Alpine Income Property Trust, Inc.
- Open
- 19.37
- Day high
- 19.46
- Day low
- 19.25
- Prev close
- 19.53
- Volume
- 105K
- Mkt cap
- $279M
- P/E (TTM)
- 90.1
- EPS (TTM)
- $0.22
- P/B
- 0.8
- P/S
- 4.0
- Yield
- 6.01%
- Per share
- $1.17
- ▼Insiders net selling -$97K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Alpine Income Property Trust, Inc. (PINE) is a Real Estate company listed on NYSE. The stock is up 28% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Alpine Income Property Trust, Inc. (PINE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PINE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 24, 2026 | $0.14 | $0.16 | +15.7% | $20M | +6.4% |
| Apr 24, 2026 | $0.10 | $0.06 | -42.9% | $18M | +6.1% |
| Feb 5, 2026 | $0.49 | $0.06 | -87.8% | $17M | +11.0% |
| Oct 23, 2025 | $0.43 | $-0.09 | -120.9% | $15M | -4.9% |
| Jul 24, 2025 | $0.45 | $-0.12 | -126.7% | $15M | +0.6% |
| Apr 24, 2025 | $0.43 | $-0.08 | -118.6% | $14M | +1.8% |
| Feb 6, 2025 | $0.04 | $-0.06 | -250.0% | $14M | +4.9% |
| Oct 17, 2024 | $0.02 | $0.21 | +1054.5% | $13M | +3.2% |
| Jul 18, 2024 | $0.39 | $0.01 | -97.4% | $12M | +2.1% |
| Apr 18, 2024 | $0.38 | $-0.02 | -105.3% | $12M | +8.9% |
| Feb 8, 2024 | $0.01 | $0.02 | +175.1% | $11M | -0.2% |
| Oct 19, 2023 | $0.39 | $-0.05 | -112.8% | $11M | -3.7% |
PINE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 30, 2026 | Richardson Andrew Cdirector | Sell | 2,000 | $20.28 |
| Jul 1, 2026 | Wadleigh Brenna Andreadirector | Grant | 1,510 | $19.86 |
| Jul 1, 2026 | Good Morton Carsondirector | Grant | 1,510 | $19.86 |
| Jul 1, 2026 | Richardson Andrew Cdirector | Grant | 881 | $19.86 |
| Jul 1, 2026 | Elias Wein Racheldirector | Grant | 881 | $19.86 |
| Jun 26, 2026 | Richardson Andrew Cdirector | Sell | 2,832 | $19.96 |
| May 27, 2026 | Richardson Andrew Cdirector | Sell | 1,500 | $19.39 |
| May 27, 2026 | Richardson Andrew Cdirector | Sell | 500 | $18.87 |
| May 11, 2026 | Richardson Andrew Cdirector | Sell | 3,000 | $19.35 |
| Apr 2, 2026 | Good Morton Carsondirector | Grant | 1,598 | $18.77 |
| Apr 2, 2026 | Richardson Andrew Cdirector | Grant | 932 | $18.77 |
| Apr 2, 2026 | Richardson Andrew Cdirector | Sell | 2,750 | $18.14 |
| Apr 2, 2026 | Elias Wein Racheldirector | Grant | 932 | $18.77 |
| Apr 2, 2026 | Wadleigh Brenna Andreadirector | Grant | 1,598 | $18.77 |
| Jan 2, 2026 | Elias Wein Racheldirector | Grant | 1,034 | $16.92 |
Source: PINE SEC Form 4 filings, latest Jul 30, 2026. For informational purposes only — not investment advice.
See the full PINE insider & 13F page →Alpine Income Property Trust, Inc. company profile
Overview
Alpine Income Property Trust, Inc. (NYSE:PINE) is a real estate investment trust (REIT) that was founded and went public in November 2019. The company specializes in acquiring, owning, and operating single-tenant net lease commercial properties across the United States. Since its inception, Alpine has focused on building a diversified portfolio of retail properties leased to creditworthy tenants, with a strategic emphasis on investment-grade rated companies. The REIT has grown through an active asset recycling strategy, continuously upgrading its portfolio quality while maintaining steady dividend distributions to shareholders.
Business
Alpine Income Property Trust operates in the net lease real estate sector, which is a specialized segment of commercial real estate investing. A net lease property is one where the tenant is responsible for paying not only rent but also property taxes, insurance, and maintenance costs, making it an attractive investment for landlords seeking predictable income streams with minimal operational responsibilities. The company's core business consists of two primary segments: 1. Single-Tenant Net Lease Properties (approximately 85% of revenue): Alpine owns a portfolio of 138 retail properties totaling 3.8 million square feet across 23 industry sectors and 35 states. These properties are leased to national and regional retailers under long-term lease agreements, with tenants including major brands like Walgreens, Lowe's, Dick's Sporting Goods, Family Dollar, and Dollar Tree. The properties are typically freestanding buildings or anchor spaces in shopping centers, with lease terms averaging 8-9 years and built-in rent escalations. 2. Commercial Mortgage Lending (approximately 15% of revenue): Alpine originates and holds first mortgage loans secured by commercial real estate properties. These loans typically carry higher yields than property investments, often ranging from 9-12%, and serve as a complementary income source while also building relationships with developers and property owners for potential future acquisitions. The company maintains 99% occupancy across its portfolio, with over 50% of its annual base rent coming from investment-grade rated tenants, providing stability and creditworthiness to its income stream.
