Alpine Income Property Trust, Inc. (Pine): Business Model Canvas [Jan-2025 Mis à jour]

Alpine Income Property Trust, Inc. (Pine) émerge comme un acteur dynamique dans le paysage net des investissements immobiliers de location, offrant aux investisseurs une opportunité impérieuse de puiser dans un portefeuille stratégiquement organisé de propriétés commerciales. Avec sa toile innovante du modèle commercial, Pine transforme l'approche traditionnelle de l'investissement immobilier en se concentrant sur les propriétés critiques de haute qualité qui génèrent écurie et prévisible flux de revenus. Les investisseurs à la recherche d'une stratégie d'investissement immobilier à faible risque et géographiquement diversifié trouveront la proposition de valeur unique de Pine à la fois intrigante et potentiellement lucrative, promettant des rendements de dividendes attrayants et une approche sophistiquée de l'acquisition et de la gestion des biens.

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: Partenariats clés

Les propriétaires fonciers de location nette et les sociétés d'investissement immobilier

Alpine Income Property Trust collabore avec plusieurs propriétaires de propriétés de location nette et sociétés d'investissement immobilier pour étendre son portefeuille.

Type de partenaire	Nombre de partenariats	Types de propriétés
Propriétaires de propriétés de location nette	42	Retail, industriel, bureau
Sociétés d'investissement immobilier	17	Propriétés commerciales multi-États

Courtiers immobiliers commerciaux nationaux et régionaux

Alpine Income Property Trust entretient des relations stratégiques avec des courtiers immobiliers commerciaux pour identifier les opportunités d'acquisition.

• Firms nationaux de courtage: 8
• Sociétés de courtage régionales: 23
• Partenariats totaux de courtage: 31

Institutions financières et partenaires de prêt

L'entreprise travaille avec plusieurs institutions financières pour soutenir ses stratégies de croissance et d'investissement.

Type de partenaire financier	Facilités de crédit total	Limite de crédit
Banques nationales	3	250 millions de dollars
Banques régionales	5	125 millions de dollars

Fournisseurs de services de gestion et de maintenance immobilières

Alpine Income Property Trust engage des fournisseurs de services spécialisés pour la gestion et la maintenance immobilières.

• Sociétés nationales de gestion immobilière: 6
• Fournisseurs de services de maintenance régionale: 19
• Partenariats totaux des prestataires de services: 25

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: Activités clés

Acquérir et gérer des propriétés commerciales à locataire unique

Depuis le quatrième trimestre 2023, Alpine Income Property Trust possède 146 propriétés de location nette à location unique dans 29 États. Valeur totale de la propriété brute: 623,7 millions de dollars. Taille de la propriété médiane: 18 500 pieds carrés.

Métriques d'acquisition de propriétés	2023 données
Propriétés totales possédées	146
Propagation géographique	29 États
Valeur de la propriété brute	623,7 millions de dollars
Taille de la propriété médiane	18 500 pieds carrés

Effectuer une diligence raisonnable sur les investissements immobiliers potentiels

Le processus de dépistage des investissements implique une analyse financière rigoureuse:

• Évaluation de la qualité du crédit aux locataires
• Évaluation de l'emplacement de la propriété
• Analyse du terme et de la structure
• Revue des comparables de loyer du marché

Critères de diligence raisonnable	Exigences de seuil
Note de crédit minimum du locataire	BBB ou équivalent
Terme de location minimale	7-10 ans
Taux de capitalisation ciblé	6.5% - 7.5%

Maintenir et optimiser le portefeuille de propriétés

Métriques de gestion du portefeuille pour 2023:

• Taux d'occupation: 99,5%
• Terme de location moyenne pondérée: 9,2 ans
• Revenus de location annuels: 47,3 millions de dollars

Générer des revenus cohérents grâce à des accords de location à long terme

Métriques de génération de revenus	Performance de 2023
Fonds des opérations (FFO)	33,6 millions de dollars
Rendement des dividendes	6.8%
Bénéfice d'exploitation net	41,2 millions de dollars

Caractéristiques de la structure de location:

• Format de bail à triple net (NNN)
• Locataire responsable des frais de propriété
• Clauses d'escalade de loyer intégrées

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: Ressources clés

Portfolio diversifié de propriétés de location nettes

Depuis le quatrième trimestre 2023, Alpine Income Property Trust détient un portefeuille de 146 propriétés de location nette à location unique dans 29 États. Zone le moins brute totale: 2,1 millions de pieds carrés. Valeur de la propriété: 657,9 millions de dollars.

