Core Viewpoint - Alpine Income (PINE) is experiencing significant selling pressure but is positioned for a potential trend reversal due to being in oversold territory and positive earnings outlook from analysts [1]. Technical Analysis - The Relative Strength Index (RSI) is a momentum oscillator that indicates whether a stock is oversold, with readings below 30 suggesting oversold conditions [2]. - PINE's current RSI reading is 29.24, indicating that heavy selling may be exhausting, suggesting a possible bounce back towards equilibrium [5]. Fundamental Analysis - There is a strong consensus among sell-side analysts that PINE will report better earnings than previously predicted, with a 0.4% increase in the consensus EPS estimate over the last 30 days [6]. - An upward trend in earnings estimate revisions typically correlates with price appreciation in the near term [6]. Analyst Ratings - PINE holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a strong potential for a turnaround [7].

Company Overview - Alpine Income Property Trust, Inc. (NYSE:PINE) held its Q2 2025 Earnings Call on July 25, 2025, at 9:00 AM ET [1] - The call featured key participants including John P. Albright, President and CEO, and Philip R. Mays, CFO, along with other executive team members [3] Earnings Call Structure - The conference call began with an operator introduction, followed by a presentation from Jenna McKinney [2] - A question-and-answer session was scheduled to follow the initial presentation [2] Forward-Looking Statements - The company provided a reminder that many comments made during the call are considered forward-looking statements under Federal Securities Laws [3] - It was noted that actual future results may differ significantly from the forward-looking statements discussed [4]

Financial Data and Key Metrics Changes - FFO per share grew by 2.3% in the quarter and 4.8% year to date compared to the same period last year [5] - Total revenue for the quarter was $14,900,000, with lease income of $12,000,000 and interest income from commercial loans of $2,700,000 [11] - Year to date total revenue was $29,100,000, including lease income of $23,800,000 and interest income from commercial loans of $5,000,000 [11] - The company repurchased approximately 273,000 common shares for $4,300,000 at an average price of $15.81 per share during the quarter [11] - The quarterly cash dividend was maintained at $0.0285 per share, providing a current attractive dividend yield close to 8% [12] Business Line Data and Key Metrics Changes - The company sold five net lease properties for $16,500,000 at a weighted average exit cap of 7.9% [6] - The portfolio consists of 129 properties totaling 3,900,000 square feet across 34 states, with an occupancy rate of 98.2% [8] - The weighted average remaining lease term increased to 8.9 years from 6.6 years a year ago [9] Market Data and Key Metrics Changes - The company reduced its Walgreens exposure to approximately 7% of ABR, down from a larger concentration a year ago [6] - The market for Walgreens properties is active, with cap rates ranging from high 7s to early 10s or 11s depending on location and lease term [30] Company Strategy and Development Direction - The company is focused on a barbell investment strategy, pairing higher yielding acquisitions with quality tenants [5] - The investment guidance was increased by $30,000,000 to a new range of $100,000,000 to $130,000,000 for the year [14] - The company is actively pursuing both property acquisitions and structured loan investments, with a focus on high-quality opportunities [17][46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acquisition and loan investment opportunities, despite a competitive environment [17][35] - The company is managing leverage carefully, with a net debt to pro forma adjusted EBITDA of 8.1 times [12][47] - Management expects to maintain a balanced approach between selling assets and making new investments [68] Other Important Information - The company recorded $2,800,000 of noncash impairment charges related to two largest vacant properties [13] - The Bass Pro Shops lease was amended to a new twenty-year initial lease term, with a rent increase of approximately $40,500 per month [57] Q&A Session Summary Question: How should we look at investments for the remainder of the year? - Management indicated that structured loan investment activity seems closer to happening than property acquisitions due to competitive conditions [17] Question: What will be the quarterly AFFO impact from the public loan payoff? - The impact is expected to be a couple of hundred dollars a quarter, translating to a little more than a full penny per quarter [22] Question: What is the current market for Walgreens and At Home properties? - The market is active for Walgreens, with cap rates depending on location, while At Home properties are attracting interest for redevelopment [30][31] Question: How does the company view its leverage target? - The company aims to manage leverage appropriately, with plans to reduce it through asset sales and maintaining free cash flow [47] Question: What is the target for Walgreens exposure in terms of ABR? - The current exposure is around 6.7% of ABR, with a target to reduce it below 5% [49]

