PINE · Alpine Income Property Trust, Inc.

Alpine Income Property Trust delivered a strong first quarter in 2026, marked by significant investment activity and capital raising that prompted a substantial upward revision to its full-year outlook. The company reported AFFO per diluted share of $0.53, a notable increase from $0.44 in the prior year period, driven by robust revenue growth and portfolio expansion. Total revenues climbed to $18.4 million from $14.2 million year-over-year, while net income swung to a profit of $2.2 million compared to a loss in the same quarter of 2025.

Operational execution was highlighted by $74 million in gross investment activity, split between property acquisitions and commercial loan originations, achieved at a blended initial yield of 14.1%. This aggressive deployment, supported by opportunistic equity issuance and a recast credit facility, underpinned management's decision to raise 2026 investment volume guidance by $100 million to a new range of $170 million to $200 million. CEO John P. Albright cited a strong pipeline and increased confidence in the investment landscape as key drivers for the revised outlook.

Financially, the company strengthened its balance sheet by entering into an Amended and Restated Credit Agreement, securing a $250 million revolving facility and two $100 million term loans maturing in 2029 and 2031. Additionally, the company raised $36.2 million through ATM programs, enhancing liquidity to $89.4 million. The dividend remains well-covered with a payout ratio of 56.6%, and guidance for 2026 AFFO per share was raised to $2.11–$2.15, signaling expectations for continued growth and shareholder value creation.