Alpine Renda Property Trust, Inc. (Pine): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Alpine Renda Property Trust, Inc. (PINE) surge como um participante dinâmico no cenário de investimento imobiliário de arrendamento líquido, oferecendo aos investidores uma oportunidade atraente de explorar um portfólio de propriedades comerciais com curadoria estrategicamente. Com seu modelo inovador de modelo de negócios, Pine transforma a abordagem tradicional de investimento imobiliário, concentrando-se em propriedades de alta qualidade e missão crítica que geram estável e previsível fluxos de renda. Os investidores que buscam uma estratégia de investimento imobiliário de baixo risco e diversificação geograficamente acharão a proposta de valor de Pine, tanto intrigante quanto potencialmente lucrativa, prometendo rendimentos atraentes de dividendos e uma abordagem sofisticada para a aquisição e gerenciamento de propriedades.

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: Parcerias -chave

Proprietários de imóveis de arrendamento líquido e empresas de investimento imobiliário

A Alpine Renda Property Trust colabora com vários proprietários de imóveis de arrendamento líquido e empresas de investimento imobiliário para expandir seu portfólio.

Tipo de parceiro	Número de parcerias	Tipos de propriedades
Proprietários de imóveis de arrendamento de rede	42	Varejo, industrial, escritório
Empresas de investimento imobiliário	17	Propriedades comerciais de vários estados

Corretores imobiliários comerciais nacionais e regionais

A Alpine Renda Property Trust mantém relações estratégicas com corretores imobiliários comerciais para identificar oportunidades de aquisição.

• Corretores nacionais: 8
• Corretagem regional: 23
• Total de parcerias de corretagem: 31

Instituições financeiras e parceiros de empréstimos

A empresa trabalha com várias instituições financeiras para apoiar suas estratégias de crescimento e investimento.

Tipo de parceiro financeiro	Total de linhas de crédito	Limite de crédito
Bancos nacionais	3	US $ 250 milhões
Bancos regionais	5	US $ 125 milhões

Provedores de serviços de gerenciamento e manutenção de propriedades

A confiança da propriedade de renda alpina envolve provedores de serviços especializados para gerenciamento e manutenção de propriedades.

• Empresas nacionais de gestão de propriedades: 6
• Provedores de serviços de manutenção regional: 19
• Total de parcerias do provedor de serviços: 25

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: Atividades -chave

Aquisição e gerenciamento de propriedades comerciais de inquilinos únicos

A partir do quarto trimestre 2023, o Alpine Renda Property Trust possui 146 propriedades de arrendamento líquido de inquilinos únicos em 29 estados. Valor total da propriedade bruta: US $ 623,7 milhões. Tamanho médio da propriedade: 18.500 pés quadrados.

Métricas de aquisição de propriedades	2023 dados
Propriedades totais de propriedade	146
Propagação geográfica	29 estados
Valor bruto da propriedade	US $ 623,7 milhões
Tamanho médio da propriedade	18.500 pés quadrados

Conduzindo a devida diligência em possíveis investimentos imobiliários

O processo de triagem de investimentos envolve análises financeiras rigorosas:

• Avaliação de qualidade de crédito de inquilino
• Avaliação de localização da propriedade
• Análise de termo e estrutura de arrendamento
• Revisão de comparáveis ​​ao aluguel de mercado

Critérios de due diligence	Requisitos de limiar
Classificação mínima de crédito de inquilino	BBB ou equivalente
Termo de arrendamento mínimo	7-10 anos
Taxa de capitalização direcionada	6.5% - 7.5%

Mantendo e otimizando o portfólio de propriedades

Métricas de gerenciamento de portfólio para 2023:

• Taxa de ocupação: 99,5%
• Termo médio ponderado de arrendamento: 9,2 anos
• Receita anual de aluguel: US $ 47,3 milhões

Gerando renda consistente por meio de acordos de arrendamento de longo prazo

Métricas de geração de renda	2023 desempenho
Fundos das operações (FFO)	US $ 33,6 milhões
Rendimento de dividendos	6.8%
Receita operacional líquida	US $ 41,2 milhões

Características da estrutura do arrendamento:

• Formato de arrendamento líquido triplo (NNN)
• Inquilino responsável pelas despesas de propriedade
• Cláusulas de escalada de aluguel embutidas

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades de arrendamento líquido

A partir do quarto trimestre 2023, o Alpine Renda Property Trust detém um portfólio de 146 propriedades de arrendamento líquido de inquilinos únicos em 29 estados. Área total de arrepio bruto: 2,1 milhões de pés quadrados. Valor da propriedade: US $ 657,9 milhões.

