Alpine Income Property Trust Inc

alpinereit.com

What Do They Do?

Owns and leases commercial properties to business tenants, and makes commercial loans and investments secured by real estate.

How Do They Make Money?

The company earns rental income under property leases, with contractual rent increases spread across the lease term; tenants also reimburse variable operating expenses when those costs are incurred.

FY2025 revenue

Who Are Their Customers?

Tenants occupy the properties under long-term leases; commercial loan borrowers generally secure their loans with real estate or an ownership interest in an entity that owns real estate.

Do Revenues Turn Into Profits?

No. It lost $2.7M in FY2025.

Operating income, FY2025

22% of revenue

▼ −6% vs FY2024 ($14M, 27%)

Net income, FY2025

−4% of revenue

▼ Now a loss vs FY2024 ($2.1M, 4%)

Free cash flow, FY2025

−361% of revenue

▲ +101% (Loss) vs FY2024 (−$109M, −209%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +40%; vs $14.6M in Q3 FY2025
Net income: ▲ Now profitable; vs −$1.3M in Q3 FY2025

Jul 23, 2026 Raised earnings guidance and cut planned property sales 2026 net income per diluted share guidance rose from $0.72 to $0.76 to $0.81 to $0.84, while disposition volume fell from $30 to $60 Million to $20 to $40 Million.
Apr 23, 2026 Raised 2026 investment-volume guidance The investment-volume outlook rose from $70 to $100 Million to $170 to $200 Million.

Growing. Revenue grew 2.0x in 4 years, from $30.1M in FY2021 to $60.5M in FY2025, about 19% a year.

Commercial lending The latest report adds commercial loans and real-estate-backed investments alongside the net-leased property business; the older overview described owning and operating net-leased properties.

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