Group 1: Alpine Income - Alpine Income is a relatively new REIT founded in 2019, with a market cap of $216.6 million, making it a smaller alternative to larger REITs like Realty Income, which has a market cap of $51 billion [4] - The company focuses on single-tenant net-lease properties, resulting in lower overhead costs as tenants are responsible for expenses like taxes, insurance, and maintenance [4][5] - Alpine Income's portfolio consists of 134 properties that are 99% occupied and diversified across 35 U.S. states, with top tenants including well-known brands like Dicks Sporting Goods and Lowe's [5] - The company offers a high dividend yield of 7.6%, significantly above the S&P 500 index average of 1.27%, making it attractive for income-focused investors [6] Group 2: Dollar General - Dollar General's shares have increased by 22% year to date, recovering from previous weaknesses due to high inflation affecting its low-cost business model [7] - The company is better positioned to handle potential threats from new tariff policies, with only 10% of its inventory exposed to global tariffs, compared to 50% for Dollar Tree and nearly 100% for other retailers [8] - Dollar General's focus on low prices and rural areas creates an economic moat, attracting customers away from larger competitors like Walmart and Target [9] - The company has an attractive valuation with a forward price-to-earnings (P/E) multiple of 17, significantly lower than Walmart's 37 times expected earnings, and offers a dividend yield of 2.6% [10]

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing growth of approximately 5% compared to Q1 2024 [5] - Total revenue was $14.2 million for the quarter, including lease income of $11.8 million and interest income from commercial loans of $2.3 million [13] - FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 4.8% respectively compared to the same quarter of the prior year [13] - The company increased its common dividend to a new quarterly rate of $0.285, continuing its practice of annual dividend increases since its IPO [6][17] Business Line Data and Key Metrics Changes - The company acquired three properties for $39.7 million at a weighted average initial cap rate of 8.6% and originated two mortgages totaling $39.5 million with a weighted average initial yield of 9.5% [7][8] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79.2 million at a weighted average initial yield of 9% [7] - The average WALT for acquisitions was 14.3 years, while properties sold had a WALT of 4.7 years, resulting in a portfolio WALT decrease to 9 years from 6.9 years a year ago [10][11] Market Data and Key Metrics Changes - The company noted that it is well-positioned given its tenant mix and sector diversification amidst recent tariff volatility and uncertainty [12] - The company has a pipeline of opportunities across the tenant landscape and remains focused on executing its strategy for growth and stability [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring a mix of high credit tenants for stable cash flows and lesser credits for growth and diversification [10] - The company is actively managing its portfolio by opportunistically selling properties to reduce risk and improve tenant concentrations [10] - The company plans to continue balancing between share buybacks, acquisitions, and investments throughout the year [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, noting no significant disruptions from tariff issues [38] - The company is increasing its FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, driven by successful investment activity [18] - Management highlighted that they do not anticipate having more leverage by the end of the year and may even reduce it [92] Other Important Information - The company ended the quarter with net debt to pro forma adjusted EBITDA of 7.9 times and had $65 million of liquidity available [15][16] - The company has no debt maturing until 2026, with staggered maturities thereafter [16] Q&A Session Summary Question: Factors driving the AFFO guidance raise - Management identified three main factors: stock buybacks, a swap that reduced interest rates, and investment activity [22][24] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects funding for loans and property acquisitions, with a total of about $60 million funded in the quarter [26] Question: Future capital allocation priorities - Management indicated a balanced approach between buybacks, acquisitions, and investments, depending on market conditions [30] Question: Impact of tariffs on tenant activity - Management noted no significant disruptions in tenant activity due to tariffs, with strong performance from restaurants and other sectors [38] Question: Cap rates for future dispositions - Management suggested that future dispositions may have lower cap rates due to the mix of properties being sold [49] Question: Status of Family Dollar and Dollar Tree locations - Management confirmed they have about 31 locations, with a mix of Family Dollar and Dollar Tree properties [58] Question: Provision for impairment charge - Management clarified that the impairment charge was related to properties anticipated to be sold soon, such as Walgreens [80] Question: Timing of funding unfunded commitments - Management indicated that funding timing for loans should remain consistent for the first half of the year [86] Question: Leverage trends and expectations - Management expects to maintain or reduce leverage by year-end, despite recent increases [92]

