Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q3 2026 Earnings Presentation
28 slides from Alpine Income Property Trust's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Investor Presentation
Presentation NYSE: PINE Third Quarter 2026 Investor alpinereit.com L o w e ’ s – F a i r f a x , V A
Slide 2: Portfolio Summary
2 © Alpine Income Property Trust, Inc. | alpinereit.com Portfolio Summary 56% Investment Grade2 Non-IG 12% Not Rated 32% 2 © Alpine Income Property Trust, Inc. | alpinereit.com As of September 30, 2026, unless otherwise noted. 1. The Company owns four single-tenant income properties which were acqui
Slide 3: 2026 Guidance
3 © Alpine Income Property Trust, Inc. | alpinereit.com 2026 GUIDANCE 1 2026 Guidance 3 © Alpine Income Property Trust, Inc. | alpinereit.com As of September 30, 2026, unless otherwise noted. Consensus 2026E AFFO per FactSet. 1. The Company’s 2026 outlook does not reflect the impact of any incentive
Slide 4: Pending Industrial Portfolio Acquisition (Est. Close November 2026)
4 © Alpine Income Property Trust, Inc. | alpinereit.com Pending Industrial Portfolio Acquisition (Est. Close November 2026) Preliminary; pending acquisition expected to close in early November 2026, subject to customary closing conditions; there can be no assurance the transaction will close as expe
Slide 5: Company Summary
5 © Alpine Income Property Trust, Inc. | alpinereit.com Company Summary As of September 30, 2026, unless otherwise noted. PINE stock price on September 30, 2026 was $17.35. 1. Net Debt to TEV (Total Enterprise Value) is the Company’s outstanding debt, minus the Company’s cash and cash equivalents, a
Slide 6: Highlights
6 © Alpine Income Property Trust, Inc. | alpinereit.com Highlights As of September 30, 2026, unless otherwise noted. PINE stock price on September 30, 2026 was $17.35. 1. See page 10 for more details on the calculation and peer metrics. 2. Based on % of ABR from Investment-Grade-rated tenants. A cre
Slide 7: High-Quality, Retail Net Lease Portfolio
7 © Alpine Income Property Trust, Inc. | alpinereit.com High-Quality, Retail Net Lease Portfolio As of September 30, 2026, unless otherwise noted. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating
Slide 8: Major Market, Strong Demographic-Driven Portfolio
8 © Alpine Income Property Trust, Inc. | alpinereit.com % OF ABR BY STATE Major Market, Strong Demographic-Driven Portfolio As of September 30, 2026, unless otherwise noted. ABR in thousands, includes impact of straight-line rent. 1. Based on 2025 Average Household Income (5-mile) and 2025 Total Pop
Slide 9: Diversified Portfolio
9 © Alpine Income Property Trust, Inc. | alpinereit.com Diversified Portfolio As of September 30, 2026, unless otherwise noted. % of ABR includes impact of straight-line rent. B o o t B a r n – C o n c o r d , N C L o w e ’ s – S t o c k t o n , C A TOP SECTORS 16% 15% 10% 10% 7% 7% 6% 6% 4% 4% Home
Slide 10: High-Quality Portfolio with Valuation Upside
10 © Alpine Income Property Trust, Inc. | alpinereit.com TOTAL ENTERPRISE VALUE PER SQUARE FOOT1 High-Quality Portfolio with Valuation Upside Average rent of $11.26 PSF keeps occupancy costs below market rents, so tenants may be more likely to exercise renewal options. Source: FactSet and Company Re
Slide 11: High-Yielding and Growing Dividend
11 © Alpine Income Property Trust, Inc. | alpinereit.com 7.4% 7.0% 6.0% 5.8% 5.2% 5.1% 5.0% 4.8% PINE FCPT O NNN FVR NTST EPRT ADC $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 $1.28 2020 2021 2022 2023 2024 2025 Q3 2026 Annualized As of September 30, 2026, unless otherwise noted. 1. All dividend yields are b
Slide 12: Well-Covered Dividend & Valuation Upside
12 © Alpine Income Property Trust, Inc. | alpinereit.com 82% 73% 67% 70% 65% 63% 65% 60% PINE EPRT FVR NTST NNN ADC O FCPT Well-Covered Dividend & Valuation Upside As of September 30, 2026, unless otherwise noted. 1. 2026E AFFO multiples are based on the closing stock price on September 30, 2026; AF
Slide 13: Trailing Twelve-Month Total Return
