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, 2026
Slide 1: Investor Presentation Third Quarter 2026
Lowe’s – Fairfax, VA Investor Presentation Third Quarter 2026 NYSE: PINE alpinereit.com
Slide 2: Portfolio Summary
Portfolio Summary KEY PORTFOLIO STATS 1 130 4.8M 8.7 years 99.6% $11.26 Properties Square Feet Wtd. Avg. Lease Term Occupied Average Rent PSF Mar Vista – Longboat Key, FL 56% Investment Grade2 Not Rated Non-IG 32% 12% As of September 30, 2026, unless otherwise noted. 1. The Company owns four single-
Slide 3: 2026 Guidance
2026 Guidance 2026 GUIDANCE 1 FFO per Share $2.19-$2.21 Investment Volume $310M-$350M Guidance midpoint vs 2025A +17.0% YoY AFFO per Share $2.20-$2.22 Disposition Volume $20M-$40M Guidance midpoint vs 2025A +16.9% YoY CONSENSUS 2026E VS. 2025A AFFO GROWTH 13.8% 7.9% 6.4% 6.1% 5.8% 4.1% 3.9% 3.7% PIN
Slide 4: Pending Industrial Portfolio Acquisition (Est. Close November 2026)
Pending Industrial Portfolio Acquisition (Est. Close November 2026) PENDING ACQUISITION – KEY STATS $117.3M 13 | 9 1.9M | 209 10.2 Years 100% Purchase Price Properties | Tenants Square Feet | Acres Wtd. Avg. Lease Term Occupied WHY THIS PORTFOLIO 13 properties across 11 states 01 Compelling Entry Yi
Slide 5: Company Summary
Company Summary SNAPSHOT – SEPTEMBER 30, 2026 $332M $781M BJ’s Wholesale Club – Concord, NC Market Capitalization Enterprise Value (TEV) 8.1% 7.4% Implied Annualized Dividend Cap Rate Yield 49.5% 6.5x Net Debt / Net Debt / Pro Forma TEV 1 Adjusted EBITDA 2 2029 $63M First Debt Maturity Liquidity As
Slide 6: Highlights
Highlights WHY PINE 01 Low Basis 02 Dividend Growth 03 Well-Covered Dividend $163 per sq ft — roughly 60%+ increase in the Highest yield with the 60% of the peer average, quarterly dividend since the lowest payout ratio in the below replacement cost 1. start of 2020. sector. 04 Below-Market Rent 05
Slide 7: High-Quality, Retail Net Lease Portfolio
High-Quality, Retail Net Lease Portfolio TOP 10 TENANTS BY ABR 1 BBB+ 14% 68% 79% OP ER A T IONA L T R A NS P A R ENCY of ABR from credit-rated of ABR from publicly BBB 10% 69% of or tenants ABR comes their from tenantstraded parent or the parent tenantsof or a tenant their that are credit-rated par
Slide 8: Major Market, Strong Demographic-Driven Portfolio
Major Market, Strong Demographic-Driven Portfolio Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics % OF ABR BY STATE TOP STATES State Properties $ ABR % ABR Florida 5 $5,923 11% Texas 14 5,214 10% North Carolina 8 4,929 9% % GAAP ABR New Jersey 7 4,046 8% 11%
Slide 9: Diversified Portfolio
Diversified Portfolio TOP SECTORS Boot Barn – Concord, NC Home Improvement 16% Sporting Goods 15% Casual Dining 10% Dollar Stores 10% Entertainment 7% Grocery 7% Consumer Electronics 6% Home Furnishings 6% Pharmacy 4% Off-Price Retail 4% Lowe’s – Stockton, CA 9 As of September 30, 2026, unless other
Slide 10: High-Quality Portfolio with Valuation Upside
High-Quality Portfolio with Valuation Upside M A R GIN OF S A F ET Y S T ICKIER T ENA NT S Basis per square foot is roughly 60% of the peer average — Average rent of $11.26 PSF keeps occupancy costs below allowing shareholders to invest below replacement cost. market rents, so tenants may be more li
Slide 11: High-Yielding and Growing Dividend
High-Yielding and Growing Dividend PINE DIVIDEND PER SHARE $1.14 $1.28 58% $1.02 $1.09 $1.10 $1.11 Q3 Annualized AFFO $0.82 Payout Ratio 2020 2021 2022 2023 2024 2025 Q3 2026 7.4% Annualized Annualized Dividend Yield HIGH DIVIDEND YIELD 1 Peer Average: 5.5% 7.4% 7.0% 60% Increase in quarterly cash 6
Slide 12: Well-Covered Dividend & Valuation Upside
Well-Covered Dividend & Valuation Upside 2026E AFFO PAYOUT RATIO 1 Peer Average: 69% 82% 63% 65% 70% 73% 65% 67% 60% PINE EPRT FVR NTST NNN ADC O FCPT 2026E AFFO MULTIPLES 1 Peer Average: 12.6x 14.6x 11.5x 11.8x 12.2x 12.5x 12.7x 12.7x 8.1x PINE NNN FCPT O FVR EPRT NTST ADC As of September 30, 2026,
Slide 13: Trailing Twelve-Month Total Return
Trailing Twelve-Month Total Return 80.0% PINE 37.7% FVR 33.3% 70.0% RMZ 9.6% NNN 4.3% 60.0% O (1.0%) FCPT (5.6%) ADC (6.7%) 50.0% NTST (6.8%) EPRT (14.9%) 40.0% 30.0% 20.0% 10.0% – (10.0%) (20.0%) 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
