Key Highlights

  • Net income to Alpine was USD 4.7 million, against a loss of USD 1.3 million.
  • Total revenues rose 40.5% to USD 20.5 million.
  • Interest income from commercial loans and investments rose 228.1% to USD 7.6 million.
  • Lease income rose 5.7% to USD 12.8 million.

Quarter Results

Alpine Income Property Trust (NYSE:PINE) filed its third-quarter 2026 report on Thursday for the period ended Sept. 30. Total revenues were USD 20.46 million, up 40.5% from USD 14.56 million. Net Income was USD 5.0 million against a loss of USD 1.4 million, and net income attributable to Alpine was USD 4.7 million against a loss of USD 1.3 million.

The company attributed the USD 6.0 million improvement mainly to a USD 5.3 million rise in interest income from commercial loans and investments and a USD 2.0 million decrease in provision for impairment, partly offset by USD 0.9 million of higher interest expense.

Revenue and Expenses

Lease income was USD 12.8 million against USD 12.1 million. Interest income from commercial loans and investments was USD 7.6 million against USD 2.3 million. Total operating expenses fell 9.8% to USD 10.9 million, helped by the absence of the prior-year USD 1.9 million Impairment charge on an income property. General and administrative expenses rose 18.5% to USD 2.0 million, mainly on a higher management fee tied to a larger weighted average Equity base.

Real estate expenses were USD 2.1 million, up 10.8%, and Depreciation and amortization was USD 6.9 million, up from USD 6.6 million. The company sold one vacant property for USD 0.4 million, with a gain of USD 0.3 million. Interest expense rose to USD 4.8 million from USD 3.9 million on higher long-term Debt used to fund property and Loan acquisitions, including USD 0.5 million tied to the sale of a participation interest in its 2025 Mortgage note.

Nine-Month Results

Over nine months, total revenues rose 34.9% to USD 58.9 million. Lease income rose 5.8% to USD 38.1 million, and interest income from commercial loans and investments rose 181.3% to USD 20.7 million. Net income was USD 11.1 million against a net loss of USD 4.1 million, an improvement of USD 15.2 million, driven mainly by a USD 13.3 million rise in loan interest income.

Balance Sheet and Financing

Total Assets were USD 821.1 million, up from USD 715.9 million at Dec. 31. Income properties were USD 545.6 million against USD 505.3 million, and commercial loans and investments were USD 252.2 million against USD 182.4 million. Under an amended Credit agreement dated Feb. 4, 2026, the company has a USD 250 million revolving Facility and two USD 100 million term loans maturing in 2029 and 2031, and it repaid its prior KeyBank facility. After quarter end it received bank commitments for a new USD 100 million four-year term loan and a USD 75 million increase in revolver commitments to USD 325 million, with closing slated for late October.

Acquisitions and Reference Points

During the nine months ended Sept. 30, the company acquired seven properties for a combined purchase price of USD 86.3 million including capitalized Acquisition costs. On Oct. 9 it announced an agreement to acquire a 13-property industrial portfolio for USD 117.3 million, or USD 63 per square foot, covering about 1.9 million square feet in 11 states, 100% leased to nine tenants under absolute triple-net leases with a weighted average remaining term of 10.2 years. Closing is slated for the fourth quarter, subject to customary conditions. Net income attributable to Alpine equaled about 23% of third-quarter revenue. Loan interest income was 37% of third-quarter Revenue against 16% a year earlier, and interest expense rose 23.5%. Items to follow include the growth of the commercial loans and investments book, lease income from property acquisitions, the management fee as equity changes, interest expense on new debt, and funds from operations measures disclosed in the filing.