13 © Alpine Income Property Trust, Inc. | alpinereit.com Trailing Twelve-Month Total Return As of October 20, 2026. Per S&P Cap IQ (20.0%) (10.0%) – 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 10/21/2025 11/21/2025 12/21/2025 1/21/2026 2/21/2026 3/21/2026 4/21/2026 5/21/2026 6/21/2026 7/21/2026
Slide 14: High-Quality Top Tenant Base: 56% Investment-Grade Rated
14 © Alpine Income Property Trust, Inc. | alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base: 56% Investment-Grade Rated % IG RATED PINE information as of September 30, 2026. Peer information as of each company’s Q2 2026 investor presentation based on data as of June 30, 2026. 51% 13%
Slide 15: Lease Rollover Schedule
15 © Alpine Income Property Trust, Inc. | alpinereit.com Lease Rollover Schedule As of September 30, 2026, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. A long, well-laddered rollover schedule limits near-term
Slide 16: Commercial Loan Investments
16 © Alpine Income Property Trust, Inc. | alpinereit.com KEY COMMERCIAL LOAN PORTFOLIO STATS 1 Commercial Loan Investments As of September 30, 2026, unless otherwise noted. 1. See Supplemental Disclosure on Commercial Loans and Investments on page 27 of this presentation. 2. Net of $18.5 million A-1
Slide 17: Debt Maturities and Capitalization
17 © Alpine Income Property Trust, Inc. | alpinereit.com $100 $100 $199 2026 2027 2028 2029 2030 2031 Unsecured Term Loan Revolving Credit Facility 100% Unsecured Long-Term Indebtedness As of September 30, 2026. $ in millions; any differences a result of rounding. 1. The Company’s senior unsecured r
Slide 18: Debt Detail
18 © Alpine Income Property Trust, Inc. | alpinereit.com Debt Detail As of September 30, 2026. $ in thousands; any differences a result of rounding. 1. As of September 30, 2026, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus
Slide 19: Corporate Responsibility
19 © Alpine Income Property Trust, Inc. | alpinereit.com Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Committed Focus Committed to maintaining
Slide 20: Research Analyst Coverage
20 © Alpine Income Property Trust, Inc. | alpinereit.com Research Analyst Coverage Firm Analyst Email Address Alliance Global Partners Gaurav Mehta [email protected] Baird Wes Golladay [email protected] B. Riley John Massocca [email protected] Cantor Fitzgerald Jay Kornreich jay.kornrei
Slide 21: Disclaimer
21 © Alpine Income Property Trust, Inc. | alpinereit.com Disclaimer This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “outlook,” “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans
Slide 22: Non-GAAP Financial Information
22 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Information Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Operati
Slide 23: Consolidated Statement of Operations
23 © Alpine Income Property Trust, Inc. | alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share data 1. Includes 1,223,854 shares during the three and nine months ended September 30, 2026 and 2025, underlying 1,223,854 OP Units issued to CTO Realty Growth, In
Slide 24: Reconciliation: FFO and AFFO
24 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share data (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months
Slide 25: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
25 © Alpine Income Property Trust, Inc. | alpinereit.com $ in thousands, except share and per share data 1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended September 30, 2026. Non-GAAP Financial
Slide 26: Non-GAAP Financial Measures: Schedule of Commercial Loans
26 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures: Schedule of Commercial Loans $ in thousands; any differences a result of rounding. See the “Supplemental Disclosure on Commercial Loans and Investments” section and tables on page 27 of this presentation for additi
Slide 27: Supplemental Disclosure on Commercial Loans and Investments
27 © Alpine Income Property Trust, Inc. | alpinereit.com $ in thousands, except share and per share data 1. Includes PIK interest coupon rate. Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments (Unaudited, in thousands) As of and for the Nine Months Ended Septem
Slide 28: Investor Inquiries
INVESTOR INQUIRIES [email protected] NYSE: PINE
Alpine Income Property Trust — Q3 2026 Earnings Presentation on 6ix