Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 ( ...

Financial Data and Key Metrics Changes - For Q2 2022, the company's FFO was $0.47 per share, a 23.7% increase compared to Q2 2021, while AFFO also stood at $0.47 per share, reflecting a 20.5% year-over-year increase [15][16] - Year-to-date FFO reached $0.97 per share and AFFO was $0.95 per share, representing year-over-year growth of 23% and 16% respectively [15] - General and administrative expenses totaled $1.5 million, a 15% year-over-year increase, but offset by a 71% revenue growth [16] - The company paid a cash dividend of $0.27 per share, an 8% increase year-over-year, with a current annualized yield of approximately 6% [17] Business Line Data and Key Metrics Changes - The company sold $73 million of properties at a blended cap rate of 7.1%, generating gains on sale of $15.6 million or $1.15 per share [5] - Retail property dispositions focused on non-rated or below investment grade tenants, with $34 million of retail assets sold at a blended cap rate of 5.8%, generating over $8.5 million in gains [6][7] - The company acquired 19 properties in Q2 2022 at a weighted average cap rate of just over 7%, resulting in an attractive net investment spread relative to the 5.8% cap rate on retail property dispositions [9] Market Data and Key Metrics Changes - The portfolio consists of 143 properties totaling 3.4 million square feet, with tenants operating in 26 sectors across 35 states [11] - The top three tenants are now Walgreens, Lowe's, and Dollar General, all with investment grade credit ratings [11] Company Strategy and Development Direction - The company is focusing on capital recycling, selling lower-quality assets and reinvesting in higher-quality properties with stronger tenant credits [4] - The company anticipates acquiring between $215 million and $235 million of retail net leased properties during 2022, subject to market conditions [21] - Disposition guidance has been increased to reflect confidence in selling assets at attractive valuations, allowing for positive net investment spreads [20] Management's Comments on Operating Environment and Future Outlook - Management expects to acquire high-quality properties at more favorable pricing due to rising interest rates and a challenging debt market [4] - The company anticipates a broader economic slowdown but has increased full-year FFO and AFFO per share guidance [19] - Management is confident in the portfolio's performance despite the volatile economic environment, emphasizing the quality of the real estate and tenant performance [25] Other Important Information - The company ended the quarter with a net debt to total enterprise value of 54% and a fixed charge coverage ratio of nearly five times [18] - The company has received all deferred rent repayments related to COVID-19 [67] Q&A Session Summary Question: What is the visibility on rent escalation? - Management indicated that the range of 75 to 125 basis points for rent escalation remains a good estimate [28] Question: Are there plans to rotate out of low credit tenants? - Management confirmed intentions to continue selling lower credit tenants and reinvesting in higher quality opportunities [29] Question: What is the timeline for exploring strategic alternatives if valuation gaps persist? - Management stated that they would explore alternatives if the portfolio does not resonate with investors after further improvements [35][36] Question: How much more disposition can be done after this year? - Management indicated that further dispositions would be limited and focused on trimming around the edges of the portfolio [38] Question: What is the annualized base rent in the portfolio today? - After the acquisition of Lowe's, the annualized base rent is $40.2 million [47]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (State ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2022 Earnings Conference Call April 22, 2022 9:00 AM ET Company Participants John Albright - President and Chief Executive Officer Matt Partridge - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Wes Golladay - Baird Anthony Hau - Truist Securities Michael Gorman - BTIG Jason Stewart - Jonestrading Craig Kucera - B. Riley Securities Operator Good day and thank you for standing by. Welcome to the Alpine Income Property Trust First ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (Stat ...

Alpine Income Property Trust, Inc (NYSE:PINE) Q4 2021 Earning Conference Call February 11, 2022 9:00 AM ET Company Participants John Albright – President and Chief Executive Officer Matt Partridge – Chief Financial Officer Conference Call Participants RJ Milligan – Raymond James Michael Gorman – BTIG Rob Stevenson – Janney Barry Oxford – Colliers Securities Anthony Hau – Truist Securities Craig Kucera – B. Riley Securities Jason Stewart – Jonestrading Wes Golladay – Baird John Albright Good morning, everyo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF For the transition period from to Commission File Number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (State or other juri ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q3 2021 Earnings Conference Call October 22, 2021 9:00 AM ET Company Participants John Albright - President and Chief Executive Officer Matt Partridge - Chief Financial Officer Conference Call Participants Rob Stevenson - Janney Wes Golladay - Baird RJ Milligan - Raymond James Michael Gorman - BTIG Craig Kucera - B. Riley Securities Operator Good morning, everyone and welcome to the Alpine Income Property Trust Third Quarter 2021 Earnings Conference Call. [Oper ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 ( ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q2 2021 Results Conference Call July 23, 2021 9:00 AM ET Company Participants John Albright - President and CEO Matt Partridge - CFO Conference Call Participants Rob Stevenson - Janney Michael Gorman - BTIG Wes Golladay - Baird Craig Kucera - B. Riley Operator Good day, and welcome to the Alpine Income Property Trust Second Quarter 2021 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. After today’s presentation, ...