Alpine Income Property Trust (PINE) investor relations material

Executive summary

• Achieved 32% year-over-year growth in AFFO per diluted share and 30% growth in FFO per diluted share for the quarter, with Q2 2026 revenue up 34.6% to $20 million and net income of $3.0 million, reversing a prior year loss.

• Portfolio consists of 128 properties totaling 4.5 million square feet, with 99.5%–100% occupancy and a weighted average lease term of 9.2 years as of June 30, 2026.

• 55% of annual base rent comes from investment-grade tenants, with top tenants including Lowe's (13% ABR), Dick's Sporting Goods (9%), and Walmart (7%).

• Completed $77 million in total investment activity at a blended initial yield of 8.7%–9% in Q2 2026.

• Increased the quarterly common dividend by 6.7% to $0.32 per share.

Financial highlights

• Q2 2026 total revenue was $20 million, with $12.6 million lease income and $7.3 million interest income from loans; FFO and AFFO per diluted share were $0.57 and $0.58, up 30% and 32% year-over-year.

• Net income attributable to common stockholders was $3.0 million in Q2 2026, up from a loss of $1.6 million in Q2 2025.

• Six-month revenue totaled $38.4 million, with FFO and AFFO per diluted share at $1.10 and $1.11, up 25% and 26% year-over-year.

• AFFO payout ratio was 54.5% for Q2 2026, below the peer average of 69%.

• Annualized dividend yield was 6.2%, with a 60% increase in quarterly dividend since IPO.

Outlook and guidance

• 2026 FFO per diluted share guidance raised to $2.10–$2.13 and AFFO to $2.12–$2.15, both representing over 12% YoY growth at the midpoint.

• Net income per diluted share guidance revised to $0.81–$0.84 for 2026.

• Investment volume guidance set at $170–$200 million; disposition volume at $20–$40 million.

• Management expects sufficient liquidity to fund operations, capital requirements, and debt service over the next twelve months.

• Dividend increase reflects growth in taxable income and outlook for continued earnings growth.