NYSE:PINE
Alpine Income Property Trust, Inc.
A commercial real estate investment trust generating monthly dividends through a portfolio of income-producing properties in high-growth urban markets.
Key Metrics
Investment Thesis
Bull Case
Investors may buy this stock to capture high dividend yields supported by a track record of generating positive operating cash flow of $25.8M, even when net income is negative due to non-cash depreciation charges. The recent increase in debt issuances of $216.0M coupled with strong financing cash flows indicates management's confidence in future growth opportunities and the ability to service their existing $100.0M current portion of long-term debt.
Bear Case
The company faces significant headwinds as net income declined sharply from $34.0M in 2022 to a loss of $2.9M in 2025, eroding retained earnings and creating a deficit of $-35.3M. With total liabilities reaching $414.6M against shareholders' equity of only $301.3M, the company carries a high leverage ratio that could be vulnerable to rising interest rates or a sudden drop in property valuations.
About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. is a real estate investment trust focused on acquiring and managing income-producing properties to generate stable cash flows for shareholders. The company operates primarily within the commercial real estate sector, serving markets with high demand for affordable housing and retail spaces. Key revenue drivers include rental income from long-term leases and property management fees derived from its diverse portfolio.
Analysis
Management Discussion
While revenue grew to $60.5M in 2025, the company reported a net loss of $2.9M, driven by high operating expenses of $49.5M and significant depreciation costs of $27.4M against a gross profit of $52.1M. Cash flow from operations remained positive at $25.8M, but substantial cash outflows for investing activities of -$103.9M suggest aggressive asset expansion or acquisitions that strained liquidity despite strong financing inflows.
Industry Overview
The commercial real estate industry is currently navigating a complex environment characterized by shifting demographic trends and evolving remote work policies that impact demand for office and retail spaces. The sector remains sensitive to macroeconomic factors such as inflation and interest rate fluctuations, which directly influence financing costs for developers and lenders alike.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $45.2M | $45.6M | $52.2M | $60.5M |
| Cost of Revenue | $0 | $0 | $8.3M | $8.5M |
| Gross Profit | $45.2M | $45.6M | $44.0M | $52.1M |
| Operating Expenses | $1.7M | $32.5M | $41.7M | $49.5M |
| Operating Income | $43.5M | $13.1M | $14.0M | $13.1M |
| G&A | $5.8M | $6.3M | $6.6M | $6.7M |
| Stock-Based Comp | $310.0K | $318.0K | $247.0K | $380.0K |
| D&A | $23.6M | $25.8M | $25.6M | $27.4M |
| Amortization | $8.8M | $8.9M | $8.7M | $8.9M |
| Other OpEx | $-4.1M | $26.2M | $35.1M | $42.8M |
| Non-Operating Income | $0 | $0 | $0 | $0 |
| Pre-Tax Income | $43.5M | $13.1M | $14.0M | $13.1M |
| Income Tax | $9.5M | $9.9M | $11.8M | $16.0M |
| Continuing Ops | $34.0M | $3.3M | $2.3M | $-2.9M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $34.0M | $3.3M | $2.3M | $-2.9M |
| Minority Interest | $4.2M | $349.0K | $188.0K | $-228.0K |
| Net to Common | $29.7M | $2.9M | $2.1M | $-2.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash & Equivalents | $9.0M | $4.0M | $1.6M | $4.6M |
| PP&E (Net) | $477.1M | $443.6M | $444.0M | $441.3M |
| Operating Leases | $1.6M | $1.4M | $3.2M | $3.0M |
| Total Assets | $573.4M | $564.6M | $605.0M | $715.9M |
| Current Debt | — | — | — | $100.0M |
| Total Liabilities | $278.1M | $288.9M | $328.5M | $414.6M |
| Shareholders' Equity | $295.4M | $275.6M | $276.5M | $301.3M |
| Retained Earnings | $10.0M | $-2.4M | $-15.7M | $-35.3M |
| AOCI | $14.6M | $9.3M | $6.8M | $1.3M |
| Total L&E | $573.4M | $564.6M | $605.0M | $715.9M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $34.0M | $3.3M | $2.3M | $-2.9M |
| Non-Cash Adjustments | $-9.9M | $21.5M | $20.9M | $29.3M |
| Working Capital Changes | $600.0K | $886.0K | $2.4M | $-699.0K |
| Cash from Operations | $24.7M | $25.6M | $25.6M | $25.8M |
| Cash from Investing | $-38.8M | $-13.6M | $-57.8M | $-103.9M |
| Debt Issuances | $277.0M | $31.8M | $122.4M | $216.0M |
| Debt Repayments | $277.8M | $23.5M | $96.9M | $140.0M |
| Share Buybacks | — | $14.6M | $775.0K | $8.8M |
| Dividends Paid | $15.1M | $17.1M | $16.8M | $17.7M |
| Cash from Financing | $17.7M | $-11.4M | $26.5M | $109.2M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $3.5M | $687.0K | $-5.8M | $31.0M |
| Beginning Cash | $9.5M | $13.0M | $13.7M | $8.0M |
| Ending Cash | $13.0M | $13.7M | $8.0M | $39.0M |
Frequently Asked Questions
How does Alpine Income Property Trust, Inc. make money?
Rental Income from Multi-Family Residential Units, Commercial Retail Leasing Operations, Property Management Services Fees, and Specialized Industrial or Mixed-Use Asset Rentals.
What are the main risks for PINE?
Fluctuating interest rates increasing borrowing costs for the company's significant $414.6M in total liabilities, potential vacancy rate increases in specific markets impacting rental collection, regulatory changes affecting affordable housing incentives or zoning laws, and exposure to economic downturns that reduce tenant demand.
What is PINE's competitive advantage?
Diversified geographic exposure reduces concentration risk across different economic cycles, a seasoned management team with deep expertise in real estate asset acquisition and optimization, and a strong balance sheet allowing for consistent debt repayment and strategic capital deployment.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.