Categoria de propriedade	Número de propriedades	Porcentagem de portfólio
Industrial	59	40.4%
Varejo	53	36.3%
Escritório	34	23.3%

Forte capital financeiro e experiência em investimentos

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 341,4 milhões
• Total de ativos: US $ 690,2 milhões
• Índice de dívida / patrimônio: 0,58
• Termo médio ponderado de arrendamento: 9,3 anos

Equipe de gerenciamento experiente

Principais detalhes da liderança:

• Experiência imobiliária média: 22 anos
• Equipe executiva com experiência anterior em principais REITs
• Histórico comprovado de aquisições de propriedades estratégicas

Capacidades estratégicas de aquisição imobiliária

Desempenho de aquisição em 2023:

Métrica	Valor
Aquisições totais	US $ 126,7 milhões
Número de propriedades adquiridas	38
Preço médio de aquisição de propriedades	US $ 3,33 milhões

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: proposições de valor

Fluxos de renda estáveis ​​e previsíveis de arrendamentos de longo prazo

A partir do quarto trimestre 2023, o alpino renda a propriedade de confiança mantém um termo de arrendamento médio ponderado de 9,3 anos. O portfólio inclui 136 propriedades com um taxa de ocupação de 99,1%.

Característica do arrendamento	Métrica
Propriedades totais	136
Taxa de ocupação	99.1%
Termo de arrendamento médio ponderado	9,3 anos

Concentre-se em propriedades comerciais de alta qualidade e missão crítica

O portfólio compreende propriedades entre os setores estratégicos:

• Restaurantes de serviço rápido: 37,4%
• Propriedades industriais: 22,6%
• Propriedades de varejo: 16,5%
• Lojas de conveniência: 15,2%
• Outras propriedades comerciais: 8,3%

Diversificação geográfica em vários estados

A partir de 2024, o portfólio de propriedades de Pine senta 37 estados, com as principais concentrações de estado:

Estado	Porcentagem de portfólio
Texas	11.2%
Flórida	9.7%
Califórnia	8.5%

Atraente rendimento de dividendos para investidores

Em janeiro de 2024, Pine fornece:

• Rendimento de dividendos: 6,8%
• Dividendo trimestral: US $ 0,27 por ação
• Dividendo anual: US $ 1,08 por ação

Abordagem de investimento imobiliário de baixo risco

Métricas de estratégia de investimento:

Métrica de risco	Valor
Porcentagem de inquilinos de grau de investimento	72%
Propriedades da locação líquida	100%
Taxa de retenção de inquilinos	95.3%

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: Relacionamentos do cliente

Relatórios financeiros transparentes

A partir do quarto trimestre 2023, a Alpine Renda Property Trust, Inc. registrou relatórios de 10-K e 10-Q na SEC, fornecendo divulgações financeiras detalhadas. A capitalização de mercado da empresa era de US $ 305,47 milhões em 31 de dezembro de 2023.

Métrica de relatório	Freqüência	Conformidade
Relatório Anual (10-K)	Anualmente	100% compatível
Relatório Trimestral (10-Q)	Trimestral	100% compatível
Relatório atual (8-K)	Conforme necessário	100% de arquivamento oportuno

Comunicações regulares de investidores

Pine conduziu 4 chamadas trimestrais em 2023, com uma participação média dos investidores de 87 investidores institucionais.

• Webcast trimestral de ganhos
• Atualizações de apresentação do investidor
• Reunião Anual dos Acionistas
• Site de relações com investidores com informações em tempo real

Distribuição consistente de dividendos

Pine manteve a dividendo trimestral de US $ 0,264 por ação Ao longo de 2023, representando um rendimento anual de dividendos de 6,8%.

Período de dividendos	Quantidade de dividendos	Data de distribuição
Q1 2023	$0.264	31 de março de 2023
Q2 2023	$0.264	30 de junho de 2023
Q3 2023	$0.264	30 de setembro de 2023
Q4 2023	$0.264	31 de dezembro de 2023

Serviços personalizados de suporte para investidores

O Pine fornece um contato dedicado ao telefone de relações com investidores com o telefone direto: (904) 398-7200 e e-mail: investtorrelations@alpinereit.com.

• Consulta individual para investidores
• Acesso de relatório financeiro personalizado
• Resposta imediata às consultas dos investidores
• Preferências personalizadas de comunicação do investidor

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: canais

Site de Relações com Investidores

Site: www.alpinereit.com

Recurso do site	Detalhes
Downloads de apresentação do investidor	Apresentações financeiras atualizadas trimestrais
Disponibilidade de registros da SEC	Documentos 10-K, 10-Q, 8-K acessíveis
Links de webcast de ganhos	Webcasts de ganhos trimestrais ao vivo e arquivados

Listagens de bolsas de valores

Listagem primária: Bolsa de Valores de Nova York (NYSE)

