Portfolio Overview - The company has 134 net lease properties[3], representing a total portfolio of 4.1 million square feet[3, 16] - The portfolio's enterprise value is $610 million, equating to $150 per square foot[3] - The portfolio has a 96% retail net lease occupancy rate[3] - 50% of the Annualized Base Rent (ABR) comes from investment-grade rated tenants[3, 16] - The weighted average lease term is 9.0 years[3, 16], up from 7.0 years at the beginning of 2024[14] Financial Performance - The company's equity market capitalization is $262 million[3] - The annualized dividend yield is 6.8%[3, 51] - The company repurchased 273,825 common shares for a net cost of $4.5 million[14] - The company originated/upsized 4 loans totaling $39.5 million with a weighted average initial cash yield of 9.5%[13] Tenant and Market Diversification - The top tenant accounts for 10% of ABR[36] - The top sector, sporting goods, accounts for 16% of ABR[23] - Florida represents the largest state exposure at 14% of ABR[24]

Alpine Income (PINE) came out with quarterly funds from operations (FFO) of $0.44 per share, beating the Zacks Consensus Estimate of $0.43 per share. This compares to FFO of $0.41 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 2.33%. A quarter ago, it was expected that this company would post FFO of $0.42 per share when it actually produced FFO of $0.44, delivering a surprise of 4.76%. Over the last four quarters, the company has ...

PART I—FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 2025 consolidated financial statements detail balance sheets, operations, comprehensive income, equity, and cash flows, reflecting key financial changes from acquisitions and financing activities [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets show the company's financial position, including assets, liabilities, and equity, at specific points in time Consolidated Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 (Unaudited) | December 31, 2024 | | :--------------------------------- | :--------------------------- | :------------------ | | Total Assets | $647,397 | $604,995 | | Real Estate—Net | $457,153 | $444,017 | | Commercial Loans and Investments | $110,009 | $89,629 | | Long-Term Debt—Net | $356,511 | $301,466 | | Total Liabilities | $383,612 | $328,500 | | Stockholders' Equity | $240,949 | $253,027 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations present the company's revenues, expenses, and net loss over specific periods Consolidated Statements of Operations Highlights (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Total Revenues | $14,206 | $12,466 | | Total Operating Expenses | $13,088 | $9,883 | | Gain on Disposition of Assets | $1,151 | — | | Net Loss | $(1,278) | $(283) | | Net Loss Attributable to Alpine Income Property Trust, Inc. | $(1,179) | $(260) | | Net Loss Per Common Share (Basic and Diluted) | $(0.08) | $(0.02) | - Total Revenues increased by **14.0% YoY**, driven by higher interest income from commercial loans and investments[10](index=10&type=chunk) - Total Operating Expenses increased by **32.4% YoY**, primarily due to a significant increase in the provision for impairment[10](index=10&type=chunk) [Consolidated Statements of Comprehensive Income](index=5&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) The consolidated statements of comprehensive income detail the changes in equity from non-owner sources, including net loss and other comprehensive income items Consolidated Statements of Comprehensive Income Highlights (in thousands) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Net Loss | $(1,278) | $(283) | | Cash Flow Hedging Derivative - Interest Rate Swaps | $(2,393) | $2,355 | | Total Comprehensive Income (Loss) | $(3,671) | $2,072 | | Comprehensive Income (Loss) Attributable to Alpine Income Property Trust, Inc. | $(3,387) | $1,901 | - The company experienced a shift from comprehensive income to a comprehensive loss, largely due to a negative change in cash flow hedging derivatives (interest rate swaps)[12](index=12&type=chunk) [Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Consolidated%20Statements%20of%20Stockholders'%20Equity) The consolidated statements of stockholders' equity present changes in equity components, including net loss, stock repurchases, and dividends Changes in Stockholders' Equity (in thousands) | Item | Three Months Ended March 31, 2025 | | :--------------------------------- | :-------------------------------- | | Balance January 1, 2025 | $253,027 | | Net Loss | $(1,179) | | Stock Repurchases | $(4,482) | | Cash Dividends | $(4,495) | | Other Comprehensive Loss | $(2,208) | | Balance March 31, 2025 | $240,949 | - Stockholders' equity decreased by **$12.078 million** from January 1, 2025, to March 31, 2025, primarily due to net loss, stock repurchases, and cash dividends[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows categorize cash movements into operating, investing, and financing activities, showing the net change in cash Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Net Cash Provided By Operating Activities | $7,901 | $6,760 | | Net Cash Used In Investing Activities | $(50,166) | $(4,105) | | Net Cash Provided By (Used In) Financing Activities | $45,886 | $(8,408) | | Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash | $3,621 | $(5,753) | - Net cash used in investing activities significantly increased due to higher real estate acquisitions (**$39.988 million** in Q1 2025 vs **$1.138 million** in Q1 2024) and commercial loan investments (**$21.383 million** in Q1 2025 vs **$3.597 million** in Q1 2024)[16](index=16&type=chunk) - Net cash provided by financing activities turned positive, primarily driven by **$56.500 million** in proceeds from long-term debt in Q1 2025[16](index=16&type=chunk) [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations and additional information supporting the consolidated financial statements [NOTE 1. BUSINESS AND ORGANIZATION](index=11&type=section&id=NOTE%201.%20BUSINESS%20AND%20ORGANIZATION) This note describes the company's business, organizational structure, and REIT tax election - Alpine Income Property Trust, Inc. (PINE) is a REIT owning and operating **134 net leased commercial properties** across **35 states**, with two primary business segments: income properties and commercial loans and investments[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - The company is externally managed by Alpine Income Property Manager, LLC, a wholly owned subsidiary of CTO Realty Growth, Inc. (CTO)[23](index=23&type=chunk) - PINE has elected to be taxed as a REIT, requiring it to distribute at least **90%** of its annual REIT taxable income to stockholders[25](index=25&type=chunk) [NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=13&type=section&id=NOTE%202.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) This note outlines the key accounting principles and methods used in preparing the financial statements - The company operates in two primary business segments: income properties and commercial loans and investments[29](index=29&type=chunk) - Real estate assets are stated at cost, less accumulated depreciation and amortization, and are reviewed for impairment using an undiscounted cash flow approach[32](index=32&type=chunk)[33](index=33&type=chunk) - Lease income from operating leases is recognized on a straight-line basis over the lease term, with variable lease payments reimbursed by tenants[38](index=38&type=chunk)[39](index=39&type=chunk) - Commercial loans and investments are recorded at historical cost, net of unaccreted origination costs and a current expected credit losses (CECL) reserve[41](index=41&type=chunk)[42](index=42&type=chunk) - As of March 31, 2025, Dick's Sporting Goods accounted for **12%** of lease income, and **10%** of the income property portfolio (by square footage) was located in New Jersey and Michigan[56](index=56&type=chunk)[57](index=57&type=chunk) [NOTE 3. PROPERTY PORTFOLIO](index=21&type=section&id=NOTE%203.%20PROPERTY%20PORTFOLIO) This note provides details on the company's real estate holdings, including acquisitions, dispositions, and future rental receipts - As of March 31, 2025, the company's income property portfolio consisted of **134 properties** with **4.1 million** total square footage[58](index=58&type=chunk) Leasing Revenue (in thousands) | Category | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :----------------------- | :-------------------------------- | :-------------------------------- | | Lease Payments | $10,200 | $9,862 | | Variable Lease Payments | $1,626 | $1,602 | Minimum Future Rental Receipts (in thousands) | Year Ending December 31, | Amounts | | :----------------------- | :------ | | Remainder of 2025 | $31,513 | | 2026 | $41,578 | | 2027 | $38,278 | | 2028 | $33,775 | |