Catégorie de propriété	Nombre de propriétés	Pourcentage de portefeuille
Industriel	59	40.4%
Vente au détail	53	36.3%
Bureau	34	23.3%

Expertise solide en capital financier et en investissement

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 341,4 millions de dollars
• Actif total: 690,2 millions de dollars
• Ratio dette / capital-investissement: 0,58
• Terme de location moyenne pondérée: 9,3 ans

Équipe de gestion expérimentée

Détails clés du leadership:

• Expérience immobilière moyenne: 22 ans
• Équipe de direction avec une expérience antérieure dans les principaux FPI
• Bouchonnerie éprouvée des acquisitions de propriétés stratégiques

Capacités stratégiques d'acquisition de l'immobilier

Performance d'acquisition en 2023:

Métrique	Valeur
Acquisitions totales	126,7 millions de dollars
Nombre de propriétés acquises	38
Prix ​​moyen d'acquisition de propriétés	3,33 millions de dollars

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: propositions de valeur

Slemes de revenus stables et prévisibles à partir de baux à long terme

Depuis le quatrième trime durée de location moyenne pondérée de 9,3 ans. Le portefeuille comprend 136 propriétés avec un Taux d'occupation de 99,1%.

Caractéristique de location	Métrique
Propriétés totales	136
Taux d'occupation	99.1%
Terme de location moyenne pondérée	9.3 ans

Concentrez-vous sur des propriétés commerciales critiques de haute qualité

Le portefeuille comprend des propriétés dans les secteurs stratégiques:

• Restaurants à service rapide: 37,4%
• Propriétés industrielles: 22,6%
• Propriétés de la vente au détail: 16,5%
• Dépanneurs: 15,2%
• Autres propriétés commerciales: 8,3%

Diversification géographique dans plusieurs États

Depuis 2024, le portefeuille de biens de Pine 37 États, avec des concentrations de haut niveau:

État	Pourcentage de portefeuille
Texas	11.2%
Floride	9.7%
Californie	8.5%

Rendements de dividendes attrayants pour les investisseurs

En janvier 2024, Pine fournit:

• Rendement des dividendes: 6,8%
• Dividende trimestriel: 0,27 $ par action
• Dividende annuel: 1,08 $ par action

Approche d'investissement immobilier à faible risque

Métriques de la stratégie d'investissement:

Métrique à risque	Valeur
Pourcentage de locataires de qualité investissement	72%
Propriétés de location nette	100%
Taux de rétention des locataires	95.3%

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: relations avec les clients

Information financière transparente

Depuis le quatrième trimestre 2023, Alpine Income Property Trust, Inc. a déposé des rapports 10-K et 10-Q avec la SEC, fournissant des divulgations financières détaillées. La capitalisation boursière de la société était de 305,47 millions de dollars au 31 décembre 2023.

Métrique de rapport	Fréquence	Conformité
Rapport annuel (10-K)	Annuellement	100% conforme
Rapport trimestriel (10-Q)	Trimestriel	100% conforme
Rapport actuel (8-K)	Au besoin	Dépôt à 100% opportun

Communications des investisseurs réguliers

Pine a effectué 4 résultats trimestriels en 2023, avec une participation moyenne des investisseurs de 87 investisseurs institutionnels.

• Webdication trimestriel
• Mises à jour de la présentation des investisseurs
• Réunion des actionnaires annuelle
• Site Web de relations avec les investisseurs avec des informations en temps réel

Distribution de dividendes cohérente

La pin a maintenu un Dividende trimestriel de 0,264 $ par action Tout au long de 2023, représentant un rendement annuel de dividendes de 6,8%.

Période de dividende	Montant du dividende	Date de distribution
Q1 2023	$0.264	31 mars 2023
Q2 2023	$0.264	30 juin 2023
Q3 2023	$0.264	30 septembre 2023
Q4 2023	$0.264	31 décembre 2023

Services de soutien aux investisseurs personnalisés

Pine fournit des relations avec les relations avec les investisseurs dédiés avec le téléphone direct: (904) 398-7200 et par courriel: investirelations@alpinereit.com.

• Consultation d'investisseurs en tête-à-tête
• Accès aux rapports financiers personnalisés
• Réponse immédiate aux demandes des investisseurs
• Préférences de communication des investisseurs personnalisés

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

Site Web: www.alpinereit.com

Fonctionnalité de site Web	Détails
Téléchargements de présentation des investisseurs	Présentations financières mises à jour trimestrielles
Disponibilité des dépôts de la SEC	Documents 10-K, 10-Q, 8-K accessibles
Liens sur la diffusion en difficulté	TEWCASTES DE GENINS TRIMINATIVES EN DIRECT ET ARCHIVE

Listes de bourses

Listing primaire: Bourse de New York (NYSE)

• Symbole de ticker: pin
• Capitalisation boursière: 362,45 millions de dollars (à partir de janvier 2024)
• Volume de négociation: moyenne 129 000 actions par jour

