Alpine Lifts 2026 Investment Outlook After Record Deal Flow

The Tip Desk · October 22, 2026 · 4 min read

Alpine Income Property Trust raised 2026 AFFO guidance to $2.20–$2.22 a share after year-to-date investment activity exceeded $300 million, including a pending $117.3 million industrial portfolio.

Alpine Income Property Trust (PINE), an owner and operator of single-tenant net-leased commercial income properties, raised its 2026 AFFO per diluted share outlook to $2.20 to $2.22 from $2.12 to $2.15 after closed and under-contract investment activity year to date exceeded $300 million, a company record that surpassed its full-year 2025 total of $278 million.

The company also lifted 2026 FFO guidance to $2.19 to $2.21 a share from $2.10 to $2.13 and net income guidance to $0.90 to $0.93 a share from $0.81 to $0.84. Investment volume guidance was raised to $310 million to $350 million from $170 million to $200 million. Disposition volume guidance remained $20 million to $40 million.

President and Chief Executive Officer John P. Albright said the company invested nearly $41 million in the third quarter at an attractive weighted average initial cash yield of 8.5% and that, including the pending $117.3 million portfolio acquisition, year-to-date closed and under-contract activity exceeded $300 million. He said the company is raising full-year 2026 guidance given that investment activity and continued portfolio performance.

Investments in the three months ended September 30, 2026 totaled $40.93 million across four deals, down from $76.58 million across four deals in the three months ended June 30, 2026. Property purchases were $39.21 million for three properties, with a weighted average initial cash cap rate of 8.5% and a weighted average remaining lease term at acquisition of 4.3 years. Commercial loan originations were $1.72 million on one loan.

On October 9, 2026, the company agreed to acquire a 13-property industrial portfolio for $117.3 million, or $63 a square foot. The portfolio totals about 1.9 million square feet across 11 states and is 100% leased to nine tenants under absolute triple-net leases with annual rent escalations. Leases have a weighted average remaining term of 10.2 years, with no expirations before late 2031. Closing is expected in the fourth quarter of 2026, subject to customary conditions.

Total revenues for the three months ended September 30, 2026 were $20.46 million, compared with $14.56 million a year earlier. Net income attributable to common stockholders was $3.44 million, or $0.18 a share, versus a loss of $1.31 million, or $0.09 a share, a year earlier. FFO attributable to common stockholders was $10.36 million, or $0.55 a share, versus $7.14 million, or $0.46 a share, a year earlier. AFFO was $10.42 million, or $0.55 a share.

The property portfolio at September 30, 2026 comprised 130 properties and 4.8 million square feet, with annualized base rent of $53.9 million, 99.6% occupancy and a weighted average remaining lease term of 8.7 years. Annualized in-place cash base rent was $51.8 million. Investment-grade-rated tenants accounted for 56% of annualized base rent. The commercial loan portfolio had 11 loans with $160.1 million outstanding face amount, a 13.4% weighted average coupon and a 1.4-year weighted average remaining term.

Common dividends declared and paid were $0.320 a share in the third quarter. The FFO payout ratio was 58.2%.

Subsequent to quarter end, the company received bank commitments for a new $100 million four-year term loan and a $75 million increase in revolving credit commitments to $325 million from $250 million, increasing potential liquidity by $175 million. The new financing is expected to close in late October 2026; term-loan proceeds will repay outstanding revolving borrowings.

As of September 30, 2026, total debt was $398.5 million at a 4.48% weighted average rate, with $198.5 million outstanding on the revolving credit facility. Net debt to total enterprise value was 49.5% and net debt to pro forma adjusted EBITDA was 6.5x. Total liquidity was $63.22 million. During the quarter the company issued 335,457 common shares under its ATM program at a weighted average gross price of $20.01 for $6.6 million of net proceeds.