Alpine Income Property Trust, Inc. (PINE): Business Model Canvas [Dec-2025 Updated]

You're digging into Alpine Income Property Trust, Inc. (PINE) to see exactly how this net-lease REIT generates its steady income, and honestly, the Business Model Canvas cuts right through the noise to show you the engine room. We are looking at a model built on locking in long-term, predictable cash flow, evidenced by their 8.4-year weighted average lease term (WALT) and a portfolio where 50% of the rent comes from investment-grade tenants. With $244.2 million in acquisitions year-to-date 2025, the critical question is how they manage that growth while maintaining a near-perfect 99.4% occupancy, all supporting their dividend stream, which sits atop $57.42 Million USD in trailing twelve-month revenue. Dive below to see the nine blocks that define their strategy, from their reliance on an external manager to their cost structure, so you can map out the near-term risks and opportunities for yourself.

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

External Manager (CTO Realty Growth, Inc.) for management and deal flow

Alpine Income Property Trust, Inc. is externally managed by Alpine Income Property Manager, LLC, a wholly owned subsidiary of CTO Realty Growth, Inc. (CTO) under a Management Agreement originally established on November 26, 2019. CTO Realty Growth, Inc. also holds an ownership interest in Alpine Income Property OP, LP. CTO Realty Growth, Inc. purchased 60,923 shares of Alpine Income Property Trust, Inc. between July 29 and July 31, 2025, for a total value of $990,360. In connection with the November 2025 preferred equity offering, the Manager executed a waiver effective December 5, 2025, reducing the Base Management Fee rate on the Incremental Equity Base from 1.50% per annum to 0.75% per annum.

• Management Agreement initial term extended to January 31, 2025 (as per July 2024 amendment).
• CTO Realty Growth, Inc. directly owns 935,703 shares and indirectly owns 272,419 shares of Alpine Income Property Trust, Inc. as of July 31, 2025.

Investment banks/underwriters for capital raises (e.g., preferred equity offering)

The Company executed a public offering of its 8.00% Series A Cumulative Redeemable Preferred Stock in November 2025. The gross proceeds received from this offering were $50,000,000. Furthermore, an at-the-market program was arranged to issue up to $35,000,000 of the same preferred stock, with commissions up to 2% on shares sold.

High-credit, publicly traded corporate tenants (e.g., Walmart, Lowe's)

As of December 1, 2025, the portfolio had 50% of its annualized base rent (ABR) attributable to investment grade rated tenants. The company continues to recycle properties to manage tenant credit risk. Year-to-date 2025 acquisitions included a property leased to Sam's Club (a subsidiary of Walmart, AA credit rating) and a property ground leased to a Walmart Supercenter (AA credit rating).

Lenders for debt financing and credit facilities

The company actively uses a Revolving Credit Facility for liquidity. As of June 30, 2025, this facility had total commitments up to $250.0 million. On that date, the outstanding balance was $153.0 million, leaving $48.0 million in additional borrowing availability based on unencumbered asset value. Year-to-date 2025, Alpine Income Property Trust originated $47.5 million in new structured loan commitments, achieving a weighted average initial cash yield of 16.1%.

• Revolving Credit Facility commitment ceiling: $250.0 million (as of June 30, 2025).
• Outstanding balance on Revolving Credit Facility: $153.0 million (as of June 30, 2025).
• New structured loan commitments YTD 2025: $47.5 million.

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

When you look at what Alpine Income Property Trust, Inc. (PINE) is actually doing day-to-day to drive its business, it really boils down to a disciplined cycle of buying, selling, and managing high-quality real estate and related credit investments. It's about actively managing the portfolio to enhance yield and maintain strong tenant quality, so you see a clear focus on capital recycling and strategic acquisitions.

Here's a quick snapshot of the scale of these key activities year-to-date through December 1, 2025:

The first core activity is Accretive Capital Recycling. This means selling assets when the price is right to free up capital for better opportunities. For the year-to-date 2025 period, Alpine Income Property Trust, Inc. completed dispositions totaling $52.2 million. These sales were executed at a weighted average exit cash cap rate of 8.0%. This process helps manage tenant credit exposure and reallocate capital efficiently.

Next up is the Acquisition of Single-Tenant Net Lease Properties. This is the primary way the company grows its core asset base. Year-to-date 2025 investment activity hit $244.2 million across acquisitions and structured investments. These acquisitions, which included eight properties for $39.8 million in the fourth quarter alone, were done at a weighted average going-in cash cap rate of 6.9% for those Q4 properties. The overall YTD investment activity carried a weighted average initial cash yield of 10.1%.

