Alpine Inc Property Trust - Reit | 8-K: FY2026 Q2 Revenue: USD 20 M

Revenue: As of FY2026 Q2, the actual value is USD 20 M.

EPS: As of FY2026 Q2, the actual value is USD 0.16.

EBIT: As of FY2026 Q2, the actual value is USD 12.92 M.

Second Quarter 2026 Operating Results

Alpine Income Property Trust, Inc. reported total revenues of $20,002 thousand for the three months ended June 30, 2026, compared to $14,863 thousand for the same period in 2025. For the six months ended June 30, 2026, total revenues were $38,408 thousand, up from $29,069 thousand in the prior year period.

Net income attributable to common stockholders was $3,004 thousand for the three months ended June 30, 2026, a significant increase from a net loss of - $1,641 thousand in the three months ended June 30, 2025. For the six months ended June 30, 2026, net income attributable to common stockholders was $4,067 thousand, compared to a net loss of - $2,820 thousand in the prior year period.

Net income from operations for the three months ended June 30, 2026, was $8,707 thousand, rising from $2,491 thousand in the comparable 2025 period. For the six months ended June 30, 2026, net income from operations was $15,326 thousand, up from $4,760 thousand in the prior year period.

Total operating expenses were $11,295 thousand for the three months ended June 30, 2026, a decrease from $13,310 thousand in the same period of 2025. For the six months ended June 30, 2026, total operating expenses were $23,179 thousand, down from $26,398 thousand in the prior year period.

Segment Revenue

Lease income was $12,637 thousand for the three months ended June 30, 2026, and $25,239 thousand for the six months ended June 30, 2026.

Interest income from commercial loans and investments was $7,331 thousand and $13,089 thousand for the three and six months ended June 30, 2026, respectively.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

FFO attributable to common stockholders was $10,487 thousand for the three months ended June 30, 2026, an increase from $6,788 thousand for the three months ended June 30, 2025. For the six months ended June 30, 2026, FFO attributable to common stockholders was $19,348 thousand, up from $13,697 thousand in the prior year period.

AFFO attributable to common stockholders was $10,557 thousand for the three months ended June 30, 2026, compared to $6,742 thousand for the three months ended June 30, 2025. For the six months ended June 30, 2026, AFFO attributable to common stockholders was $19,463 thousand, an increase from $13,781 thousand in the prior year period.

Investment Activity

Alpine Income Property Trust, Inc. completed approximately $77 million of gross investment activity at a 9% blended initial yield during the second quarter of 2026. Total investments for the three months ended June 30, 2026, amounted to $76,575 thousand, comprising $36,575 thousand in properties (3 investments) and $40,000 thousand in commercial loan originations (1 investment), with a weighted average initial yield of 8.7%. For the six months ended June 30, 2026, total investments were $150,505 thousand, including $46,575 thousand in properties (4 investments) and $103,930 thousand in commercial loan originations (4 investments), with a weighted average initial yield of 11.4%.

Disposition Activity

No disposition activity was reported for the three months ended June 30, 2026. For the six months ended June 30, 2026, total dispositions amounted to $16,579 thousand, consisting of 3 properties and 1 commercial loan.

Property Portfolio (as of June 30, 2026)

The property portfolio consisted of 128 properties, totaling 4.5 million square feet, with an Annualized Base Rent (ABR) of $50.0 million. The portfolio had a weighted average remaining lease term of 9.2 years and an occupancy rate of 99.5%. Approximately 55% of ABR was attributable to investment-grade rated tenants, and 68% to credit-rated tenants. Additionally, 75% of ABR was derived from publicly traded tenants or their parents, with an average rent per square foot of $11.17.

Commercial Loan Portfolio (as of June 30, 2026)

The commercial loan portfolio included 13 commercial loans, all first mortgages, with an outstanding face amount of $167.0 million. The weighted average coupon rate was 13.2%, and the weighted average remaining term was 1.6 years. The unfunded commitment amount was $85.4 million.

Balance Sheet and Capital Markets (as of June 30, 2026)

Total assets were $781,513 thousand, and total liabilities were $422,970 thousand. The company reported $80,500 thousand in available capacity under its revolving credit facility and cash and cash equivalents of $2,778 thousand, totaling $83,278 thousand in liquidity. Long-term debt was $369,500 thousand, with a weighted-average interest rate of 4.38%. The net debt to total enterprise value was 44.8%, and net debt to pro forma adjusted EBITDA was 6.4x.

Total long-term debt was $367,552 thousand, with cash and cash equivalents (restricted cash) of - $2,778 thousand, resulting in net debt of $366,722 thousand. The total debt of $369,500 thousand included a floating-rate revolving credit facility of $69,500 thousand at 5.03% and a fixed-rate revolving credit facility of $100,000 thousand at 4.67%, both maturing in February 2030. It also included a fixed-rate 2029 Term Loan of $100,000 thousand at 4.66% and a fixed-rate 2031 Term Loan of $100,000 thousand at 3.35%.

Dividends

For the three months ended June 30, 2026, preferred dividends declared and paid per share were $0.500, and common dividends declared and paid per share were $0.300. The FFO attributable to common stockholders payout ratio was 52.6%, and the AFFO attributable to common stockholders payout ratio was 51.7%. The Board of Directors authorized a quarterly cash dividend of $0.320 per share of common stock for the third quarter of 2026, representing a 6.7% increase from the previous quarterly dividend of $0.300 per share.

Alpine Income Property Trust, Inc. had an annualized dividend yield of 6.2% and an annualized dividend of $1.28 as of June 30, 2026. The Q2 annualized AFFO payout ratio was 55%.

2026 Outlook

Alpine Income Property Trust, Inc. revised its 2026 outlook, expecting FFO per share to be between $2.10 and $2.13, representing a 12.5% year-over-year increase from 2025, and AFFO per share to be between $2.12 and $2.15, indicating a 13.1% year-over-year growth from 2025. The company anticipates investment volume between $170 million and $200 million, and disposition volume between $20 million and $40 million for 2026.