Alpine Income Property Trust, Inc. PINE
We are a real estate investment trust ("REIT") that owns and operates a high-quality portfolio of commercial net lease properties all located in the United States. Our properties are primarily leased to industry leading, creditworthy tenants, many of which operate in industries we believe are resistant to the impact of e-commerce. Our portfolio consists of 127 net leased properties located in 32 states. The properties in our portfolio are primarily subject to long-term leases, which generally require the tenant to pay directly or reimburse us for property operating expenses such as real estate taxes, insurance, assessments and other governmental fees, utilities, repairs and maintenance and certain capital expenditures. We also acquire and originate commercial loans and investments. Our investments in commercial loans are generally secured by real estate or the borrower's pledge of its ownership interest in an entity that owns real estate.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $60.5M | $52.2M | $45.6M | $45.2M | $30.1M | $19.2M | — | $11.7M | — |
| Gross profit | $52.1M | $44.0M | $39.0M | $39.8M | — | — | — | — | — |
| SG&A | $6.7M | $6.6M | $6.3M | $5.8M | $5.0M | $4.7M | — | $1.2M | — |
| Total operating expenses | $49.5M | $41.7M | $41.9M | $34.8M | $24.6M | $16.9M | — | $7.7M | — |
| Operating income | $13.1M | $14.0M | $13.1M | $43.5M | $15.2M | $2.6M | — | $4.0M | — |
| Interest expense | $16.3M | $12.0M | $10.2M | — | — | — | — | — | — |
| Net income | -$2.7M | $2.1M | $2.9M | $29.7M | $10.0M | $985.0K | — | $4.0M | — |
| EPS, basic | -0.22 | 0.15 | 0.21 | 2.48 | 1.02 | 0.13 | — | — | — |
| EPS, diluted | -0.22 | 0.14 | 0.19 | 2.17 | 0.89 | 0.11 | — | — | — |
| Shares, diluted (wtd. avg.) | $15.6M | $15.1M | $15.6M | $13.7M | $11.2M | $8.8M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.6M | $1.6M | $4.0M | $13.0M | $9.5M | $1.9M | $12.3M | $8.0K | $7.0K |
| Property, plant and equipment | $441.3M | $444.0M | $443.6M | $477.1M | $429.0M | $219.3M | $128.0M | — | — |
| Other intangibles | $48.9M | $43.9M | $49.3M | $60.4M | $58.8M | $36.9M | $22.4M | — | — |
| Total assets | $715.9M | $605.0M | $564.6M | $573.4M | $505.5M | $262.2M | $164.2M | — | — |
| Short-term debt | $100.0M | — | — | — | — | — | — | — | — |
| Long-term debt | $377.7M | $301.5M | $275.7M | $267.1M | $267.7M | $106.8M | — | — | — |
| Total liabilities | $414.6M | $328.5M | $288.9M | $278.1M | $277.6M | $113.1M | $3.5M | — | — |
| Retained earnings | -$35.3M | -$15.7M | -$2.4M | $10.0M | -$6.4M | -$5.7M | -$498.0K | — | — |
| Total equity | $279.9M | $253.0M | $275.6M | $295.4M | $227.9M | $149.1M | $160.7M | $124.2M | $120.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $25.8M | $23.4M | $23.2M | $24.7M | $17.2M | $9.4M | — | $5.6M | — |
| Depreciation and amortisation | $27.4M | $25.6M | $25.8M | $23.6M | $15.9M | $9.9M | — | $4.9M | — |
| Stock-based compensation | $380.0K | $247.0K | $318.0K | $310.0K | $309.0K | $268.0K | — | $232.0K | — |
| Capital expenditure | $244.5M | $132.4M | $119.9M | $189.1M | $223.4M | — | — | — | — |
| Investing cash flow | -$103.9M | -$55.7M | -$11.1M | -$38.8M | -$196.0M | -$113.9M | — | -$5.2M | — |
| Financing cash flow | $109.2M | $26.5M | -$11.4M | $17.7M | $186.4M | $94.0M | — | -$438.0K | — |
| Dividends paid | $17.7M | $16.8M | $17.1M | $15.1M | $12.2M | $7.2M | — | — | — |
| Buybacks | $8.8M | $775.0K | $14.6M | — | — | $5.0M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-010910.
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