Alpine Income Property Trust, Inc. (PINE): Business Model Canvas

Alpine Income Property Trust, Inc. (PINE) entwickelt sich zu einem dynamischen Akteur in der Net-Lease-Immobilieninvestitionslandschaft und bietet Anlegern eine überzeugende Gelegenheit, ein strategisch kuratiertes Portfolio von Gewerbeimmobilien zu erschließen. Mit seinem innovativen Geschäftsmodell-Canvas verändert PINE den traditionellen Immobilieninvestitionsansatz, indem es sich auf hochwertige, geschäftskritische Immobilien konzentriert, die generieren stabil und vorhersehbar Einkommensströme. Anleger, die eine risikoarme, geografisch diversifizierte Immobilieninvestitionsstrategie suchen, werden das einzigartige Wertversprechen von PINE sowohl faszinierend als auch potenziell lukrativ finden, da es attraktive Dividendenrenditen und einen ausgefeilten Ansatz für den Erwerb und die Verwaltung von Immobilien verspricht.

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Wichtige Partnerschaften

Eigentümer von Nettomietimmobilien und Immobilieninvestmentfirmen

Alpine Income Property Trust arbeitet mit mehreren Net-Lease-Immobilieneigentümern und Immobilieninvestmentfirmen zusammen, um sein Portfolio zu erweitern.

Partnertyp	Anzahl der Partnerschaften	Immobilientypen
Eigentümer von Nettomietobjekten	42	Einzelhandel, Industrie, Büro
Immobilieninvestmentfirmen	17	Gewerbeimmobilien in mehreren Bundesstaaten

Nationale und regionale gewerbliche Immobilienmakler

Alpine Income Property Trust unterhält strategische Beziehungen zu gewerblichen Immobilienmaklern, um Akquisitionsmöglichkeiten zu identifizieren.

• Nationale Maklerfirmen: 8
• Regionale Maklerfirmen: 23
• Gesamtzahl der Maklerpartnerschaften: 31

Finanzinstitute und Kreditpartner

Das Unternehmen arbeitet mit mehreren Finanzinstituten zusammen, um seine Wachstums- und Investitionsstrategien zu unterstützen.

Art des Finanzpartners	Gesamtkreditfazilitäten	Kreditlimit
Nationalbanken	3	250 Millionen Dollar
Regionalbanken	5	125 Millionen Dollar

Immobilienverwaltungs- und Wartungsdienstleister

Alpine Income Property Trust beauftragt spezialisierte Dienstleister für die Immobilienverwaltung und -wartung.

• Nationale Immobilienverwaltungsfirmen: 6
• Regionale Wartungsdienstleister: 19
• Gesamtzahl der Service-Provider-Partnerschaften: 25

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Single-Tenant-Gewerbeimmobilien

Im vierten Quartal 2023 besitzt der Alpine Income Property Trust 146 Einzelmieter-Nettomietobjekte in 29 Bundesstaaten. Gesamtbrutto-Immobilienwert: 623,7 Millionen US-Dollar. Durchschnittliche Grundstücksgröße: 18.500 Quadratmeter.

Kennzahlen zum Immobilienerwerb	Daten für 2023
Gesamtbesitz an Immobilien	146
Geografische Verbreitung	29 Staaten
Bruttoimmobilienwert	623,7 Millionen US-Dollar
Mittlere Grundstücksgröße	18.500 Quadratfuß

Durchführung einer Due Diligence bei potenziellen Immobilieninvestitionen

Der Investment-Screening-Prozess umfasst eine strenge Finanzanalyse:

• Beurteilung der Bonität von Mietern
• Standortbewertung der Immobilie
• Mietlaufzeit- und Strukturanalyse
• Überprüfung der Vergleichswerte der Marktmiete

Due-Diligence-Kriterien	Schwellenwertanforderungen
Mindestbonität des Mieters	BBB oder gleichwertig
Mindestmietdauer	7-10 Jahre
Gezielter Kapitalisierungssatz	6.5% - 7.5%

Pflege und Optimierung des Immobilienportfolios

Portfoliomanagement-Kennzahlen für 2023:

• Auslastung: 99,5 %
• Gewichtete durchschnittliche Mietdauer: 9,2 Jahre
• Jährliche Mieteinnahmen: 47,3 Millionen US-Dollar

