Alpine Income Property Trust Inc: What‘s The Initial View On 2Q‘26 Results?

Research evidence excerpt

Alpine Income Property Trust Inc: What‘s The Initial View On 2Q‘26 Results?

Global Research

23 July 2026ab

First Read

EquitiesAlpine Income Property Trust Inc

What's The Initial View On 2Q'26 Results? Americas

Real Estate

12-month rating Neutral

PINE's 2Q'26 AFFO/sh of $0.58 was above UBSe $0.56 & cons. of $0.54

We believe Alpine's 2Q'26 results and investment activity demonstrates execution of its 12m price target US$19.50

strategy to continue to improve portfolio quality while maintaining earnings accretion.

Though, there are some one-time factors that suggest that PINE's 2Q'26 elevated

Price (23 Jul 2026) US$20.53

AFFO is not an appropriate run-rate. PINE retained a deposit from a failed property sale

of $300k, is incurring higher interest expense from an extended hedged loan (2Q'26 of RIC: PINE.N BBG: PINE US

$100k, quarterly run-rate of $300k), and faces increased dilution and higher Trading data and key metrics

management fees following its equity issuance. We estimate this brings the quarterly

52-wk range US$21.75-13.18

AFFO/sh run-rate down to $0.52. Further, we believe there could be increased interest

Market cap. US$0.28b

expense from hedging in 3Q'26. In 2Q'26, PINE acquired 3 properties for $36.6 mm at a

Shares o/s 13.6m (COM)

weighted average initial cap rate of 7.4% and completed 1 commercial loan investment

for $40.0 mm at a weighted average initial yield of 10.0%. Acquisitions included a Free float 91%

property with an Aldi, a Petco, a HomeGoods, an Alamo Drafthouse (Sony credit), and a Avg. daily volume ('000) 51.4

Lowe's. These transactions moved up ABR generated from IG tenants by 500 bps Avg. daily value (m) US$1

sequentially to 55%. PINE made no dispositions in the quarter and moved its disposition Common s/h equity (12/26E) US$0.31b