Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q1 2026 Earnings Presentation
25 slides from Alpine Income Property Trust's earnings presentation, Apr 24, 2026
Slide 1: Investor Presentation - 1Q 2026
NYSE: PINE Investor Presentation - 1Q 2026
Slide 2: Company Snapshot
Company Snapshot 125 4.3M 50% of ABR 99.5% 9.3 Years Portfolio1 Properties Total Portfolio From Investment Occupancy W.A. Lease Term2 Square Feet Grade-Rated Tenants Value + Income $318 $728M 7.8% 6.7% Equity Market Enterprise Value Implied Cap Rate Annualized Capitalization $171 TEV / SF Dividend Y
Slide 3: Highlights
Highlights ▪ Sector-Leading AFFO Growth Projected: 2026 guidance AFFO Per Diluted Share implies 12.7% year-over-year AFFO per share growth, ahead of peers’ projected growth1 $0.54 $0.53 ▪ Low Basis: $171 basis per square foot is roughly 60% of the $0.43 $0.44 $0.44 $0.44 $0.44 $0.46 peer average2 ▪
Slide 4: High-Quality, Retail Net Lease Portfolio
High-Quality, Retail Net Lease Portfolio Basis Below Replacement Cost with Attractive Tenant Credit Profile 1 Key Portfolio Stats Top Tenants by ABR4 Number of Net Lease Properties 125 BBB+ 12% BBB 10% Number of States with a Property 31 N/A 8% Total Portfolio Square Feet 4.3M AA 7% Current Occupanc
Slide 5: Diversified Portfolio
Diversified Portfolio Located in Strong & Growing Markets Top Sectors by ABR Top States by ABR Sector ABR % State Properties $ ABR % ABR Sporting Goods 16% Florida 5 $5,923 13% Home Improvement 15% Texas 13 4,344 9% Casual Dining 12% New Jersey 7 4,006 9% Dollar Stores 11% New York 13 3,021 6% Groce
Slide 6: Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost
Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers Basis per Square Foot is Roughly 60% of Peer Average’s $430 High-Quality Portfolio with Valuation Upside ▪ Total enterprise value (TEV) is $171 per $314 $309 square foot, allowing shareholders to $
Slide 7: High-Yielding and Growing Dividend
High-Yielding and Growing Dividend PINE Dividend Per Share $1.02 $1.09 $1.10 $1.11 $1.14 $1.20 57% Q1 2026 AFFO payout ratio $0.82 2020 2021 2022 2023 2024 2025 Q1 2026 50.0% Annualized Increase in quarterly cash dividend: Q1 2026 vs. Q1 2020 High In-Place Dividend Yield (Q1 2026 Annualized)1 6.7% 6
Slide 8: Well-Covered Dividend & Valuation Upside Relative to Peers
Well-Covered Dividend & Valuation Upside Relative to Peers 2026E AFFO Payout Ratio1 Peer Average: 69% 80% 74% 69% 68% 66% 64% 60% 57% FCPT O ADC NNN FVR NTST EPRT PINE 2026E AFFO Multiples1 16.5x 14.8x Peer Average: 13.6x 13.9x 13.6x 12.9x 11.9x 11.8x 8.6x ADC EPRT O NTST FCPT FVR NNN PINE As of Mar
Slide 9: Tenant Credit and Operational Transparency
Tenant Credit and Operational Transparency Credit-Rated and/or Publicly Traded Tenants with Operational Transparency ▪ 75% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better tenant financial and operational transparency PINE Por
Slide 10: High-Quality Top Tenant Base
High-Quality Top Tenant Base Only PINE Amongst Peers has or in Top Five Credits 1 2 3 4 5 6 7 8 9 10 IG 50% 67% 53% 42% 35% 32% 13% Not RATED Disclosed Disclosed % of Rents from Investment Grade-Rated Tenants 10 PINE information as of March 31, 2026. Peer information pulled on April 21, 2026 based o
Slide 11: 9.3 Years of Weighted Average Lease Term Remaining
9.3 Years of Weighted Average Lease Term Remaining 1 Mar Vista – Longboat Key, FL Lease Rollover Schedule 22% 12% 12% 11% 10% 10% 7% Sandbar – Anna Maria, FL 6% 4% 3% 2% 1% – – As of March 31, 2026, unless otherwise noted. 11 1. Calculation of weighted average remaining lease term does not assume ex
Slide 12: Record of Growth, Diversification and Higher Quality Portfolio