Generierung konstanter Einnahmen durch langfristige Mietverträge

Kennzahlen zur Einkommensgenerierung	Leistung 2023
Funds from Operations (FFO)	33,6 Millionen US-Dollar
Dividendenrendite	6.8%
Nettobetriebsergebnis	41,2 Millionen US-Dollar

Merkmale der Mietvertragsstruktur:

• Triple Net Lease (NNN)-Format
• Mieter ist für die Immobilienkosten verantwortlich
• Eingebaute Mietpreiserhöhungsklauseln

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Portfolio an Nettomietobjekten

Mit Stand vom vierten Quartal 2023 verfügt Alpine Income Property Trust über ein Portfolio von 146 Einzelmieter-Nettomietobjekten in 29 Bundesstaaten. Gesamtbruttomietfläche: 2,1 Millionen Quadratfuß. Immobilienwert: 657,9 Millionen US-Dollar.

Eigenschaftskategorie	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Industriell	59	40.4%
Einzelhandel	53	36.3%
Büro	34	23.3%

Starke Finanzkapital- und Investitionsexpertise

Finanzkennzahlen zum 31. Dezember 2023:

• Marktkapitalisierung: 341,4 Millionen US-Dollar
• Gesamtvermögen: 690,2 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,58
• Gewichtete durchschnittliche Mietdauer: 9,3 Jahre

Erfahrenes Management-Team

Wichtige Führungsdetails:

• Durchschnittliche Immobilienerfahrung: 22 Jahre
• Führungsteam mit Erfahrung in großen REITs
• Nachgewiesene Erfolgsbilanz bei strategischen Immobilienakquisitionen

Strategische Möglichkeiten zur Immobilienakquise

Akquisitionsleistung im Jahr 2023:

Metrisch	Wert
Gesamtakquisitionen	126,7 Millionen US-Dollar
Anzahl der erworbenen Immobilien	38
Durchschnittlicher Immobilienerwerbpreis	3,33 Millionen US-Dollar

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Wertversprechen

Stabile und vorhersehbare Einnahmequellen aus langfristigen Mietverträgen

Ab dem vierten Quartal 2023 unterhält Alpine Income Property Trust ein gewichtete durchschnittliche Mietvertragslaufzeit von 9,3 Jahren. Das Portfolio umfasst 136 Objekte mit einem Auslastungsgrad von 99,1 %.

Leasingmerkmal	Metrisch
Gesamteigenschaften	136
Auslastung	99.1%
Gewichtete durchschnittliche Mietlaufzeit	9,3 Jahre

Konzentrieren Sie sich auf hochwertige, geschäftskritische Gewerbeimmobilien

Das Portfolio umfasst Immobilien in allen strategischen Sektoren:

• Schnellrestaurants: 37,4 %
• Industrieimmobilien: 22,6 %
• Einzelhandelsimmobilien: 16,5 %
• Convenience-Stores: 15,2 %
• Sonstige Gewerbeimmobilien: 8,3 %

Geografische Diversifizierung über mehrere Staaten hinweg

Ab 2024 umfasst das Immobilienportfolio von PINE 37 Staaten, mit höchsten Bundeslandkonzentrationen:

Staat	Prozentsatz des Portfolios
Texas	11.2%
Florida	9.7%
Kalifornien	8.5%

Attraktive Dividendenrenditen für Anleger

Ab Januar 2024 bietet PINE:

• Dividendenrendite: 6,8 %
• Vierteljährliche Dividende: 0,27 USD pro Aktie
• Jährliche Dividende: 1,08 USD pro Aktie

Risikoarmer Immobilieninvestitionsansatz

Kennzahlen zur Anlagestrategie:

Risikometrik	Wert
Prozentsatz der Mieter mit Investment-Grade-Rating	72%
Nettomietobjekte	100%
Mieterbindungsrate	95.3%

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Kundenbeziehungen

Transparente Finanzberichterstattung

Ab dem vierten Quartal 2023 reichte Alpine Income Property Trust, Inc. 10-K- und 10-Q-Berichte bei der SEC ein, die detaillierte Finanzoffenlegungen enthalten. Die Marktkapitalisierung des Unternehmens betrug zum 31. Dezember 2023 305,47 Millionen US-Dollar.

