Alpine Income Property Trust (PINE) investor relations material

Executive summary

• Q1 2026 delivered strong results with total revenues of $18.4 million, up 29.6% year-over-year, and net income of up to $2.4 million, reflecting improved operating performance and lower impairment charges.

• Achieved $74 million in gross investment activity at a 14% blended initial yield, with a robust acquisition pipeline and focus on high-quality net lease properties and commercial loans.

• Portfolio consisted of 125 properties across 31 states, totaling 4.3 million sq. ft., with 99.5%–100% occupancy and a 9.3-year weighted average lease term; 50% of ABR from investment grade tenants.

• Commercial loan portfolio reached $217.2 million, including construction/redevelopment loans, with a 13.5% weighted average coupon and high-quality sponsors.

• Raised $36.2 million in equity through ATM programs and increased quarterly common dividend by 5.3% to $0.30 per share.

Financial highlights

• Q1 2026 total revenue was $18.4 million, with $12.6 million from lease income and $5.8 million from commercial loan interest.

• FFO and AFFO per diluted share rose to $0.53, up from $0.44 year-over-year, representing 20% growth.

• Net income attributable to shareholders was up to $2.4 million, reversing a prior year loss.

• Operating expenses decreased 9.2% year-over-year to $11.9 million, mainly due to lower impairment charges.

• Dividend per share increased 5.3% in Q1 2026, with a 50% increase since 2020.

Outlook and guidance

• 2026 AFFO per diluted share guidance raised to $2.11–$2.15, projecting 12.7% year-over-year growth, with investment volume guidance increased to $170–$200 million.

• Management expects sufficient liquidity to fund operations, capital requirements, and debt service, supported by cash, operating cash flow, asset sales, and available credit and equity programs.

• Dividend yield remains high at 6.7% annualized, with a payout ratio of 57%.