Financial Data and Key Metrics Changes - FFO per share grew by 2.3% in the quarter and 4.8% year to date compared to the same period last year [4] - Total revenue for the quarter was $14,900,000, with lease income of $12,000,000 and interest income from commercial loans of $2,700,000 [11] - Year to date total revenue was $29,100,000, including lease income of $23,800,000 and interest income from commercial loans of $5,000,000 [11] - The company repurchased approximately 273,000 common shares for $4,300,000 at an average price of $15.81 per share during the quarter [11] - The quarterly cash dividend was maintained at $0.0285 per share, providing a current attractive dividend yield close to 8% [12] Business Line Data and Key Metrics Changes - The company sold five net lease properties for $16,500,000 at a weighted average exit cap of 7.9% [5] - The portfolio consists of 129 properties totaling 3,900,000 square feet across 34 states, with an occupancy rate of 98.2% [7] - The weighted average remaining lease term increased to 8.9 years from 6.6 years a year ago [8] Market Data and Key Metrics Changes - The company reduced its Walgreens exposure by 500 basis points to 7% of ABR, moving it from the largest tenant concentration to the fifth largest [5] - 51% of the portfolio ABR is derived from investment grade rated tenants [8] - The market for Walgreens properties is active, with cap rates ranging from high 7s to early 10s or 11s depending on location and lease term [30] Company Strategy and Development Direction - The company follows a barbell investment strategy, focusing on higher yielding acquisitions supported by quality tenants and solid real estate fundamentals [4] - The company is actively pursuing multiple investment opportunities and anticipates closing some in the second half of the year [5] - The company aims to maintain a diversified and balanced portfolio that delivers favorable risk-adjusted returns [4] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acquisition and loan investment opportunities, expecting to be active in the upcoming quarter [34] - The company reaffirmed its FFO and AFFO guidance range of $1.74 to $1.77 per diluted share for the full year of 2025 [14] - Management noted that the repayment of a construction loan would decrease interest income from commercial loans until new loans are funded [15] Other Important Information - The company recorded $2,800,000 of noncash impairment charges related to two largest vacant properties [12] - The company is actively negotiating the potential sale of a Long Island property previously leased by Party City [5] Q&A Session Summary Question: How should investments for the remainder of the year be viewed? - Management indicated that structured loan investment activity seems closer to happening than acquisitions, with hopes for activity in the next sixty days [18] Question: What will happen with early payoffs of loans? - Early payoffs are expected to go towards paying down the credit facility rather than reinvestment [19] Question: What is the market like for Walgreens and At Home? - The market is active for Walgreens, with cap rates depending on location and lease term, while interest in At Home properties is also present due to low rent payments [30] Question: What is the balance between different capital allocation options? - Management is optimistic about acquisitions and loan investments, which are expected to be accretive to the company [34] Question: What is the outlook for the loan portfolio regarding early repayment options? - Early repayments are not expected to be significant as loans are short duration and sponsors are unlikely to refinance for minor savings [57]

Portfolio Overview - The company has 129 properties with an enterprise value of $570 million, equating to $145 per square foot[3] - The total portfolio square footage is 3.9 million with a 96% retail net lease portfolio[3] - The implied cap rate is 8.8% with 51% of annualized base rent (ABR) coming from investment-grade rated tenants[3] - The annualized dividend yield is 7.7% and the equity market capitalization is $226 million[3] - The weighted average lease term is 8.9 years[3] Financial Highlights - Year-to-date, the company repurchased 546,390 common shares for a net cost of $8.8 million[10] - The company's dividend has increased by 42.5% since the beginning of 2020[10] - The company's net debt to total enterprise value is 60.3%[57] - The company's net debt to pro forma adjusted EBITDA is 8.1x[57] Tenant and Sector Diversification - Top tenants by ABR include Dick's Sporting Goods (10%), Lowe's (10%), and Dollar General (8%)[13] - Top sectors by ABR are Sporting Goods (17%), Home Improvement (13%), and Dollar Stores (12%)[20] - Top states by ABR are Florida (13%), New Jersey (9%), and New York (7%)[21] Debt and Loan Portfolio - Total debt is $353 million with a weighted-average interest rate of 4.51%[56] - The company has commercial loans and investments with a current face amount of $78.746 million and a weighted average coupon rate of 9.86% as of June 30, 2025[65] - Pro forma for subsequent activity, the total loans are $51.240 million with a weighted average coupon rate of 9.79%[65]