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing a growth of approximately 5% compared to Q1 2024 [5] - Total revenue for the quarter was $14,200,000, including lease income of $11,800,000 and interest income from commercial loans of $2,300,000 [11] - FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 8% respectively compared to the prior year [11] - The company increased its common dividend to a new quarterly rate of $0.0285, continuing its practice of annual dividend increases since its IPO [5][11] Business Line Data and Key Metrics Changes - The company acquired three properties for $39,700,000 at a weighted average initial cap rate of 8.6% [6] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79,200,000 at a weighted average initial yield of 9% [6] - The average WALT (Weighted Average Lease Term) for acquisitions was 14.3 years, while the sold properties had a WALT of 4.7 years, resulting in a portfolio WALT increase to 9 years from 6.9 years [9] Market Data and Key Metrics Changes - The company noted that its tenant mix and sector diversification position it well amid recent tariff volatility and uncertainty [9] - The company has $65,000,000 of liquidity at quarter end, consisting of approximately $8,000,000 in cash and $57,000,000 available under its revolving credit facility [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring high credit tenants for stable cash flows and lesser credits for growth and diversification [8] - The company plans to continue monitoring the evolving economic environment while executing its strategy to deliver growth and stability for investors [10] - The company is balancing between share buybacks, acquisitions, and structured investments as part of its capital allocation strategy [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning despite tariff-related uncertainties, noting strong tenant activity and performance [30] - The company is increasing its FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, driven by successful investment activity [13] - Management highlighted that the current economic environment presents an attractive pipeline of opportunities across the tenant landscape [10] Other Important Information - The company has no debt maturing until 2026, and its debt maturities are well staggered [12] - The company is actively marketing two non-income producing assets, which are expected to be sold this year [31] Q&A Session Summary Question: Factors driving the increase in AFFO guidance - Management identified three main factors: stock buybacks, a favorable SOFR swap reducing interest rates, and successful investment activity [18][19] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects a combination of property acquisitions and loan funding [20] Question: Future capital allocation priorities - Management indicated a focus on balancing share buybacks, acquisitions, and investments, with a history of taking advantage of market dislocations [24] Question: Impact of tariffs on tenant activity - Management noted no significant disruption in tenant activity due to tariffs, with strong performance observed in restaurants and other sectors [30] Question: Details on impairment charges - Management clarified that the impairment charge was related to properties anticipated to be sold in the short term [57] Question: Insights on structured investment portfolio - Management confirmed that the structured investment program focuses on high-quality credits, with no current tenant issues [66] Question: Future NOI considerations - Management highlighted that Party City will no longer contribute to NOI starting in Q2, impacting future earnings [68]

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.44 per diluted share for Q1 2025, representing a growth of approximately 5% compared to the same quarter last year [5] - Total revenue for the quarter was $14,200,000, including lease income of $11,800,000 and interest income from commercial loans of $2,300,000 [11] - FFO and AFFO for the quarter were both $0.44 per diluted share, reflecting growth of 7.3% and 8% respectively compared to the prior year [11] - The company increased its common dividend to a new quarterly rate of $0.0285, continuing its practice of annual dividend increases since its IPO [5][11] Business Line Data and Key Metrics Changes - The company acquired three properties for $39,700,000 at a weighted average initial cap rate of 8.6% [6] - Total investment activity for the quarter, including property acquisitions and structured finance investments, totaled $79,200,000 at a weighted average initial yield of 9% [6] - The average WALT (Weighted Average Lease Term) for acquisitions was 14.3 years, while sold properties had a WALT of 4.7 years, resulting in a portfolio WALT increase to 9 years from 6.9 years year-over-year [9] Market Data and Key Metrics Changes - The company noted that its tenant mix and sector diversification position it well amid recent tariff volatility and uncertainty [9] - The company has $65,000,000 of liquidity at quarter-end, consisting of approximately $8,000,000 in cash and $57,000,000 available under its revolving credit facility [12] Company Strategy and Development Direction - The company is focused on a strategic approach to investing, which includes acquiring high credit tenants for stable cash flows and lesser credits for growth and diversification [8] - The company plans to continue opportunistic share repurchases as its shares trade at attractive relative valuations [9] - The company is increasing its FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, driven by successful investment activity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position despite tariff volatility, noting a strong pipeline of opportunities across the tenant landscape [10] - The company is actively monitoring the evolving economic environment but sees no significant disruption in tenant activity [30] - Management indicated that the company expects to sell vacant properties this year, which will help pay down leverage and reinvest [66] Other Important Information - The company has no debt maturing until 2026, and its debt maturities are well staggered thereafter [12] - The company has been actively repurchasing shares, with approximately 274,000 common shares repurchased for $4,500,000 at an average price of $16.33 per share [11] Q&A Session Summary Question: Factors driving the increase in AFFO guidance - Management identified three main factors: stock buybacks, a swap that reduced interest rates, and investment activity [18][19] Question: Clarification on investment guidance - Management explained that the increase in investment guidance reflects loans and funding, with a total of approximately $60,000,000 funded in the quarter [20] Question: Future capital allocation priorities - Management indicated a balanced approach between buybacks, acquisitions, and investments, with a focus on maintaining liquidity [24][25] Question: Impact of tariffs on deal processes - Management noted no significant disruption from tariff issues, with strong tenant activity and restaurant performance [30] Question: Details on impairment charges - Management clarified that the impairment charge was related to properties anticipated to be sold in the short term [58] Question: Timing of funding unfunded commitments - Management indicated that funding should remain consistent in the first half of the year, with some larger loans maturing in the third quarter [60] Question: Leverage trends and expectations - Management expects leverage to decrease by year-end due to loan payoffs and property sales [66] Question: Tenant watch list in structured investments - Management confirmed that there are no tenant issues in the structured investment program, which focuses on high-quality credits [66]

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]