Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q2 2026 Earnings Presentation
26 slides from Alpine Income Property Trust's earnings presentation, Jul 24, 2026
Slide 1: Investor Presentation Second Quarter 2026
Dick’s Sporting Goods – Vineland, NJ Investor Presentation Second Quarter 2026 NYSE: PINE alpinereit.com
Slide 2: Portfolio Summary
Portfolio Summary KEY PORTFOLIO STATS 1 128 4.5M 9.2 years 99.5% $11.17 Properties Square Feet Wtd. Avg. Lease Term Occupied Average Rent PSF Mar Vista – Longboat Key, FL 55% Investment Grade2 Not Rated Non-IG 32% 13% As of June 30, 2026, unless otherwise noted. 1. The Company owns four single-tenan
Slide 3: 2026 Guidance
2026 Guidance 2026 GUIDANCE 1 FFO per Share $2.10-$2.13 Investment Volume $170M-$200M Guidance midpoint vs 2025A +12.5% YoY AFFO per Share $2.12-$2.15 Disposition Volume $20M-$40M Guidance midpoint vs 2025A +13.1% YoY CONSENSUS 2026E VS. 2025A AFFO GROWTH 13.2% 7.9% 6.1% 5.6% 5.5% 3.9% 3.5% 3.5% PIN
Slide 4: Company Summary
Company Summary SNAPSHOT – JUNE 30, 2026 $391M $818M BJ’s Wholesale Club – Concord, NC Market Capitalization Enterprise Value (TEV) 7.1% 6.2% Implied Annualized Dividend Cap Rate Yield 2 44.8% 6.4x Net Debt / Net Debt / Pro Forma TEV 1 Adjusted EBITDA 3 2029 $83M First Debt Maturity Liquidity As of
Slide 5: Highlights
Highlights WHY PINE 01 Low Basis 02 Dividend Growth 03 Well-Covered Dividend $183 per sq ft — roughly 60%+ increase in the Highest yield with the 60% of the peer average, quarterly dividend since the lowest payout ratio in the below replacement cost 1. start of 2020. sector. 04 Below-Market Rent 05
Slide 6: High-Quality, Retail Net Lease Portfolio
High-Quality, Retail Net Lease Portfolio TOP 10 TENANTS BY ABR 1 BBB+ 13% 68% 75% OP ER A T IONA L T R A NS P A R ENCY of ABR from credit-rated of ABR from publicly BBB 9% 68% of or tenants ABR comes their from tenantstraded parent or the parent tenantsof or a tenant their that are credit-rated pare
Slide 7: Major Market, Strong Demographic-Driven Portfolio
Major Market, Strong Demographic-Driven Portfolio Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics % OF ABR BY STATE TOP STATES State Properties $ ABR % ABR Florida 5 $5,923 12% Texas 13 4,344 9% New Jersey 7 4,046 8% % GAAP ABR Colorado 3 3,834 8% 12% New Yo
Slide 8: Diversified Portfolio
Diversified Portfolio TOP SECTORS Boot Barn – Concord, NC Home Improvement 15% Sporting Goods 15% Casual Dining 11% Dollar Stores 10% Entertainment 8% Grocery 7% Consumer Electronics 6% Home Furnishings 5% Pharmacy 4% Off-Price Retail 4% Lowe’s – Stockton, CA 8 As of June 30, 2026, unless otherwise
Slide 9: High-Quality Portfolio with Valuation Upside
High-Quality Portfolio with Valuation Upside M A R GIN OF S A F ET Y S T ICKIER T ENA NT S Basis per square foot is roughly 60% of the peer average — Average rent of $11.17 PSF keeps occupancy costs below allowing shareholders to invest below replacement cost. market rents, so tenants may be more li
Slide 10: High-Yielding and Growing Dividend
High-Yielding and Growing Dividend PINE DIVIDEND PER SHARE $1.14 $1.28 55% $1.02 $1.09 $1.10 $1.11 Q2 Annualized AFFO $0.82 Payout Ratio 2020 2021 2022 2023 2024 2025 Q3 2026 6.2% Annualized Annualized Dividend Yield HIGH DIVIDEND YIELD 1 Peer Average: 4.7% 6.2% 6.0% 60% 5.2% 5.2% Increase in quarte
Slide 11: Well-Covered Dividend & Valuation Upside
Well-Covered Dividend & Valuation Upside 2026E AFFO PAYOUT RATIO 1 Peer Average: 69% 79% 70% 73% 61% 63% 65% 67% 56% PINE EPRT NTST FVR NNN ADC O FCPT 2026E AFFO MULTIPLES 1 Peer Average: 14.6x 16.6x 13.1x 13.3x 14.0x 14.6x 15.2x 15.3x 9.7x PINE NNN FCPT O EPRT NTST FVR ADC As of June 30, 2026, unle
