Third Quarter 2026
Filed Oct 22, 2026ALPINE INCOME PROPERTY TRUST REPORTS THIRD QUARTER 2026 OPERATING AND FINANCIAL RESULTS
Third-quarter total revenues, net income attributable to common stockholders, FFO attributable to common stockholders and AFFO attributable to common stockholders were all higher than the corresponding 2025 period. The Company raised its 2026 net income, FFO, AFFO and investment-volume outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenues, three months ended September 30GAAP | $20.46M | – | – |
| Lease Income, three months ended September 30GAAP | $12.81M | – | – |
| Interest Income from Commercial Loans and Investments, three months ended September 30GAAP | $7.61M | – | – |
| Other Revenue, three months ended September 30GAAP | $37K | – | – |
| Total Operating Expenses, three months ended September 30GAAP | $10.91M | – | – |
| Real Estate Expenses, three months ended September 30GAAP | $2.10M | – | – |
| General and Administrative Expenses, three months ended September 30GAAP | $2.01M | – | – |
| Provision for Impairment and Adjustment to CECL Reserve, three months ended September 30GAAP | −$76K | – | – |
| Depreciation and Amortization, three months ended September 30GAAP | $6.88M | – | – |
| Gain (Loss) on Disposition of Assets, three months ended September 30GAAP | $272K | – | – |
| Net Income From Operations, three months ended September 30GAAP | $9.82M | – | – |
| Interest Expense, three months ended September 30GAAP | −$4.83M | – | – |
| Net Income (Loss), three months ended September 30GAAP | $5.01M | – | – |
| Net Income (Loss) Attributable to Common Stockholders, three months ended September 30GAAP | $3.44M | – | – |
| Net Income (Loss) Attributable to Common Stockholders per Diluted Share, three months ended September 30GAAP | $0.18 | – | – |
| Net Income (Loss) Attributable to Common Stockholders per Basic Share, three months ended September 30GAAP | $0.19 | – | – |
| FFO Attributable to Common Stockholders, three months ended September 30non-GAAP | $10.36M | – | – |
| FFO Attributable to Common Stockholders per Diluted Share, three months ended September 30non-GAAP | $0.55 | – | – |
| AFFO Attributable to Common Stockholders, three months ended September 30non-GAAP | $10.42M | – | – |
| AFFO Attributable to Common Stockholders per Diluted Share, three months ended September 30non-GAAP | $0.55 | – | – |
| Total Revenues, nine months ended September 30GAAP | $58.87M | – | – |
| Net Income (Loss) Attributable to Common Stockholders, nine months ended September 30GAAP | $7.51M | – | – |
| Net Income (Loss) Attributable to Common Stockholders per Diluted Share, nine months ended September 30GAAP | $0.42 | – | – |
| FFO Attributable to Common Stockholders, nine months ended September 30non-GAAP | $29.70M | – | – |
| FFO Attributable to Common Stockholders per Diluted Share, nine months ended September 30non-GAAP | $1.65 | – | – |
| AFFO Attributable to Common Stockholders, nine months ended September 30non-GAAP | $29.89M | – | – |
| AFFO Attributable to Common Stockholders per Diluted Share, nine months ended September 30non-GAAP | $1.66 | – | – |
| Total Investments, three months ended September 30, 2026other | $40.93M | – | – |
| Total Investments, nine months ended September 30, 2026other | $191.4M | – | – |
| Total Dispositions, three months ended September 30, 2026other | $410K | – | – |
| Total Dispositions, nine months ended September 30, 2026other | $16.99M | – | – |
| Occupancy as of September 30, 2026other | 99.6% | – | – |
| Property Portfolio Annualized Base Rent as of September 30, 2026other | $53.9M | – | – |
| Commercial Loan Portfolio Outstanding Face Amount as of September 30, 2026other | $160.1M | – | – |
| Commercial Loan Portfolio Weighted Average Coupon Rate as of September 30, 2026other | 13.4% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Lease Income, three months ended September 30, 2026Income from the property portfolio. | $12.81M | – | – |