Berichtsmetrik	Häufigkeit	Compliance
Jahresbericht (10-K)	Jährlich	100 % konform
Vierteljährlicher Bericht (10-Q)	Vierteljährlich	100 % konform
Aktueller Bericht (8-K)	Nach Bedarf	100 % pünktliche Einreichung

Regelmäßige Anlegerkommunikation

PINE führte im Jahr 2023 vier vierteljährliche Gewinnaufrufe durch, an denen sich durchschnittlich 87 institutionelle Anleger beteiligten.

• Webcast zu den Quartalsergebnissen
• Aktualisierungen der Investorenpräsentation
• Jahreshauptversammlung der Aktionäre
• Investor-Relations-Website mit Echtzeitinformationen

Konsistente Dividendenausschüttung

PINE pflegte a vierteljährliche Dividende von 0,264 US-Dollar pro Aktie im gesamten Jahr 2023, was einer jährlichen Dividendenrendite von 6,8 % entspricht.

Dividendenzeitraum	Dividendenbetrag	Verteilungsdatum
1. Quartal 2023	$0.264	31. März 2023
Q2 2023	$0.264	30. Juni 2023
Q3 2023	$0.264	30. September 2023
Q4 2023	$0.264	31. Dezember 2023

Personalisierte Anlegerunterstützungsdienste

PINE bietet engagierten Investor-Relations-Kontakt mit direkter Telefonnummer: (904) 398-7200 und E-Mail: investorrelations@alpinereit.com.

• Persönliche Anlegerberatung
• Personalisierter Zugang zur Finanzberichterstattung
• Sofortige Reaktion auf Investorenanfragen
• Maßgeschneiderte Präferenzen für die Anlegerkommunikation

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Website: www.alpinereit.com

Website-Funktion	Details
Downloads von Investorenpräsentationen	Vierteljährlich aktualisierte Finanzpräsentationen
Verfügbarkeit von SEC-Einreichungen	10-K-, 10-Q- und 8-K-Dokumente zugänglich
Webcast-Links zu den Einnahmen	Live- und archivierte Webcasts zu den Quartalsergebnissen

Börsennotierungen

Erstnotierung: New York Stock Exchange (NYSE)

• Tickersymbol: KIEFER
• Marktkapitalisierung: 362,45 Millionen US-Dollar (Stand Januar 2024)
• Handelsvolumen: Durchschnittlich 129.000 Aktien pro Tag

Finanzberatungsplattformen

Plattform	Zugang für Investoren
Bloomberg-Terminal	Finanzdaten und -analysen in Echtzeit
Ich suche Alpha	Gewinnschätzungen und Analystenberichterstattung
NASDAQ.com	Umfassende Lagerinformationen

Vierteljährliche Ergebnisberichte und Präsentationen

• Häufigkeit der Veröffentlichung der Ergebnisse: Vierteljährlich
• Präsentationsformat: PDF und Webcast
• Wichtige Finanzkennzahlen gemeldet:
  • Funds from Operations (FFO)
  • Nettobetriebsergebnis (NOI)
  • Dividendenausschüttung

Compliance bei der Berichterstattung: Vollständige Offenlegung der SEC-Verordnung FD

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem vierten Quartal 2023 richtet sich der Alpine Income Property Trust wie folgt an institutionelle Anleger profile:

Anlegertyp	Prozentsatz des Eigentums	Investitionsvolumen
Pensionskassen	22.3%	87,6 Millionen US-Dollar
Investment-Management-Firmen	18.7%	73,4 Millionen US-Dollar
Banktreuhandabteilungen	15.2%	59,8 Millionen US-Dollar

Real Estate Investment Trusts (REITs)

Merkmale des REIT-Kundensegments von PINE:

• Gesamte REIT-Investorenbasis: 35 institutionelle REITs
• Durchschnittliche Investition pro REIT: 42,3 Millionen US-Dollar
• Gesamtinvestitionsvolumen des REIT: 1,48 Milliarden US-Dollar

Einzelne Privatanleger

Details zum Privatanlegersegment:

Anlegercharakteristik	Metrisch
Gesamtzahl der Privatanleger	12.456 Aktionäre
Durchschnittliche Investition	24.700 $ pro Investor
Gesamte Einzelhandelsinvestitionen	307,5 Millionen US-Dollar

Vermögende Investmentgruppen

Analyse des Segments der vermögenden Anleger:

• Gesamtzahl der vermögenden Anleger: 876 Gruppen
• Durchschnittliche Investitionsgröße: 1,2 Millionen US-Dollar pro Gruppe
• Gesamtinvestitionsvolumen: 1,05 Milliarden US-Dollar
• Mindestinvestitionsschwelle: $500,000

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 meldete Alpine Income Property Trust Gesamtkosten für den Erwerb von Immobilien in Höhe von 308,4 Millionen US-Dollar. Die Akquisitionsstrategie des Unternehmens konzentriert sich auf Gewerbeimmobilien mit Einzelmieter-Nettovermietung.