Exhibit 99.1 Press Release FOR IMMEDIATE RELEASE ALPINE INCOME PROPERTY TRUST REPORTS FIRST QUARTER 2025 OPERATING AND FINANCIAL RESULTS - Closed Investments of $79.2 million at a weighted average initial cash yield of 9.0% - - Increased Dividend Q1 2025 - - First Quarter Net Loss of $(0.08) per diluted share and FFO and AFFO of $0.44 per diluted share - WINTER PARK, FL – April 24, 2025 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE"), an owner and operator of single tenant net le ...

Core Insights - Alpine Income Property Trust, Inc. reported a first quarter net loss of $(1,179) thousand, translating to $(0.08) per diluted share, while Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) were both $6,909 thousand, or $0.44 per diluted share [3][19][47] - The company completed investments totaling $79.2 million with a weighted average initial cash yield of 9.0% during the first quarter of 2025 [1][4] - The company announced an increase in dividends for Q1 2025, declaring $0.285 per share, maintaining a payout ratio of 64.8% for both FFO and AFFO [19][47] Investment Activity - In Q1 2025, the company made seven investments, including three properties and four commercial loans, amounting to $79.2 million [4] - The weighted average initial cash cap rate for properties was 8.6%, while the cash yield for commercial loans was 9.5% [4] - The company also disposed of three properties for $11.7 million, achieving a weighted average exit cash cap rate of 9.1% [6] Property Portfolio - As of March 31, 2025, the company owned 134 properties with a total square footage of 4.1 million and an annualized base rent of $47.1 million [7] - The portfolio had a weighted average remaining lease term of 9.0 years and an occupancy rate of 98.6% [7] - 50% of the annualized base rent was attributable to investment-grade rated tenants, and 81% was from credit-rated tenants [7] Financial Performance - Total revenues for Q1 2025 were $14,206 thousand, up from $12,466 thousand in Q1 2024 [3] - Operating expenses increased to $13,088 thousand from $9,883 thousand year-over-year, primarily due to higher depreciation and impairment provisions [43] - The company reported a net loss of $(1,278) thousand for the quarter, compared to a loss of $(283) thousand in the same period last year [43] Balance Sheet and Capital Markets - As of March 31, 2025, the company had a net debt to total enterprise value ratio of 57.1% and a fixed charge coverage ratio of 3.5x [11] - Total liquidity was reported at $64,876 thousand, including $56,358 thousand available under the revolving credit facility [11][12] - The company had total long-term debt of $356,511 thousand with a weighted average interest rate of 4.51% [15] 2025 Outlook - The company revised its 2025 outlook, increasing the investment range to $70 million to $100 million and the disposition range to $50 million to $70 million [22] - FFO and AFFO per diluted share are projected to be between $1.74 and $1.77, reflecting an increase of $0.04 from the prior outlook [22]