| Interest Income from Commercial Loans and Investments, three months ended September 30, 2026Income from commercial loans and investments. | $7.61M | – | – |
| Other Revenue, three months ended September 30, 2026Other revenue. | $37K | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 revised outlook outlook
- NoteNet Income per Diluted Share: $0.90 to $0.93
- NoteFFO Attributable to Common Stockholders per Diluted Share: $2.19 to $2.21
- NoteAFFO Attributable to Common Stockholders per Diluted Share: $2.20 to $2.22
- NoteInvestment Volume: $310 to $350 Million
- NoteDisposition Volume: $20 to $40 Million
Capital returns
- Preferred Dividends Declared and Paid per Share, three months ended September 30, 2026: $0.500
- Common Dividends Declared and Paid per Share, three months ended September 30, 2026: $0.320
- Preferred Dividends Declared and Paid per Share, nine months ended September 30, 2026: $1.500
- Common Dividends Declared and Paid per Share, nine months ended September 30, 2026: $0.920
- FFO Attributable to Common Stockholders Payout Ratio, three months ended September 30, 2026: 58.2%
- AFFO Attributable to Common Stockholders Payout Ratio, three months ended September 30, 2026: 58.2%
- The Company issued 335,457 common shares under its common stock ATM offering program during the three months ended September 30, 2026 at a weighted average gross price of $20.01 per share, for total net proceeds of $6.6 million.
- The Company issued 63,879 preferred shares under its Series A Preferred Stock ATM offering program during the three months ended September 30, 2026 at a weighted average gross price of $25.22 per share, for total net proceeds of $1.6 million.
What drove it
- The Company invested nearly $41 million in the third quarter at a weighted average initial cash yield of 8.5%.
- Properties acquired during the three months ended September 30, 2026 totaled $39,210 (in thousands), and commercial loan originations totaled $1,720 (in thousands).
- The property portfolio had 130 properties, 4.8 million square feet, 99.6% occupancy and a weighted average remaining lease term of 8.7 years as of September 30, 2026.
- The commercial loan portfolio had 11 commercial loans, a weighted average coupon rate of 13.4%, a weighted average remaining term of 1.4 years and an unfunded commitment amount of $75.5 million as of September 30, 2026.
- The Company announced an agreement on October 9, 2026 to acquire a 13-property industrial portfolio for $117.3 million. The acquisition is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Concerns
- Net Debt / Total Enterprise Value was 49.5% and Net Debt / Pro Forma Adjusted EBITDA was 6.5x as of September 30, 2026.
- The Company had $198.5 million outstanding under its Revolving Credit Facility as of September 30, 2026.
- Lowe's represented 14% of total ABR and Dick's Sporting Goods represented 10% of total ABR as of September 30, 2026.
- The pending $117.3 million portfolio acquisition is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
- The Company stated that its 2026 outlook is subject to risks and uncertainties and does not reflect the impact of any incentive management fee that may be due to its manager based on stockholder return for the calendar year.
What to watch
- Closing of the expected fourth-quarter 2026 acquisition of the 13-property industrial portfolio for $117.3 million.
- Expected late-October 2026 closing of the $100 million four-year term loan and the $75 million increase in revolving credit facility commitments.
- Execution toward revised 2026 investment volume of $310 to $350 Million.
- Portfolio occupancy, lease term and commercial-loan portfolio performance.
- Funding and deployment of the additional $175.0 million of potential liquidity from the announced financing commitments.
