Core Viewpoint - Alpine Income Property (PINE) is increasing its dividend distribution by 5.3%, appealing to investors seeking safe dividend yields amid economic volatility [1] Group 1: Company Actions - Alpine Income Property is raising its dividend distribution by 5.3% [1] Group 2: Market Context - Investors are currently focused on safe dividend yields due to an economic environment characterized by volatility [1] - The equity market is described as a powerful mechanism that can lead to significant wealth creation or destruction over the long term [1] Group 3: Investment Strategy - Pacifica Yield aims to pursue long-term wealth creation by focusing on undervalued yet high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Viewpoint - Alpine Income Property Trust, Inc. (NYSE:PINE) is positioned for strong growth due to its strategic capital deployment in higher-yielding structured loans and disciplined property acquisitions, leading to an improved earnings profile and attractive total returns by 2026 [1][6]. Group 1: Financial Performance - B. Riley raised the price target for Alpine to $21 from $19, maintaining a Buy rating, citing the REIT's expanding exposure to structured loan investments as a key growth driver [1]. - In the third quarter, Alpine reported property acquisition volume of $60.8 million at a weighted-average cap rate of 7.7%, indicating a focus on essential-use assets [3]. - The company originated $28.6 million in loans at a weighted-average yield of 10.6%, enhancing portfolio returns while maintaining a conservative risk profile [4]. Group 2: Dividend and Payout - Alpine declared a quarterly cash dividend of $0.285 per share, translating to an annualized yield of approximately 8.25%, with an AFFO payout ratio of 62%, allowing for reinvestment and future growth [5]. Group 3: Strategic Focus - The company focuses on single-tenant commercial properties leased to high-quality tenants in essential retail, distribution, and industrial sectors, which supports its disciplined capital deployment and improving yield mix [6].

Core Insights - The article discusses the author's previous coverage of Alpine Income Property Trust (PINE), where it was rated as a Hold due to the presence of better alternatives in the REIT sector [1] Group 1: Company Overview - Alpine Income Property Trust (PINE) has not been covered for a while, and the last assessment was a Hold rating [1] - The author emphasizes a focus on dividend investing as a means to achieve financial freedom, which aligns with the investment strategy for PINE [1] Group 2: Investment Philosophy - The author combines financial expertise with value investing principles, highlighting the importance of steady income through dividends [1] - The article aims to share insights on dividend investing to help others navigate the complexities of building long-term wealth [1]

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries such as consumer discretionary/staples, REITs, and utilities [1]

Core Insights - The company reported a record investment year for 2025, completing $277.7 million in investments, with $142.1 million in the fourth quarter, and a weighted average initial yield of 10.3% for the year [1][5] - Earnings growth for both the fourth quarter and full year was attributed to investment activity and disciplined balance sheet management [1] - The company announced an increase in the quarterly common dividend by 5.3% to $0.30 per share, effective in the first quarter of 2026, driven by earnings and taxable income growth [21] Financial Performance - Total revenue for the full year was $60.5 million, including $48.7 million from lease income and $11.4 million from interest income [1] - Fourth quarter revenue was $16.9 million, with lease income of $12.7 million and interest income of $4.0 million [2] - Funds from operations (FFO) and adjusted funds from operations (AFFO) attributable to common stockholders were $1.88 and $1.89 per diluted share for the full year, representing approximately 8.6% growth [1] - FFO and AFFO for the fourth quarter were $0.54 per diluted share, reflecting a 22.7% increase year-over-year [2][6] Investment Activity - The company acquired eight properties in the fourth quarter for approximately $40 million at a weighted average initial cash cap rate of 6.9% [7] - For the full year, 13 properties were acquired for $100.6 million at a weighted average initial cap rate of 7.4% [7] - The company sold nine noncore properties in the fourth quarter for $38.4 million at a weighted average exit cap rate of 7.7%, with full-year dispositions totaling $72.8 million [8] Portfolio Composition - Following acquisition and disposition activity, 51% of annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of ABR [9] - The property portfolio consisted of 127 properties totaling 4.3 million square feet across 32 states, with a weighted average lease term of 8.4 years and 99.5% occupancy [11] Commercial Loan Growth - The company originated $177 million of commercial loans for the full year at a weighted average initial coupon of 12% [12] - The net commercial loan portfolio increased to approximately $129.8 million, with a target allocation of about 20% of total undepreciated asset value [14][15] Capital and Debt Management - The company raised $50 million through a public offering of Series A preferred stock and completed a new unsecured credit facility, leaving no debt maturities for three years [17] - The net debt to pro forma Adjusted EBITDA improved to 6.7x from 7.4x at the beginning of the year, with liquidity of $65.8 million [19] 2026 Guidance - Initial guidance for 2026 FFO per diluted common share is set at $2.07 to $2.11, with assumptions of $70 million to $100 million in investment volume and $30 million to $60 million in dispositions [20]

Alpine Income (PINE) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.The po ...

