Alpine Income Property Trust, Inc. (PINE): Modelo de Negocio Canvas [Actualizado en Ene-2025]

Alpine Income Property Trust, Inc. (PINE) surge como un jugador dinámico en el panorama de inversión inmobiliaria neta de arrendamiento, ofreciendo a los inversores una oportunidad convincente de aprovechar una cartera estratégicamente seleccionada de propiedades comerciales. Con su innovador lienzo de modelo de negocio, Pine transforma el enfoque tradicional de inversión inmobiliaria al enfocarse en propiedades de alta calidad y crítica de misión que generan estable y previsible flujos de ingresos. Los inversores que buscan una estrategia de inversión inmobiliaria de bajo riesgo y diversificada geográficamente encontrarán la propuesta de valor única de Pine, tanto intrigantes como potencialmente lucrativos, prometedores rendimientos de dividendos y un enfoque sofisticado para la adquisición y gestión de la propiedad.

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: asociaciones clave

Propietarios de propiedades netas y empresas de inversión inmobiliaria

Alpine Income Property Trust colabora con múltiples propietarios de propiedades netas y empresas de inversión inmobiliaria para expandir su cartera.

Tipo de socio	Número de asociaciones	Tipos de propiedades
Propietarios de propiedades netas de arrendamiento	42	Minorista, industrial, oficina
Empresas de inversión inmobiliaria	17	Propiedades comerciales de varios estados

Corredores de bienes raíces comerciales nacionales y regionales

Alpine Income Property Trust mantiene relaciones estratégicas con corredores de bienes raíces comerciales para identificar oportunidades de adquisición.

• Firmas de corretaje nacionales: 8
• Firma de corretaje regional: 23
• Asociaciones de corretaje total: 31

Instituciones financieras y socios de préstamo

La compañía trabaja con múltiples instituciones financieras para apoyar sus estrategias de crecimiento e inversión.

Tipo de socio financiero	Facilidades de crédito total	Límite de crédito
Bancos nacionales	3	$ 250 millones
Bancos regionales	5	$ 125 millones

Proveedores de servicios de administración de propiedades y mantenimiento

Alpine Income Property Trust involucra a proveedores de servicios especializados para la administración y mantenimiento de la propiedad.

• Empresas nacionales de administración de propiedades: 6
• Proveedores de servicios de mantenimiento regional: 19
• Asociaciones de proveedores de servicios totales: 25

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: actividades clave

Adquirir y administrar propiedades comerciales de un solo enlace

A partir del cuarto trimestre de 2023, Alpine Income Property Trust posee 146 propiedades de arrendamiento neto de un solo inquilino en 29 estados. Valor total de propiedad bruta: $ 623.7 millones. Media de la propiedad Tamaño: 18,500 pies cuadrados.

Métricas de adquisición de propiedades	2023 datos
Propiedades totales de propiedad	146
Extensión geográfica	29 estados
Valor de propiedad bruta	$ 623.7 millones
Tamaño de la propiedad mediana	18,500 pies cuadrados

Realización de la debida diligencia sobre posibles inversiones inmobiliarias

El proceso de detección de inversiones implica un análisis financiero riguroso:

• Evaluación de calidad de crédito del inquilino
• Evaluación de ubicación de la propiedad
• Análisis de término y estructura de arrendamiento
• Revisión de comparables al alquiler del mercado

Criterios de diligencia debida	Requisitos umbral
Calificación crediticia mínima del inquilino	BBB o equivalente
Término de arrendamiento mínimo	7-10 años
Tasa de capitalización dirigida	6.5% - 7.5%

Mantener y optimizar la cartera de propiedades

Métricas de gestión de cartera para 2023:

• Tasa de ocupación: 99.5%
• Término de arrendamiento promedio ponderado: 9.2 años
• Ingresos anuales de alquiler: $ 47.3 millones

Generar ingresos consistentes a través de contratos de arrendamiento a largo plazo

Métricas de generación de ingresos	2023 rendimiento
Fondos de Operaciones (FFO)	$ 33.6 millones
Rendimiento de dividendos	6.8%
Ingresos operativos netos	$ 41.2 millones

Características de la estructura de arrendamiento:

• Formato de arrendamiento neto triple (NNN)
• Inquilino responsable de los gastos de propiedad
• Cláusulas de escalada de alquiler incorporadas

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: recursos clave

Cartera diversificada de propiedades de arrendamiento neto

A partir del cuarto trimestre de 2023, Alpine Income Property Trust posee una cartera de 146 propiedades de arrendamiento neto de un solo inquilino en 29 estados. Área gruesa total, de menos de 2.1 millones de pies cuadrados. Valor de propiedad: $ 657.9 millones.

