Alpine Income Property Trust, Inc.
PINE NYSE Real Estate Investment Trusts Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$60.5M
15.9%
vs prior year
Operating margin
Operating income as a share of revenue.
21.7%
5.1 pts
Net income
Profit after all expenses, interest and tax.
−$2.7M
228.6%
Free cash flow
Cash from operations minus capital spending.
−$219M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
1.6%
0.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.47 EPS (TTM)
What Alpine Income Property Trust, Inc. does
No business description yet.
- Legal name
- Alpine Income Property Trust, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 5, 2026
- Accession · CIK
- 0001104659-26-010910
0001786117
Revenue and margins
Alpine Income Property Trust, Inc. had $60.5M of revenue in fiscal 2025, up 15.9% on the year before.
FY18
Revenue $11.7M
FY20
Revenue —
FY21
Revenue $30.1M
FY22
Revenue $45.2M
FY23
Revenue $45.6M
FY24
Revenue $52.2M
FY25
Revenue $60.5M
Q4 '23
Revenue $11.6M
Q1 '24
Revenue $12.5M
Q2 '24
Revenue $12.5M
Q3 '24
Revenue $13.5M
Q4 '24
Revenue $13.8M
Q1 '25
Revenue $14.2M
Q2 '25
Revenue $14.9M
Q3 '25
Revenue $14.6M
Q4 '25
Revenue $16.9M
Q1 '26
Revenue $18.4M
Q2 '26
Revenue $20.0M
Q3 '26
Revenue $20.5M
FY18
Gross —
Operating 34.3%
Net 34.3%
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating 50.3%
Net 33.1%
FCF −684.5%
FY22
Gross 88.0%
Operating 96.2%
Net 65.8%
FCF −364.0%
FY23
Gross 85.5%
Operating 28.8%
Net 6.4%
FCF −211.9%
FY24
Gross 84.2%
Operating 26.8%
Net 4.0%
FCF −208.6%
FY25
Gross 86.0%
Operating 21.7%
Net −4.4%
FCF −361.3%
Gross
Operating
Net
FCF
Q4 '23
Gross —
Operating 25.7%
Net 2.9%
FCF −234.8%
Q1 '24
Gross —
Operating 20.7%
Net −2.1%
FCF 16.2%
Q2 '24
Gross —
Operating 24.0%
Net 1.6%
FCF −108.0%
Q3 '24
Gross —
Operating 47.9%
Net 22.8%
FCF −319.3%
Q4 '24
Gross —
Operating 14.3%
Net −6.9%
FCF −394.8%
Q1 '25
Gross —
Operating 16.0%
Net −8.3%
FCF −391.0%
Q2 '25
Gross —
Operating 16.8%
Net −11.0%
FCF −24.7%
Q3 '25
Gross 87.0%
Operating 16.6%
Net −9.0%
FCF −352.1%
Q4 '25
Gross —
Operating 35.3%
Net 8.7%
FCF −640.3%
Q1 '26
Gross —
Operating 36.0%
Net 11.9%
FCF −288.9%
Q2 '26
Gross —
Operating 43.5%
Net 21.0%
FCF —
Q3 '26
Gross 89.8%
Operating 48.0%
Net 22.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income $4.0M
FY20
Net income —
FY21
Net income $10.0M
FY22
Net income $29.7M
FY23
Net income $2.9M
FY24
Net income $2.1M
FY25
Net income −$2.7M
Q4 '23
Net income $0.3M
Q1 '24
Net income −$0.3M
Q2 '24
Net income $0.2M
Q3 '24
Net income $3.1M
Q4 '24
Net income −$1.0M
Q1 '25
Net income −$1.2M
Q2 '25
Net income −$1.6M
Q3 '25
Net income −$1.3M
Q4 '25
Net income $1.5M
Q1 '26
Net income $2.2M
Q2 '26
Net income $4.2M
Q3 '26
Net income $4.7M
FY18
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS $0.89
FY22
Diluted EPS $2.17
FY23
Diluted EPS $0.19
FY24
Diluted EPS $0.14
FY25
Diluted EPS −$0.22
Q4 '23
Diluted EPS $0.02
Q1 '24
Diluted EPS −$0.02
Q2 '24
Diluted EPS $0.01
Q3 '24
Diluted EPS $0.21
Q4 '24
Diluted EPS −$0.06
Q1 '25
Diluted EPS −$0.08
Q2 '25
Diluted EPS −$0.12
Q3 '25
Diluted EPS −$0.09
Q4 '25
Diluted EPS $0.07
Q1 '26
Diluted EPS $0.06
Q2 '26
Diluted EPS $0.16
Q3 '26
