# EDGAR Filing Document

**Accession Number:** 0001786117
**File Stem:** 0001104659-25-101824
**Filing Date:** 2025-10
**Character Count:** 72318
**Document Hash:** 0af781ece45755919f566f1364148c2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-101824.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0001104659-25-101824

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251023

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alpine Income Property Trust, Inc.
- **CENTRAL INDEX KEY:** 0001786117
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39143
- **FILM NUMBER:** 251413139

**BUSINESS ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789
- **BUSINESS PHONE:** 407-904-3324

**MAIL ADDRESS:**
- **STREET 1:** 369 N. NEW YORK AVE.
- **STREET 2:** SUITE 201
- **CITY:** WINTER PARK
- **STATE:** FL
- **ZIP:** 32789

?xml version='1.0' encoding='ASCII'? ALPINE INCOME PROPERTY TRUST, INC._October 23, 2025

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

 **of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 23, 2025**

## ALPINE INCOME PROPERTY TRUST, INC.
**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Maryland** | **Commission File Number 001-39143** | **84-2769895** |
| **(State or other jurisdiction of**<br>**incorporation or organization)** |  | **(I.R.S. Employer**<br>**Identification No.)** |

---

---

| | |
|:---|:---|
| **369 N. New York Avenue, Suite 201**<br>**Winter Park, Florida** | **32789** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's Telephone Number, including area code**

**(407) 904-3324**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities Registered Pursuant to Section 12(b) of the Act** 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition**

On October 23, 2025, Alpine Income Property Trust, Inc., a Maryland corporation (the "Company"), issued an earnings press release and an investor presentation relating to the Company's financial results for the quarter ended September 30, 2025. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The information in Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, unless it is specifically incorporated by reference therein.

**Item 7.01. Regulation FD Disclosure**

On October 23, 2025, the Company issued an earnings press release and an investor presentation relating to the Company's financial results for the quarter ended September 30, 2025. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

The furnishing of these materials is not intended to constitute a representation that such furnishing is required by Regulation FD or other securities laws, or that the materials include material investor information that is not otherwise publicly available. In addition, the Company does not assume any obligation to update such information in the future.

The information in Item 7.01 of this Current Report, including Exhibits 99.1 and 99.2 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, unless it is specifically incorporated by reference therein.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.1 Earnings Press Release dated October 23, 2025](pine-20251023xex99d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[99.2 Investor Presentation dated October 23, 2025](pine-20251023xex99d2.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: October 23, 2025

Alpine Income Property Trust, Inc.

By: /s/ Philip R. Mays

Senior Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

## Exhibit 99.1

**Exhibit 99.1**

![Graphic](pine-20251023xex99d1001.jpg)

**Press Release**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**QUARTER 2024 OPERATING RESULTS**<br>|
| &nbsp;&nbsp;**FOR**<br>**IMMEDIATE**<br>**RELEASE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ALPINE INCOME PROPERTY TRUST REPORTS**<br>**THIRD QUARTER 2025 OPERATING AND FINANCIAL RESULTS**<br>*– Raises Full-Year 2025 Outlook –*<br>*– Increases 2025 Investment Guidance to $200 - $230 million –*<br>|

---

**WINTER PARK, FL – October 23, 2025** – Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE"), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and nine months ended September 30, 2025.

"We produced a strong quarter of operational results, property transactions and loan investments activity, that brings our year-to-date investments through September 30<sup>th</sup> to $136 million at a weighted-average initial cash yield of 8.9%," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Further, we continue to selectively recycle properties to manage tenant credit, with Lowe's and Dick's Sporting Goods now representing our two top tenants and 48% of our ABR derived from investment grade rated tenants."

**Third Quarter 2025 Highlights** 

Operating results for the three and nine months ended September 30, 2025 and 2024 (dollars in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Total Revenues | $14563 | $13480 | $43632 | $38436 |
| Net Income (Loss) Attributable to PINE | $(1310) | $3080 | $(4130) | $3024 |
| Net Income (Loss) per Diluted Share Attributable to PINE | $(0.09) | $0.21 | $(0.29) | $0.20 |
| FFO <sup>(1)</sup> | $7135 | $6690 | $20832 | $19133 |
| FFO per Diluted Share <sup>(1)</sup> | $0.46 | $0.45 | $1.34 | $1.29 |
| AFFO <sup>(1)</sup> | $7128 | $6649 | $20909 | $19291 |
| AFFO per Diluted Share <sup>(1)</sup> | $0.46 | $0.44 | $1.34 | $1.30 |

---

------

<sup>(1)</sup> See the "Non-GAAP Financial Measures" section and tables at the end of this press release for a discussion and reconciliation of Net Income (Loss) to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.

