Alpine Income Property Trust Swings to $2.2M Profit in Q1 2026

Alpine Income Property Trust, Inc. (NYSE: PINE), a net-lease real estate investment trust, reported net income of $2.2 million for the three months ending March 31, 2026, swinging from a net loss of $1.2 million in the same quarter of 2025. Read more earnings reports.

Revenue climbed 30% to $18.4 million for the quarter, up from $14.2 million in the prior-year period. Operating income more than doubled to $6.6 million, compared to $2.3 million a year earlier.

Operating expenses declined to $11.9 million from $13.1 million, a drop of 9% year-over-year. The combination of higher revenue and lower expenses drove the company's return to profitability.

Total assets stood at $745.1 million as of March 31, 2026, up from $715.9 million at the end of December 2025. The company held $27.0 million in cash and restricted cash at quarter-end, down from $39.0 million three months prior.

Long-term debt decreased to $359.4 million from $377.7 million at year-end 2025. Stockholders' equity rose to $312.5 million from $279.9 million over the same period.

The company's retained deficit widened slightly to $39.1 million from $35.3 million at the end of 2025. Common shares outstanding increased to 16.5 million from 14.8 million during the quarter.

Cash generated from operations totaled $4.4 million for the quarter, down from $5.8 million in the first quarter of 2025. Investing activities consumed $25.3 million in cash, compared to $48.1 million used in the same quarter last year. Financing activities brought in $9.0 million, down sharply from $45.9 million in the prior-year period.

The company reported diluted earnings per share of $0.06, compared to a loss of $0.08 per share in the first quarter of 2025. Basic earnings per share came in at $0.07, versus a loss of $0.08 a year earlier.

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