Diluted EPS $0.18
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity 3.2%
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets —
FY21
Return on capital 2.6%
Return on equity 6.2%
Return on assets 2.6%
FY22
Return on capital 6.6%
Return on equity 13.0%
Return on assets 5.5%
FY23
Return on capital 2.0%
Return on equity 1.1%
Return on assets 0.5%
FY24
Return on capital 2.0%
Return on equity 0.8%
Return on assets 0.4%
FY25
Return on capital 1.6%
Return on equity −1.0%
Return on assets −0.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$219M in fiscal 2025, −361.3% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow −$206M
FY22
Free cash flow −$164M
FY23
Free cash flow −$96.7M
FY24
Free cash flow −$109M
FY25
Free cash flow −$219M
Q4 '23
Free cash flow −$27.2M
Q1 '24
Free cash flow $2.0M
Q2 '24
Free cash flow −$13.5M
Q3 '24
Free cash flow −$43.0M
Q4 '24
Free cash flow −$54.4M
Q1 '25
Free cash flow −$55.5M
Q2 '25
Free cash flow −$3.7M
Q3 '25
Free cash flow −$51.3M
Q4 '25
Free cash flow −$108M
Q1 '26
Free cash flow −$53.2M
Q2 '26
Free cash flow —
Q3 '26
Free cash flow —
FY18
Cash from operations $5.6M
Capital spending —
FY20
Cash from operations —
Capital spending —
FY21
Cash from operations $17.2M
Capital spending $223M
FY22
Cash from operations $24.7M
Capital spending $189M
FY23
Cash from operations $23.2M
Capital spending $120M
FY24
Cash from operations $23.4M
Capital spending $132M
FY25
Cash from operations $25.8M
Capital spending $244M
Cash from operations
Capital spending
Q4 '23
Cash from operations $4.4M
Capital spending $31.6M
Q1 '24
Cash from operations $6.8M
Capital spending $4.7M
Q2 '24
Cash from operations $8.0M
Capital spending $21.5M
Q3 '24
Cash from operations $6.2M
Capital spending $49.3M
Q4 '24
Cash from operations $2.4M
Capital spending $56.9M
Q1 '25
Cash from operations $5.8M
Capital spending $61.4M
Q2 '25
Cash from operations $8.4M
Capital spending $12.1M
Q3 '25
Cash from operations $6.2M
Capital spending $57.5M
Q4 '25
Cash from operations $5.3M
Capital spending $114M
Q1 '26
Cash from operations $4.4M
Capital spending $57.5M
Q2 '26
Cash from operations $6.2M
Capital spending —
Q3 '26
Cash from operations $2.0M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Alpine Income Property Trust, Inc. returned $26.5M to shareholders in fiscal 2025. The diluted share count rose 3.1%.
FY18
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends $12.2M
Buybacks —
FY22
Dividends $15.1M
Buybacks —
FY23
Dividends $17.1M
Buybacks $14.6M
FY24
Dividends $16.8M
Buybacks $0.8M
FY25
Dividends $17.7M
Buybacks $8.8M
Dividends
Buybacks
Q4 '23
Dividends $4.1M
Buybacks $9.5M
Q1 '24
Dividends $4.1M
Buybacks $0.8M
Q2 '24
Dividends $4.1M
Buybacks $0.0M
Q3 '24
Dividends $4.2M
Buybacks $0.0M
Q4 '24
Dividends $4.5M
Buybacks $0.0M
Q1 '25
Dividends $4.5M
Buybacks $4.5M
Q2 '25
Dividends $4.4M
Buybacks $4.3M
Q3 '25
Dividends $4.4M
Buybacks $0.0M
Q4 '25
Dividends $4.5M
Buybacks $0.0M
Q1 '26
Dividends $5.3M
Buybacks —
Q2 '26
Dividends $5.6M
Buybacks —
Q3 '26
Dividends $6.1M
Buybacks —
Dividends
Buybacks
FY18
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Alpine Income Property Trust, Inc. can carry it.
