Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q3 2025 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Oct 23, 2025
Slide 1: Investor Presentation 3Q 2025
D i c k ’ s & B e s t B u y – M c D o n o u g h , G A NYSE: PINE Investor Presentation 3Q 2025 L o w e ’ s – E l P a s o , T X
Slide 2: Company Snapshot
2 © Alpine Income Property Trust, Inc. | alpinereit.com As of September 30, 2025, unless otherwise noted. PINE stock price on September 30, 2025 was $14.17. 1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the “Tampa Properti
Slide 3: Highlights
3 © Alpine Income Property Trust, Inc. | alpinereit.com Highlights As of September 30, 2025, unless otherwise noted. ▪ Meaningful Common Stock Repurchase: year to date, repurchased 546,390 common shares for net cost of $8.8 million ▪ Low Basis: $139 basis per square foot is less than half of the pee
Slide 4: High-Quality, Retail Net Lease Portfolio
4 © Alpine Income Property Trust, Inc. | alpinereit.com 12% 10% 8% 6% 5% 5% 5% 4% 4% 3% BBB+ BBB N/A N/A BBB+ N/A BBB N/A AA N/A High-Quality, Retail Net Lease Portfolio Number of Net Lease Properties 128 Number of States with a Property 34 Total Portfolio Square Feet 4.1M Current Occupancy 99% % In
Slide 5: Diversified Portfolio
5 © Alpine Income Property Trust, Inc. | alpinereit.com Sector ABR % Sporting Goods 17% Home Improvement 15% Dollar Stores 12% Casual Dining 9% Pharmacy 7% Home Furnishings 6% Consumer Electronics 6% Entertainment 5% Technology, Media & Life Sciences 4% Grocery 4% Other 15% Total 100% Diversified Po
Slide 6: High-Quality Portfolio with Valuation Upside
6 © Alpine Income Property Trust, Inc. | alpinereit.com $444 $339 $324 $259 $241 $206 $205 $139 $288 FCPT EPRT NNN FVR O ADC NTST PINE Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers High-Quality Portfolio with Valuation Upside ▪ Total enterpris
Slide 7: High-Yielding and Growing Dividend
7 © Alpine Income Property Trust, Inc. | alpinereit.com 8.0% 6.3% 5.8% 5.6% 5.3% 4.8% 4.3% 4.0% Peer Average: 5.2% PINE FVR FCPT NNN O NTST ADC EPRT $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 2020 2021 2022 2023 2024 Q3 2025 Annualized Annualized Per Share Cash Dividend Yield 8.0% As of September 30, 2025,
Slide 8: Valuation Upside Created by Discount Relative to Peers
8 © Alpine Income Property Trust, Inc. | alpinereit.com 16.5x 15.7x 14.3x 13.9x 13.7x 12.4x 11.2x 8.1x Peer Average: 14.0x ADC EPRT O NTST FCPT NNN FVR PINE Valuation Upside Created by Discount Relative to Peers 2025E AFFO Multiples1 2025E AFFO Payout Ratio1 As of September 30, 2025, unless otherwis
Slide 9: Tenant Credit and Operational Transparency
9 © Alpine Income Property Trust, Inc. | alpinereit.com 14% 34% 33% 48% 54% 52% 68% ADC FCPT NTST PINE O FVR NNN Tenant Credit and Operational Transparency ▪ 78% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better tenant financia
Slide 10: High-Quality Top Tenant Base
10 © Alpine Income Property Trust, Inc. | alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants IG RATED PINE information as of September 30, 2025. Peer information pulled on October 6, 2025 based on published information available
Slide 11: Minimal Lease Expirations through 2026
11 © Alpine Income Property Trust, Inc. | alpinereit.com – 3% 9% 10% 10% 5% 10% 11% 7% 2% 3% 3% 6% 1% 20% Minimal Lease Expirations through 2026 Lease Rollover Schedule As of September 30, 2025, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise
Slide 12: Record of Growth, Diversification and Higher Quality Portfolio
12 © Alpine Income Property Trust, Inc. | alpinereit.com Record of Growth, Diversification and Higher Quality Portfolio 2019 (IPO) Number of Net Lease Properties 20 128 Number of States with a Property 12 34 Total Portfolio Square Feet 0.9M 4.1M Annualized Base Rent (ABR) $13.3M $46.3M Top Tenant as
Slide 13: Major Market, Strong Demographic-Driven Portfolio
13 © Alpine Income Property Trust, Inc. | alpinereit.com © GeoNames, Microsoft, TomTom Powered by Bing – 13% % GAAP ABR Major Market, Strong Demographic-Driven Portfolio ▪ 48% of portfolio ABR comes from the Company’s top 10 MSAs1 – properties located in those MSAs have a ▪ $123,5002 weighted averag
Slide 14: Opportunistically Originate Investment Loans with High Yields
14 © Alpine Income Property Trust, Inc. | alpinereit.com Opportunistically Originate Investment Loans with High Yields $ in thousands; any differences a result of rounding. 1. The Tampa Properties were purchased through a sale-leaseback transaction that are, for GAAP purposes, included in the Compan
Slide 15: Staggered Debt Maturity Schedule
15 © Alpine Income Property Trust, Inc. | alpinereit.com 100% Unsecured Long-Term Indebtedness Staggered Debt Maturity Schedule 6 As of September 30, 2025. $ in thousands; any differences a result of rounding. 1. As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and
Slide 16: Investment Strategy
16 © Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade Focus High Yield Focus Investment Strategy ▪ Tenants often provide a combination of certain key benefits: ▪ Financial stability and reliability ▪ Risk and default mitigation ▪ Consistent occupancy ▪ Enhanced property value ▪ T
Slide 17: Corporate Responsibility
17 © Alpine Income Property Trust, Inc. | alpinereit.com Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Committed Focus Committed to maintaining
Slide 18: External Management Alignment
18 © Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of September 30, 2025. Aligned Ownership CTO currently owns an approximate 16% interest in PINE, meaningfully aligning its interests with PINE shareholders Independent Board of Directors PINE has its own indepe
Slide 19: Disclaimer
19 © Alpine Income Property Trust, Inc. | alpinereit.com Disclaimer This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,”
Slide 20: Non-GAAP Financial Information
20 © Alpine Income Property Trust, Inc. | alpinereit.com 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 Operatio
Slide 21: Consolidated Statement of Operations
21 © Alpine Income Property Trust, Inc. | alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share date 1. Includes 1,223,854 shares during the three and nine months ended September 30, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, In
Slide 22: Reconciliation: FFO and AFFO
22 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share date Net Income (Loss) $ (1,423) $ 3,354 $ (4,483) $ 3,293 Depreciation and Amortization 6,597 6,34
Slide 23: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
23 © Alpine Income Property Trust, Inc. | alpinereit.com 1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended September 30, 2025. Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma
Slide 24: Investor Inquiries
Investor Inquiries: ir@alpinereit.com
Alpine Income Property Trust — Q3 2025 Earnings Presentation on 6ix