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EarningsQ3 2026 Earnings Report
PINE Q3 2026 EPS Results
Actual EPS$0.18
Consensus EPS$0.17
Beat/MissBeat by +$0.01
One Year Ago EPS-$0.09
PINE Q3 2026 Revenue Results
Actual Revenue$20.46M
Expected Revenue$20.19M
Beat/MissBeat by +$270.00K
YoY Revenue Growth+40.49%
Earnings Announcement Details
QuarterQ3 2026
Date10/22/2026
TimeAfter Close
Conference CallThursday, October 22, 2026
PINE Upcoming Earnings
Alpine Income Property Trust Inc's next earnings date is estimated for February 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
PINE Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, with record investment activity, approximately 20% third-quarter per-share earnings growth, approximately 23% nine-month per-share earnings growth, raised 2026 guidance, high occupancy, and additional liquidity. The main challenges were upcoming loan repayments, higher borrowing costs as swaps mature, and an expected increase in leverage to approximately 7.0x associated with the industrial acquisition.Company Guidance
Strong Third-Quarter AFFO and FFO Growth
Third-quarter FFO and AFFO were both $0.55 per diluted share, up approximately 20% from the third quarter of last year. AFFO per diluted share grew 19.6% year over year, and the quarter did not include any 1 time or non-recurring income.
Record Investment Activity
The company invested approximately $41 million during the quarter at a weighted average initial yield of 8.5%. Closed and under contract investments year to date exceeded $300 million, a company record, compared with the full-year 2025 total of $77 million.
Quarterly and Year-to-Date Property Acquisitions
During the quarter, the company closed $39.2 million of property acquisitions at a weighted average initial cash cap rate of 8.5%. Year to date, it had closed $85.8 million of property acquisitions at a weighted average initial cap rate of 8%.
Attractive Acquisition Tenancy
Key tenants in the quarterly acquisitions included Best Buy in McAllen, Texas; Lowe's in Fairfax, Virginia; and Dick's Sporting Goods in North Carolina. All were described as investor grade rated and among the company's top 5 tenants by ABR.
Additional Burlington Acquisition
Subsequent to quarter end, the company acquired a Burlington property in Chandler, Arizona, for $7.9 million.
Pending Industrial Portfolio Acquisition
The company announced an agreement to acquire a 13-property industrial portfolio for $117.3 million, or approximately $63 per square foot. The portfolio totals approximately 1.9 million square feet across 11 states, is 100% leased to 9 tenants on an absolute triple net basis, has annual rent escalations, a weighted average remaining lease term of 10.2 years, and no expiration before late 2031.
Industrial Portfolio Investment Attributes
Management said the industrial portfolio offers an attractive initial yield, a diversified tenant base, tenants that have operated at their sites for an average of 40 years, significant tenant-invested capital, and in-place rents that are below market with annual escalations.
High Portfolio Occupancy and Lease Duration
At quarter end, the property portfolio consisted of 130 properties totaling 4.8 million square feet across 31 states, with 99.6% occupancy, a weighted average lease term of 8.7 years, and annualized straight-line base rent of $53.9 million.
Credit Quality of Property Portfolio
Approximately 68% of ABR came from credit-rated tenants, while 56% came from investment-grade-rated tenants.
Commercial Loan Portfolio Yield
At quarter end, the commercial loan portfolio consisted of 11 loans with an outstanding face amount of $160.1 million and a weighted average coupon, including PIK interest, of 13.4%. The loan book was near the target of approximately 20% of total undepreciated asset value and was described as complementing the property portfolio and increasing the overall yield on investments.
Nine-Month Revenue and Earnings Growth
For the nine months ended September 30, total revenue was $58.9 million, including $38.1 million of lease income and $20.7 million of interest income from commercial loan investments. FFO was $1.65 per diluted share and AFFO was $1.66 per diluted share, with both up approximately 23% from the same period last year.
Equity Capital Raised
The company raised $8.2 million of net proceeds through its common and preferred ATM programs during the quarter. Year to date, it had raised approximately $70 million of net proceeds across both programs.
Improved Leverage Compared with Prior Year
Net debt to pro forma adjusted EBITDA was 6.5x at quarter end, consistent with the prior quarter and more than a full turn lower than the 7.7x reported a year ago.
Debt Maturity Profile and New Liquidity
The company had $398.5 million of debt outstanding at a weighted average interest rate of 4.48%, with no debt maturing until 2029. Bank commitments for a new $100 million four-year term loan and a $75 million increase to the revolving credit facility added $175 million of potential liquidity.
Raised 2026 FFO and AFFO Guidance
Full-year 2026 FFO guidance was raised to $2.19 to $2.21 per diluted share from $2.10 to $2.13. AFFO guidance was raised to $2.20 to $2.22 per diluted share from $2.12 to $2.15. At the midpoint, the new AFFO outlook represents approximately 17% AFFO per share growth over 2025.
Guidance Reflects Higher Investment Volume
The revised guidance reflects increased investment volume of $310 million to $350 million, as well as the expected timing of investments, dispositions, and financing activity.
Selective Portfolio Recycling
Management said it continues to target well-located properties that can be bought at a low basis and attractive initial yield, while selectively recycling lower-yielding properties into new higher-yielding opportunities.
Portfolio Pruning and Asset-Specific Opportunities
Management said it is constantly pruning the portfolio. It has some Walgreens properties remaining, an At Home property in Charlotte that is in a strong location, and one Sportsman's Warehouse property in Long Island for which a buyer is interested and a replacement lease is far along.
Opportunistic Acquisition Environment
Management said it is targeting an 8 cap plus or minus and is seeing sellers in the market who want to clear the deck. The company described the current environment as a time that gets management excited for potentially attractive opportunities.
Flexibility Across Property Sectors
Management characterized the industrial acquisition as basically a one-off for now, while remaining open to other sectors when it finds an attractive risk-adjusted yield. The company already owned one industrial property before the pending acquisition.
Availability of External Capital
Management said that if capital markets are not favorable to the company's stock and securities, it can seek external capital. It noted that there is no shortage of capital in the net lease space, including from private equity groups establishing net lease platforms.
Residential Land Loan Exposure Viewed Favorably
Management said it feels very good about its residential land loans because they are tied to second-home, third-home, and fourth-home communities. It described the fall market as the strongest market and said the buyers involve substantial discretionary capital rather than first-time homebuyers or move-up buyers.
PINE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed