Alpine Income Property Trust
Alpine Income Property Trust (NYSE: PINE) is a publicly traded REIT investing in single-tenant net leased retail-anchored commercial properties across 34 U.S. states, externally managed by CTO Realty Growth and serving income-focused institutional and retail investors.
- Company typePublic
- Founded2005
- HeadquartersWinter Park, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Alpine Income Property Trust does
Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded REIT that invests in single-tenant net leased commercial income properties across the United States. As of Q2 2025 the portfolio comprised 129 properties across 34 states with a 99.4–99.5% occupancy rate and a 9.3-year weighted average lease term; approximately 50–51% of annualized base rent is attributable to investment-grade rated tenants led by Lowe's (BBB+), Dick's Sporting Goods (BBB), Walmart (AA), Sam's Club and TJ Maxx (A). The company pursues an acquisition-driven growth strategy, recording $277.7M of investments for full-year 2025 alongside $82.8M of dispositions, and Q1 2026 revenue of $18.4M represented 29.56% year-over-year growth.
Business model revenue streams are triple-net rental income from retail-anchored properties and interest income from a complementary commercial mortgage loan platform that reached $129.8M by Q4 2025, with additional capital raised through an 8.00% Series A Cumulative Redeemable Preferred Stock (NYSE: PINE-PA). The company is externally managed by CTO Realty Growth, Inc. (NYSE: CTO), which owns roughly 16.1% of Alpine's outstanding equity, keeping employee headcount to 1–10 at the corporate level. Pricing is market-driven: a $0.30 quarterly common stock dividend (~6.1% annualized yield) and a $0.50 quarterly preferred dividend (8.0% coupon), supported by a conservative 57% AFFO payout ratio, no debt maturities until 2029, and 2026 AFFO/share guidance of $2.11–$2.15 (12.7% growth at midpoint).
Alpine Income Property Trust firmographics
Firmographics- Name
- Alpine Income Property Trust
- Legal name
- Alpine Income Property Trust, Inc.
- Website
- https://alpinereit.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Alpine Income Property Trust (NYSE: PINE) is a publicly traded REIT investing in single-tenant net leased retail-anchored commercial properties across 34 U.S. states, externally managed by CTO Realty Growth and serving income-focused institutional and retail investors.
- Ownership category
- akta.pro rank
Alpine Income Property Trust industry classification
Industry- Product category
- Net Lease REIT (Commercial Real Estate)
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industries
- Real Assets — Operating Platforms & Direct Investments (FSAAAKAL), Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)
Keywords
Where Alpine Income Property Trust is headquartered
LocationHeadquarters
- HQ city
- Winter Park
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Alpine Income Property Trust business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Others, Personnel, Marketing or Sales
Revenue model
- Rental Income: Core revenue stream from single-tenant net leased commercial properties across 34 states. Portfolio includes retail properties leased to investment-grade tenants under triple-net lease structures.
- Commercial Loan Interest Income: Origination of first mortgage loans and structured investments secured by real estate developments. The company has originated loans including $32 million for a retail center development in Georgia and $14.1 million for a luxury residential development in Austin, Texas.
- Preferred Stock Dividends: 8.000% Series A Cumulative Redeemable Preferred Stock offering generating preferred dividend obligations.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Common Stock Dividend |
| Subscription | Quarterly | Series A Preferred Stock Dividend |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Alpine Income Property Trust product offering
Product offeringCore offering
Alpine Income Property Trust is a publicly traded REIT that acquires, owns, and manages single-tenant net leased commercial income properties across the United States, primarily retail properties anchored by investment-grade tenants (e.g., Lowe's, Dick's Sporting Goods, Walmart, TJ Maxx, Sam's Club) under long-duration triple-net lease structures. The company complements its core ownership strategy with a commercial mortgage lending platform that originates first mortgage loans and structured investments secured by retail, mixed-use, and residential real estate developments. Capital is raised through common and preferred equity issuance on the NYSE and a revolving credit facility to fund acquisitions.
Product overview
Alpine Income Property Trust is a publicly traded REIT (NYSE: PINE) that operates as a single-entity investment platform with two core investment products: single-tenant net leased commercial properties and commercial mortgage loan investments. The company does not offer a modular platform architecture but rather provides a unified investment offering through direct property ownership and structured lending. The portfolio is diversified across 129+ properties in 34 states with 99.4%+ occupancy, featuring investment-grade tenants, while the commercial lending platform generates interest income through first mortgage loans secured by retail and residential developments.
Differentiator
Problem solved
Functional benefit
Products and services
- Single-Tenant Net Leased Commercial Properties A portfolio of 129+ single-tenant, triple-net leased commercial properties across 34 U.S. states, primarily retail locations anchored by investment-grade tenants such as Lowe's, Dick's Sporting Goods, Walmart, TJ Maxx, and Sam's Club, leased under long-duration contracts (9.3-year weighted average lease term) that produce contractual rental income for the REIT's shareholders.
- Commercial Mortgage Loan Investments A commercial lending platform that originates and invests in first mortgage loans and structured investments secured by retail, mixed-use, and luxury residential real estate developments, generating interest income for the REIT. Target borrowers are commercial real estate developers and property owners.
- 8.000% Series A Cumulative Redeemable Preferred Stock An 8.000% Series A Cumulative Redeemable Preferred Stock security listed on the NYSE under ticker PINE-PA, paying a $0.50 per share quarterly cash dividend, with proceeds used for property acquisitions, debt repayment, and general corporate purposes.