Financial Data and Key Metrics Changes - The company reported a total revenue of $16.9 million for Q4 2025, with lease income of $12.7 million and interest income from commercial loan investments of $4 million [11] - FFO and AFFO attributable to common stockholders for the quarter were $0.54 per diluted share, representing a 22.7% growth over the comparable quarter of the prior year [11] - For the full year 2025, total revenue was $60.5 million, with FFO and AFFO attributable to common stockholders at $1.88 and $1.89 per diluted share, respectively, reflecting approximately 8.6% growth over the prior year [11][12] Business Line Data and Key Metrics Changes - The company acquired 8 properties for approximately $40 million in Q4 2025, contributing to a total of 13 properties acquired for $100.6 million in 2025 [4][5] - The weighted average initial cash cap rate for Q4 acquisitions was 6.9%, while the full year cap rate was 7.4% [5] - The commercial loan portfolio saw significant growth, with $177 million in loan originations for the full year at a weighted average initial coupon of 12% [7][8] Market Data and Key Metrics Changes - At year-end, the property portfolio consisted of 127 properties totaling 4.3 million sq ft across 32 states, with a WALT of 8.4 years and 99.5% occupancy [6] - 51% of the annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [6] Company Strategy and Development Direction - The company executed a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding property investments [5] - The board decided to increase the quarterly common dividend per share by 5.3% to $0.30, indicating confidence in future earnings growth [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and successful capital raises [10] - Initial earnings guidance for 2026 is set at $2.07-$2.11 for FFO per diluted common share, with investment volume expected to be between $70 million and $100 million [19] Other Important Information - The company ended the year with net debt to pro forma adjusted EBITDA of 6.7 times, down from 7.4 times at the beginning of the year [16] - The company has a liquidity position of $65.8 million, with potential total liquidity of $97.3 million at year-end [16] Q&A Session Summary Question: Can you discuss the loan portfolio and the 20% threshold? - Management indicated that the 20% threshold for the loan portfolio is reasonable and complementary to the company's core business, with room for an additional $25-$30 million in loans [22][25] Question: What is the status of reducing exposure to certain tenants like Walgreens? - Management confirmed ongoing efforts to sell additional Walgreens properties, with a focus on finding the right buyers [26][28] Question: How do you view the dividend increase in relation to earnings growth? - The increase in the dividend was driven by earnings and taxable income growth, with a focus on maintaining a balance between payouts and retaining cash flow [40][43] Question: What are the expectations for the investment opportunities in 2026? - Management expressed excitement about opportunities in both investment-grade and non-investment-grade properties, focusing on grocery-anchored developments and strong tenant relationships [45][62]

Financial Data and Key Metrics Changes - The company reported a total revenue of $16.9 million for Q4 2025, with lease income of $12.7 million and interest income from commercial loan investments of $4 million [11] - For the full year 2025, total revenue was $60.5 million, with FFO and AFFO attributable to common stockholders at $1.88 and $1.89 per diluted share, respectively, representing approximately 8.6% growth over the prior year [11][12] - AFFO per common share grew by 22.7% in Q4 2025 and 8.6% for the full year [4][11] Business Line Data and Key Metrics Changes - The company acquired 8 properties for approximately $40 million in Q4 2025, contributing to a total of 13 properties acquired for $100.6 million in 2025 [4][5] - The weighted average initial cash cap rate for Q4 acquisitions was 6.9%, while the full year cap rate was 7.4% [5] - The commercial loan portfolio saw significant growth, with $177 million in loan originations for the full year at a weighted average initial coupon of 12% [7][8] Market Data and Key Metrics Changes - At year-end, the property portfolio consisted of 127 properties totaling 4.3 million sq ft across 32 states, with a WALT of 8.4 years and 99.5% occupancy [6] - 51% of the annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [6] Company Strategy and Development Direction - The company continues to execute a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding property investments [5] - The company plans to maintain its commercial loan portfolio at approximately 20% of total undepreciated asset value, complementing property portfolio investments [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and recent capital raises as positioning factors [10] - The board has increased the quarterly common dividend per share by 5.3% to $0.30, indicating confidence in earnings growth and cash flow [10][20] Other Important Information - The company ended the year with net debt to pro forma Adjusted EBITDA of 6.7 times, down from 7.4 times at the beginning of the year [16] - The company has a liquidity position of $65.8 million, with potential total liquidity of $97.3 million at year-end [16] Q&A Session Summary Question: Loan portfolio upper boundary - Management indicated that the 20% threshold for the loan portfolio is reasonable and complementary to the core business, with potential for an additional $25 million to $30 million in loans [22][25] Question: Reducing exposure to certain tenants - Management confirmed ongoing efforts to sell additional Walgreens properties, indicating a strategic approach to tenant diversification [26][28] Question: Dividend increase rationale - The increase in the dividend was driven by earnings growth and taxable income growth, with a focus on maintaining a balance between payouts and cash retention [40][43] Question: Investment opportunities and capital deployment - Management expressed a cautious approach to capital deployment, emphasizing the importance of curating a strong portfolio without being forced into less desirable investments [67][68]

