing on a specific, high-quality niche in the real estate market. This strategy centers on stability and credit quality, not just chasing the highest yield.

Alpine Income Property Trust, Inc.'s Core Purpose

The company's cultural DNA is built around a disciplined, risk-mitigated approach to real estate investment trust (REIT) management, prioritizing long-term tenant credit and lease stability. This focus is what allows them to target a dependable dividend stream for investors.

To see how this strategy translates to performance, you should check out Breaking Down Alpine Income Property Trust, Inc. (PINE) Financial Health: Key Insights for Investors.

Official mission statement

The mission is to be a leading owner and operator of single-tenant net leased commercial income properties, a strategy designed to reduce operating risk for the REIT. This means the tenants-not Alpine Income Property Trust, Inc.-are generally responsible for property taxes, insurance, and maintenance (the triple-net lease structure).

• Invest in, own, and operate a diversified portfolio of single-tenant net leased properties.
• Target properties predominantly leased to high-quality publicly traded and credit-rated tenants.
• Maintain a strong portfolio with a weighted average remaining lease term of roughly 9.0 years as of the first half of the 2025 fiscal year.

Vision statement

The vision is a direct financial outcome of their focused investment strategy: delivering attractive risk-adjusted returns and dependable cash dividends to shareholders. The goal is clear: consistent income, not speculative growth.

• Deliver attractive risk-adjusted returns to common stockholders.
• Provide dependable cash dividends, supported by strong operating results.
• Drive earnings growth, with the 2025 full-year Adjusted Funds From Operations (AFFO) guidance raised to a range of $1.82 to $1.85 per diluted share.
• Ensure the dividend is well covered; the Q3 2025 AFFO payout ratio was approximately 62%.

Honestly, the best REITs make their vision about the cash flow, and Alpine Income Property Trust, Inc. is no exception.

Alpine Income Property Trust, Inc. slogan/tagline

Alpine Income Property Trust, Inc. does not use a widely publicized, short marketing slogan or tagline. Their communication focuses on the concrete strategy and financial results, which is typical for a precise, income-focused REIT.

The working principle, however, is clear from their portfolio composition: Credit-Rated Tenants, Dependable Income. They've executed on this, with approximately 48% of their Annual Base Rent (ABR) derived from investment-grade rated tenants as of September 30, 2025. This tenant quality is the defintely real-world tagline.

Alpine Income Property Trust, Inc. (PINE) How It Works

Alpine Income Property Trust, Inc. (PINE) operates as a diversified real estate investment trust (REIT) that generates its primary income by owning and leasing a portfolio of single-tenant commercial properties across the United States, plus it supplements that with strategic, high-yield structured loan investments.

The core business is straightforward: buy high-quality, essential-use properties, sign long-term net leases with credit-worthy tenants, and collect rent. As of November 2025, the company's portfolio includes 128 commercial properties across 34 states, and it maintains an exceptional occupancy rate of approximately 99.4%.

Alpine Income Property Trust, Inc.'s Product/Service Portfolio

PINE's revenue streams come from two distinct but complementary investment products, allowing them to capture both stable rental income and higher-yielding debt returns. For the nine months ended September 30, 2025, the company reported total revenues of $43.632 million, primarily from these activities.

Alpine Income Property Trust, Inc.'s Operational Framework

The company's operational process is built on a capital-recycling model that keeps the portfolio fresh and the capital working hard. It's a defintely active management style for a net-lease REIT.

• Acquire High-Yield Assets: PINE focuses on acquiring properties with an attractive initial cash yield. Year-to-date through September 30, 2025, total investment activity (acquisitions and structured investments) reached $136 million.
• Maintain Credit Quality: The team prioritizes tenants with strong credit ratings, which provides stability to the cash flow. Top tenants include Lowe's (BBB+) and Dick's Sporting Goods (BBB), which now represent the two largest tenants by ABR.
• Recycle Capital: They actively sell properties, particularly lower-credit or non-core assets, to fund new, higher-yielding acquisitions and structured loan originations. This helps manage tenant credit risk.
• Optimize Capital Structure: PINE uses a mix of debt, equity, and asset sales for funding. For example, they recently funded a $14.1 million first mortgage loan commitment in Austin, Texas, using proceeds from asset sales and loan maturities.

If you want to dig deeper into the company's core values, check out their Mission Statement, Vision, & Core Values of Alpine Income Property Trust, Inc. (PINE).

Alpine Income Property Trust, Inc.'s Strategic Advantages

PINE's market edge comes from a strategic blend of real estate fundamentals and opportunistic financing, making it a unique player in the net-lease space.

• High Profitability and Growth: The company boasts an impressive 5-year Compound Annual Growth Rate (CAGR) for Adjusted Funds From Operations (AFFO) of 11% and a strong AFFO margin of 48%.
• Valuation Discount: As of November 2025, PINE's forward Price-to-AFFO (P/AFFO) ratio trades at a significant 41% discount to the sector median, suggesting a healthy margin of safety for new investors.
• Investment Flexibility: Unlike many pure-play net-lease REITs, PINE's ability to originate high-yielding structured loans provides a crucial second source of income and a flexible way to deploy capital when property acquisition cap rates are tight.
• Strong Income Outlook: Management has confidence in its strategy, increasing the full-year 2025 AFFO guidance to a range of $1.82 to $1.85 per diluted share. This is a clear signal of expected continued earnings growth.

Alpine Income Property Trust, Inc. (PINE) How It Makes Money

Alpine Income Property Trust, Inc. (PINE) generates the vast majority of its revenue by collecting rent from its portfolio of single-tenant, net-leased commercial properties, which is then supplemented by interest income from its growing commercial loan and structured investment portfolio.

