GICS Sector : Real Estate
Alpine Income Property Trust, Inc.(NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties. Show Full description
Alpine REIT delivered a robust first‑quarter performance, posting $18.4 million in revenue—up 20% YoY—driven by $12.6 million in lease income and $5.8 million from interest on commercial loans. Net operating income surged to $0.53 per diluted share, matching the same figure for AFFO and marking a 20% year‑over‑year gain. EPS came in at $0.06 versus analysts’ estimate of $0.06198, reflecting disciplined cost management amid a 50% investment‑grade tenant mix and a 99.5% occupancy rate across 125 properties.
Publication Date: Apr -27
Revenue growth was propelled by a record $170–$200 million in investment activity, including a $10 million acquisition of a downtown Aspen retail property under a 50‑year triple‑net lease. The portfolio’s weighted average cap rate climbed from 7.4% to 8.5%, underscoring a more premium acquisition environment. Operating margin remained healthy, with a weighted average current yield of 13.5% on the $160.4 million loan book.
The company added 4.3 million square feet across 31 states, maintaining a 9.3‑year WALT and a 99.5% occupancy. 50% of the annualized base rent (ABR) is sourced from investment‑grade tenants, reinforcing credit quality. A $5.8 million sale of three non‑investment‑grade properties yielded a 7.4% exit cap rate, boosting portfolio yield.
Alpine originated a $32 million first‑mortgage loan, funding $8.6 million at close and closing the $31.8 million Phase 2 tied to a luxury residential development. The loan portfolio’s PIK structure is tailored to development timing, with no credit concerns reported by management. The company’s unsecured credit facility now includes a $250 million revolver due 2030 and $200 million term loans maturing 2029/2031.
Equity raised $36.2 million through ATM programs, and the company ended the quarter with $90 million in liquidity, generating $15 million in annual cash flow. No debt matures for nearly three years, and the $24 million in restricted cash is largely tied to loan reserves (Mays, 2026). The firm remains opportunistic with common or preferred stock if priced favorably.
Alpine lifted its 2026 FFO outlook to $2.09–$2.13 and AFFO to $2.11–$2.15 per diluted share, reflecting ~12% mid‑point growth. Investment activity is projected at $170–$200 million, with the company targeting a 12% growth in FFO and AFFO per diluted share. Management emphasized no incentive fee payout to CTO and a higher management fee run rate due to equity issuance.
At the close of Q1, Alpine trades at a P/E of 436.0, P/B of 0.99, and P/S of 5.06, with an EV/EBITDA of 15.65. Dividend yield stands at 5.82%, reflecting a $0.30 quarterly payout—up 5.3% from $0.285. Free cash flow yield remains negative at –14.16%, while ROIC is an impressive 55.25% and ROE is 0.27%.
The quarterly dividend increased to $0.30 per share, a 5.3% rise, aligning with the company’s cash‑flow generation and liquidity position. Shareholders benefit from a high dividend yield and the potential for share repurchases or new equity issuances when market conditions are favorable.
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Alpine Income Property Trust's 2.0% growth in Retail Real Estate is driven by increasing demand for essential retail services, e-commerce resistant tenants, and strategic acquisitions. Additionally, the company's focus on high-quality, necessity-based retail properties with long-term leases and strong credit tenants contributes to its stable growth.
Alpine Income Property Trust, Inc. invests in and manages a diversified portfolio of net leased properties, providing a steady income stream to its investors.
The company acquires and manages industrial properties, including warehouses, distribution centers, and manufacturing facilities, leased to creditworthy tenants.
Alpine Income Property Trust, Inc. invests in and manages a portfolio of office properties, including suburban and urban office buildings, leased to a diverse range of tenants.
The company acquires and manages a diversified portfolio of retail properties, including shopping centers, strip centers, and single-tenant retail properties.
Alpine Income Property Trust, Inc. operates in a niche market, providing a unique combination of real estate investment and management services. While there are substitutes available, the company's specialized offerings and strong brand reputation mitigate the threat of substitutes.
Alpine Income Property Trust, Inc.'s customers are primarily institutional investors and high-net-worth individuals, who have limited bargaining power due to the company's specialized services and strong market position.
Alpine Income Property Trust, Inc. relies on a network of suppliers, including property managers, contractors, and service providers. While the company has some bargaining power, suppliers can still exert some influence due to the specialized nature of their services.
The barriers to entry in the real estate investment and management industry are relatively high, requiring significant capital and expertise. This limits the threat of new entrants and allows Alpine Income Property Trust, Inc. to maintain its market position.
The real estate investment and management industry is highly competitive, with several established players competing for market share. Alpine Income Property Trust, Inc. must continually innovate and improve its services to maintain its competitive edge.
| Value | |
|---|---|
| Debt Weight | 52.95% |
| Debt Cost | 3.95% |
| Equity Weight | 47.05% |
| Equity Cost | 8.01% |
| WACC | 5.86% |
| Leverage | 112.53% |
Value: 5.8
Growth: 8.4
Quality: 7.4
Yield: 10.0
Momentum: 7.0
Volatility: 8.3
1-Year Total Return ->
Value: 3.2
Growth: 4.7
Quality: 6.7
Yield: 10.0
Momentum: 4.0
Volatility: 10.0
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Value: 5.5
Growth: 3.6
Quality: 6.1
Yield: 10.0
Momentum: 3.0
Volatility: 9.7
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Value: 4.7
Growth: 5.1
Quality: 3.3
Yield: 10.0
Momentum: 4.5
Volatility: 9.3
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Value: 3.1
Growth: 2.9
Quality: 5.5
Yield: 10.0
Momentum: 5.0
Volatility: 8.0
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Value: 2.4
Growth: 2.9
Quality: 4.9
Yield: 8.0
Momentum: 3.0
Volatility: 8.7
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