Financial Data and Key Metrics Changes - The company reported a 22.7% growth in AFFO per common share for Q4 2025, reaching $0.54 per diluted share, and an 8.6% growth for the full year 2025 [3][11] - Total revenue for Q4 was $16.9 million, with lease income of $12.7 million and interest income from commercial loans of $4 million. For the full year, total revenue was $60.5 million [11][12] - The company ended the year with a net debt to pro forma adjusted EBITDA ratio of 6.7 times, improved from 7.4 times at the beginning of the year [15] Business Line Data and Key Metrics Changes - In 2025, the company acquired 13 properties for $100.6 million at a weighted average initial cap rate of 7.4%, and sold 9 non-core properties for $38.4 million at a weighted average exit cap rate of 7.7% [4][5] - The commercial loan portfolio grew significantly, with $177 million in originations for the year at a weighted average initial coupon of 12% [6][8] - The property portfolio consisted of 127 properties totaling 4.3 million sq ft with a 99.5% occupancy rate and a WALT of 8.4 years [5] Market Data and Key Metrics Changes - 51% of the company's annual base rent (ABR) is now generated from investment-grade rated tenants, with Lowe's, Dick's Sporting Goods, and Walmart representing 29% of the ABR [5] - The company is targeting its commercial loan portfolio to run at approximately 20% of total undepreciated asset value, which would be around $155-$160 million based on year-end asset values [8][24] Company Strategy and Development Direction - The company continues to execute a strategic barbell approach to acquisitions, focusing on both investment-grade rated tenants and higher-yielding properties [4] - The board has decided to increase the quarterly common dividend by 5.3% to $0.30 per share, reflecting confidence in earnings growth and taxable income [10][19] - The company aims to maintain a 20% allocation in its loan portfolio, indicating a balanced approach to growth while ensuring core net lease properties remain the primary focus [31][49] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's outlook for 2026, citing strong investment activity and successful capital raises [10] - The initial earnings guidance for 2026 is set at $2.07-$2.11 for FFO per diluted common share, with expected investment volume of $70 million-$100 million [18] - Management noted that the revenue for 2025 included fees from managing third-party properties, which will not be a significant source of revenue in 2026 [18] Other Important Information - The company raised $50 million through a public offering of Series A preferred stock with an 8% coupon, and utilized ATM programs to raise an additional $18.3 million [9][12] - The company has no debt maturities for the next three years following the closing of a new unsecured credit facility [14][15] Q&A Session Summary Question: Can you discuss the loan portfolio and the 20% threshold? - Management indicated that the 20% threshold is reasonable and allows for complementary investments without distracting from core operations. The current loan portfolio stands at approximately $130 million, with room for an additional $25-$30 million [21][24] Question: What is the status of reducing exposure to certain tenants like Walgreens? - Management confirmed that they are actively working on selling additional Walgreens properties and are focused on finding the right buyers [25][26] Question: How do you assess the cost of equity and capital deployment? - Management stated that they will be prudent in deploying equity capital, primarily for high-yield investments, and emphasized that the current stock price does not deter their investment strategy [33][34] Question: What are the expectations for the dividend increase? - The dividend increase is driven by earnings and taxable income growth, with a focus on maintaining a balance between payouts and retaining cash flow [39][42] Question: What is the outlook for the loan pipeline and funding? - Management expressed confidence in the loan pipeline, indicating that they expect to maintain the 20% allocation and continue to redeploy capital as loans are paid off [49]

NYSE: PINE - Investor Presentation - 4Q 2025 W a l m a r t – H o w e l l , M I 127 Properties $672M Enterprise Value $157 TEV / SF 4.3M Total Portfolio Square Feet 8.1% Implied Cap Rate 99.5% Occupancy 51% of ABR From Investment Grade-Rated Tenants 6.8% Annualized Dividend Yield $268 Equity Market Capitalization Portfolio1 Value + Income 8.4 Years W.A. Lease Term2 D i c k ' s & B e s t B u y – M c D o n o u g h , G A As of December 31, 2025, unless otherwise noted. PINE stock price on December 31, 2025 was ...