Slide 12: High-Quality Top Tenant Base: 55% Investment-Grade Rated
High-Quality Top Tenant Base: 55% Investment-Grade Rated Among net lease peers, only PINE counts marquee credits like Lowe’s or Dick’s Sporting Goods within its top five tenants. 1 2 3 4 Sony 5 Credit 6 7 8 9 10 % IG 55% 65% 52% 42% 34% 28% 13% Not RATED Disclosed 12 PINE information as of June 30,
Slide 13: Lease Rollover Schedule
Lease Rollover Schedule 9.2 LEASE ROLLOVER SCHEDULE (BY ABR) 25% 14% 11% 12% YEARS WTD. AVG. LEASE TERM1 6% 9% 7% 5% 5% 2% 3% – – 1% A long, well-laddered rollover schedule limits near-term re-leasing risk and supports durable, predictable cash flow. Academy Sports – Tupelo, MS As of June 30, 2026,
Slide 14: Commercial Loan Investments
Commercial Loan Investments The commercial loan portfolio complements the property portfolio, delivering an attractive risk-adjusted return. KEY COMMERCIAL LOAN PORTFOLIO STATS 1 OVERVIEW • Originates commercial loans and investments secured by real 13 $167.0M estate Number of Loans Outstanding Face
Slide 15: 100% Unsecured Long-Term Indebtedness
100% Unsecured Long-Term Indebtedness DEBT MATURITY SCHEDULE ($M) 1 CAPITALIZATION & LEVERAGE $170 $391M $61M $367M Equity Market Preferred Equity Net Debt 2 Capitalization at Liquidation $100 $100 $818M Total Enterprise Value (TEV) 44.8% 6.4x Net Debt to Pro Forma Net Debt to TEV 2026 2027 2028 202
Slide 16: Debt Detail
DEBT DETAIL Instrument Interest Rate Type Face Value Debt Wtd. Avg. Rate Initial Maturity Revolving Credit Facility Floating $69,500 5.03% February 2030 Revolving Credit Facility 1 Fixed $100,000 4.67% February 2030 2029 Term Loan 2 Fixed $100,000 4.66% February 2029 2031 Term Loan 3 Fixed $100,000
Slide 17: 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 18: 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 19: 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 20: 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 21: Consolidated Statement of Operations
Consolidated Statement of Operations (Unaudited, in thousands, except share, per share & dividend data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenues: Lease Income $ 12,637 $ 12,022 $ 25,239 $ 23,848 Interest Income from Commercial Loans and Investments 7,331 2,7
Slide 22: Reconciliation: Funds From Operations and Adjusted Funds From Operations
Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations (Unaudited, in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income (Loss) $ 4,492 $ (1,782) $ 6,849 $ (3,060) Depreciation and Amort
Slide 23: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) Three Months Ended June 30, 2026 Net Income $ 4,492 Adjustments: Depreciation and Amortization 6,805 Provision for Impairment 377 Distributions to Preferred Stockholders (1,187) Amortization o
Slide 24: Schedule of Commercial Loans
Non-GAAP Financial Measures: Schedule of Commercial Loans As of March Principal As of June 30, 2026 31, 2026 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 $39,979 $609
Slide 25: Supplemental Disclosure on Commercial Loans and Investments
Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments (Unaudited, in thousands) As of and for the Six Months Ended June 30, 2026 Plus: Sale-Leaseback Commercial Loans and Commercial Loan Plus: Participation and Sales Type Lease Investments Pursuant to Portfolio Obl
Slide 26: ir@alpinereit.com
INVESTOR INQUIRIES ir@alpinereit.com NYSE: PINE
Alpine Income Property Trust — Q2 2026 Earnings Presentation on 6ix