Alpine Income Property Trust Reports Record 2025 Investment Activity

REIT sees strong Q4 and full-year results, outlines 2026 guidance and dividend increase

Feb. 6, 2026 at 10:31pm

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Alpine Income Property Trust (NYSE:PINE) reported a strong fourth quarter and record investment year for 2025, driven by net lease acquisitions, an expanded commercial loan program, and continued asset recycling. The company outlined initial 2026 guidance, discussed balance sheet actions, and announced a higher quarterly common dividend.

Why it matters

Alpine Income Property Trust's performance highlights the REIT's ability to grow through strategic acquisitions and an active commercial loan program, while also optimizing its portfolio through selective dispositions. The company's focus on net lease properties, particularly with investment-grade tenants, and its disciplined approach to balance sheet management have contributed to its success.

The details

In the fourth quarter, Alpine reported total revenue of $16.9 million, including $12.7 million of lease income and $4.0 million of interest income from commercial loans. Funds from operations (FFO) and adjusted funds from operations (AFFO) attributable to common stockholders were $0.54 per diluted share, representing 22.7% growth versus the prior-year quarter. For the full year, the company reported total revenue of $60.5 million and FFO and AFFO of $1.88 and $1.89 per diluted share, respectively, reflecting approximately 8.6% growth over the prior year. Management attributed the earnings growth to investment activity and disciplined balance sheet management.

  • Alpine completed $142.1 million of investments in the fourth quarter and a record $277.7 million for the full year 2025.
  • In January 2026, two loans totaling $7.2 million were repaid.

The players

Alpine Income Property Trust

A publicly traded real estate investment trust that specializes in acquiring, owning, and managing single-tenant net lease properties.

John Albright

President and CEO of Alpine Income Property Trust.

Philip Mays

Chief Financial Officer of Alpine Income Property Trust.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

Alpine Income Property Trust's strong performance in 2025, driven by strategic acquisitions, an expanded commercial loan program, and disciplined balance sheet management, positions the REIT for continued growth and success in 2026 and beyond.