Alpine Income Property Trust, Inc. (PINE) Market Cap
Alpine Income Property Trust, Inc. has a market capitalization of $299.1M.
Financials based on reported quarter end 2025-12-31
Price: $19.82
▲ 0.24 (1.23%)
Market Cap: 299.06M
NYSE · time unavailable
CEO: John Albright
Sector: Real Estate
Industry: REIT - Retail
IPO Date: 2019-11-22
Website: https://www.alpinereit.com
Alpine Income Property Trust, Inc. (PINE) - Company Information
Market Cap: 299.06M · Sector: Real Estate
Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.
Analyst Sentiment
Based on 11 ratings
Analyst 1Y Forecast: $19.38
Average target (based on 3 sources)
Consensus Price Target
Low
$20
Median
$20
High
$21
Average
$20
Potential Upside: 2.2%
Price & Moving Averages
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Management is upbeat on growth—Q4 AFFO per common share +22.7% and record 2025 investments ($277.7M) with strong balance-sheet metrics (net debt/EBITDA improved to 6.7x, pricing improved 10–15 bps on refinanced debt). The tone in prepared remarks is confident about 2026 guidance ($2.07–$2.11 FFO; $2.09–$2.13 AFFO) and a continued 20% target loan allocation. However, the Q&A reveals operational hurdles that temper optimism: Walgreens is not fully resolved and management still expects additional sales (“definitely a little more to do”), and the Austin structured loan’s Phase 2 is gated by unmet conditions with funding pushed to late Q1/early Q2 and net hold potentially reduced via further participation sales. Analysts also challenged the reduced acquisition/disposition guidance versus 2025; management confirmed it is mainly conservatism/avoidance of forced purchases rather than a clear demand collapse.
Growth Catalysts
- 22.7% growth in AFFO per common share driven by $142.1M of completed property acquisitions + commercial loan originations in Q4
- Record 2025 investments: $277.7M annual investment volume (8.6% full-year AFFO per common share growth)
- Commercial loan growth via originations: $102.3M of Q4 commitments at 13.5% weighted average initial coupon (incl. amendments and a $10M senior interest sale)
Business Development
- Acquisitions included investment-grade rated tenants Lowe's and Walmart; higher-yield investments included Germ-free labs headquarters/manufacturing facility
- Top tenants: Lowe's, Dick's Sporting Goods, Walmart in top 5 tenants collectively representing 29% of ABR
- Walgreens exposure reduction: Walgreens fell to #9 tenant with 5 remaining locations; management actively selling additional Walgreens now
- Commercial loans: Austin, TX luxury residential development (Phase I senior participation sold, with Phase II funding conditions)
- Guidance mentions use of equity/ATM and new unsecured credit facility to fund further loan/property activity (no named counterparties disclosed)
Financial Highlights
- Q4 revenue: $16.9M total (lease income $12.7M; interest income $4.0M); FFO/AFFO attributable to common: $0.54 per diluted share (+22.7% y/y)
- Full-year 2025 revenue: $60.5M total (lease income $48.7M; interest income $11.4M); full-year FFO $1.88, AFFO $1.89 per diluted share (+8.6% y/y)
- Property acquisitions: Q4 acquired 8 properties for ~$40M at weighted average initial cash cap rate 6.9%; full year 13 properties for $100.6M at 7.4% cap rate
- Property dispositions: Q4 included recycling; full year sold 9 noncore properties for $38.4M at 7.7% weighted average exit cap rate (portfolio disposition volume $72.8M total; 8% weighted average exit cap rate on income-producing properties)
- ABR quality shift: 51% of ABR generated from investment-grade rated tenants after 2025 activity; Walgreens reduced to 4% of ABR and down to #9 with 5 locations
- Commercial loans: Q4 originated 5 loans + amended 1 totaling $102.3M commitments at 13.5% weighted average initial coupon; full-year commercial loan originations $177M at 12% weighted average initial coupon (PIK included when applicable)
- Net commercial loan portfolio: $129.8M at year-end vs $48M at start of year; management targets loan allocation ~20% of total undepreciated asset value
- Capital markets / leverage: new unsecured credit facility recast; borrowings pricing improved by 10 to 15 bps
- Capital structure: ended year net debt / pro forma adjusted EBITDA at 6.7x vs 7.4x at start of year; liquidity $65.8M ($25.3M cash + $40.6M revolver capacity)
Capital Funding
- Nov. 12: issued $50M gross proceeds of 8% Series A preferred at $25/share; net proceeds $48.1M