Quantifiable outcome
- Record $277.7M in annual investment activity in 2025
- +4 more outcomes
Companies that use Alpine Income Property Trust
Customer profileNamed customers6 records
Segments2 records
Ideal customer profiles2 records
Alpine Income Property Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Alpine Income Property Trust partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Hunton Andrews Kurth LLPminorHunton Andrews Kurth LLP served as legal counsel representing sales agents in connection with Alpine Income Property Trust's $35 million Preferred Stock ATM program.
- Raymond JamescoreRaymond James served as lead manager for Alpine's $50 million Series A Preferred Stock public offering, alongside Stifel and Baird. Raymond James also manages the company's ATM equity distribution programs.
- StifelcoreStifel served as co-manager for Alpine's $50 million Series A Preferred Stock public offering and manages ATM equity distribution programs for the company.
- BairdcoreBaird served as co-manager for Alpine's $50 million Series A Preferred Stock public offering alongside Raymond James and Stifel.
Scale indicators13 records
Recent moves6 records
Expansion highlights5 records
Alpine Income Property Trust competitors and assessment
Company assessmentDirect peers
- Essential Properties Realty Trust: Net lease REIT focused on middle-market, single-tenant commercial properties across the U.S. Comparable triple-net lease structure and small-shop retail orientation, though typically serving non-investment-grade middle-market tenants rather than Alpine's investment-grade anchor strategy.
- National Retail Properties: Net lease REIT specializing in single-tenant retail properties, with a long-dated lease book and similar investment-grade retail-anchor orientation. Closely comparable in asset class and tenant profile, with overlapping discount and off-price retail exposure.
- Four Corners Property Trust: Net lease REIT focused on restaurants and retail, primarily single-tenant properties. Similar small-cap, externally-managed structure (managed by Hines) and comparable tenant-credit underwriting approach, though more restaurant-concentrated than Alpine.
- W. P. Carey Inc. Diversified net lease REIT owning single-tenant commercial and industrial properties across the U.S. and Europe. Comparable in lease structure, tenant-quality focus, and dividend yield profile, though materially larger and more diversified by geography and property type.
- Getty Realty Corp. Net lease REIT specializing in convenience stores, automotive, and restaurant properties under long-term triple-net leases. Comparable single-tenant net lease model and small-cap REIT profile, though tilted to convenience/auto rather than big-box retail.
- Agree Realty Corporation: Net lease REIT focused on retail and convenience-oriented single-tenant retail properties leased to investment-grade and credit tenants. Comparable strategy of acquiring high-quality retail net lease assets with contractual rent escalators, though with greater development exposure.
- Broadstone Net Lease: Diversified net lease REIT owning single-tenant commercial properties across industrial, restaurant, office, and retail. Comparable in lease term structure and tenant credit focus, though more diversified across property types than Alpine's retail tilt.
- Realty Income Corporation: The largest U.S. net lease REIT, focused on single-tenant commercial properties under long-term triple-net leases with investment-grade tenants. Directly comparable business model, tenant credit orientation, and dividend-yield-driven investor base make it the closest peer to Alpine.
Others
- Capital Square: Sponsor of non-traded and DST real estate offerings, including net lease strategies, with commercial lending activity. Compares as a capital-markets peer in single-tenant net lease equity and debt origination rather than as a directly competing public REIT.
Broad incumbents
- CTO Realty Growth, Inc. External manager of Alpine (owning ~16.1% of Alpine equity) and a separate, larger diversified REIT focused on retail and mixed-use properties in the Southeast and Southwest. Compares as a related-party manager and overlapping investor in retail real estate.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Alpine Income Property Trust social profiles
Digital presenceAlpine Income Property Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Alpine Income Property Trust leadership team
Management profileNumber of profiles
Profiles1 record
Alpine Income Property Trust funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Alpine Income Property Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Alpine Income Property Trust
What does Alpine Income Property Trust do?
Alpine Income Property Trust is a publicly traded REIT that acquires, owns, and manages single-tenant net leased commercial income properties across the United States, primarily retail properties anchored by investment-grade tenants (e.g., Lowe's, Dick's Sporting Goods, Walmart, TJ Maxx, Sam's Club) under long-duration triple-net lease structures. The company complements its core ownership strategy with a commercial mortgage lending platform that originates first mortgage loans and structured investments secured by retail, mixed-use, and residential real estate developments. Capital is raised through common and preferred equity issuance on the NYSE and a revolving credit facility to fund acquisitions.
Is Alpine Income Property Trust a public or private company?
Alpine Income Property Trust is a public company. It is classified as public and is currently operating.
When was Alpine Income Property Trust founded?
Alpine Income Property Trust was founded in 2005. It employs 1 to 10 people.
Where is Alpine Income Property Trust based?
Alpine Income Property Trust is headquartered in Winter Park, United States, in the North America region.
How does Alpine Income Property Trust make money?
Three revenue lines are on record. Rental Income is the primary driver. The others are commercial Loan Interest Income and preferred Stock Dividends.
Who are Alpine Income Property Trust's main competitors?
Direct peers on record are Essential Properties Realty Trust, National Retail Properties, Four Corners Property Trust, W. P. Carey Inc., Getty Realty Corp., Agree Realty Corporation, Broadstone Net Lease and Realty Income Corporation. Capital Square is listed as an others. CTO Realty Growth, Inc. is listed as a broad incumbent.
Does Alpine Income Property Trust have an API?
No public API is recorded for Alpine Income Property Trust.
What industry is Alpine Income Property Trust in?
Alpine Income Property Trust's product category is Net Lease REIT (Commercial Real Estate). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSAAAKAL, Real Assets — Operating Platforms & Direct Investments. Its NAICS code is 525 and its SIC code is 6798.