$PINE

Alpine Income Property Trust, Inc.

CIK:0001786117|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Lease Income	$ 12,637	$ 12,022	$ 25,239	$ 23,848
Interest Income from Commercial Loans and Investments	7,331	2,737	13,089	5,038
Other Revenue	34	104	80	183
Total Revenues	20,002	14,863	38,408	29,069
Operating Expenses:
Real Estate Expenses	2,085	2,105	4,387	4,139
General and Administrative Expenses	2,028	1,697	3,887	3,413
Provision for Impairment	377	2,803	885	4,834
Depreciation and Amortization	6,805	6,705	14,020	14,012
Total Operating Expenses	11,295	13,310	23,179	26,398
Gain on Disposition of Assets		938	97	2,089
Net Income From Operations	8,707	2,491	15,326	4,760
Investment and Other Income	364	47	455	92
Interest Expense	(4,579)	(4,320)	(8,932)	(7,912)
Net Income (Loss)	4,492	(1,782)	6,849	(3,060)
Less: Net Loss (Income) Attributable to Noncontrolling Interest	(301)	141	(473)	240
Net Income (Loss) Attributable to Alpine Income Property Trust, Inc.	4,191	(1,641)	6,376	(2,820)
Less: Distributions to Preferred Stockholders	(1,187)		(2,309)
Net Income (Loss) Attributable to Common Stockholders	$ 3,004	$ (1,641)	$ 4,067	$ (2,820)
Per Common Share Data:
Basic (in dollars per share)	$ 0.18	$ (0.12)	$ 0.25	$ (0.2)
Diluted (in dollars per share)	$ 0.16	$ (0.12)	$ 0.23	$ (0.2)
Weighted Average Number of Common Shares:
Basic (in shares)	17,066,917	14,202,796	16,310,036	14,414,682
Diluted (in shares)	18,290,771	15,426,650	17,533,890	15,638,536

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flow From Operating Activities:
Net Income (Loss)	$ 6,849	$ (3,060)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided By Operating Activities:
Depreciation and Amortization	14,020	14,012
Amortization of Intangible Lease Assets and Liabilities to Lease Income	(477)	(246)
Amortization of Deferred Financing Costs to Interest Expense	568	394
Accretion of Commercial Loans and Investments Origination Fees	(606)	(200)
Paid-In-Kind Accrued Interest	(1,423)
Gain on Disposition of Assets	(97)	(2,089)
Provision for Impairment	885	4,834
Non-Cash Compensation	190	190
Decrease (Increase) in Assets:
Straight-Line Rent Adjustment	(317)	(362)
Other Assets	(2,079)	192
Increase (Decrease) in Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	74	588
Prepaid Rent and Deferred Revenue	(6,992)	(31)
Net Cash Provided By Operating Activities	10,595	14,222
Cash Flow From Investing Activities:
Acquisition of Real Estate Including Intangible Lease Assets and Liabilities	(20,505)	(35,208)
Investments in and Improvements to Real Estate	(346)	(5,131)
Proceeds from Disposition of Assets	5,531	26,820
Acquisition of Commercial Loans and Investments	(87,242)	(33,098)
Principal Payments Received on Commercial Loans and Investments	17,526	11,856
Proceeds from Sale of Participation Interest	10,763
Payments on Participation Obligation	(1,701)	(9,131)
Cash Received for Commercial Loan Reserves	16,935	702
Net Cash Used In Investing Activities	(59,039)	(43,190)
Cash Flow from Financing Activities:
Proceeds from Long-Term Debt	289,588	65,500
Payments on Long-Term Debt	(298,088)	(14,500)
Cash Paid for Loan Fees	(4,239)	(111)
Repurchases of Common Stock		(8,798)
Proceeds From Stock Issuances, Net	61,488	(71)
Dividends Paid - Preferred Stock	(2,309)
Dividends Paid - Common Stock	(10,921)	(8,876)
Net Cash Provided By Financing Activities	35,519	33,144
Net Increase (Decrease) in Cash and Cash Equivalents and Restricted Cash	(12,925)	4,176
Cash and Cash Equivalents and Restricted Cash, Beginning of Period	38,999	7,951
Cash and Cash Equivalents and Restricted Cash, End of Period	26,074	12,127
Supplemental Disclosure of Cash Flow Information:
Cash Paid for Interest	9,057	6,683
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Unrealized Gain (Loss) on Cash Flow Hedge	$ 1,990	$ (3,703)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent
Accrued Tenant Improvements		$ 5,000

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate:
Land, at Cost	$ 166,572	$ 151,628
Building and Improvements, at Cost	349,449	344,138
Total Real Estate, at Cost	516,021	495,766
Less, Accumulated Depreciation	(62,863)	(54,446)
Real Estate-Net	453,158	441,320
Assets Held for Sale	375	8,077
Commercial Loans and Investments	238,575	167,553
Cash and Cash Equivalents	2,778	4,589
Restricted Cash	23,296	34,410
Intangible Lease Assets-Net	46,151	48,925
Straight-Line Rent Adjustment	2,406	2,092
Other Assets	14,774	8,908
Total Assets	781,513	715,874
Liabilities:
Accounts Payable, Accrued Expenses, and Other Liabilities	14,093	7,877
Prepaid Rent and Deferred Revenue	17,661	14,031
Intangible Lease Liabilities-Net	4,602	4,971
Obligation Under Participation Agreement	19,062	10,000
Long-Term Debt-Net	367,552	377,739
Total Liabilities	422,970	414,618
Commitments and Contingencies-See Note 20
Equity:
Preferred Stock, 100 million shares authorized, $0.01 par value, 8.00% Series A Cumulative Redeemable Preferred Stock, $25.00 Per Share Liquidation Preference, 2,425,868 shares issued and outstanding as of June 30, 2026 and 2,083,328 shares issued and outstanding as of December 31, 2025	24	21
Common Stock, $0.01 par value per share, 500 million shares authorized, 17,595,168 shares issued and outstanding as of June 30, 2026 and 14,783,419 shares issued and outstanding as of December 31, 2025	176	148
Additional Paid-in Capital	375,337	313,690
Dividends in Excess of Net Income	(41,394)	(35,276)
Accumulated Other Comprehensive Income	3,148	1,293
Stockholders' Equity	337,291	279,876
Noncontrolling Interest	21,252	21,380
Total Equity	358,543	301,256
Total Liabilities and Equity	$ 781,513	$ 715,874