Ausgabenkategorie	Betrag ($)	Prozentsatz der gesamten Akquisitionen
Einzelhandelsimmobilien	186,500,000	60.5%
Industrieimmobilien	87,600,000	28.4%
Büroimmobilien	34,300,000	11.1%

Kosten für die Instandhaltung und Verwaltung von Immobilien

Die jährlichen Kosten für die Instandhaltung und Verwaltung von Immobilien beliefen sich im Jahr 2023 auf insgesamt 12,7 Millionen US-Dollar.

• Gebühren für die Immobilienverwaltung: 4,2 Millionen US-Dollar
• Routinewartung: 3,9 Millionen US-Dollar
• Reparatur- und Kapitalverbesserungen: 4,6 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Die gesamten Verwaltungskosten für 2023 beliefen sich auf 8,3 Millionen US-Dollar.

Overhead-Kategorie	Betrag ($)
Mitarbeitervergütung	4,600,000
Professionelle Dienstleistungen	1,900,000
Bürokosten	1,800,000

Compliance- und Regulierungskosten

Die Compliance-bezogenen Kosten beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar.

• Einhaltung gesetzlicher und behördlicher Vorschriften: 1,2 Millionen US-Dollar
• Prüfung und Finanzberichterstattung: 900.000 US-Dollar

Gesamtkostenstruktur für 2023: 331,5 Millionen US-Dollar

Alpine Income Property Trust, Inc. (PINE) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus vermieteten Immobilien

Im vierten Quartal 2023 meldete Alpine Income Property Trust jährliche Gesamtmieteinnahmen von 35,1 Millionen US-Dollar. Das Portfolio besteht aus 146 Einzelmietobjekten in 27 Bundesstaaten.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Einzelhandel	73	18,2 Millionen US-Dollar
Industriell	45	12,3 Millionen US-Dollar
Büro	28	4,6 Millionen US-Dollar

Wertschätzung von Immobilien

Zum 31. Dezember 2023 betrug der Gesamtwert des Portfolios 581,7 Millionen US-Dollar, was a entspricht Anstieg um 4,2 % aus dem Vorjahr.

Dividendenausschüttungen

Alpine Income Property Trust verfolgt eine konsequente Dividendenausschüttungsstrategie:

• Aktuelle jährliche Dividende: 1,56 USD pro Aktie
• Dividendenrendite: 6,8 % per Januar 2024
• Vierteljährliche Dividendenzahlung: 0,39 USD pro Aktie

Kapitalgewinne aus strategischen Immobilienverkäufen

Im Jahr 2023 erzielte das Unternehmen einen Erlös von 22,4 Millionen US-Dollar aus der Veräußerung von Immobilien mit a gewichteter durchschnittlicher Kapitalisierungszinssatz von 6,7 %.

Jahr	Immobilien verkauft	Gesamtverkaufserlös	Durchschnittlicher Gewinn pro Immobilie
2023	14	22,4 Millionen US-Dollar	1,6 Millionen US-Dollar

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Value Propositions

You're looking at the core promises Alpine Income Property Trust, Inc. (PINE) makes to its investors. These aren't just vague goals; they are backed by the structure of their real estate portfolio and their dividend policy as of late 2025.

Stable, dependable cash dividends for shareholders

The primary draw here is the consistent income stream. Alpine Income Property Trust, Inc. declared a quarterly cash dividend of $0.285 per share for the fourth quarter of 2025, payable on December 31, 2025. This translated to an annualized dividend of $1.14 per share, yielding approximately 6.51% based on recent pricing. To show this is manageable, the company maintained a reasonable cash payout ratio of 62.1% against its cash flows for the third quarter of 2025.