Record of Growth, Diversification and Higher Quality Portfolio Track Record of Successful Business Plan Execution 2019 (IPO) Q1 2026 Boot Barn – Concord, NC Number of Net Lease Properties 20 125 Number of States with a Property 12 31 Total Portfolio Square Feet 0.9M 4.3M Annualized Base Rent (ABR) $
Slide 13: Major Market, Strong Demographic-Driven Portfolio
Major Market, Strong Demographic-Driven Portfolio Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics ▪ 51% of portfolio ABR comes from the Company’s top $111,900 10 MSAs1 – properties located in those MSAs have a Total Portfolio Weighted Average ▪ $123,0002 wei
Slide 14: Commercial Loan Program
Commercial Loan Program The commercial loan portfolio complements the property portfolio, delivering an attractive risk-adjusted return 1 Key Portfolio Stats Program Overview ▪ Originates commercial loans and investments secured Number of Commercial Loans 14 by real estate ▪ Originated first investm
Slide 15: 100% Unsecured Long-Term Indebtedness
100% Unsecured Long-Term Indebtedness Wtd. Avg. Rate as of Maturity Date Debt Interest Rate Type Face Value Debt March 31, 2026 (Excl. Options) Revolving Credit Facility Floating $61,500 5.18% February 2030 Revolving Credit Facility 1 Fixed $100,000 4.82% February 2030 2029 Term Loan 2 Fixed $100,00
Slide 16: Corporate Responsibility
Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Environmental Responsibility Corporate Governance Committed Focus ▪ Independent Chairman of the B
Slide 17: Research Analyst Coverage
Research Analyst Coverage Firm Analyst Email Address Alliance Global Partners Gaurav Mehta gmehta@allianceg.com Baird Wes Golladay wgolladay@rwbaird.com B. Riley John Massocca jmassocca@brileyfin.com Cantor Fitzgerald Jay Kornreich jay.kornreich@cantor.com Colliers Barry Oxford barry.oxford@colliers
Slide 18: Disclaimer
Disclaimer This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continue
Slide 19: Non-GAAP Financial Information
Non-GAAP Financial Information Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Tax
Slide 20: Consolidated Statement of Operations
Consolidated Statement of Operations (Unaudited) Three Months Ended March 31, 2026 2025 Revenues: Lease Income $ 12,602 $ 11,826 Interest Income from Commercial Loans and Investments 5,758 2,301 Other Revenue 46 79 Total Revenues 18,406 14,206 Operating Expenses: Real Estate Expenses 2,302 2,034 Gen
Slide 21: Reconciliation: Funds From Operations and Adjusted Funds From Operations
Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations (Unaudited) Three Months Ended March 31, 2026 2025 Net Income (Loss) $ 2,357 $ (1,278) Depreciation and Amortization 7,215 7,307 Provision for Impairment 508 2,031 Gain on Disposition of Assets (97)
Slide 22: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited) Three Months Ended March 31, 2026 Net Income $ 2,357 Adjustments: Depreciation and Amortization 7,215 Provision for Impairment 508 Gain on Disposition of Assets (97) Distributions to Preferred Stockholders
Slide 23: Schedule of Commercial Loans
Non-GAAP Financial Measures: Schedule of Commercial Loans As of Dec. Principal As of March 31, 2026 31, 2025 Description Loan Type Location Maturity Draws / (Pmts) Face Coupon Commitment Face Amount Amount (Incl. PIK) Unfunded 1 Residential Land Loan 2 Construction Austin, TX Oct. 2028 $18,627 $21,3
Slide 24: Supplemental Disclosure on Commercial Loans and Investments
Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments (Unaudited) As of and for the Three Month Ended March 31, 2026 Plus: Total Plus: Sale- Commercial Loans Commercial Participation Commercial Leaseback and Investments Loan Portfolio Obligations Sold Loans Transac
Slide 25: Investor Inquiries: ir@alpinereit.com
Investor Inquiries: ir@alpinereit.com
Alpine Income Property Trust — Q1 2026 Earnings Presentation on 6ix