Revenue growth reached 29.6% in 2026Q1, yet property-level performance remains unstable as evidenced by the extreme swing in NOI margins from 87.5% in 2026Q1 to -2.6% in 2025Q4.
| Revenue | 64.73M | 60.53M | 52.23M | 45.64M | 45.19M | 30.13M | 19.25M | 13.23M | 11.72M | 8.45M |
| Revenue Growth % | 19.95% | 15.9% | 14.42% | 1% | 50.01% | 56.52% | 45.48% | 12.9% | 38.62% | - |
| Property Operating Expenses | 67.41M | 67.14M | 12.03M | 6.88M | 9.26M | 6.86M | 2.32M | 2.04M | 1.62M | 1.47M |
| Net Operating Income (NOI) | -2.68M | -6.61M | 40.19M | 38.76M | 35.93M | 23.27M | 16.93M | 11.2M | 10.1M | 6.99M |
| NOI Margin % | -4.14% | -10.92% | 76.96% | 84.93% | 79.5% | 77.25% | 87.97% | 84.61% | 86.18% | 82.63% |
| Operating Expenses | 22.7M | -25.09M | 26.18M | 25.62M | -7.55M | 8.11M | 14.32M | 7.57M | 6.09M | 3.89M |
| G&A Expenses | 5.77M | 6.71M | 2.33M | 6.3M | 1.96M | 1.84M | 4.66M | 2.02M | 1.18M | 829.35K |
| EBITDA | 45.42M | 45.87M | 39.61M | 38.9M | 67.05M | 31.1M | 12.45M | 8.93M | 9.57M | 8.5M |
| EBITDA Margin % | 70.16% | 75.77% | 75.84% | 85.22% | 148.36% | 103.24% | 64.69% | 67.52% | 81.63% | 100.6% |
| Depreciation & Amortization | 27.29M | 27.38M | 25.59M | 25.76M | 23.56M | 15.94M | 9.84M | 5.31M | 5.55M | 5.41M |
| D&A / Revenue % | 42.16% | 45.24% | 49.01% | 56.43% | 52.14% | 52.91% | 51.13% | 40.11% | 47.37% | 63.94% |
| Operating Income | 18.13M | 18.48M | 14.02M | 13.14M | 43.48M | 15.16M | 2.61M | 3.63M | 4.01M | 3.1M |
| Operating Margin % | 28% | 30.54% | 26.83% | 28.79% | 96.22% | 50.33% | 13.56% | 27.41% | 34.26% | 36.66% |
| Interest Expense | 2M | 16.27M | 11.29M | 9.46M | 9.54M | 3.7M | 1.46M | 41.23K | 0 | 286.24K |
| Interest Coverage | - | 0.82x | 1.20x | 1.35x | 4.50x | 4.00x | 1.59x | 87.97x | - | 10.83x |
| Non-Operating Income | -1.38M | 5.1M | 473K | 421K | 587K | 360K | 287K | 0 | 0 | 0 |
| Pretax Income | -544K | -2.88M | 2.25M | 3.27M | 33.95M | 11.46M | 1.15M | 3.59M | 4.01M | 2.81M |
| Pretax Margin % | -0.84% | -4.77% | 4.32% | 7.16% | 75.14% | 38.05% | 5.95% | 27.1% | 34.26% | 33.27% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 229.33K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5.71% | 0% |
| Net Income | -415K | -2.66M | 2.07M | 2.92M | 29.72M | 9.96M | 985K | 3.59M | 4.01M | 2.81M |
| Net Margin % | -0.64% | -4.39% | 3.96% | 6.39% | 65.77% | 33.07% | 5.12% | 27.15% | 34.26% | 33.27% |
| Net Income Growth % | -136.18% | -228.61% | -29.17% | -90.19% | 198.27% | 911.57% | -72.58% | -10.53% | 42.74% | - |
| Funds From Operations (FFO) | 26.88M | 24.73M | 27.66M | 28.68M | 53.28M | 25.9M | 10.83M | 8.9M | 9.57M | 8.22M |
| FFO Margin % | 41.52% | 40.85% | 52.96% | 62.82% | 117.91% | 85.98% | 56.24% | 67.26% | 81.63% | 97.21% |
| FFO Growth % | 16.73% | -10.61% | -3.54% | -46.18% | 105.71% | 139.27% | 21.65% | -6.98% | 16.4% | - |
| FFO per Share | 1.60 | 1.59 | 1.83 | 1.84 | 3.90 | 2.30 | 1.23 | 1.13 | 1.05 | 0.90 |
| FFO Payout Ratio % | 48.74% | 2.23% | 60.69% | 53.42% | 24.88% | 41.19% | 66.53% | 5.16% | 0% | 0% |
| EPS (Diluted) | -0.02 | -0.22 | 0.14 | 0.19 | 2.17 | 0.89 | 0.11 | 0.45 | 0.44 | 0.31 |
| EPS Growth % | -190.29% | -257.14% | -26.32% | -91.24% | 143.82% | 709.09% | -75.56% | 2.27% | 41.94% | - |
| EPS (Basic) | - | -0.22 | 0.15 | 0.21 | 2.48 | 1.02 | 0.13 | 0.45 | 0.44 | 0.36 |
| Diluted Shares Outstanding | 16.77M | 15.55M | 15.08M | 15.56M | 13.68M | 11.25M | 8.81M | 7.89M | 9.13M | 9.13M |
External management fee structure