------

**Investment Activity**

Investments for the three and nine months ended September 30, 2025 (dollars in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Number of Investments** | **Amount** | **Amount** | **Number of Investments** | **Amount** | **Amount** |
| Properties | 2 | $| 21120 | 5 | $| 60815 |
| Commercial Loans and Investments | 3 |  | 28600 | 9 |  | 74786 |
| &nbsp;&nbsp;Total Investments | 5 | $ | 49720 | 14 | $ | 135601 |
| Properties - Weighted Average Initial Cash Cap Rate |  |  | 6.0% |  |  | 7.7% |
| Commercial Loans and Investments - Weighted Average Initial Cash Yield |  |  | 10.6% |  |  | 9.9% |
| Total Investments - Weighted Average Initial Cash Yield |  |  | 8.6% |  |  | 8.9% |
| Properties - Weighted Average Remaining Lease Term at Time of Acquisition | 11.6 years | 11.6 years | 11.6 years | 13.6 years | 13.6 years | 13.6 years |

---

Subsequent to September 30, 2025, the Company completed the following transactions:

● Acquired a four-property portfolio for $3.8 million, reflecting a weighted average initial cash yield of 8.4%. The acquisition of three properties was announced on October 7, 2025, with the fourth property closing approximately one week later.

● Originated a new first mortgage loan investment secured by a luxury residential development located in the Austin, Texas metropolitan area. The loan agreement provides for a phase one loan and a phase two loan. On October 15, 2025, the Company funded $14.1 million of the phase one loan, with a total commitment for the phase one loan of up to $29.5 million. The Company's funding of the remainder of the phase one loan is subject to the borrower's satisfaction of certain conditions. The total commitment for the phase two loan is up to $31.8 million, and the Company's funding of loan commitments under the phase two loan is subject to the borrower's satisfaction of certain conditions. The interest rate for all amounts funded under both the phase one and phase two loans, commencing at October 15, 2025, is 17.0%, inclusive of 4.0% paid-in-kind for the full term of the loan, and steps down to 16.0% during months seven to 12, and to 14.0% thereafter. The loan has 36-month term and will be repaid as collateralized home lots are sold.

● Originated a new first mortgage loan investment secured by a mixed-use development in Lake Toxaway, North Carolina. At closing, the Company funded $6.4 million of an initial $7.0 million commitment. Subject to the borrower's satisfaction of certain conditions, the loan agreement provides for an additional commitment of up to $6.5 million, for a total potential loan amount of $13.5 million. The interest rate for the 24-month loan is 16.0%, inclusive of 3.0% paid-in-kind.

● Amended and upsized an existing investment, Cornerstone Exchange, which is secured by a 8.6-acre retail land development in Daytona Beach, FL. At closing, the Company funded $4.1 million of a new $21.3 million commitment. Combined with the existing $2.6 million principal balance, the upsize brings the total principal balance to $6.8 million, and the total commitment to $23.9 million. From the date of closing, the interest rate for all principal is 10.0%, and the maturity has been extended to April 2027.

------

**Disposition Activity**

Dispositions for the three and nine months ended September 30, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Number of Investments** | **Amount** | **Number of Investments** | **Amount** |
| Properties (Operating) | 1 | $1127 | 8 | $29013 |
| Properties (Vacant) | 2 | 5025 | 3 | 5325 |
| Commercial Loans and Investments |  |  |  |  |
| &nbsp;&nbsp;Total Dispositions | 3 | $6152 | 11 | $34338 |
| Properties (Operating) - Weighted Average Exit Cash Cap Rate |  | 6.7% |  | 8.4% |
| Commercial Loans and Investments - Weighted Average Cash Yield |  | &nbsp;&nbsp;&nbsp;&nbsp;— % |  | &nbsp;&nbsp;&nbsp;&nbsp;— % |
| Total Dispositions - Weighted Average Cash Yield |  | 6.7% |  | 8.4% |

---

Subsequent to September 30, 2025, the Company completed or initiated the following transactions:

● Sold the Company's only property leased to Kohl's for $12.0 million.

● Entered into a hard-money contract to sell one Walgreens location for $5.5 million, with closing anticipated before year-end.

**Property Portfolio** <sup>(2)</sup>

The Company's property portfolio consisted of the following as of September 30, 2025:

---

| | |
|:---|:---|
| Number of Properties | 128 |
| Square Feet | 4.1 million |
| Annualized Base Rent (ABR) <sup>(1)</sup> | $46.3 million |
| Weighted Average Remaining Lease Term | 8.7 years |
| States where Properties are Located | 34 |
| Industries | 21 |
| Occupancy | 99.4% |
| % of ABR Attributable to Investment Grade Rated Tenants  | 48% |
| % of ABR Attributable to Credit Rated Tenants | 66% |
| % of ABR Attributable to Sale-Leaseback Tenants <sup>(2)</sup> | 8% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. As of September 30, 2025, annualized in-place cash base rent totaled $44.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;(2) During the year ended December 31, 2024, the Company acquired three single-tenant income properties for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option (the "Sale-Leaseback Tenants"). This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes, however, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Sale-Leaseback Tenants. The Sale-Leaseback Tenants represent 6% of annualized in-place cash base rent as of September 30, 2025.

