10-Q · April 23, 2026
Alpine reported Q1 2026 total revenue of $18,406,000, up $4,200,000 or 29.6% versus Q1 2025, driven by a $3,457,000 (150.2%) increase in interest income from commercial loans and investments. FFO and AFFO per diluted…
Earnings analysis · 10-Q
PINE earnings analysis
Filed October 22, 2026 · Our reading of the company's report
The latest report
PINE delivered third-quarter revenue of $20.460 million and FFO/AFFO of $0.55 per diluted share, exceeding estimates of $20.216 million and $0.53, respectively. GAAP diluted EPS was $0.18, improving from $0.16 in the…
Read full summary
PINE delivered third-quarter revenue of $20.460 million and FFO/AFFO of $0.55 per diluted share, exceeding estimates of $20.216 million and $0.53, respectively. GAAP diluted EPS was $0.18, improving from $0.16 in the prior quarter and negative $0.09 a year earlier, although current-quarter gross margin, operating margin, cash flow, and balance-sheet detail were not available in the supplied 10-Q extract. Management raised 2026 net income, FFO, AFFO, and investment-volume guidance, supporting a bullish trend, while the $117.3 million acquisition, leverage, and tenant concentration remain key risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.18
What stood out
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Revenue reached $20.460 million
Third-quarter revenue was $20.460 million, up from $20 million in 2026 Q2 and $15 million in 2025 Q3, representing approximately 2.3% sequential growth and 36.4% year-over-year growth. Revenue exceeded the $20.216 million estimate by $0.244 million.
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FFO beat estimates; GAAP EPS improved
FFO/AFFO was $0.55 per diluted share versus the $0.53 estimate, a $0.02 beat. GAAP diluted EPS was $0.18, compared with $0.16 in 2026 Q2 and negative $0.09 in 2025 Q3.
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Investment-volume outlook increased
Management raised 2026 investment-volume guidance to $310-$350 million from $170-$200 million, while the company had invested $40.9 million during the quarter at an 8.5% yield.
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2026 earnings outlook raised
The company raised 2026 net income guidance to $0.90-$0.93 per diluted share from $0.81-$0.84 and increased FFO guidance to $2.19-$2.21 from $2.10-$2.13.
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No material control deficiencies reported
The 10-Q states that disclosure controls and procedures were effective as of September 30, 2026, and that there were no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, those controls during the three months ended September 30, 2026.
What to watch
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$117.3 million acquisition execution risk
The company disclosed a $117.3 million acquisition involving a 13-property portfolio. Closing and integration execution could increase funding needs or delay expected earnings contribution.
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Higher investment plan may raise leverage
The company identified elevated leverage as a risk while pursuing higher investment volume of $310-$350 million for 2026, up from the prior $170-$200 million outlook. Additional acquisitions could increase financing and interest-rate exposure.
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Tenant concentration remains a risk
Tenant concentration remains a material portfolio risk; the 10-Q states that there were no material changes to the risk factors disclosed in the 2025 Form 10-K, so the previously identified concentration risk remains applicable.
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No new material risk-factor changes
The 10-Q states that there have been no material changes to the risk factors from the 2025 Form 10-K as of September 30, 2026. The filing also states that the company is not currently party to pending or threatened legal proceedings expected to have a material adverse effect.
Management's outlook
The company raised 2026 net income guidance to $0.90-$0.93 per diluted share from $0.81-$0.84. It also raised 2026 FFO guidance to $2.19-$2.21 from $2.10-$2.13, AFFO guidance to $2.20-$2.22 from $2.12-$2.15, and investment-volume guidance to $310-$350 million from $170-$200 million. No quarterly revenue guidance was provided.
Earlier filings 4
10-Q · July 24, 2025
Alpine Income Property Trust, Inc. reported a revenue increase of 19% year-over-year to $14.86 million for Q2 2025, supported by growth in lease and interest income. Despite a positive EPS surprise with reported EPS of…
10-K · February 6, 2025
Alpine Income Property Trust (PINE) presents a concentrated, high-quality U.S. net-lease portfolio (134 properties, 3.9 million gross rentable sq ft) with 98% occupancy and a long weighted average remaining lease term…
10-Q · July 18, 2024
Alpine (PINE) reported Q2 revenue of $12,490 (in thousands), up from $11,348 in Q2 2023 (+10.1%), driven by a new commercial loans interest stream. Net income attributable to PINE was $204 (in thousands) vs $80 in Q2…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.