As reported in recent financial filings, PINE achieved a 29.6% year-over-year revenue growth in 2026Q1, signaling an aggressive acquisition phase that contrasts sharply with the erratic NOI performance observed in late 2025, suggesting that top-line expansion may be outpacing the company's ability to stabilize property-level operating margins.
The rapid revenue growth appears to be driven by an active acquisition strategy, yet the volatility in NOI suggests that the portfolio's underlying property-level profitability is sensitive to non-recurring costs or integration challenges. Investors should monitor whether this growth is truly accretive or if it merely masks underlying operational inefficiencies inherent in the external management model.
Based on the company's reported figures, FFO per share fluctuated significantly from $0.33 in 2025Q2 to $0.49 in 2026Q1, indicating that the REIT's earnings quality remains inconsistent and potentially vulnerable to the dilutive effects of equity-funded growth strategies often employed by externally managed entities.
The wide variance in FFO per share suggests that the company's earnings are not yet stabilized, which complicates the assessment of dividend safety for long-term income investors. The reliance on external management may further complicate this, as fee structures can create misaligned incentives that prioritize asset accumulation over consistent per-share earnings growth.
According to the provided income statement data, the 2025Q4 NOI margin of -2.6% and the erratic AFFO figures suggest that non-cash accounting adjustments or significant one-time charges are severely distorting the company's reported profitability, warranting extreme caution when evaluating the REIT's core operational performance.
The presence of negative NOI margins and highly volatile AFFO figures implies that standard REIT valuation metrics may be unreliable for PINE without extensive reconciliation. These anomalies suggest that the company's reported GAAP and non-GAAP earnings may not accurately reflect the cash-generating capacity of the underlying single-tenant net lease portfolio.
As indicated by the historical data, NOI margins have shown significant instability, ranging from a high of 87.5% in 2026Q1 to a negative figure in 2025Q4, which suggests that the company's property-level cost structure is highly susceptible to volatility that may not be fully mitigated by triple-net lease protections.
While the triple-net lease model is designed to pass operating expenses to tenants, the observed margin fluctuations suggest that PINE may be absorbing unexpected costs or experiencing timing differences in expense recoveries. This instability warrants further investigation into the credit quality of the tenant base and the effectiveness of the company's property tax management strategies.
Quick answers to the most common questions about buying PINE stock.
For fiscal year 2025, Alpine Income Property Trust, Inc. (PINE) reported total revenue of $60.5M. This represents a 616.0% increase compared to $8.5M in 2017.
Alpine Income Property Trust, Inc. (PINE) reported a net loss of $2.7M for the fiscal year ending 2025.
Alpine Income Property Trust, Inc. (PINE) reported an operating income of $18.5M, resulting in an operating profit margin of 30.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Alpine Income Property Trust, Inc. (PINE) generated $-6.6M in gross profit for the year, representing a gross profit margin of -10.9%. This demonstrates the company's core pricing power and production efficiency.