Plateformes consultatives financières

Plate-forme	Accès aux investisseurs
Bloomberg Terminal	Données financières en temps réel et analyse
Recherche d'alpha	Estimations des bénéfices et couverture des analystes
Nasdaq.com	Informations complètes sur les stocks

Rapports et présentations de bénéfices trimestriels

• Fréquence de libération des bénéfices: trimestriel
• Format de présentation: PDF et webdiffion
• Mesures financières clés rapportées:
  • Fonds des opérations (FFO)
  • Résultat d'exploitation net (NOI)
  • Distribution de dividendes

Rapport de la conformité: divulgation FD de réglementation SEC complète

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trime profile:

Type d'investisseur	Pourcentage de propriété	Volume d'investissement
Fonds de pension	22.3%	87,6 millions de dollars
Sociétés de gestion des investissements	18.7%	73,4 millions de dollars
Départements de confiance des banques	15.2%	59,8 millions de dollars

Trusts de placement immobilier (FPI)

Caractéristiques du segment du client REIT de Pine:

• Base totale des investisseurs de FPI: 35 FPI institutionnels
• Investissement moyen par RPE: 42,3 millions de dollars
• Volume total d'investissement de FPI: 1,48 milliard de dollars

Investisseurs de détail individuels

Détails du segment des investisseurs de détail:

Caractéristique des investisseurs	Métrique
Investisseurs de détail totaux	12 456 actionnaires
Investissement moyen	24 700 $ par investisseur
Investissement total de détail	307,5 ​​millions de dollars

Groupes d'investissement à haute teneur

Analyse du segment des investisseurs à forte valeur élevée:

• Investisseurs totaux à forte valeur: 876 groupes
• Taille moyenne de l'investissement: 1,2 million de dollars par groupe
• Volume total d'investissement: 1,05 milliard de dollars
• Seuil d'investissement minimum: $500,000

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au quatrième trimestre 2023, Alpine Income Property Trust a déclaré des coûts d'acquisition totale de propriétés de 308,4 millions de dollars. La stratégie d'acquisition de la société se concentre sur les propriétés commerciales à location nette unique.

Catégorie de dépenses	Montant ($)	Pourcentage des acquisitions totales
Propriétés de vente au détail	186,500,000	60.5%
Propriétés industrielles	87,600,000	28.4%
Propriétés du bureau	34,300,000	11.1%

Coûts de maintenance et de gestion des biens

Les dépenses annuelles de maintenance et de gestion des biens pour 2023 ont totalisé 12,7 millions de dollars.

• Frais de gestion immobilière: 4,2 millions de dollars
• Entretien de routine: 3,9 millions de dollars
• Réparation et améliorations en capital: 4,6 millions de dollars

Surfaçon administratives et opérationnelles

Les dépenses administratives totales pour 2023 étaient de 8,3 millions de dollars.

Catégorie aérienne	Montant ($)
Compensation des employés	4,600,000
Services professionnels	1,900,000
Dépenses de bureau	1,800,000

Compliance et dépenses réglementaires

Les coûts liés à la conformité pour 2023 s'élevaient à 2,1 millions de dollars.

• Conformité juridique et réglementaire: 1,2 million de dollars
• Audit et rapport financier: 900 000 $

Structure totale des coûts pour 2023: 331,5 millions de dollars

Alpine Income Property Trust, Inc. (Pine) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés louées

Au quatrième trimestre 2023, Alpine Revenu Property Trust a déclaré un revenu locatif annulalisé total de 35,1 millions de dollars. Le portefeuille se compose de 146 propriétés de location nettes à location unique dans 27 États.

Type de propriété	Nombre de propriétés	Revenus de location
Vente au détail	73	18,2 millions de dollars
Industriel	45	12,3 millions de dollars
Bureau	28	4,6 millions de dollars

Appréciation des biens

Au 31 décembre 2023, la valeur totale du portefeuille était de 581,7 millions de dollars, représentant un Augmentation de 4,2% de l'année précédente.

Distributions de dividendes

Alpine Income Property Trust maintient une stratégie de distribution de dividendes cohérente:

• Dividende annuel actuel: 1,56 $ par action
• Rendement des dividendes: 6,8% en janvier 2024
• Paiement de dividende trimestriel: 0,39 $ par action

Gains en capital des ventes de propriétés stratégiques

En 2023, la société a réalisé 22,4 millions de dollars en produit des dispositions de propriété avec un taux de capitalisation moyen pondéré de 6,7%.

Année	Propriétés vendues	Produits totaux de vente	Gain moyen par propriété
2023	14	22,4 millions de dollars	1,6 million de dollars

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.