Core Insights - Alpine Income Property Trust reported Q2 2025 results with GAAP revenue of $14.86 million, exceeding analyst expectations of $14.42 million, but GAAP EPS was -$0.12, missing the consensus estimate of -$0.03 due to higher impairment charges and increased interest expenses [1][2][6] Financial Performance - Revenue increased by 19.1% year-over-year from $12.49 million in Q2 2024 to $14.86 million in Q2 2025 [2] - GAAP net income turned negative, primarily due to a $2.8 million impairment charge and increased interest costs of $4.32 million [6][10] - Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) per diluted share both rose to $0.44, up from $0.43 in the prior year [7][2] Business Overview - The company operates as a real estate investment trust (REIT), focusing on single-tenant commercial properties leased to retail and service businesses on a net lease basis [3] - As of June 30, 2025, 51% of annualized base rent comes from investment-grade tenants, with a high occupancy rate of 98.2% [4] Strategic Focus - The company is actively rebalancing its portfolio by selling lower-yield or higher-risk assets and investing in accretive acquisitions and commercial loans [4][8] - Interest income from loans increased significantly from $986,000 in Q2 2024 to $2,737,000 in Q2 2025 [9] Dividend and Guidance - Dividends declared and paid per share increased to $0.285, representing approximately 65% of FFO and AFFO, indicating good cash coverage [11] - Management reaffirmed full-year guidance for FFO and AFFO per diluted share in the range of $1.74 to $1.77, with planned investment activity of $100 million to $130 million [12]

分组1 - Alpine Income (PINE) reported quarterly funds from operations (FFO) of $0.44 per share, missing the Zacks Consensus Estimate of $0.45 per share, but showing an increase from $0.43 per share a year ago, resulting in an FFO surprise of -2.22% [1] - The company posted revenues of $14.86 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.27%, compared to year-ago revenues of $12.49 million [2] - Over the last four quarters, Alpine Income has surpassed consensus FFO estimates three times and topped consensus revenue estimates four times [2] 分组2 - The stock has underperformed the market, losing about 13.6% since the beginning of the year, while the S&P 500 gained 8.1% [3] - The future performance of Alpine Income's stock will depend on management's commentary on the earnings call and the company's FFO outlook [4][6] - The current consensus FFO estimate for the coming quarter is $0.44 on revenues of $14.37 million, and for the current fiscal year, it is $1.77 on revenues of $56.57 million [7] 分组3 - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other industry is currently in the bottom 37% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions, with a favorable estimate revision trend for Alpine Income prior to the earnings release [5][6]

Revenue and Income - For the three months ended June 30, 2025, total revenues increased by 19.0% to $14.9 million compared to $12.5 million for the same period in 2024[186]. - Total revenues increased by 16.5% to $29.1 million for the six months ended June 30, 2025, up from $25.0 million in 2024, driven by a 4.6% increase in lease income and a 166.7% increase in interest income from commercial loans and investments[198]. - Interest income from commercial loans and investments surged by 177.6% to $2.7 million, reflecting an expanded portfolio[188]. - Interest income from commercial loans and investments rose to $5.0 million in the first half of 2025, a $3.1 million increase from $1.9 million in 2024, attributed to an expanded portfolio[200]. - Net income (loss) attributable to Alpine Income Property Trust, Inc. was $(1.6) million for the three months ended June 30, 2025, a decrease of 904.4% compared to $0.2 million in 2024[186]. - Net loss totaled $3.1 million for the six months ended June 30, 2025, compared to a net loss of $0.1 million for the same period in 2024, representing a $3.0 million increase in net loss[209]. - Net income for the three months ended June 30, 2025, was $(1,782) thousand, compared to $222 thousand for the same period in 2024[225]. Expenses and Provisions - Total operating expenses increased by 27.8% to $13.3 million, primarily due to higher real estate expenses and provisions for impairment[186]. - Operating expenses rose by 30.1% to $26.4 million for the six months ended June 30, 2025, compared to $20.3 million in 2024, primarily due to increased real estate expenses and general administrative costs[198]. - The company recorded a provision for impairment of $2.8 million during the three months ended June 30, 2025, compared to $0.6 million in the same period of 2024[191]. - Provision for impairment increased significantly by 602.6% to $4.8 million in the first half of 2025, compared to $0.7 million in 2024, reflecting losses related to certain income properties[203]. - Interest expense increased by 52.6% to $4.3 million, attributed to a higher average outstanding balance on the company's Credit Facility[196]. Property and Portfolio - The company owned 129 properties with a total gross leasable area of 3.9 million square feet as of June 30, 2025, achieving a portfolio occupancy rate of 98%[183]. - The company sold five properties for a total sales price of $16.5 million during the three months ended June 30, 2025, generating gains of $0.9 million[193]. - The company sold eight properties for a total sales price of $28.2 million during the six months ended June 30, 2025, generating gains of $2.1 million, compared to two properties sold for $6.6 million and gains of $0.9 million in 2024[206]. - The company acquired three properties for a combined purchase price of $39.7 million during the six months ended June 30, 2025[213]. - The company acquired three properties for a total purchase price of $39.7 million during the six months ended June 30, 2025[230]. Cash and Liquidity - Cash totaled $12.1 million as of June 30, 2025, including $7.1 million in restricted cash[211]. - As of June 30, 2025, the company had an outstanding balance of $153.0 million under its $250.0 million Credit Facility, with $48.0 million of available capacity[212]. - The company believes it will have sufficient liquidity to fund operations and capital requirements over the next twelve months, supported by cash on hand and available credit[216]. Funds from Operations - Funds from operations (FFO) increased to $6,788 thousand for the three months ended June 30, 2025, up from $6,313 thousand in 2024, representing a growth of 7.5%[227]. - Adjusted funds from operations (AFFO) for the three months ended June 30, 2025, were $6,742 thousand, compared to $6,399 thousand in 2024, indicating a year-over-year increase of 5.4%[227]. - FFO per diluted share rose to $0.44 for the three months ended June 30, 2025, compared to $0.43 in the prior year[227]. Depreciation and Amortization - Depreciation and amortization expenses for the three months ended June 30, 2025, were $6,705 thousand, compared to $6,352 thousand in 2024, reflecting an increase of 5.5%[225]. - The company reported a total of $14,012 thousand in depreciation and amortization for the six months ended June 30, 2025, compared to $12,734 thousand in 2024[225]. Share Information - The weighted average number of diluted shares increased to 15,426,650 for the three months ended June 30, 2025, from 14,848,786 in 2024[225]. Off-Balance Sheet Arrangements - The company did not have any off-balance sheet arrangements reported[228].