------

The Company's property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Tenant** | **Credit Rating** | **% of ABR** |
| Lowe's | BBB+ / Baa1 | 12% |
| Dicks Sporting Goods | BBB / Baa2 | 10% |
| Beachside Hospitality Group | NR / NR | 8% |
| Walgreens | NR / NR | 6% |
| Best Buy | BBB+ / A3 | 5% |
| Family Dollar | NR / NR | 5% |
| Dollar General | BBB / Baa3 | 5% |
| GermFree Laboratories | NR / NR | 4% |
| Walmart | AA / Aa2 | 4% |
| At Home | NR / NR | 3% |
| Bass Pro Shops | BB- / Ba3 | 3% |
| BJ's Wholesale Club | BB+ / Ba1 | 3% |
| Academy Sports | BB+ / Ba2 | 3% |
| Alamo Drafthouse | A / A2 | 2% |
| Dollar Tree | BBB / Baa2 | 2% |
| Home Depot | A / A2 | 2% |
| Other |  | 23% |
| **Total** |  | **100%** |

---

The Company's property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:

---

| | |
|:---|:---|
| **Industry** | **% of ABR** |
| Sporting Goods | 17% |
| Home Improvement | 15% |
| Dollar Stores | 12% |
| Casual Dining | 9% |
| Pharmacy | 7% |
| Home Furnishings | 6% |
| Consumer Electronics | 6% |
| Entertainment | 5% |
| Technology, Media & Life Sciences | 4% |
| Grocery | 4% |
| Off-Price Retail | 3% |
| Wholesale Club | 3% |
| General Merchandise | 3% |
| Other | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100%** |

---

------

The Company's property portfolio included properties in the following top states that represent 2.0% or greater of the Company's total ABR as of September 30, 2025:

---

| | |
|:---|:---|
| **State** | **% of ABR** |
| Florida | 13% |
| New Jersey | 9% |
| Texas | 7% |
| New York | 7% |
| North Carolina | 6% |
| Michigan | 6% |
| Illinois | 6% |
| Georgia | 4% |
| Ohio | 4% |
| Minnesota | 3% |
| West Virginia | 3% |
| Tennessee | 3% |
| Colorado | 2% |
| Kansas | 2% |
| Other | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100%** |

---

**Balance Sheet and Capital Markets (dollars in thousands, except per share data)**

---

| | |
|:---|:---|
|  | **As of September 30, 2025** |
| **Leverage** |  |
| Net Debt / Total Enterprise Value | 62.1% |
| Net Debt / Pro Forma Adjusted EBITDA | 7.7x |
| Fixed Charge Coverage Ratio | 3.1x |
| **Liquidity** |  |
| Available Capacity Under Revolving Credit Facility | $60172 |
| Cash, Cash Equivalents | 1183 |
| Total Liquidity | $61355 |

---

The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of September 30, 2025, the Company had an outstanding balance of $158.5 million under the Revolving Credit Facility and $60.2 million of additional borrowing availability based on unencumbered asset value as of September 30, 2025. However, with our current in-place commitments, the borrowing availability under our Revolving Credit Facility could potentially expand up to an additional $31.3 million if we are able to increase our unencumbered asset value, providing the potential for total liquidity of $92.7 million.

------

The Company's long-term debt as of September 30, 2025 (dollars in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
|  | **Face Value Debt** | **Stated Interest Rate** | **Wtd. Avg. Rate** | **Maturity Date** |
| Revolving Credit Facility <sup>(1)</sup> | $158500 | SOFR + 0.10% +<br>[1.25% - 2.20%] | 5.41% | January 2027 |
| 2026 Term Loan <sup>(2)</sup> | 100000 | SOFR + 0.10% +<br>[1.35% - 1.95%] | 3.80% | May 2026 |
| 2027 Term Loan <sup>(3)</sup> | 100000 | SOFR + 0.10% +<br>[1.25% - 1.90%] | 3.75% | January 2027 |
| Total Debt/Weighted-Average Rate | $358500 |  | 4.50% |  |

---

------

<sup>(1)</sup> As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the SOFR adjustment of 0.10% and the applicable spread on $100 million of the outstanding balance on the Company's Revolving Credit Facility. 

<sup>(2)</sup> As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.

<sup>(3)</sup> As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance. 

As of September 30, 2025, the Company held a 92.0% interest in Alpine Income Property OP, LP, the Company's operating partnership (the "Operating Partnership" or "OP"). There were 1,223,854 OP Units held by third parties outstanding and 14,158,190 shares of the Company's common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,382,044 as of September 30, 2025.

**Dividends**

The Company's dividends for the three and nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended September 30, 2025** | **For the Nine Months Ended September 30, 2025** |
| Dividends Declared and Paid per Share | $0.285 | $0.855 |
| FFO Payout Ratio | 62.0% | 63.8% |
| AFFO Payout Ratio | 62.0% | 63.8% |

---

**2025 Outlook** 

The Company is increasing both its 2025 FFO and AFFO per share guidance range to $1.82 to $1.85 from $1.74 to $1.77, based on weighted average diluted shares outstanding of approximately 15.5 million.

The Company's 2025 guidance is based on a number of assumptions that are subject to change, many of which are outside the Company's control, and are more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission.