Revenue model
Alpine generates revenue through two primary channels. The majority of income comes from rental payments under long-term net lease agreements, where tenants pay base rent plus additional charges for property taxes, insurance, and maintenance. These leases typically include annual rent escalations of 1-3%, providing built-in income growth over time. The secondary revenue stream comes from interest income on commercial mortgage loans, which typically yield 9-12% annually. These loans are secured by commercial real estate and provide higher returns than property investments, though they carry additional credit risk. Alpine's customers are primarily national and regional retail chains, with the company specifically targeting investment-grade rated tenants to ensure reliable rent payments. The tenant base includes essential service providers like pharmacies (Walgreens), home improvement retailers (Lowe's), and value retailers (Dollar Tree, Family Dollar) that tend to be recession-resistant. Several factors influence Alpine's profitability margins. Positive factors include the company's focus on investment-grade tenants which reduces credit risk, long-term lease structures that provide predictable cash flows, and net lease arrangements that pass operating expenses to tenants. The company's active asset recycling strategy, selling lower-quality properties and acquiring higher-grade assets, continuously improves portfolio quality and rental rates. Negative factors include interest rate sensitivity affecting both acquisition costs and refinancing expenses, retail sector headwinds that could impact tenant financial health, and concentration risk from having significant exposure to specific tenants like Walgreens. Competition from other REITs and private investors can also compress acquisition cap rates, reducing potential returns on new investments.
Competitive moat
Alpine Income Property Trust operates in a competitive real estate investment market with limited structural moats. The company's primary competitive advantages are relatively modest and center around operational expertise and tenant relationships rather than insurmountable barriers to entry. The company's main defensive characteristics include its focus on investment-grade tenants, which provides more predictable cash flows compared to lower-credit alternatives, and its diversified geographic footprint across 35 states, reducing concentration risk. Alpine's management team has demonstrated skill in asset recycling, systematically upgrading portfolio quality by selling lower-grade properties and acquiring higher-quality assets, which has improved the overall creditworthiness of its tenant base from 36% to over 50% investment-grade rated tenants. However, the net lease REIT business model faces significant competitive pressures. The industry has low barriers to entry, as any investor with sufficient capital can acquire similar properties. Large institutional investors, private equity firms, and other REITs compete for the same high-quality assets, often with greater financial resources. Additionally, tenant concentration risk remains a concern, with Walgreens representing a significant portion of the portfolio, and the broader retail sector faces ongoing challenges from e-commerce disruption. The company's commercial lending activities provide some differentiation and relationship-building opportunities with developers, but this represents a small portion of the business and carries higher credit risk. Overall, Alpine's moat is narrow, relying primarily on management execution and market timing rather than sustainable competitive advantages that would prevent competitors from replicating its strategy.
Risks & safety
Alpine Income Property Trust presents a moderate margin of safety profile with manageable debt levels but elevated valuation metrics. • Liquidity and Solvency: Strong current ratio of 16.1x with $6.1 million in cash, though relatively low absolute cash levels. Free cash flow positive at $7.9 million quarterly. No significant near-term debt maturities with next major refinancing not until 2026. • Debt Management: Debt-to-equity ratio of 1.51x, which is elevated but typical for REITs. Net debt-to-EBITDA of approximately 7.4x is manageable for a real estate company. Over 80% of debt is fixed-rate, providing protection against interest rate volatility. • Valuation Concerns: EV/EBITDA of 15.7x appears expensive for a REIT, suggesting limited valuation margin of safety. Price-to-book ratio of 1.02x indicates shares trading near book value with minimal discount. • Operational Risks: High tenant concentration with Walgreens exposure, recent tenant bankruptcies (Party City), and retail sector headwinds create operational uncertainty. Portfolio quality improvements have been positive but execution-dependent. • Interest Rate Sensitivity: As a leveraged real estate company, Alpine remains vulnerable to rising interest rates affecting both refinancing costs and acquisition cap rates, though recent interest rate swaps provide some hedging.
Recent development
Over the past few years, Alpine has executed a comprehensive asset recycling strategy designed to upgrade portfolio quality and reduce risk concentrations. The company has systematically sold lower-quality properties while acquiring higher-grade assets leased to investment-grade tenants, increasing the percentage of annual base rent from investment-grade tenants from 36% in early years to over 50% currently. A significant strategic pivot has been the complete elimination of office exposure, reducing it from 43% of the portfolio to 0% through targeted dispositions. This move proved prescient given the challenges facing the office sector post-pandemic. Simultaneously, Alpine has been actively reducing Walgreens concentration, selling multiple Walgreens properties to diversify tenant risk while maintaining the pharmacy chain as a core holding. The company has expanded into commercial mortgage lending as a complementary business line, originating first mortgage loans at yields typically ranging from 9-12%. This strategy serves dual purposes: generating higher-yielding income and building relationships with developers for potential future property acquisitions. The loan portfolio now represents approximately 15% of total revenue. Recent operational improvements include extending the weighted average lease term (WALT) to over 8-9 years through strategic acquisitions of properties with longer-term leases. Alpine has also implemented a share repurchase program, buying back stock when trading below management's assessment of intrinsic value, and has consistently increased its quarterly dividend, most recently raising it to $0.285 per share. The company has enhanced its balance sheet management through interest rate swaps to hedge against rising rates and maintained strong liquidity levels to capitalize on market opportunities. Management has guided toward a balanced approach of 50/50 split between property acquisitions and commercial loan investments going forward.
PINE company profile · for informational purposes only — not investment advice.
Track PINE with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free