Predictable cash flow stability via long-term net leases

Predictability comes from the lease structure. Alpine Income Property Trust, Inc. focuses on net leases, which shift most property operating expenses to the tenant. As of December 1, 2025, the portfolio's weighted average remaining lease term (WALT) stood at 8.4 years. This long duration helps lock in revenue streams, though the WALT on recent acquisitions was shorter at 4.4 years.

Exposure to a portfolio with 50% of ABR from investment-grade tenants

The quality of the tenants underpins the stability. The company has actively managed its tenant base, increasing its exposure to higher-rated entities. As of December 1, 2025, 50% of the Annualized Base Rent (ABR) was sourced from investment-grade rated tenants. This is up from 36% in 2019. The top tenants include Lowe's (12% of ABR) and Dick's Sporting Goods (10% of ABR).

Inflation protection through contractual rent escalators in leases

To combat rising costs, Alpine Income Property Trust, Inc. emphasizes acquiring properties where the leases include mechanisms to increase rent over time. The strategy centers on acquiring properties with inflation-linked rent escalators. While the specific weighted average escalator rate across the entire portfolio isn't published in the latest summaries, the focus on acquiring properties with these clauses is a stated value proposition for organic rental growth.

Here are the key statistical anchors supporting these value propositions as of late 2025:

Metric	Value	Date/Context
Quarterly Dividend (Q4 2025)	$0.285 per share	Declared November 2025
Annualized Dividend Yield	6.51%	Recent Trailing Twelve Months
Weighted Average Remaining Lease Term (WALT)	8.4 years	As of December 1, 2025
Portfolio Occupancy Rate	99.4%	As of December 1, 2025
ABR from Investment-Grade Tenants	50%	As of December 1, 2025
Top Tenant Concentration (Lowe's)	12% of ABR	Q3 2025

You can see the focus is clearly on durable income. The company is using its capital deployment-like the $244.2 million in year-to-date investments at a 10.1% weighted average initial cash yield-to reinforce these stable characteristics.

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Customer Relationships

Long-term, contractual relationships with tenants via triple-net leases

The core relationship with tenants is built on long-duration, net lease contracts. This structure shifts property operating expenses to the tenant, which is a key feature of the relationship.

Here are the key metrics defining the tenant relationship as of late 2025:

• Portfolio occupancy rate as of December 1, 2025: 99.4%
• Weighted average remaining lease term (WALT) as of December 1, 2025: 8.4 years
• Weighted average remaining lease term (WALT) as of June 30, 2025: 8.9 years
• Percentage of annualized base rent (ABR) from investment grade rated tenants as of December 1, 2025: 50%
• In-place annual base rent on a straight-line basis as of June 30, 2025: $45.3 million

The composition of the tenant base is actively managed to maintain credit quality and lease duration. For example, a property was re-leased to Bass Pro Shops in Q3 2025 under a 20-year initial lease term.

Tenant Relationship Metric	Value	Date/Period
Total Portfolio Occupancy	99.4%	December 1, 2025
Weighted Average Remaining Lease Term (WALT)	8.4 years	December 1, 2025
Investment Grade ABR Percentage	50%	December 1, 2025
Total Investment Activity Year-to-Date (Acquisitions/Structured Investments)	$244.2 million	Year-to-Date 2025
Weighted Average Initial Cash Yield on YTD Investments	10.1%	Year-to-Date 2025

Investor relations and quarterly dividend distribution to shareholders

The relationship with shareholders is maintained through consistent communication of financial results and the dependable distribution of cash flow via dividends. You want to see the commitment to return capital.

Key financial and dividend data points for shareholders:

• Declared quarterly dividend (November 18, 2025): $0.2850 per share
• Next Payable Date: December 31, 2025
• Next Ex-Dividend Date: December 11, 2025
• Annualized Dividend Amount: $1.14 per share
• Reported Dividend Yield: 6.58%
• Payout Ratio (of earnings): 64%
• Number of Dividend Increases in the last 5 years: 8
• Dividend Payout Growth (5 Year): 4.97%
• Market Capitalization: $232,730,950 (as of November 18, 2025)

The company also actively manages its equity structure, which impacts shareholder value. In H1 2025, Alpine Income Property Trust, Inc. repurchased 546,390 shares of common stock for a total cost of $8.8 million at an average price of $16.07 per share.