------

The Company's revised outlook for 2025 is as follows (dollars in millions):

---

| | | | |
|:---|:---|:---|:---|
| *(Unaudited)* | **Actuals for the Nine Months Ended September 30, 2025** | **Current Outlook Range** | **Previous Outlook Range** |
| **Total Investments** | $**135.6** | **$200 to $230** | **$100 to $130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties | $60.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Loans and Investments<br> ($47.3 million funded at close) | $74.8 |  |  |
| **Total Dispositions** | $**34.3** | **Unchanged** | **$50 to $70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties | $34.3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Loans and Investments | $- |  |  |

---

Reconciliation of the revised outlook range of the Company's 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:

---

| | | |
|:---|:---|:---|
|  | **Outlook<br>Range for 2025** | **Outlook<br>Range for 2025** |
| *(Unaudited)* | **Low** | **High** |
| Net Loss per Diluted Share | $(0.22) | $(0.19) |
| Depreciation and Amortization | 1.73 | 1.73 |
| Provision for Impairment <sup>(1)</sup> | 0.44 | 0.44 |
| Gain on Disposition of Assets <sup>(1)</sup> | (0.13) | (0.13) |
| FFO per Diluted Share | $1.82 | $1.85 |
| Adjustments: |  |  |
| Amortization of Intangible Assets and Liabilities to Lease Income | (0.04) | (0.04) |
| Straight-Line Rent Adjustment | (0.05) | (0.05) |
| Non-Cash Compensation | 0.02 | 0.02 |
| Amortization of Deferred Financing Costs to Interest Expense | 0.05 | 0.05 |
| Other Non-Cash Adjustments | 0.02 | 0.02 |
| AFFO per Diluted Share | $1.82 | $1.85 |

---

<sup>(1)</sup> Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the nine months ended September 30, 2025. The Company's revised outlook excludes projections related to these measures.

**Third Quarter 2025 Earnings Conference Call & Webcast**

The Company will host a conference call to present its operating results for the three and nine months ended September 30, 2025, on Friday, October 24, 2025 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company's website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

Webcast:https://edge.media-server.com/mmc/p/2gf6ag9j<u> </u>

Dial-In:https://register-conf.media-server.com/register/BI0cd38e53e7684f468890c974f7838214

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company's website at www.alpinereit.com.

------

**About Alpine Income Property Trust, Inc.**

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.

Contact:Investor Relations

ir@alpinereit.com

**Safe Harbor**

This press release may contain "forward-looking statements." Forward-looking statements include statements that may be identified by words such as "outlook," "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding capital market conditions, the Company's business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company's business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company's business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

**Non-GAAP Financial Measures**

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We also disclose Funds From Operations ("FFO"), Adjusted Funds From Operations ("AFFO"), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization ("Pro Forma Adjusted EBITDA"), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income or loss as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.

We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net

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gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

**Other Definitions**

<u>Annualized Base Rent (ABR)</u> represents the annualized in-place straight-line base rent pursuant to GAAP.

<u>Annualized In-Place Cash Base Rent</u> represents the annualized in-place contractual minimum base rent on a cash basis.

<u>Credit Rated Tenant</u> is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

<u>Investment Grade Rated Tenant</u> is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody's Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody's Investors Service, as applicable, as of September 30, 2025.

<u>Weighted Average Remaining Lease Term</u> is weighted by the ABR and does not assume the exercise of any tenant purchase options.

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**Alpine Income Property Trust, Inc.**

**Consolidated Balance Sheets**

(In thousands, except share and per share data)

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| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | (Unaudited)**<br>September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| Real Estate: |  |  |
| &nbsp;&nbsp;Land, at Cost | $151500 | $147912 |
| &nbsp;&nbsp;Building and Improvements, at Cost | 350299 | 341955 |
| &nbsp;&nbsp;Total Real Estate, at Cost | 501799 | 489867 |
| &nbsp;&nbsp;Less, Accumulated Depreciation | (53955) | (45850) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate—Net | 447844 | 444017 |
| Assets Held for Sale | 9816 | 2254 |
| Commercial Loans and Investments | 102772 | 89629 |
| Cash and Cash Equivalents | 1183 | 1578 |
| Restricted Cash | 5455 | 6373 |
| Intangible Lease Assets—Net | 41788 | 43925 |
| Straight-Line Rent Adjustment | 1936 | 1485 |
| Other Assets | 10630 | 15734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $621424 | $604995 |
| **LIABILITIES AND EQUITY** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;Accounts Payable, Accrued Expenses, and Other Liabilities | $8938 | $8445 |
| &nbsp;&nbsp;Prepaid Rent and Deferred Revenue | 5310 | 2412 |
| &nbsp;&nbsp;Intangible Lease Liabilities—Net | 3804 | 4774 |
| &nbsp;&nbsp;Obligation Under Participation Agreement |  | 11403 |
| &nbsp;&nbsp;Long-Term Debt—Net | 358155 | 301466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 376207 | 328500 |
| Commitments and Contingencies |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common Stock, $0.01 par value per share, 500 million shares authorized, 14,158,190 shares issued and outstanding as of September 30, 2025 and 14,691,982 shares issued and outstanding as of December 31, 2024 | 142 | 147 |
| &nbsp;&nbsp;Additional Paid-in Capital | 253162 | 261831 |
| &nbsp;&nbsp;Dividends in Excess of Net Income | (32067) | (15722) |
| &nbsp;&nbsp;Accumulated Other Comprehensive Income | 2292 | 6771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholders' Equity | 223529 | 253027 |
| &nbsp;&nbsp;Noncontrolling Interest | 21688 | 23468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 245217 | 276495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $621424 | $604995 |