Balance sheet and cash flow
- Cash and Cash Equivalents as of September 30, 2026: $11,722 (in thousands)
- Total Liquidity as of September 30, 2026: $63,222 (in thousands)
- Available Capacity Under Revolving Credit Facility as of September 30, 2026: $51,500 (in thousands)
- Total Debt as of September 30, 2026: $398,500 (in thousands)
- Total Debt weighted-average rate as of September 30, 2026: 4.48%
- Net Debt as of September 30, 2026: $386,778 (in thousands)
- Net Debt / Total Enterprise Value as of September 30, 2026: 49.5%
- Net Debt / Pro Forma Adjusted EBITDA as of September 30, 2026: 6.5x
- Fixed Charge Coverage Ratio as of September 30, 2026: 3.1x
- Total Assets as of September 30, 2026: $821,106 (in thousands)
- Long-Term Debt—Net as of September 30, 2026: $396,676 (in thousands)
- Total Liabilities as of September 30, 2026: $452,248 (in thousands)
- Total Equity as of September 30, 2026: $368,858 (in thousands)
- Operating cash flow and free cash flow were not reported.
Analysis
Alpine Income Property Trust reported third-quarter total revenues of $20,460 (in thousands), compared with $14,563 (in thousands) in the corresponding 2025 period. Lease Income was $12,812 (in thousands), while Interest Income from Commercial Loans and Investments was $7,611 (in thousands). Net Income From Operations was $9,823 (in thousands), compared with $2,419 (in thousands), and Net Income Attributable to Common Stockholders was $3,443 (in thousands), compared with a loss of $(1,310) (in thousands). Diluted net income attributable to common stockholders was $0.18 per share, compared with $(0.09) per share.
Non-GAAP operating measures also increased from the corresponding 2025 period. FFO Attributable to Common Stockholders was $10,356 (in thousands), or $0.55 per diluted share, versus $7,135 (in thousands), or $0.46 per diluted share. AFFO Attributable to Common Stockholders was $10,423 (in thousands), or $0.55 per diluted share, versus $7,128 (in thousands), or $0.46 per diluted share. The quarter included a $(76) (in thousands) Provision for Impairment and Adjustment to CECL Reserve, compared with $1,915 (in thousands) in the prior-year period.
Investment activity remained central to the period. Total investments were $40,930 (in thousands) in the third quarter and $191,435 (in thousands) for the nine months ended September 30, 2026. The Company stated that it invested nearly $41 million in the quarter at a weighted average initial cash yield of 8.5%. Its property portfolio had 130 properties, $53.9 million of ABR, 99.6% occupancy and an 8.7-year weighted average remaining lease term. The commercial loan portfolio had an outstanding face amount of $160.1 million and a weighted average coupon rate of 13.4%.
The balance sheet reflects meaningful debt usage alongside planned financing capacity. Total Debt was $398,500 (in thousands), Net Debt was $386,778 (in thousands), and Net Debt / Pro Forma Adjusted EBITDA was 6.5x as of September 30, 2026. The Company had $63,222 (in thousands) of total liquidity. Subsequent to quarter end, it received commitments for a new $100 million four-year term loan and a $75 million increase in revolving credit facility commitments, which the Company stated will increase potential liquidity by $175 million.
Management raised 2026 outlook for Net Income per Diluted Share to $0.90 to $0.93, FFO Attributable to Common Stockholders per Diluted Share to $2.19 to $2.21, AFFO Attributable to Common Stockholders per Diluted Share to $2.20 to $2.22, and Investment Volume to $310 to $350 Million. The revised plan incorporates strong closed and under-contract investment activity, including a pending $117.3 million acquisition of a 13-property industrial portfolio that is expected to close in the fourth quarter of 2026, subject to customary closing conditions.
Management, verbatim
We continued to execute on our growth strategy in the third quarter, investing nearly $41 million at an attractive weighted average initial cash yield of 8.5%.
John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust
Including our pending $117.3 million portfolio acquisition, our closed and under-contract investment activity year-to-date exceeds $300 million, a Company record that surpasses our full-year 2025 total of $278 million.
John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust
Given this strong investment activity and the continued performance of our portfolio we are raising our full-year 2026 guidance.”
John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust
Not in the filing
stated, not guessed- Prior quarterly metrics were not reported for the reported metrics.
- Percentage year-over-year changes were not reported for the reported income-statement metrics.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Tax rate was not reported.
- Share repurchases were not reported.
- A separate previous-release outlook section was not provided; therefore, vs_prior_guidance is empty.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.