High-Quality Top Tenant Base: 56% Investment-Grade Rated Among net lease peers, only PINE counts marquee credits like Lowe’s and Dick’s Sporting Goods as its top two tenants. 1 2 3 4 5 Sony 6 Credit 7 8 9 10 % IG 56% 66% 51% 41% 34% 34% 13% Not RATED Disclosed 14 PINE information as of September 30,
Slide 15: Lease Rollover Schedule
Lease Rollover Schedule LEASE ROLLOVER SCHEDULE (BY ABR) 22% 12% 13% 13% 9% YEARS WTD. AVG. LEASE TERM1 6% 6% 6% 5% 5% 2% 1% – – A long, well-laddered rollover schedule limits near-term re-leasing risk and supports durable, predictable cash flow. Academy Sports – Tupelo, MS As of September 30, 2026,
Slide 16: Commercial Loan Investments
Commercial Loan Investments The commercial loan portfolio complements the property portfolio, delivering an attractive risk-adjusted return. KEY COMMERCIAL LOAN PORTFOLIO STATS 1 OVERVIEW • Originates commercial loans and investments secured by real 11 $160.1M estate Number of Loans Outstanding Face
Slide 17: 100% Unsecured Long-Term Indebtedness
100% Unsecured Long-Term Indebtedness DEBT MATURITY SCHEDULE ($M) 1 CAPITALIZATION & LEVERAGE $199 $332M $62M $387M Equity Market Preferred Equity Net Debt 2 Capitalization at Liquidation $100 $100 $781M Total Enterprise Value (TEV) 49.5% 6.5x 2026 2027 2028 2029 2030 2031 Net Debt to Pro Forma Net
Slide 18: Debt Detail
Debt Detail Instrument Interest Rate Type Face Value Debt Wtd. Avg. Rate Initial Maturity Revolving Credit Facility Floating $98,500 5.25% February 2030 Revolving Credit Facility 1 Fixed $100,000 4.67% February 2030 2029 Term Loan 2 Fixed $100,000 4.66% February 2029 2031 Term Loan 3 Fixed $100,000
Slide 19: Corporate Responsibility
Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Environmental Responsibility Corporate Governance Committed Focus ▪ Independent Chairman of the B
Slide 20: Research Analyst Coverage
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 [email protected] Colliers Barry Oxford barry.oxford@colliers
Slide 21: Disclaimer
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,” “seeks,” “believes,” “estimates,” “expects,” “continue
Slide 22: Non-GAAP Financial Information
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 Operations (“AFFO”), and Pro Forma Earnings Before Interest, Tax
Slide 23: Consolidated Statement of Operations
Consolidated Statement of Operations (Unaudited, in thousands, except share, per share & dividend data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Lease Income $ 12,812 $ 12,122 $ 38,051 $ 35,970 Interest Income from Commercial Loans and Investment
Slide 24: Reconciliation: Funds From Operations and Adjusted Funds From Operations
Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations (Unaudited, in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net Income (Loss) $ 5,012 $ (1,423) $ 11,861 $ (4,483) Depreciati
Slide 25: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited, in thousands) Three Months Ended September 30, 2026 Net Income $ 5,012 Adjustments: Depreciation and Amortization 6,881 Provision for Impairment and Adjustment to CECL Reserve (76) Gain on Disposition of As
Slide 26: Schedule of Commercial Loans
Non-GAAP Financial Measures: Schedule of Commercial Loans (Unaudited, in thousands) As of June 30, 2026 As of September 30, 2026 Principal Draws / Face Coupon Commitment Description 1 Loan Type Location Maturity Face Amount (Pmts) Amount (Incl. PIK) Unfunded 1 Residential Land Loan 2 Construction Au
Slide 27: Supplemental Disclosure on Commercial Loans and Investments
Non-GAAP Financial Measures: Supplemental Disclosure on Commercial Loans and Investments (Unaudited, in thousands) As of and for the Nine Months Ended September 30, 2026 Plus: Sale-Leaseback Commercial Loans Commercial Loan Plus: Participation Total Commercial and Sale-Type Lease and Investments Por
Slide 28: Investor Inquiries
INVESTOR INQUIRIES [email protected] NYSE: PINE
Alpine Income Property Trust — Q3 2026 Earnings Presentation on 6ix