Alpine Income Property Trust reported fourth-quarter funds from operations (FFO) of $0.54 per diluted share, surpassing the Zacks Consensus Estimate of $0.49 and marking a 22.7% increase from $0.44 a year ago. Total revenues for the period rose 22.5% year-over-year to $16.9 million, compared with $13.8 million in Q4 2024. Net income attributable to the company was $1.5 million, or $0.06 per diluted share, versus a net loss of $0.96 million, or $(0.07) per share, in the prior-year quarter. These results reflect continued strength in single-tenant net leased property performance and disciplined expense management.

For the full year ended December 31, 2025, Alpine generated FFO attributable to common stockholders of $1.88 per diluted share, up 8.7% from $1.73 in 2024, and adjusted FFO (AFFO) of $1.89 per share, an 8.6% increase year-over-year. Total revenues climbed 15.9% to $60.5 million from $52.2 million. Net loss for the year was $2.7 million, or $(0.22) per share, compared with net income of $2.1 million, or $0.14 per share, in 2024, driven by higher non-cash deferred financing costs associated with new debt issuances. The board approved a 5.3% increase in the quarterly common dividend, underscoring confidence in the company’s cash flow trajectory and portfolio stability.

In 2025, Alpine completed a record $277.7 million of total investments, acquiring 13 properties at a weighted-average initial cash capitalization rate of 7.4% and originating 15 commercial loans totaling $177.0 million at an average coupon rate of 12.0%. Dispositions totaled $82.8 million, including 17 operating properties at a weighted-average exit cap rate of 8.0% and one commercial loan sale. The portfolio at year-end comprised 127 properties totaling 4.3 million square feet with 99.5% occupancy and annualized base rent of $46.2 million, as well as 15 commercial loans with a weighted-average remaining term of 1.9 years and outstanding face amount of $129.8 million.

On February 4, 2026, Alpine closed an amended and restated unsecured credit facility totaling $450 million, replacing prior unsecured debt. The facility includes a $250 million revolving credit line due February 2030 (with two six-month extensions) and two term loans of $100 million each due February 2029 and February 2031. At closing, the initial fixed interest rates were approximately 4.8% on $100 million of the revolver and 3.5% on each term loan through existing SOFR swap agreements. The new facility features an accordion option to increase capacity to $750 million and pricing that is 10–15 basis points lower than the prior unsecured debt.