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**Alpine Income Property Trust, Inc.**

**Consolidated Statements of Operations**

(Unaudited)

(In thousands, except share, per share and dividend data)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;Lease Income | $12122 | $11718 | $35970 | $34512 |
| &nbsp;&nbsp;Interest Income from Commercial Loans and Investments | 2320 | 1663 | 7358 | 3552 |
| &nbsp;&nbsp;Other Revenue | 121 | 99 | 304 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenues | 14563 | 13480 | 43632 | 38436 |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;Real Estate Expenses | 1891 | 1841 | 6030 | 5569 |
| &nbsp;&nbsp;General and Administrative Expenses | 1695 | 1843 | 5108 | 4987 |
| &nbsp;&nbsp;Provision for Impairment | 1915 | 422 | 6749 | 1110 |
| &nbsp;&nbsp;Depreciation and Amortization | 6597 | 6340 | 20609 | 19074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 12098 | 10446 | 38496 | 30740 |
| &nbsp;&nbsp;Gain (Loss) on Disposition of Assets | (46) | 3426 | 2043 | 4344 |
| Net Income From Operations | 2419 | 6460 | 7179 | 12040 |
| Investment and Other Income | 68 | 61 | 160 | 186 |
| Interest Expense | (3910) | (3167) | (11822) | (8933) |
| Net Income (Loss) | (1423) | 3354 | (4483) | 3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net Loss (Income) Attributable to Noncontrolling Interest | 113 | (274) | 353 | (269) |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. | $(1310) | $3080 | $(4130) | $3024 |
| **Per Common Share Data:** |  |  |  |  |
| Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted | $(0.09) | $0.22 | $(0.29) | $0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.09) | $0.21 | $(0.29) | $0.20 |
| Weighted Average Number of Common Shares: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 14158190 | 13744232 | 14328245 | 13663752 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted <sup>(1)</sup> | 15382044 | 14968086 | 15552099 | 14887606 |
| Dividends Declared and Paid | $0.285 | $0.280 | $0.855 | $0.830 |

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<sup>(1)</sup> Includes 1,223,854 shares during the three and nine months ended September 30, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc and its wholly owned subsidiaries.

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**Alpine Income Property Trust, Inc.**

**Non-GAAP Financial Measures**

**Funds From Operations and Adjusted Funds From Operations**

(Unaudited)

(In thousands, except per share data)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30, 2025** | **September 30, 2024** | **September 30, 2025** | **September 30, 2024** |
| Net Income (Loss) | $(1423) | $3354 | $(4483) | $3293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 6597 | 6340 | 20609 | 19074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment | 1915 | 422 | 6749 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on Disposition of Assets | 46 | (3426) | (2043) | (4344) |
| Funds From Operations | $7135 | $6690 | $20832 | $19133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets and Liabilities to Lease Income | (176) | (136) | (422) | (361) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (177) | (216) | (539) | (370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 95 | 79 | 285 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Deferred Financing Costs to Interest Expense | 197 | 180 | 591 | 540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Cash Adjustments | 54 | 52 | 162 | 111 |
| Adjusted Funds From Operations | $7128 | $6649 | $20909 | $19291 |
| FFO per Diluted Share | $0.46 | $0.45 | $1.34 | $1.29 |
| AFFO per Diluted Share | $0.46 | $0.44 | $1.34 | $1.30 |

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**Alpine Income Property Trust, Inc.**

**Non-GAAP Financial Measures**

**Reconciliation of Net Debt to Pro Forma Adjusted EBITDA**

(Unaudited)

(In thousands)

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| | |
|:---|:---|
|  | **Three Months Ended September 30, 2025** |
| Net Loss | $(1423) |
| Adjustments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization | 6597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for Impairment | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on Disposition of Assets | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Intangible Assets and Liabilities to Lease Income | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-Line Rent Adjustment | (177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Cash Compensation | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of Deferred Financing Costs to Interest Expense | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Cash Adjustments | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Non-Recurring Items | (66) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | 3703 |
| Adjusted EBITDA | $10765 |
| Annualized Adjusted EBITDA | $43060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Forma Annualized Impact of Current Quarter Investment Activity <sup>(1)</sup> | 3144 |
| Pro Forma Adjusted EBITDA | $46204 |
| Total Long-Term Debt | $358155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing Costs, Net of Accumulated Amortization | 345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | (1183) |
| Net Debt | $357317 |
| Net Debt to Pro Forma Adjusted EBITDA | 7.7x |

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<sup>(1)</sup> Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investment and disposition activity during the three months ended September 30, 2025.

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## Exhibit 99.2

#### Exhibit 99.2

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D i c k ' s & B e s t B u y – M c D o n o u g h , G A NYSE: PINE Investor Presentation 3Q 2025 L o w e ' s – E l P a s o , T X |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2© Alpine Income Property Trust, Inc. \| alpinereit.com As of September 30, 2025, unless otherwise noted. PINE stock price on September 30, 2025 was $14.17. 1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the "Tampa Properties") were purchased through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted for as a financing arrangement and, as such, the related assets and corresponding revenue are included in the Company's commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto. 2. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. 128 Properties $575M Enterprise Value $139 TEV / SF 4.1M Total Portfolio Square Feet 8.8% Implied Cap Rate 96% Retail Net Lease Portfolio 48% of ABR From Investment Grade-Rated Tenants 8.0% Annualized Dividend Yield $218 Equity Market Capitalization Portfolio1 Value + Income 8.7 Years W.A. Lease Term2 Company Snapshot B e a c h H o u s e – B r a d e n t o n B e a c h , F L |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3© Alpine Income Property Trust, Inc. \| alpinereit.com Highlights As of September 30, 2025, unless otherwise noted. ▪ Meaningful Common Stock Repurchase: year to date, repurchased 546,390 common shares for net cost of $8.8 million ▪ Low Basis: $139 basis per square foot is less than half of the peer average ▪ Undervalued: lowest AFFO multiple in the net lease industry ▪ Well-Covered, High Dividend: highest dividend yield with one of the lowest payout ratios in the sector ▪ Dividend Growth: 42.5% increase in the quarterly dividend since the beginning of 2020 ▪ Quality Tenants: only PINE has Lowe's or Dick's within top five tenants among peers ▪ Increased WALT: weighted-average lease term is 8.7 years $0.37 $0.41 $0.43 $0.45 $0.44 $0.44 $0.44 $0.46 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FFO Per Diluted Share Growth B J ' s – C o n c o r d , N C |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4© Alpine Income Property Trust, Inc. \| alpinereit.com 12% 10% 8% 6% 5% 5% 5% 4% 4% 3% BBB+ BBB N/A N/A BBB+ N/A BBB N/A AA N/A High-Quality, Retail Net Lease Portfolio Number of Net Lease Properties 128 Number of States with a Property 34 Total Portfolio Square Feet 4.1M Current Occupancy 99% % Investment Grade-Rated Tenants (by ABR)2 48% Enterprise Value PSF $139 Average Rent PSF $11.16 Weighted Average Remaining Lease Term3 8.7 Years Key Portfolio Stats1 Top Tenants by ABR4 Investment Grade Sub-Investment Grade / NR As of September 30, 2025, unless otherwise noted. 1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the "Tampa Properties") were purchased through a sale-leaseback transaction that includes a tenant repurchase option are, for GAAP purposes, accounted for as a financing arrangement and, as such, the related assets and corresponding revenue are included in the Company's commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, as the Tampa Properties constitute real estate assets for both legal and tax purposes, we include the Tampa Properties in the property portfolio when describing our property portfolio and for purposes of providing statistics related thereto. 2. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners (NAIC). 3. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. 4. Annualized Base Rent ("ABR") represents the annualized in-place straight-line base rent required by the tenant's lease. Basis Below Replacement Cost with Attractive Tenant Credit Profile |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5© Alpine Income Property Trust, Inc. \| alpinereit.com Sector ABR % Sporting Goods 17% Home Improvement 15% Dollar Stores 12% Casual Dining 9% Pharmacy 7% Home Furnishings 6% Consumer Electronics 6% Entertainment 5% Technology, Media & Life Sciences 4% Grocery 4% Other 15% Total 100% Diversified Portfolio Top States by ABR As of September 30, 2025, unless otherwise noted. ABR in thousands, includes impact of straight-line rent. Top Sectors by ABR State Properties $ ABR % ABR Florida 5 $5,923 13% New Jersey 9 4,307 9% Texas 13 3,384 7% New York 7 3,021 7% North Carolina 6 2,989 6% Michigan 11 2,925 6% Illinois 4 2,672 6% Georgia 6 1,699 4% Ohio 6 1,675 4% Minnesota 3 1,595 3% Other 59 16,087 35% Total 128 $46,278 100% Located in Strong & Growing Markets |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6© Alpine Income Property Trust, Inc. \| alpinereit.com $444 $339 $324 $259 $241 $206 $205 $139 $288 FCPT EPRT NNN FVR O ADC NTST PINE Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers High-Quality Portfolio with Valuation Upside ▪ Total enterprise value (TEV) is $139 per square foot, allowing shareholders to invest below replacement cost Better Margin of Safety with Stickier Tenants ▪ Average rent per square foot of $11.16 ▪ Occupancy costs for tenants meaningfully below market rents given the inflationary pressure on building and land costs ▪ Tenants may be more likely to exercise their renewal options at expiration Source: FactSet and Company Financials 1. Peer square footage based on information pulled on October 6, 2025 from information available through each company's website or investor presentation as of June 30, 2025. Portfolio information for PINE is as of September 30, 2025. Total Enterprise Value is as of September 30, 2025. TEV Per Square Foot1 6© Alpine Income Property Trust, Inc. \| alpinereit.com Basis per Square Foot is Less Than Half of Peer Average's |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7© Alpine Income Property Trust, Inc. \| alpinereit.com 8.0% 6.3% 5.8% 5.6% 5.3% 4.8% 4.3% 4.0% Peer Average: 5.2% PINE FVR FCPT NNN O NTST ADC EPRT $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 2020 2021 2022 2023 2024 Q3 2025 Annualized Annualized Per Share Cash Dividend Yield 8.0% As of September 30, 2025, unless otherwise noted. 