Alpine Income Property Trust (PINE) investor relations material

Executive summary

• Portfolio consists of 128 properties totaling 4.1M square feet, 99% occupied, with a weighted average lease term of 8.7 years as of September 30, 2025, and 96% in retail net lease.

• Year-to-date investments reached $136 million through September 30, 2025, with a weighted-average initial cash yield of 8.9%.

• Focus on high-quality, investment grade tenants, with Lowe's and Dick's Sporting Goods now top tenants and 48% of ABR from investment grade tenants.

• Portfolio repositioning and capital recycling continue, with sales of lower-quality assets and reinvestment into higher-credit, big-box tenants.

• Externally managed by CTO Realty Growth, with anticipated internalization as scale increases.

Financial highlights

• Q3 2025 total revenues were $14.6M, up from $13.5M in Q3 2024; nine-month revenues reached $43.6M, up 13.5% year-over-year.

• Net loss attributable to shareholders was $(1.3)M for Q3 2025 and $(4.1)M for the nine months, mainly due to higher impairment charges and interest expense.

• FFO and AFFO per diluted share for Q3 2025 were $0.46, up from $0.45 and $0.44 year-over-year; nine-month FFO and AFFO per share were $1.34.

• Annualized dividend yield stands at 8.0%, with a Q3 2025 payout ratio of 62% and $0.855 per share paid for the nine months.

• 546,390 common shares repurchased YTD for $8.8M.

Outlook and guidance

• Full-year 2025 FFO and AFFO per share guidance raised to $1.82–$1.85, with investment guidance increased to $200–$230 million.

• Portfolio positioned for continued growth with a barbell investment strategy balancing investment grade and high-yield tenants.

• Management expects sufficient liquidity for operations, capital requirements, and debt service, supported by cash, operating cash flow, asset sales, and credit facility capacity.

• Disposition guidance unchanged at $50–$70 million.

• Anticipated internalization and economies of scale as the company grows.