Categoría de propiedad	Número de propiedades	Porcentaje de cartera
Industrial	59	40.4%
Minorista	53	36.3%
Oficina	34	23.3%

Fuerte capital financiero y experiencia en inversión

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 341.4 millones
• Activos totales: $ 690.2 millones
• Relación de deuda / capital: 0.58
• Término de arrendamiento promedio ponderado: 9.3 años

Equipo de gestión experimentado

Detalles clave del liderazgo:

• Experiencia inmobiliaria promedio: 22 años
• Equipo ejecutivo con experiencia previa en REIT mayores
• Historial probado de adquisiciones de propiedades estratégicas

Capacidades estratégicas de adquisición de bienes raíces

Rendimiento de adquisición en 2023:

Métrico	Valor
Adquisiciones totales	$ 126.7 millones
Número de propiedades adquiridas	38
Precio promedio de adquisición de propiedades	$ 3.33 millones

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: propuestas de valor

Flujos de ingresos estables y predecibles de arrendamientos a largo plazo

A partir del cuarto trimestre de 2023, Alpine Income Property Trust mantiene un Term de arrendamiento promedio ponderado de 9.3 años. La cartera incluye 136 propiedades con un tasa de ocupación del 99.1%.

Característica de arrendamiento	Métrico
Propiedades totales	136
Tasa de ocupación	99.1%
Término de arrendamiento promedio ponderado	9.3 años

Centrarse en propiedades comerciales de alta calidad y crítica

La cartera comprende propiedades en sectores estratégicos:

• Restaurantes de servicio rápido: 37.4%
• Propiedades industriales: 22.6%
• Propiedades minoristas: 16.5%
• Tiendas de conveniencia: 15.2%
• Otras propiedades comerciales: 8.3%

Diversificación geográfica en múltiples estados

A partir de 2024, la cartera de propiedades de Pine abarca 37 estados, con concentraciones estatales superiores:

Estado	Porcentaje de cartera
Texas	11.2%
Florida	9.7%
California	8.5%

Rendimientos de dividendos atractivos para los inversores

A partir de enero de 2024, Pine proporciona:

• Rendimiento de dividendos: 6.8%
• Dividendo trimestral: $ 0.27 por acción
• Dividendo anual: $ 1.08 por acción

Enfoque de inversión inmobiliaria de bajo riesgo

Métricas de estrategia de inversión:

Métrico de riesgo	Valor
Porcentaje de inquilinos de grado de inversión	72%
Propiedades de arrendamiento neto	100%
Tasa de retención de inquilinos	95.3%

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocios: relaciones con los clientes

Información financiera transparente

A partir del cuarto trimestre de 2023, Alpine Income Property Trust, Inc. presentó informes de 10 y 10-Q ante la SEC, proporcionando divulgaciones financieras detalladas. La capitalización de mercado de la compañía fue de $ 305.47 millones al 31 de diciembre de 2023.

Métrica de informes	Frecuencia	Cumplimiento
Informe anual (10-K)	Anualmente	100% cumplido
Informe trimestral (10-Q)	Trimestral	100% cumplido
Informe actual (8-K)	Como es necesario	Presentación 100% oportuna

Comunicaciones de inversores regulares

Pine realizó 4 llamadas de ganancias trimestrales en 2023, con una participación promedio de los inversores de 87 inversores institucionales.

• Transmisión web de ganancias trimestrales
• Actualizaciones de presentación del inversor
• Reunión anual de accionistas
• Sitio web de Relaciones con Inversores con información en tiempo real

Distribución de dividendos consistente

Pine mantuvo un dividendo trimestral de $ 0.264 por acción A lo largo de 2023, que representa un rendimiento anual de dividendos de 6.8%.

Período de dividendos	Cantidad de dividendos	Fecha de distribución
Q1 2023	$0.264	31 de marzo de 2023
Q2 2023	$0.264	30 de junio de 2023
P3 2023	$0.264	30 de septiembre de 2023
P4 2023	$0.264	31 de diciembre de 2023

Servicios de apoyo a los inversores personalizados

Pine proporciona relaciones dedicadas de relaciones con los inversores con el teléfono directo: (904) 398-7200 y correo electrónico: investorrelations@alpinereit.com.