FY18
Cash $0.0M
Debt —
FY20
Cash $1.9M
Debt $107M
FY21
Cash $8.9M
Debt $268M
FY22
Cash $9.0M
Debt $267M
FY23
Cash $4.0M
Debt $276M
FY24
Cash $1.6M
Debt $301M
FY25
Cash $4.6M
Debt $378M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.9M | $9.0M | $4.0M | $1.6M | $4.6M |
| Debt incl. finance leases | $268M | $267M | $276M | $301M | $378M |
| Net debt / EBITDA | 8.3x | 3.8x | 7.0x | 7.6x | 9.2x |
| Debt / equity | 1.4x | 1.0x | 1.1x | 1.2x | 1.3x |
| Interest coverage | 4.1x | 4.6x | 1.3x | 1.2x | 0.8x |
| Total assets | $506M | $573M | $565M | $605M | $716M |
| Total liabilities | $278M | $278M | $289M | $329M | $415M |
| Shareholders' equity | $197M | $262M | $251M | $253M | $280M |
| Net debt (− = net cash) | $259M | $258M | $272M | $300M | $373M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — |
| Share count didn't rise | — | — | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | — | — | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 7 | 4 / 8 | 5 / 8 | 3 / 8 |
| Accruals ratio | — | −1.9% | 0.9% | −3.6% | −3.7% | −4.3% |
| Altman Z'' | — | — | — | — | — | — |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $11.7M | — | $30.1M | $45.2M | $45.6M | $52.2M | $60.5M |
| Gross profit | — | — | — | $39.8M | $39.0M | $44.0M | $52.1M |
| Operating income | $4.0M | — | $15.2M | $43.5M | $13.1M | $14.0M | $13.1M |
| Interest expense | — | — | $3.7M | $9.5M | $10.2M | $12.0M | $16.3M |
| Net income | $4.0M | — | $10.0M | $29.7M | $2.9M | $2.1M | −$2.7M |
| Net income to common | $4.0M | — | $10.0M | $29.7M | $2.9M | $2.1M | −$3.2M |
| Diluted EPS | — | — | $0.89 | $2.17 | $0.19 | $0.14 | −$0.22 |
| Diluted shares | — | — | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B |
| Cash flow | |||||||
| Cash from operations | $5.6M | — | $17.2M | $24.7M | $23.2M | $23.4M | $25.8M |
| Capital expenditure | — | — | $223M | $189M | $120M | $132M | $244M |
| Free cash flow | — | — | −$206M | −$164M | −$96.7M | −$109M | −$219M |
| Depreciation and amortization | $4.9M | — | $15.9M | $23.6M | $25.8M | $25.6M | $27.4M |
| Stock-based compensation | $0.2M | — | $0.3M | $0.3M | $0.3M | $0.2M | $0.4M |
| Share buybacks | — | — | — | — | $14.6M | $0.8M | $8.8M |
| Dividends paid | — | — | $12.2M | $15.1M | $17.1M | $16.8M | $17.7M |
| Dividends and buybacks | — | — | $12.2M | $15.1M | $31.7M | $17.6M | $26.5M |
| Balance sheet | |||||||
| Cash and short-term investments | $0.0M | $1.9M | $8.9M | $9.0M | $4.0M | $1.6M | $4.6M |
| Total debt | — | $107M | $268M | $267M | $276M | $301M | $378M |
| Property and equipment, net | — | $219M | $429M | $477M | $444M | $444M | $441M |
| Intangible assets | — | $36.9M | $58.8M | $60.4M | $49.3M | $43.9M | $48.9M |
| Total assets | — | $262M | $506M | $573M | $565M | $605M | $716M |
| Total liabilities | — | $113M | $278M | $278M | $289M | $329M | $415M |
| Preferred stock | — | — | — | — | — | — | $0.0M |
| Shareholders' equity | $124M | $127M | $197M | $262M | $251M | $253M | $280M |
| Margins | |||||||
| Gross margin | — | — | — | 88.0% | 85.5% | 84.2% | 86.0% |
| Operating margin | 34.3% | — | 50.3% | 96.2% | 28.8% | 26.8% | 21.7% |
| EBITDA margin | 76.1% | — | 103.2% | 148.4% | 85.2% | 75.8% | 66.9% |
| Net margin | 34.3% | — | 33.1% | 65.8% | 6.4% | 4.0% | −4.4% |
| FCF margin | — | — | −684.5% | −364.0% | −211.9% | −208.6% | −361.3% |
| Returns | |||||||
| Return on capital | — | — | 2.6% | 6.6% | 2.0% | 2.0% | 1.6% |
| Return on equity | 3.2% | — | 6.2% | 13.0% | 1.1% | 0.8% | −1.0% |
| Return on assets | — | — | 2.6% | 5.5% | 0.5% | 0.4% | −0.4% |
| Return on tangible equity | 3.2% | — | 7.2% | 14.8% | 1.4% | 1.0% | −1.4% |
| Growth | |||||||
| Revenue growth | — | — | — | 50.0% | 1.0% | 14.4% | 15.9% |
| Net income growth | — | — | — | 198.3% | −90.2% | −29.2% | −228.6% |
| EPS growth | — | — | — | 143.8% | −91.2% | −26.3% | −257.1% |
| Share count change | — | — | — | 21.6% | 13.8% | −3.1% | 3.1% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | 8.3x | 3.8x | 7.0x | 7.6x | 9.2x |
| Debt / equity | — | 0.8x | 1.4x | 1.0x | 1.1x | 1.2x | 1.3x |
| Interest coverage | — | — | 4.1x | 4.6x | 1.3x | 1.2x | 0.8x |
| Capital allocation | |||||||
| Capex / revenue | — | — | 741.6% | 418.6% | 262.7% | 253.5% | 403.9% |
| Stock comp / revenue | 2.0% | — | 1.0% | 0.7% | 0.7% | 0.5% | 0.6% |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 4.0 | 5.0 | 3.0 |
| Accruals ratio | — | — | −1.9% | 0.9% | −3.6% | −3.7% | −4.3% |
Source: SEC EDGAR XBRL filings (CIK 0001786117). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.