Core Viewpoint - Alpine Income Property Trust, Inc. (PINE) reported strong investment activity in the first quarter, with total investments reaching $79.2 million at a weighted average initial investment yield of 9.0% [1] Investment Activity - The company acquired three net lease properties for $39.7 million, achieving a weighted average going-in cash cap rate of 8.6% and a remaining lease term of 14.3 years, indicating effective asset selection [2] - In addition to acquisitions, Alpine Income originated one seller financing structured investment and disposed of a property in Canton, OH, totaling $21.7 million in principal with a current balance of $12.6 million and a weighted average initial yield of 9.6% [3] Disposition Volume - The total disposition volume for the first quarter was $11.7 million, with a weighted average exit cash cap rate of 9.1%, including sales of properties leased to O'Reilly and At Home [4] Future Outlook - The company's strategy focuses on investing in single-tenant net leased properties leased to high-quality tenants, which is expected to provide steady rental revenues, with no debt maturities until 2026 [5] - Despite the positive outlook, macroeconomic uncertainty remains a concern for the company [5] Stock Performance - PINE's shares have increased by 9.0% over the past year, outperforming the broader real estate market, which saw a 4% increase [6]

Investment and Disposition Activity - The total investment activity for the first quarter of 2025 amounted to $79.2 million, with a weighted average initial investment yield of 9.0% [2] - Disposition activity included asset sales totaling $11.7 million, with a weighted average exit cash cap rate of 9.1% [2] - The weighted average lease term increased to 9.0 years as of March 31, 2025 [2] Detailed Investment Transactions - Three net lease properties were acquired for $39.7 million, with a weighted average going-in cash cap rate of 8.6% and a remaining lease term of 14.3 years [7] - A seller financing structured investment was originated in conjunction with a property disposition in Canton, Ohio, totaling $21.7 million in principal [7] - Three net lease properties were sold for $11.7 million, including properties leased to O'Reilly and At Home [7] Share Repurchase and Balance Sheet - The company repurchased 273,825 shares of common stock at a weighted average gross price of $16.33 per share, totaling $4.5 million [7] - As of March 31, 2025, approximately $5.5 million remained on the current common stock buyback program [7] - There were 15,642,527 shares of common stock and operating partnership units outstanding as of March 31, 2025 [7] - The company has no debt maturities until 2026 [7] 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 [4]

Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Kindly note that our content on Seeking Alpha and other platforms doesn't constitute financial advice ...

Core Viewpoint - Alpine Income Property Trust, Inc. will report its financial and operating results for Q1 2025 on April 24, 2025, with a conference call scheduled for April 25, 2025 [1]. Group 1: Financial Reporting - The company will announce its financial results after market close on April 24, 2025 [1]. - A conference call to discuss these results is set for April 25, 2025, at 9:00 AM ET [1]. Group 2: Accessing Information - A live webcast of the conference call will be available on the company's Investor Relations page [2]. - Participants are encouraged to register and join the call at least fifteen minutes prior to the start time [2]. - A replay of the earnings call will be archived and accessible online through the Investor Relations section of the company's website [2]. 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 [3]. - The company invests in, owns, and operates a portfolio of single-tenant net leased commercial income properties, primarily leased to high-quality publicly traded and credit-rated tenants [3].

Core Insights - Alpine Income Property Trust (NYSE: PINE) has shown a strong portfolio of investment-grade tenants and an attractive valuation, with the stock price increasing from $15.92 to $19.42 before settling at $16.21 [2] Company Overview - The company focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The stock's performance indicates a positive trend, reflecting investor confidence in the company's fundamentals [2] Investment Strategy - The investment approach emphasizes defensive stocks with a medium- to long-term horizon, appealing to investors seeking stability [2]