Alpine Income Property Trust Reports Q3 Revenue Growth but Net Loss

Alpine Income Property Trust, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2025, revealing a total revenue of $14.6 million for the quarter, an increase of 8% from $13.5 million in the same period last year. For the nine-month period, total revenues rose to $43.6 million, up 13.5% from $38.4 million in 2024. The growth in revenue was primarily driven by a 3.4% increase in lease income, which reached $12.1 million, and a significant 39.5% rise in interest income from commercial loans and investments, totaling $2.3 million.

Despite the revenue growth, the company reported a net loss of $1.4 million for the third quarter, compared to a net income of $3.4 million in the prior year. The decline in profitability was attributed to a substantial increase in the provision for impairment, which rose to $1.9 million from $422,000, and a decrease in gains on the disposition of assets, which resulted in a loss of $46,000 compared to a gain of $3.4 million in the previous year. For the nine-month period, the net loss was $4.5 million, a significant drop from the net income of $3.3 million reported in 2024.

Operationally, Alpine Income Property Trust's portfolio consisted of 128 properties across 34 states, with a total gross leasable area of 4.1 million square feet and a 99% occupancy rate as of September 30, 2025. The company acquired five properties for $60.8 million during the nine months, while selling 11 properties for $34.3 million, generating gains of $2 million. The commercial loans and investments portfolio also expanded, with a total carrying value of $102.8 million, reflecting a diverse mix of construction loans and mortgage notes.

The company’s long-term debt increased to $358.2 million as of September 30, 2025, up from $301.5 million at the end of 2024. This increase was primarily due to the funding of property acquisitions and commercial loans. The company reported interest expenses of $11.8 million for the nine months, compared to $8.9 million in the previous year, reflecting higher average outstanding balances on its credit facilities.

Looking ahead, Alpine Income Property Trust remains focused on expanding its portfolio of income-producing properties while managing its capital resources effectively. The company believes it has sufficient liquidity to meet its operational and capital requirements, supported by cash on hand, cash flow from operations, and available capacity under its credit facilities. The management continues to evaluate investment opportunities that align with its strategic goals, aiming to enhance shareholder value through prudent acquisitions and asset management.