1. All dividend yields are based on the closing stock price on September 30, 2025, using current annualized dividends for the peer net lease companies. Current Annualized Dividend $1.14 High In-Place Dividend Yield1 7© Alpine Income Property Trust, Inc. \| alpinereit.com Q3 2025 AFFO payout ratio 62% Increase in quarterly cash dividend since Q1 2020 42.5% PINE Dividend Per Share Paid High-Yielding and Growing Dividend |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9© Alpine Income Property Trust, Inc. \| alpinereit.com 14% 34% 33% 48% 54% 52% 68% ADC FCPT NTST PINE O FVR NNN Tenant Credit and Operational Transparency ▪ 78% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better tenant financial and operational transparency Credit ratings from S&P Global Ratings and Moody's Investor Services. 1. PINE percentages as of September 30, 2025. Peer information pulled on October 6, 2025 based on published information available through each company's website or investor presentation as of 6/30/2025 except for NNN REIT which is as of 12/31/2024 since the company publishes its IG profile percentage annually. IG Profile for Peers1 PINE Portfolio by Credit Rating (% of ABR) Total Credit Rated 66% Credit-Rated and/or Publicly Traded Tenants with Operational Transparency Investment Grade 48% Non-Investment Grade 18% Not Rated 34% |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10© Alpine Income Property Trust, Inc. \| alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants IG RATED PINE information as of September 30, 2025. Peer information pulled on October 6, 2025 based on published information available through each company's investor presentation as of June 30, 2025. Only PINE Amongst Peers has or in Top Ten Credits 48% 54% 52% 34% 14% Not Disclosed 68% 33% |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11© Alpine Income Property Trust, Inc. \| alpinereit.com – 3% 9% 10% 10% 5% 10% 11% 7% 2% 3% 3% 6% 1% 20% Minimal Lease Expirations through 2026 Lease Rollover Schedule As of September 30, 2025, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. 8.7 Years of Weighted Average Lease Term Remaining 1 M a r V i s t a – L o n g b o a t K e y , F L S a n d b a r – A n n a M a r i a , F L |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12© Alpine Income Property Trust, Inc. \| alpinereit.com Record of Growth, Diversification and Higher Quality Portfolio 2019 (IPO) Number of Net Lease Properties 20 128 Number of States with a Property 12 34 Total Portfolio Square Feet 0.9M 4.1M Annualized Base Rent (ABR) $13.3M $46.3M Top Tenant as a % of ABR 21% Wells Fargo (S&P: A+) 12% Lowe's (S&P: BBB+) Top Sector as a % of ABR 21% Financial Services 17% Sporting Goods Top State as a % of ABR 26% Florida 13% Florida % of ABR from IG Rated Tenants 36% 48% % of ABR from Credit Rated Tenants 89% 66% 2025 Track Record of Successful Business Plan Execution As of September 30, 2025, unless otherwise noted. B o o t B a r n – C o n c o r d , N C L o w e ' s – S t o c k t o n , C A |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14© Alpine Income Property Trust, Inc. \| alpinereit.com Opportunistically Originate Investment Loans with High Yields $ in thousands; any differences a result of rounding. 1. The Tampa Properties were purchased through a sale-leaseback transaction that are, for GAAP purposes, included in the Company's commercial loans and investments on its GAAP financial statements. However, we include the Tampa Properties in the property portfolio. See note 1 on page 2 of the investor presentation for additional detail. 2. Represents the portfolio as of 9/30/2025 plus the three loan investments originated subsequent to September 30, 2025 through October 23, 2025 3. The interest rate was converted to 10.00% and the maturity extended to April 2027 effective October 22, 2025 as part of the Cornerstone Exchange II loan agreement which was executed 4. The residential land loan interest rate includes 4.00% paid-in-kind interest which accrues annually; the mixed-use development loan interest rate includes 3.00% paid-in-kind interest which accrues annually 5. Excludes the Phase II residential land loan representing $31.8 million of commitments; excludes $6.5 million of potential additional commitments subject to the borrower's satisfaction of certain conditions Description Loan Type Location Maturity As of June 30, 2025 Principal Draws / (Pmt.s) As of September 30, 2025 Face Amount Face Amount Coupon (Incl. PIK) Commitment Unfunded 1 Industrial Mortgage Fremont, CA Aug. 2027 - $24,000 $24,000 11.00% - 2 Retail Land Development Construction Stuart, FL Mar. 2027 6,441 1,738 8,179 10.00% 7,321 3 Wawa Land Development Construction Greenwood, IN Jul. 2026 7,378 207 7,585 9.50% 7,215 4 At Home Plaza Mortgage Canton, OH Mar. 2028 6,200 - 6,200 8.65% - 5 Wawa Land Development Construction Mount Carmel, OH Sept. 2026 6,126 - 6,126 11.50% - 6 Wawa Land Development Construction Antioch, TN Oct. 2026 4,711 675 5,387 10.25% 2,038 7 Old Time Pottery Mortgage Orange Park, FL Jun. 2028 4,000 - 4,000 8.00% - 8 