Alpine Income Property Trust Inc (NYSE: PINE) is a real estate investment trust that acquires and owns single-tenant, net leased commercial properties. Revenue comes from two primary streams: lease income from net leased properties, where tenants bear property taxes, insurance, maintenance, and often capital expenditures on top of base rent, and interest income from commercial loans and investments. In FY2025, total revenues were $60.5 million, with lease income of $48.7 million (80% of total) and interest income from commercial loans and investments of $11.4 million (19% of total), per the 10-K filed 2026-02-05. Net leases are structured for initial terms of 10 to 25 years, typically with periodic rent escalations tied to fixed percentages or the Consumer Price Index. PINE is externally managed, with CTO Realty Growth serving as its manager. Interest expense of $16.3 million in FY2025 reflects a debt-heavy capital structure.

Revenue model

Lease income from net leased single-tenant commercial properties, where tenants pay property taxes, insurance, and maintenance costs in addition to rent. Secondary revenue stream from interest income on commercial loans and investments. Minor other revenue. FY2025 totals: lease income $48.7M, interest income $11.4M, other revenue $0.5M (10-K filed 2026-02-05).

Products and services

Single-tenant net leased commercial real estate properties. Commercial loans and investments generating interest income. Net leases with initial terms of 10 to 25 years, often including rent escalation clauses tied to fixed percentages or CPI.

Customers and end markets

Commercial tenants occupying single-tenant net leased properties. Net lease structure shifts operating costs to tenants. The filing notes that loss of any major property tenant is a material risk, implying tenant concentration exists, though specific tenant names or concentration percentages are not disclosed in the excerpts.

Value-chain role

Property owner and capital allocator. Acquires net leased commercial real estate and originates or purchases commercial loans and investments. Externally managed by CTO Realty Growth, which also represents a related-party transaction risk for acquisitions and dispositions.

Geographic exposure

The filing does not specify geographic distribution of properties in the excerpts provided.

Source: SEC 10-K, filed 2026-02-05

Industry: Real Estate Investment Trusts Peers: Belpointe PREP LLC W.p. Carey Inc CTO Realty Growth Inc First Real Estate Investment Trust of New Jersey Inc Gladstone Commercial Corp Guskin Gold Corp. NexPoint Diversified Real Estate Trust Modiv Industrial Inc One Liberty Properties Inc