Alpine Income Property Trust launches new preferred and common stock offering programs

Alpine Income Property Trust, Inc. (NYSE:PINE) announced Friday a series of new equity distribution agreements enabling the company to issue and sell up to $35 million in Series A Cumulative Redeemable Preferred Stock (NYSE:PINE-PA) and up to $150 million in common stock through at-the-market (ATM) offering programs. The information is based on a press release statement included in a filing with the U.S. Securities and Exchange Commission.The capital raise comes as the $306 million market cap REIT trades below its InvestingPro Fair Value, appearing on the platform’s Most Undervalued list. The company currently offers investors a dividend yield of 7.35%.

The new preferred stock ATM program allows Alpine to sell Series A Preferred Stock through several sales agents, including Raymond James, A.G.P./Alliance Global Partners, Baird, B. Riley Securities, Cantor Fitzgerald, Colliers Securities, Huntington Securities, Jefferies, JonesTrading, Lucid Capital Markets, Stifel, and Truist Securities. Each agent may receive a commission of up to 2.0% of the gross sales price for shares sold through the program.

In conjunction with the new preferred offering, Alpine amended its operating partnership agreement to authorize the issuance of up to 3,948,081 Series A Preferred Units, reflecting an increase of 189,747 units. These units carry a liquidation preference of $25.00 per unit and have economic terms that mirror the Series A Preferred Stock.

Alpine also filed articles supplementary with the State of Maryland to classify and designate the additional 189,747 shares of Series A Preferred Stock, bringing the total authorized to 3,948,081 shares.

Additionally, the company’s management agreement was amended so that the management fee attributable to the net proceeds from the preferred offering will be reduced to 0.75% per annum for the incremental equity base, down from the standard 1.50%.

The company simultaneously launched a new ATM program for its common stock, allowing for the issuance and sale of up to $150 million in shares. The agreements include both traditional and forward equity distribution arrangements, enabling flexibility in how shares are sold and settled.

As a result of these new programs, Alpine terminated its prior preferred and common ATM programs, under which approximately $22.7 million in preferred stock and $19.1 million in common stock remained unsold.

These actions were disclosed in a press release statement and detailed in the company’s SEC filing.

In other recent news, Alpine reported its third-quarter 2026 earnings and revenue, surpassing Wall Street expectations. The real estate investment trust posted earnings of $0.18 per share on revenue of $20.46 million, exceeding forecasts of $0.17 per share and $20.17 million, respectively. Additionally, Alpine raised its full-year 2026 FFO and AFFO guidance, highlighting a record pace of investment activity. The company announced a pending $117.3 million acquisition of an industrial portfolio, aiming to diversify beyond retail holdings. Analysts noted the company’s stronger operating performance, with AFFO per diluted share increasing by 19.6% from the previous year. Alpine’s third-quarter results were bolstered by steady property income and active capital deployment. The company reported total revenue of $20.5 million, including lease income and interest income from commercial loans. However, leverage remained elevated, and higher interest rates are anticipated to impact future results as swaps roll off.