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 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].

May 2025 First Quarter 2025 Investor Presentation Ashley Park | Atlanta, GA Highlights Q1 2025 Highlights | $80mm | Investment activity | | --- | --- | | $225 | Implied property value per square foot | | ~109,400 | Square feet of comparable leasing activity | | 37% | Comparable leasing spread | | 83% | ABR from Georgia, Texas, Florida & North Carolina | | ~191,000 | Portfolio 5-mile population | | 6.6x | Net Debt to Pro Forma Adjusted EBITDA | | 2.4% | Same-Property NOI quarter-over-quarter growth | $496M $ ...

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]

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]