• Símbolo do ticker: pinheiro
• Capitalização de mercado: US $ 362,45 milhões (em janeiro de 2024)
• Volume de negociação: média de 129.000 ações por dia

Plataformas de consultoria financeira

Plataforma	Acesso ao investidor
Terminal Bloomberg	Dados financeiros e análises em tempo real
Buscando alfa	Estimativas de ganhos e cobertura do analista
Nasdaq.com	Informações abrangentes sobre ações

Relatórios e apresentações de ganhos trimestrais

• Frequência de liberação de ganhos: trimestral
• Formato de apresentação: PDF e webcast
• Principais métricas financeiras relatadas:
  • Fundos das operações (FFO)
  • Receita operacional líquida (NOI)
  • Distribuição de dividendos

Conformidade de relatórios: Divulgação completa do Regulamento FD

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, o Alpine Rending Property Trust tem como alvo investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de propriedade	Volume de investimento
Fundos de pensão	22.3%	US $ 87,6 milhões
Empresas de gerenciamento de investimentos	18.7%	US $ 73,4 milhões
Departamentos de Trust Bank	15.2%	US $ 59,8 milhões

Funcionários de investimento imobiliário (REITs)

Características do segmento de clientes REIT de Pine:

• Total REIT Investor Base: 35 REITs institucionais
• Investimento médio por REIT: US $ 42,3 milhões
• Volume total de investimento do REIT: US $ 1,48 bilhão

Investidores de varejo individuais

Detalhes do segmento de investidores de varejo:

Característica do investidor	Métrica
Total de investidores de varejo	12.456 acionistas
Investimento médio	US $ 24.700 por investidor
Investimento total de varejo	US $ 307,5 ​​milhões

Grupos de investimentos de alta rede

Análise de segmento de investidores de alta rede:

• Investidores totais de alta rede: 876 grupos
• Tamanho médio de investimento: US $ 1,2 milhão por grupo
• Volume total de investimento: US $ 1,05 bilhão
• Limiar mínimo de investimento: $500,000

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do quarto trimestre de 2023, a Alpine Renda Property Trust registrou custos totais de aquisição de propriedades de US $ 308,4 milhões. A estratégia de aquisição da empresa se concentra nas propriedades comerciais arrendadas de inauguração única.

Categoria de despesa	Valor ($)	Porcentagem do total de aquisições
Propriedades de varejo	186,500,000	60.5%
Propriedades industriais	87,600,000	28.4%
Propriedades do escritório	34,300,000	11.1%

Custos de manutenção e gerenciamento de propriedades

As despesas anuais de manutenção e gerenciamento de propriedades para 2023 totalizaram US $ 12,7 milhões.

• Taxas de gerenciamento de propriedades: US $ 4,2 milhões
• Manutenção de rotina: US $ 3,9 milhões
• Melhorias de reparo e capital: US $ 4,6 milhões

Overhead administrativo e operacional

As despesas administrativas totais para 2023 foram de US $ 8,3 milhões.

Categoria de sobrecarga	Valor ($)
Compensação dos funcionários	4,600,000
Serviços profissionais	1,900,000
Despesas do escritório	1,800,000

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para 2023 totalizaram US $ 2,1 milhões.

• Conformidade legal e regulatória: US $ 1,2 milhão
• Relatórios de auditoria e financeiro: US $ 900.000

Estrutura de custo total para 2023: US $ 331,5 milhões

Alpine Renda Property Trust, Inc. (PINE) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades arrendadas

A partir do quarto trimestre de 2023, a Alpine Renda Property Trust registrou uma receita total de aluguel anualizada de US $ 35,1 milhões. O portfólio consiste em 146 propriedades de arrendamento líquido de inquilinos únicos em 27 estados.

Tipo de propriedade	Número de propriedades	Renda de aluguel
Varejo	73	US $ 18,2 milhões
Industrial	45	US $ 12,3 milhões
Escritório	28	US $ 4,6 milhões

Apreciação da propriedade

Em 31 de dezembro de 2023, o valor total do portfólio era de US $ 581,7 milhões, representando um Aumento de 4,2% a partir do ano anterior.

Distribuições de dividendos

A Alpine Renda Property Trust mantém uma estratégia de distribuição de dividendos consistente:

• Dividendo anual atual: US $ 1,56 por ação
• Rendimento de dividendos: 6,8% em janeiro de 2024
• Pagamento trimestral de dividendos: US $ 0,39 por ação

Ganhos de capital com vendas estratégicas de propriedades

Em 2023, a empresa percebeu US $ 22,4 milhões em rendimentos de disposições imobiliárias com um Taxa de capitalização média ponderada de 6,7%.

Ano	Propriedades vendidas	Produtos totais de venda	Ganho médio por propriedade
2023	14	US $ 22,4 milhões	US $ 1,6 milhão

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.