Alpine Income Property Trust PINE-PA

Alpine Income Property Trust Inc is a real estate investment trust that owns and operates a high-quality portfolio of commercial net lease properties located in the United States. The company focuses on properties leased to creditworthy tenants in industries believed to be resistant to e-commerce impacts. Its portfolio consists of 127 net leased properties across 32 states, primarily subject to long-term leases requiring tenants to pay or reimburse for property operating expenses such as real estate taxes, insurance, utilities, repairs, maintenance and certain capital expenditures. In addition to its property holdings, Alpine Income Property Trust Inc acquires and originates commercial loans and investments generally secured by real estate or the borrower’s pledge of ownership interest in an entity that owns real estate.

The company generates revenue primarily through rental income from its net leased properties and interest income from its commercial loan investments. Rental income is derived from long-term leases with tenants who assume responsibility for most property-related expenses under net lease structures. Interest income comes from commercial loans and investments, including construction loans, mortgage notes and sale-leaseback arrangements where the tenant retains a future repurchase right. These investments are secured by real estate or equity interests in real estate-holding entities and are structured to provide stable, risk-adjusted returns.

The company operates through the following segments: income properties and commercial loans and investments.

• The income properties segment owns and operates a diversified portfolio of 127 net leased commercial properties totaling 4.3 million gross rentable square feet with a weighted average lease term of 8.4 years and 99.5% occupancy as of December 31, 2025. Properties are primarily freestanding retail assets leased to tenants under triple-net long-term agreements, with a focus on attractive locations, creditworthy tenants, geographic diversity and high occupancy with long duration leases.

• The commercial loans and investments segment originates and acquires loans and other investments secured by real estate located in the United States. As of December 31, 2025, this segment included nine construction loans, six mortgage notes and three properties acquired via sale-leaseback transactions where tenants hold future repurchase rights, with an aggregate carrying value of $167.6 million. Investments are generally secured by real estate or the borrower’s pledge of ownership interest in a real estate-owning entity and bear fixed interest rates.

Alpine Income Property Trust Inc operates in a highly competitive net lease real estate landscape, competing with public and private REITs, private equity firms, institutional investors, debt funds, banks and other financial entities for property acquisitions and loan originations. The company differentiates itself through its focus on smaller transaction sizes that larger peers may overlook, its emphasis on creditworthy tenants and long-term leases, and its strategy of targeting properties with attractive fundamentals, stable rent coverage and locations in growing markets. Its external management structure and disciplined underwriting approach support its objective of generating stable cash flow and attractive risk-adjusted returns.

The company serves a diverse tenant base including national and regional retailers, restaurants, service providers and entertainment operators. Specific tenants in its portfolio include Dick’s Sporting Goods, Lowe’s, Walmart, Best Buy, Home Depot, Academy Sports, At Home, Burlington, Tractor Supply Company, Dollar General, Family Dollar, Dollar Tree, Walgreens, CVS, Verizon, Advance Auto Parts, Harbor Freight, Red Robin, Burger King, Starbucks, Alamo Drafthouse, Bass Pro Shops, Dicks Sporting Goods, Live Nation, Crunch Fitness, AMC, Sportsman’s Warehouse, Michaels, Petco, Mattress Firm, Bounce Hopper, Miya Nails, Beachside Hospitality Group, Germfree Laboratories and others across various industries and geographic locations.