- Series A preferred ATM: issued just over 116,000 shares at weighted average $24.92 for net proceeds ~$2.8M (late Q4 to early Q1 2026)
- Common ATM: issued just over 918,000 shares at weighted average $17.13 for net proceeds ~$15.5M (late Q4 to early Q1 2026)
- Total equity raised via ATM + Series A preferred ATM programs: $18.3M combined
- New unsecured credit facility: $250M revolving + $100M 3-year term loan + $100M 5-year term loan; used to repay prior revolver and term loans
- Liquidity expanded by potential in-place bank commitments: availability could expand by an additional $31.4M; total potential liquidity $97.3M at year-end
- No buyback disclosed in this transcript (investor comment references 'bought back a lot of stock last year')
Strategy & Ops
- 2025 execution: 'strategic barbell' acquisitions (investment-grade tenants plus higher-yield specialty assets like Germ-free labs)
- 2025 recycling plan: sold 9 noncore properties for $38.4M and completed full-year disposition volume of $72.8M
- Walgreens tenant workstream: active selling of additional Walgreens; management will 'take our time' to find right buyers and avoid forced sale
- Commercial loan strategy: originate high-yield coupons with quality sponsors; manage diversification via potential senior participation sales when needed
- 2026 underwriting/cadence: acquisition/disposition ranges reduced vs 2025 to maintain comfortable execution without 'forcing' purchases into commodity assets
Market Outlook
- 2026 initial guidance: FFO per diluted share $2.07 to $2.11; AFFO per diluted share $2.09 to $2.13
- 2026 investment volume assumption: $70M to $100M; disposition volume: $30M to $60M
- Guidance timing assumption: dispositions generally closing earlier than acquisitions
- Dividend: quarterly common dividend increased 5.3% to $0.30/share beginning Q1 2026; stated AFFO payout ratio ~56% of Q4 2025 AFFO
Risks & Headwinds
- Execution/valuation conservatism: acquisition/disposition guide down materially vs 2025; management framed as reducing pressure to buy less-attractive 'commodity assets' (not explicitly macro, but implies market selectivity)
- Tenant concentration risk management: Walgreens exposure still being reduced ("definitely a little more to do"; actively selling additional Walgreens) indicating ongoing tenant/credit overhang resolution
- Funding/loan-structure operational hurdle: Austin structured Phase 2 has 'conditions that are unmet'; funding expected around late Q1/early Q2 2026 (and likely involves additional senior participation sales, reducing net hold)
- Tax/rental accounting constraint affecting dividend coverage: loan portfolio has no depreciation/tax cover, driving higher taxable income and necessitating dividend level to support taxable income payout
Sentiment: MIXED
Note: This summary was synthesized by AI from the PINE Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"PINE reported total revenue of $16.9M for the period ending December 31, 2025, with a net income of $1.473M, equating to an earnings per share (EPS) of $0.0643. The company holds total assets of $715.87M against total liabilities of $414.62M, resulting in total equity of $301.26M. However, there was no operating cash flow or free cash flow reported, indicating a lack of cash generation during this period. PINE's shares have experienced a price increase of 12.5% over the past year, with a more significant gain of 28.39% over the past six months. The stock is currently trading at $18.45, with analyst price targets ranging from $20.5 (consensus) to a high of $21. Despite a positive price performance, the lack of cash flow generation and substantial net debt of $389.59M raise concerns about financial health. Dividends were paid throughout the year, signaling a commitment to returning value, but the company’s overall leverage and cash flow issues necessitate a cautious view."
Revenue Growth
Moderate revenue growth, but overall figures are still relatively low.
Profitability
Positive net income indicates profitability, though margins are slim.
Cash Flow Quality
No positive cash flow reported; raises concerns about liquidity.
Leverage & Balance Sheet
High net debt compared to equity could indicate financial strain.
Shareholder Returns
Dividends paid, but overall returns are modest given the market performance.
Analyst Sentiment & Valuation
Analyst target price shows moderate optimism, but financial metrics are mixed.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.