• Consulta de inversores individual
• Acceso a informes financieros personalizados
• Respuesta inmediata a las consultas de los inversores
• Preferencias de comunicación de inversores personalizadas

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Sitio web: www.alpinereit.com

Característica del sitio web	Detalles
Descargas de presentación de inversores	Presentaciones financieras actualizadas trimestralmente
Disponibilidad de presentaciones de la SEC	Documentos de 10-K, 10-Q, 8-K accesibles
Enlaces de transmisión web de ganancias	Transmisiones web trimestrales en vivo y archivadas

Listados de bolsa de valores

Listado primario: Bolsa de Nueva York (NYSE)

• Símbolo de ticker: Pine
• Capitalización de mercado: $ 362.45 millones (a partir de enero de 2024)
• Volumen de negociación: promedio de 129,000 acciones por día

Plataformas de asesoramiento financiero

Plataforma	Acceso a los inversores
Terminal de Bloomberg	Datos financieros y análisis en tiempo real
Buscando alfa	Estimaciones de ganancias y cobertura del analista
Nasdaq.com	Información integral sobre acciones

Informes y presentaciones de ganancias trimestrales

• Frecuencia de liberación de ganancias: trimestralmente
• Formato de presentación: PDF y transmisión web
• Métricas financieras clave informadas:
  • Fondos de Operaciones (FFO)
  • Ingresos operativos netos (NOI)
  • Distribución de dividendos

Cumplimiento de informes: divulgación completa de FD de regulación de la SEC

Alpine Income Property Trust, Inc. (PINE) - Modelo comercial: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Alpine Income Property Trust se dirige a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de propiedad	Volumen de inversión
Fondos de pensiones	22.3%	$ 87.6 millones
Empresas de gestión de inversiones	18.7%	$ 73.4 millones
Departamentos de confianza bancaria	15.2%	$ 59.8 millones

Fideicomisos de inversión inmobiliaria (REIT)

Características del segmento de clientes REIT de Pine:

• Base de inversionista total de REIT: 35 REIT institucionales
• Inversión promedio por REIT: $ 42.3 millones
• Volumen total de inversión de REIT: $ 1.48 mil millones

Inversores minoristas individuales

Detalles del segmento de inversores minoristas:

Característica del inversor	Métrico
Inversores minoristas totales	12.456 accionistas
Inversión promedio	$ 24,700 por inversor
Inversión minorista total	$ 307.5 millones

Grupos de inversión de alto nivel de red

Análisis de segmento de inversores de alto nivel de red:

• Inversores totales de alto nivel de red: 876 grupos
• Tamaño de inversión promedio: $ 1.2 millones por grupo
• Volumen de inversión total: $ 1.05 mil millones
• Umbral mínimo de inversión: $500,000

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, Alpine Income Property Trust informó costos totales de adquisición de propiedades de $ 308.4 millones. La estrategia de adquisición de la compañía se centra en propiedades comerciales alentadas de red de un solo inquilino.

Categoría de gastos	Monto ($)	Porcentaje de adquisiciones totales
Propiedades minoristas	186,500,000	60.5%
Propiedades industriales	87,600,000	28.4%
Propiedades de la oficina	34,300,000	11.1%

Costos de mantenimiento y gestión de la propiedad

Los gastos anuales de mantenimiento y gestión de la propiedad para 2023 totalizaron $ 12.7 millones.

• Tarifas de administración de propiedades: $ 4.2 millones
• Mantenimiento de rutina: $ 3.9 millones
• Reparación y mejoras de capital: $ 4.6 millones

Sobrecarga administrativa y operativa

Los gastos administrativos totales para 2023 fueron de $ 8.3 millones.

Categoría de gastos generales	Monto ($)
Compensación de empleados	4,600,000
Servicios profesionales	1,900,000
Gastos de oficina	1,800,000

Cumplimiento y gastos regulatorios

Los costos relacionados con el cumplimiento para 2023 ascendieron a $ 2.1 millones.

• Cumplimiento legal y regulatorio: $ 1.2 millones
• Auditoría e informes financieros: $ 900,000

Estructura de costos totales para 2023: $ 331.5 millones

Alpine Income Property Trust, Inc. (PINE) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades arrendadas

A partir del cuarto trimestre de 2023, Alpine Income Property Trust informó ingresos por alquiler anualizados totales de $ 35.1 millones. La cartera consta de 146 propiedades de arrendamiento neto de un solo inquilino en 27 estados.

Tipo de propiedad	Número de propiedades	Ingreso de alquiler
Minorista	73	$ 18.2 millones
Industrial	45	$ 12.3 millones
Oficina	28	$ 4.6 millones

Apreciación de la propiedad

Al 31 de diciembre de 2023, el valor total de la cartera era de $ 581.7 millones, representando un Aumento de 4.2% del año anterior.

Distribuciones de dividendos

Alpine Income Property Trust mantiene una estrategia de distribución de dividendos consistente:

• Dividendo anual actual: $ 1.56 por acción
• Rendimiento de dividendos: 6.8% a partir de enero de 2024
• Pago de dividendos trimestrales: $ 0.39 por acción

Ganancias de capital de las ventas de propiedades estratégicas

En 2023, la compañía obtuvo $ 22.4 millones en ingresos de las disposiciones de la propiedad con un tasa de capitalización promedio ponderada del 6,7%.

Año	Propiedades vendidas	Activos de venta total	Ganancia promedio por propiedad
2023	14	$ 22.4 millones	$ 1.6 millones

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.