Core Viewpoint - Alpine Income Property Trust, Inc. has successfully sold its former Century Theater Center in Reno, NV for $5.0 million, which is expected to positively impact the company's earnings and portfolio occupancy [1][3]. Group 1: Transaction Details - The sale price of the property was $5.0 million, with the company providing seller financing of $4.0 million at an annual interest rate of 8.00% for a term of two years [1]. - The property spans 52,474 square feet on 1.4 acres and has been almost entirely vacant since the departure of Century Theater in November 2024 [2]. Group 2: Financial Impact - The transaction is expected to be accretive to earnings by eliminating the previous carrying costs associated with the property, with partial benefits anticipated in the current year's results and full impact expected next year [3]. - Following the sale, the company's portfolio occupancy increased to 99.4%, enhancing overall performance [3]. Group 3: Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in single tenant net leased commercial properties, primarily leased to high-quality publicly traded and credit-rated tenants [3].

Core Viewpoint - Alpine Income Property Trust, Inc. has announced a $24.0 million first mortgage loan investment to fund the redevelopment of a former retail building into an industrial asset, aligning with its strategic objective to enhance shareholder value and cash flow growth [1][3]. Group 1: Loan Details - The loan has a term of 24 months and an interest rate of 11.0% [1]. - The total amount of the loan is $24.0 million, which was fully funded at closing [1]. Group 2: Property Information - The property spans 127,380 square feet on 8.7 acres and is located in the East Bay submarket of San Francisco, CA [2]. - The redevelopment is expected to attract users from technology, life science, manufacturing, and logistics sectors [2]. Group 3: Strategic Objectives - The transaction is part of the company's ongoing strategy to invest in institutional-quality assets and structured investments to drive value and cash flow growth for shareholders [3]. - Year-to-date in 2025, the company has completed $109.9 million in acquisition and structured investment transactions, achieving a weighted average initial cash yield of 9.5% [3]. Group 4: Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in single tenant net leased commercial income properties [4].

Core Viewpoint - Alpine Income Property Trust, Inc. has declared a quarterly cash dividend of $0.285 per share for Q3 2025, reflecting an annualized yield of approximately 7.9% based on the stock's closing price on August 18, 2025 [1][2]. Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in single tenant net leased commercial properties, primarily leased to high-quality publicly traded and credit-rated tenants [3]. Dividend Details - The cash dividend of $0.285 per share is payable on September 30, 2025, to stockholders of record as of September 11, 2025, with the ex-dividend date also set for September 11, 2025 [2].

Core Insights - Alpine Income Property Trust, Inc. (NYSE: PINE) has experienced a decline of approximately 25% in market value since its listing on the New York Stock Exchange and a 15% decrease in year-to-date value, indicating that investors find the REIT underwhelming [1] Group 1 - The company is primarily focused on Fixed-Income and Preferred Shares, but also extends its analysis to equity REITs, Investment Funds, and Banks [1]

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]