Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q4 2025 Earnings Presentation
25 slides from Alpine Income Property Trust's earnings presentation, Feb 6, 2026
Slide 1: NYSE: PINE - Investor Presentation - 4Q 2025
NYSE: PINE - Investor Presentation - 4Q 2025 Walmart – Howell, MI
Slide 2: Company Snapshot
Company Snapshot 127 4.3M 51% of ABR 99.5% 8.4 Years Portfolio1 Properties Total Portfolio From Investment Occupancy W.A. Lease Term2 Square Feet Grade-Rated Tenants Value + Income $268 $672M 8.1% 6.8% Equity Market Enterprise Value Implied Cap Rate Annualized Capitalization $157 TEV / SF Dividend Y
Slide 3: Highlights
Highlights ▪ Sector-Leading AFFO Growth Projected: guidance implies 11.6% year-over-year AFFO per share growth, ahead of peers’ AFFO Per Diluted Share projected growth1 $0.54 ▪ Low Basis: $157 basis per square foot is roughly half of the $0.44 $0.44 $0.44 $0.44 $0.46 peer average2 $0.42 $0.43 ▪ Capi
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 127 BBB+ 12% BBB 10% Number of States with a Property 32 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 17% Florida 5 $5,923 13% Home Improvement 15% Texas 13 4,344 9% Dollar Stores 11% New Jersey 7 3,944 9% Casual Dining 9% New York 13 3,021 7% Grocer
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 Half of Peer Average’s $434 High-Quality Portfolio with Valuation Upside ▪ Total enterprise value (TEV) is $157 per $318 $317 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 53% Q4 2025 AFFO payout ratio $0.82 50.0% 2020 2021 2022 2023 2024 2025 Q1 2026 Increase in quarterly cash dividend: Q1 2026 vs. Q1 2020 Annualized High In-Place Dividend Yield (Q4 2025 Annualized)1 Q4 202
Slide 8: Well-Covered Dividend & Valuation Upside Relative to Peers
Well-Covered Dividend & Valuation Upside Relative to Peers 2026E AFFO Payout Ratio1 80% Peer Average: 69% 73% 69% 68% 67% 63% 60% 58% FCPT O ADC NNN FVR NTST EPRT PINE 2026E AFFO Multiples1 15.9x Peer Average: 13.0x 14.5x 12.9x 12.8x 12.5x 11.4x 11.2x 8.5x ADC EPRT NTST O FCPT FVR NNN PINE As of Dec
Slide 9: Tenant Credit and Operational Transparency
Tenant Credit and Operational Transparency Credit-Rated and/or Publicly Traded Tenants with Operational Transparency ▪ 79% 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 51% 67% 53% 47% 34% 32% 14% Not RATED Disclosed Disclosed % of Rents from Investment Grade-Rated Tenants 10 PINE information as of December 31, 2025. Peer information pulled on January 6, 2026 bas
Slide 11: Minimal Lease Expirations through 2026
Minimal Lease Expirations through 2026 8.4 Years of Weighted Average Lease Term Remaining 1 Mar Vista – Longboat Key, FL Lease Rollover Schedule 20% 12% 12% Sandbar – Anna Maria, FL 11% 10% 10% 7% 6% 4% 3% 2% 2% 1% – As of December 31, 2025, unless otherwise noted. 11 1. Calculation of weighted aver
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) 2025 Boot Barn – Concord, NC Number of Net Lease Properties 20 127 Number of States with a Property 12 32 Total Portfolio Square Feet 0.9M 4.3M Annualized Base Rent (ABR) $13.
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 $111,700 10 MSAs1 – properties located in those MSAs have a Total Portfolio Weighted Average ▪ $123,1002 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 15 by real estate ▪ Originated first investm
Slide 15: 100% Unsecured Long-Term Indebtedness
100% Unsecured Long-Term Indebtedness Wtd. Avg. Rate as of Maturity Date1 Debt Interest Rate Type Face Value Debt December 31, 2025 (Excl. Options) Revolving Credit Facility Floating $78,000 5.62% February 2030 Revolving Credit Facility 2 Fixed $100,000 5.07% February 2030 2029 Term Loan 3 Fixed $10
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 “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projec
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) Year Ended December 31, Three Months Ended December 31, 2025 2024 2025 2024 Revenues: Lease Income $ 12,687 $ 11,493 $ 48,657 $ 46,005 Interest Income from Commercial Loans and Investments 3,992 2,209 11,350 5,761 Other Revenue 221 89 525 461 Total Re
Slide 21: Non-GAAP Financial Measures Reconciliation: FFO and AFFO
Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations Three Months Ended December 31, (Unaudited) Year Ended December 31, 2025 2024 2025 2024 Net Income (Loss) $ 1,598 $ (1,039) $ (2,885) $ 2,254 Depreciation and Amortization 6,774 6,520 27,383 25,594 P
Slide 22: Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited) Three Months Ended December 31, 2025 Net Income $ 1,598 Adjustments: Depreciation and Amortization 6,774 Provision for Impairment 667 Gain on Disposition of Assets (27) Distributions to Preferred Stockholde
Slide 23: Non-GAAP Financial Measures: Schedule of Commercial Loans
Non-GAAP Financial Measures: Schedule of Commercial Loans As of Sept. Principal As of December 31, 2025 30, 2025 Description Loan Type Location Maturity Draws / (Pmts) Face Coupon Commitment Face Amount Amount (Incl. PIK) Unfunded 1 Industrial Mortgage Fremont, CA Aug. 2027 $24,000 $- $24,000 11.00%
Slide 24: Supplemental Disclosure on Commercial Loans and Investments
Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments Year Ended December 31, 2025 (Unaudited) Plus: Total Plus: Sale- Commercial Loans Commercial Participation Commercial Leaseback and Investments Loan Portfolio Obligations Sold Loans Transactions Pursuant to GAAP
Slide 25: Investor Inquiries: ir@alpinereit.com
Investor Inquiries: ir@alpinereit.com
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