Exhibit 99.1 Press Release FOR IMMEDIATE RELEASE ALPINE INCOME PROPERTY TRUST REPORTS SECOND QUARTER 2025 OPERATING AND FINANCIAL RESULTS WINTER PARK, FL – July 24, 2025 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE"), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and six months ended June 30, 2025. "We continued to effectively execute our strategy focused on accretive capital recyc ...

Core Viewpoint - Alpine Income Property Trust, Inc. reported its operating results for the second quarter and first half of 2025, highlighting a strategic focus on capital recycling and stock repurchases, which have strengthened its portfolio and tenant structure [2][3]. Financial Performance - Total revenues for Q2 2025 were $14.863 million, up from $12.490 million in Q2 2024, representing a 19% increase [3]. - Net income attributable to PINE for Q2 2025 was a loss of $1.641 million, compared to a profit of $0.204 million in Q2 2024 [3]. - Funds from Operations (FFO) for Q2 2025 were $6.788 million, slightly up from $6.313 million in Q2 2024 [3]. - Adjusted Funds from Operations (AFFO) for Q2 2025 were $6.742 million, compared to $6.399 million in Q2 2024 [3]. Investment Activity - The company invested $85.9 million in the first half of 2025 at a weighted average initial cash yield of 9.1% and sold assets worth $28.2 million at a weighted average cash yield of 8.4% [2][4]. - The weighted average remaining lease term increased to 8.9 years from 6.6 years a year ago [2]. Property Portfolio - As of June 30, 2025, the company owned 129 properties with a total of 3.9 million square feet and an annualized base rent (ABR) of $45.3 million [7]. - The occupancy rate of the portfolio was 98.2%, with 51% of ABR attributable to investment-grade rated tenants [7][9]. Balance Sheet and Capital Markets - As of June 30, 2025, the company had a net debt to total enterprise value ratio of 60.3% and a net debt to pro forma adjusted EBITDA ratio of 8.1x [11]. - Total liquidity was reported at $57.259 million, including $9.302 million in cash and cash equivalents [11][12]. Dividends - The company declared dividends of $0.285 per share for Q2 2025, maintaining a payout ratio of 64.8% for both FFO and AFFO [17]. 2025 Outlook - The company reaffirmed its outlook for 2025, projecting investments between $100 million and $130 million and dispositions between $50 million and $70 million [18]. - Expected FFO and AFFO per diluted share are projected to be between $1.74 and $1.77 [18].