A growing part of their strategy involves the Origination and Management of High-Yield Structured Investments/Loans. This diversifies income away from just core real estate leases. Through December 1, 2025, Alpine Income Property Trust, Inc. originated three new structured investments totaling $47.5 million in loan commitments. These carried a weighted average initial cash yield of a very healthy 16.1%. For context, the Q3 2025 presentation also noted a total face amount of $73.1 million in investment loans with a 10.14% coupon, including PIK (Payment-in-Kind) interest.

Finally, the ongoing Property and Lease Management is critical to keeping the income steady. You want to see high occupancy, and as of December 1, 2025, the portfolio maintained a very strong occupancy rate of 99.4%. This high level of occupancy supports the dividend, which is definitely something you watch closely. Furthermore, the portfolio has a weighted average remaining lease term (WALT) of 8.4 years, and 50% of the annualized base rent comes from investment-grade rated tenants, which signals strong income reliability.

• Portfolio occupancy was 99.4% as of December 1, 2025.
• Weighted average remaining lease term stood at 8.4 years.
• 50% of annualized base rent is from investment-grade tenants.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets that allow Alpine Income Property Trust, Inc. (PINE) to generate income and pursue growth. These aren't just line items; they are the actual engines of the business.

Diversified Portfolio of Single-Tenant Net Leased Commercial Properties

The foundation of Alpine Income Property Trust's resource base is its portfolio of single-tenant net leased commercial properties. This structure means tenants handle most property expenses, which helps stabilize cash flow. As of late 2025, the portfolio showed strong operational metrics.

• Portfolio consisted of 128 properties as of September 30, 2025.
• Total square footage was 4.1 million square feet across 34 states.
• Occupancy remained high at 99.4% as of December 1, 2025.
• Weighted Average Remaining Lease Term (WALT) was 8.7 years as of September 30, 2025, extending to 8.4 years by December 1, 2025.
• 50% of annualized base rent (ABR) was attributable to investment grade rated tenants as of December 1, 2025.

The tenant roster is a key resource, with Lowe's (12% of ABR) and Dick's Sporting Goods (10% of ABR) being top tenants as of Q3 2025. Following Q4 2025 acquisitions, Walmart became the Company's fourth largest tenant.

Access to Capital Markets

The ability to tap equity and debt markets efficiently is crucial for funding acquisitions and investments. Alpine Income Property Trust successfully executed a significant equity raise late in 2025.

• Completed a public offering of 2,000,000 shares of 8.00% Series A Cumulative Redeemable Preferred Stock on November 12, 2025.
• This offering generated gross proceeds of $50,000,000.
• The preferred stock is listed on the NYSE under the ticker symbol "PINE-PA".
• As of September 30, 2025, total debt included a $100 million 2026 Term Loan balance and a $100 million 2027 Term Loan balance.
• Total debt stood at $361.44 million with a debt-to-equity ratio of 1.62 as of November 5, 2025.

Loan Portfolio/Structured Investments

The structured investment segment provides higher-yielding opportunities, acting as a complement to the core property ownership. This resource has seen substantial growth and high yields.

• The loan portfolio was approximately $94 million as of the Q3 2025 call, carrying a weighted average interest rate of 11.5%.
• Pro forma for October 2025, the loan portfolio was expected to reach $97.7 million with an 11.51% yield.
• In Q4 2025, Alpine Income Property Trust originated three new structured investments totaling $47.5 million in loan commitments at a weighted average initial cash yield of 16.1%.
• Year-to-date 2025 investment activity, combining property and structured investments, totaled $244.2 million at a weighted average initial cash yield of 10.1%.

Here's a look at the loan activity around the third quarter:

Experienced External Management Team and Acquisition Pipeline

While the management structure is external, the team's experience and the ongoing pipeline of deals are critical resources. The President and CEO, John P. Albright, and Senior VP, CFO & Treasurer, Philip Mays, guide the strategy.

• Year-to-date 2025 investment activity reached $244.2 million through September 30th.
• The company increased its 2025 investment guidance to $200 - $230 million.
• Q4 2025 saw the acquisition of eight properties for an aggregate purchase price of $39.8 million at a weighted average cash cap rate of 6.9%.
• Year-to-date disposition activity included $52.2 million of income-producing asset sales at a weighted average exit cash cap rate of 8.0% as of December 1, 2025.

The pipeline is actively managed through recycling, such as selling four net lease properties for $23.2 million in late 2025. This active management of assets supports the overall resource base.

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:

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.

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.

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:

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:

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:

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:

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.