The core business model is straightforward: own high-quality real estate, primarily leased to credit-worthy tenants, and pass nearly all operating expenses directly to those tenants through the triple-net lease structure (NNN). This creates a predictable stream of cash flow, which is the hallmark of a successful Real Estate Investment Trust (REIT).

Alpine Income Property Trust, Inc.'s Revenue Breakdown

Looking at the nine months ended September 30, 2025, the company's total revenue was approximately $43.6 million. Here is how that revenue breaks down, showing the importance of their strategic shift into higher-yielding investments to boost the top line.

Here's the quick math: Lease Income was $36.0 million, and Interest Income from Loan Investments was $7.4 million for the first nine months of 2025. The rest is minor income. The growth in the loan segment is defintely a key trend to watch, as it diversifies their income beyond traditional rent checks.

Business Economics

The financial stability of Alpine Income Property Trust, Inc. is rooted in its disciplined approach to property and lease structure, which minimizes operating risk and maximizes the predictability of cash flow.

• Triple-Net Lease Structure (NNN): This is the foundation. Tenants are responsible for property taxes, insurance, and maintenance costs. This offloads variable operating expenses from the company's income statement, making the rent collection highly predictable and insulating cash flow from unexpected repair costs or tax spikes.
• Long-Term Lease Stability: The portfolio's weighted average remaining lease term stood at a healthy 8.7 years as of September 30, 2025. This long duration locks in revenue and insulates the company from near-term market volatility.
• High Occupancy and Credit Quality: The portfolio's occupancy rate is nearly perfect at 99.4%. Plus, a significant portion-48%-of the Annualized Base Rent (ABR) comes from investment-grade rated tenants. This means the risk of tenant default is relatively low.
• Strategic Capital Recycling: The company constantly rotates capital. Year-to-date through September 30, 2025, they invested approximately $136 million at a weighted-average initial cash yield of 8.9%. This is a higher yield than many peers achieve, showing a focus on accretive (value-adding) growth.
• Loan Investment Yield: The non-traditional revenue stream from commercial loans and structured investments provides a higher initial cash yield, with recent structured investments originated in Q3 2025 yielding a weighted average initial cash yield of 10.6%. This is how they use their expertise to generate a higher return than property acquisitions alone.

To be fair, the shift toward higher-yielding loan investments does carry a slightly higher risk profile than a pure-play, investment-grade property portfolio, but the yield spread is compelling.

Alpine Income Property Trust, Inc.'s Financial Performance

When evaluating a REIT, the key metric is Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO), not Net Income. FFO adds back non-cash items like depreciation, giving you a clearer picture of the cash flow generated by the properties.

• FFO and AFFO Growth: For the nine months ended September 30, 2025, FFO per diluted share was $1.34, representing a 3.9% year-over-year increase. AFFO per diluted share was also $1.34, growing 3.1%. These are solid, steady growth numbers.
• Full-Year Guidance: Alpine Income Property Trust, Inc. raised its full-year 2025 guidance for FFO and AFFO per share to a range of $1.82 to $1.85. This upward revision, announced in October 2025, signals management's confidence in the performance of their acquired assets and the stability of their tenant base.
• Total Revenue Trajectory: Total revenue for the trailing twelve months (TTM) ending September 30, 2025, reached $57.42 million, marking a strong 14.81% growth year-over-year. This growth is driven by both new property acquisitions and the expansion of the commercial loan segment.

The company's ability to drive FFO growth while maintaining a strong balance sheet is crucial for its long-term dividend sustainability. If you want to dive deeper into who is buying this stock and why, you should be Exploring Alpine Income Property Trust, Inc. (PINE) Investor Profile: Who's Buying and Why?

Alpine Income Property Trust, Inc. (PINE) Market Position & Future Outlook

Alpine Income Property Trust, Inc. (PINE) holds a niche position as a small-cap, single-tenant net lease REIT, actively repositioning its portfolio toward higher-credit tenants and structured investments for better risk-adjusted returns.

The company is projecting a strong finish to 2025, having raised its Adjusted Funds From Operations (AFFO) guidance to a new range of $1.82 to $1.85 per diluted share, reflecting successful capital recycling and investment activity.

Competitive Landscape

In the expansive net lease sector, Alpine Income Property Trust competes primarily against other small- to mid-cap REITs, focusing on its ability to execute high-yield, structured deals that larger players often overlook.

Here's the quick math: Alpine Income Property Trust's market capitalization of approximately $237 million places it as the smallest of this peer set, but its strategy allows it to be more nimble. You can see the detail on their core strategy here: Mission Statement, Vision, & Core Values of Alpine Income Property Trust, Inc. (PINE).

Opportunities & Challenges

The company's forward trajectory is defined by its strategic shift toward higher-yielding investments, but it must defintely manage its balance sheet in a high-rate environment.

Industry Position

Alpine Income Property Trust operates as a focused player in the net lease REIT space, prioritizing credit quality and high-yield structured financing to drive per-share growth.

• The company's total revenue for the last twelve months ending September 30, 2025, was approximately $57.42 million, a relatively small figure that underscores its niche, tactical approach.
• Its strategy of capital recycling-selling properties with shorter lease terms or lower-rated tenants to fund acquisitions with a weighted average lease term (WALT) of over 14 years-is a clear differentiator.
• The firm uses its size to its advantage, executing smaller, complex deals, including structured investments, which offer a higher initial yield than typical net lease acquisitions.
• The market's 'Moderate Buy' consensus rating and median target price of $18.05 suggest analysts see value in the execution of this strategy, despite the elevated leverage.

Your next step should be to look closely at the upcoming 2026 debt maturities and the plan to fund them, as this will be the real test of their capital allocation strategy.