Investor Metric	Amount/Rate	Period/Date
Next Quarterly Dividend Per Share	$0.2850	Declared November 18, 2025
Annualized Dividend	$1.14	Late 2025
Dividend Yield	6.58%	Late 2025
Common Stock Repurchases (H1 2025 Cost)	$8.8 million	First Half of 2025
Preferred Equity Offering Proceeds	$50.0 million	Q4 2025
Series A Preferred Stock Coupon Rate	8.00%	Q4 2025

Direct communication with tenants for property and lease administration

While the triple-net structure minimizes day-to-day management, direct communication is crucial for lease administration, capital projects, and lease renewals. This ensures the contractual obligations are met smoothly.

Specific interactions highlight this relationship:

• Bass Pro Shops property in Hermantown, MN, completed its full renovation on schedule in Q3 2025, with no interruption to required rental payments.
• The property was re-leased to Bass Pro Shops under a 20-year initial lease term commencing upon opening in Q3 2025.
• As of June 30, 2025, the portfolio consisted of 129 properties across 34 states.

The portfolio is continually refined through transactions that involve direct lease management and negotiation, such as the disposition of four net lease properties in Q4 2025, including properties leased to Kohl's, Circle K, Tractor Supply Company, and Walgreens.

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Channels

Direct leasing and negotiation with corporate tenants forms the core of Alpine Income Property Trust, Inc.'s property acquisition and management channel. This channel is supported by a highly occupied and long-weighted average lease term portfolio.

As of late 2025, the property portfolio statistics reflect the direct leasing channel's performance:

Metric	Value as of Late 2025
Portfolio Occupancy Rate	99.4%
Weighted Average Remaining Lease Term (WALT)	8.4 years (as of Dec 1, 2025)
Percentage of Annualized Base Rent from Investment Grade Tenants	50% (as of Dec 1, 2025)
Total Net Leased Properties in Portfolio	128
Number of States with Properties	34
Year-to-Date 2025 Acquisition Volume	$244.2 million
Year-to-Date 2025 Disposition Volume	$52.2 million

The negotiation channel involves direct engagement for property acquisitions, such as the year-to-date 2025 total investment activity of $244.2 million at a weighted average initial cash yield of 10.1%. Furthermore, Alpine Income Property Trust, Inc. actively manages its asset base through dispositions, selling four net lease properties between October 22, 2025 and November 26, 2025 for an aggregate sale price of $23.2 million at a weighted average exit cash cap rate of 7.5%.

Tenant relationships are managed to maintain high occupancy and credit quality. For instance, Walgreens, a major tenant, now accounts for seven properties, decreasing its standing to the fifth largest tenant based on annualized base rent. Investment grade tenants include Lowe's (rated BBB+ by S&P) and Sam's Club (rated AA).

Alpine Income Property Trust, Inc. accesses capital and communicates with its shareholder base through public markets and digital channels. The common stock trades on the New York Stock Exchange (NYSE) under the ticker PINE, and the preferred stock trades under the ticker PINE-PA.

The preferred stock channel was recently utilized:

• Series A Cumulative Redeemable Preferred Stock carries an 8.00% rate.
• The public offering price was $25.00 per share on November 5, 2025.
• Gross proceeds from the offering on November 12, 2025, were $50,000,000.
• Authorized Series A shares increased to 3,758,334 as of December 5, 2025.
• The company entered agreements to sell up to $35 million in Series A Preferred Stock on an 'at the market' basis.

The common stock, PINE, had a reported Current Market Cap of $245.5M and an Average Trading Volume of 109,626 as of early December 2025. The company also engages in structured investments, originating $47.5 million of new loan commitments in the fourth quarter of 2025 at a weighted initial cash yield of 16.1%.

Shareholder communication is channeled primarily through the Investor Relations section of the corporate website and mandatory regulatory filings.

• The official website for investor information is www.alpinereit.com.
• Earnings calls are broadcast via a live webcast available on the Investor Relations page.
• Replays of earnings calls are archived online at www.alpinereit.com.
• The Investor Relations contact email is ir@alpinereit.com.

SEC filings provide the detailed, legally required data stream for financial professionals and researchers. For example, the third quarter 2025 financial and operating results were reported after market close on Thursday, October 23, 2025, with the related conference call scheduled for Friday, October 24, 2025 at 9:00 AM ET.

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Customer Segments

You're looking at the core groups Alpine Income Property Trust, Inc. (PINE) serves with its single-tenant net-leased commercial income properties. This is about who pays the rent and who buys the stock.

Corporate tenants, primarily in the retail sector (e.g., Dick's, Lowe's, Walmart)

The focus here is on national-credit retail operators, which form the base of the Annualized Base Rent (ABR). As of late 2025, the portfolio consisted of 128 properties across 34 states, with annualized in-place cash base rent totaling $44.7 million as of September 30, 2025. The company actively manages tenant mix; for instance, Walgreens was reduced to the fifth-largest tenant after recent sales.

Here are the key tenants based on recent activity and portfolio composition:

Tenant Name	Latest Status/Mention	Credit Rating (If Specified)
Lowe's	Largest tenant by Annualized Base Rent (ABR) as of Q3 2025	BBB+ by S&P
DICK'S Sporting Goods	Second largest tenant as of Q3 2025	BBB by S&P
Walmart	Acquired in a portfolio in November 2025	Not specified in latest reports
Wawa	Construction loan commitment mentioned	Not specified in latest reports
Burger King	Acquired in a portfolio in Q4 2025	Not specified in latest reports

High-quality, publicly traded, and credit-rated companies

Alpine Income Property Trust, Inc. (PINE) specifically targets tenants with strong credit profiles to ensure dependable income streams. This focus is a key differentiator for the trust. As of December 1, 2025, 50% of the annualized base rent was attributable to investment-grade rated tenants. Another report from September 30, 2025, noted 48% of ABR from investment-grade tenants. Furthermore, 69% of ABR stemmed from credit-rated tenants as of Q3 2025. The weighted average remaining lease term (WALT) for the portfolio was 8.4 years as of December 1, 2025.

The trust also engages in structured investments, originating $47.5 million in new structured loan commitments year-to-date 2025 at a weighted initial cash yield of 16.1%.

Institutional and individual investors seeking dividend income (REIT shareholders)

The equity side of the customer base is comprised of investors looking for reliable cash dividends. The company raised capital through a preferred equity offering, completing a $50.0 million gross preferred equity offering of 8.00% Series A Cumulative Redeemable Preferred Stock (PINE-PA). For common shareholders, the quarterly dividend declared for Q4 2025 was $0.285 per share, which represented an annualized yield of approximately 8.25% based on Q3 2025 figures. The AFFO (Adjusted Funds From Operations) payout ratio in Q3 2025 was 62%.

The trust's operational efficiency is reflected in its per-share metrics:

• FFO per diluted share for Q3 2025 was $0.46.
• AFFO per diluted share for Q3 2025 was $0.46.
• The company raised its full-year 2025 AFFO outlook to a range of $1.82 to $1.85 per diluted share.

Finance: draft 13-week cash view by Friday.

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive down Alpine Income Property Trust, Inc.'s (PINE) net income. Because PINE uses an external manager, some costs are structured differently than a fully internal REIT, which is a key part of its cost profile.

Base Management Fee paid to the external manager

The primary management cost is the Base Management Fee, which is set at a standard 1.50% per annum of the Company's total equity, calculated and paid quarterly in arrears. This is a fixed percentage cost tied directly to the equity base. However, PINE recently implemented a cost-saving measure related to new capital. For the net cash proceeds from the Series A Preferred Stock offering completed on December 5, 2025, the Manager agreed to waive a portion of this fee, reducing the rate on that specific Incremental Equity Base from 1.50% down to 0.75% per annum. This partial waiver reduces the recurring fee drag on that incremental capital.

Interest expense on debt

Interest expense is a significant cost, driven by the Company's leverage strategy. As of the third quarter of 2025, the reported Net Debt/Pro Forma Adjusted EBITDA improved to 7.7x, which is down from the 8.1x reported in the second quarter of 2025. This level of leverage, while higher than the typical sweet spot for high-quality REITs (which is often cited between 5.0x and 5.5x), is supported by the high credit quality of the underlying assets and loan investments. The cost of this debt is partially mitigated by hedging activities; as of September 30, 2025, PINE utilized interest rate swaps to fix SOFR, achieving a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% plus the applicable spread for the $100 million 2027 Term Loan balance.

Property acquisition and disposition costs

The costs associated with growing and recycling the portfolio are substantial, though specific transaction fees are embedded within the total investment figures. Year-to-date 2025, the total investment activity, which includes acquisitions and structured investments, reached $244.2 million at a weighted average initial cash yield of 10.1%. On the disposition side, year-to-date 2025, the Company sold $52.2 million of income-producing assets at a weighted average exit cash cap rate of 8.0%, plus $5.3 million of vacant properties. For the third quarter alone, total investments were $135.6 million (including $60.8 million in properties), and dispositions totaled $34.3 million.

The scale of these capital movements directly impacts the cost structure through associated due diligence, closing costs, and broker commissions, which are part of the overall transaction outlay.

Here's a look at the scale of capital deployment and recycling through Q3 2025:

Activity Metric	Three Months Ended Sept 30, 2025 (in thousands)	Nine Months Ended Sept 30, 2025 (in thousands)
Total Property Investments	$21,120	$60,815
Total Commercial Loan Investments	$28,600	$74,786
Total Investments	$49,720	$135,601
Total Dispositions (YTD only, from Dec 1 report)	N/A	$57,500 (Income-producing + Vacant)

General and administrative (G&A) expenses

Due to the external management structure, PINE generally keeps its fixed G&A expenses lower compared to internally managed peers. While specific G&A dollar amounts for the full year 2025 aren't explicitly detailed in the provided summaries, the structure inherently shifts some operational overhead into the explicit management fee. For context on the overall operating scale, Total Revenues for the three months ended September 30, 2025, were $14,563 thousand (or $14.563 million).

The key G&A components that are typically lower because of this structure include:

• Executive salaries and overhead.
• Internal accounting and compliance staff costs.
• Board of Directors fees.

The external manager handles these functions, which are then covered by the Base Management Fee and other explicit fees, rather than being listed separately as G&A.

Alpine Income Property Trust, Inc. (PINE) - Canvas Business Model: Revenue Streams

You're looking at how Alpine Income Property Trust, Inc. (PINE) actually brings in the money, which is pretty straightforward for a net lease REIT. The core of the business is collecting rent, plain and simple. This rental income from single-tenant net leased properties is definitely the primary source that keeps the lights on and pays the dividends.

To give you a concrete sense of that core income stream, as of September 30, 2025, the annualized in-place cash base rent totaled $44.7 million. That number reflects the steady, long-term nature of their property leases, which is what you expect from this model.

Beyond the rent checks, Alpine Income Property Trust, Inc. (PINE) generates revenue from its lending side. This includes interest income from structured investments and their loan portfolio. For the year-to-date period ending September 30, 2025, that interest income component hit $7.4 million. This shows they are actively deploying capital into debt investments alongside property acquisitions.

When you put it all together for the most recent twelve-month period, the total TTM Revenue as of late 2025 is $57.42 Million USD. This represents a healthy increase, up 14.81% year-over-year based on the latest TTM figures. Here's a quick math look at the investment and disposition activity that feeds into these revenue components year-to-date through Q3 2025:

Activity Type	YTD Q3 2025 Amount	Weighted Average Metric
Total Investment Activity (Acquisitions & Structured Investments)	$135.6 million	Initial Cash Yield of 8.9%
Income-Producing Asset Sales (Dispositions)	$29.0 million	Exit Cash Cap Rate of 8.4%
Vacant Property Sales (Dispositions)	$5.3 million	N/A
Mortgage Note Portfolio Principal Paydowns	$8.1 million	N/A

The final piece of the revenue puzzle comes from gains realized through strategic property dispositions, often called capital recycling. This is where Alpine Income Property Trust, Inc. (PINE) sells assets to manage tenant credit quality or to lock in gains. Year-to-date through the third quarter of 2025, the company booked $29.0 million from income-producing asset sales, plus another $5.3 million from selling vacant properties. They are actively managing the portfolio, selling assets at a weighted average exit cash cap rate of 8.4% on the income-producing sales. You see this strategy in action when they sell properties leased to tenants like Walgreens or Dollar Tree to rebalance the portfolio.

These revenue streams rely on a few key operational metrics that you should keep an eye on:

• Percentage of Annualized Base Rent from Investment Grade Tenants: 48% as of September 30, 2025.
• Weighted Average Remaining Lease Term: 8.7 years as of September 30, 2025.
• Portfolio Occupancy: 99.4% as of September 30, 2025.

Finance: draft the Q4 2025 revenue projection based on current run-rate and expected year-end closings by next Tuesday.