Commercial Building Mortgage Reno, NV Sept. 2027 - 4,000 4,000 8.00% - 9 Portfolio Loan Mortgage Various Nov. 2026 9,737 (5877) 3,861 9.00% - 10 Cornerstone Exchange Mortgage Daytona Beach, FL May 20263 2,646 - 2,646 12.50%3 - 11 Retail Outparcels Construction Lawrenceville, GA Jan. 2026 4,000 (2901) 1,099 11.25% 582 12 Publix Land Development Construction Charlotte, NC Repaid Q3 25,506 (25506) - - - 13 Verizon Mortgage Vineland, NJ Repaid Q3 2,000 (2000) - - - Total / Weighted Average1: at Quarter End $78,745 ($5664) $73,083 10.14% $17,156 Pro Forma for Oct. 2025 Originations2 14 Residential Land I Mortgage Austin, TX Oct. 2028 $14,100 17.00%4 $15, 4005 15 Mixed-Use Development Mortgage Lake Toxaway, NC Oct. 2027 6,398 16.00%4 6025 16 Cornerstone Exchange Upsize Construction Daytona Beach, FL Apr. 2027 4,119 10.00% 17,141 Total / Weighted Average2: Pro Forma Including Recent Originations $97,700 11.51% $50,299 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15© Alpine Income Property Trust, Inc. \| alpinereit.com 100% Unsecured Long-Term Indebtedness Staggered Debt Maturity Schedule 6 As of September 30, 2025. $ in thousands; any differences a result of rounding. 1. As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.32% plus the SOFR adjustment of 0.10% and the applicable spread on $100 million of the outstanding balance on the Company's Revolving Credit Facility. 2. As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance. 3. As of September 30, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance. 4. Net Debt to TEV (Total Enterprise Value) is the Company's outstanding debt, minus the Company's cash and cash equivalents, as a percentage of the Company's enterprise value. 5. See the "Non-GAAP Financial Information" section and tables at the end of this presentation for a discussion and reconciliation of Net Income to non-GAAP financial measures. 6. The Company's senior unsecured revolving credit facility matures in January 2027 and includes a one-year extension option, subject to satisfaction of certain conditions; the maturity date reflected assumes the Company exercises the one-year extension option. Balance Sheet as of September 30, 2025 Debt Interest Rate Type Face Value Debt Stated Interest Rate Wtd. Avg. Rate as of September 30, 2025 Maturity Date (Excl. Options) Revolving Credit Facility Floating $58,500 SOFR + 0.10% + [1.25%-2.20%] 5.99% January 2027 Revolving Credit Facility 1 Fixed $100,000 SOFR + 0.10% + [1.25% - 2.20%] 5.07% January 2027 2026 Term Loan 2 Fixed $100,000 SOFR + 0.10% + [1.35% - 1.95%] 3.80% May 2026 2027 Term Loan 3 Fixed $100,000 SOFR + 0.10% + [1.25% - 1.90%] 3.75% January 2027 Total Debt/Weighted-Average Rate $358,500 4.50% Shares & Units Outstanding 15,382,044 Equity Market Capitalization $218 Net Debt Outstanding $357 Total Enterprise Value $575 Net Debt to TEV 4 62.1% Net Debt to Pro Forma Adjusted EBITDA 5 7.7x $100 $100 $159 2025 2026 2027 2028 2029 Unsecured Term Loan Revolving Credit Facility |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16© Alpine Income Property Trust, Inc. \| alpinereit.com Investment Grade Focus High Yield Focus Investment Strategy ▪ Tenants often provide a combination of certain key benefits: ▪ Financial stability and reliability ▪ Risk and default mitigation ▪ Consistent occupancy ▪ Enhanced property value ▪ Tenants often provide a different combination of key benefits: ▪ Higher rental yields ▪ Potential for growth, such as rent escalations or lease-up opportunities ▪ Tenant diversification ▪ Originates commercial loans and investments secured by real estate1 ▪ First investment in July 2023 after identifying an attractive risk/reward ratio in the lending environment ▪ May provide option to acquire the properties under certain circumstances ▪ Key benefits include: ▪ Diversification of income streams ▪ Increased investment opportunities with high yields ▪ Attractive returns 1. Also includes commercial loans secured by the borrower's pledge of its ownership interest in an entity that owns real estate. Commercial Loans & Investments Barbell Property Focus 16© Alpine Income Property Trust, Inc. \| alpinereit.com Balanced Investment Strategy that Delivers Results |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17© Alpine Income Property Trust, Inc. \| alpinereit.com Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Committed Focus Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices Tenant Alignment Alignment with environmentally aware tenants who have strong sustainability programs and initiatives embedded into their corporate culture and business practices Social Responsibility Environmental Responsibility Corporate Governance ▪ Independent Chairman of the Board and 4 of 5 Directors classified as independent ▪ Annual election of all Directors ▪ Annual Board of Director evaluations ▪ Stock ownership requirements for all Directors ▪ Prohibition against hedging and pledging Alpine Income Property Trust stock ▪ Robust policies and procedures for approval of related party transactions ▪ Opted out of business combination and control share acquisition statutes in the Maryland General Corporation Law ▪ All team members adhere to a comprehensive Code of Business Conduct and Ethics policy Inclusive and Supportive Company Culture Dedicated to an inclusive and supportive office environment filled with diverse backgrounds and perspectives, with a demonstrated commitment to financial, mental and physical wellness Notable Community Outreach Numerous and diverse community outreach programs, supporting environmental, artistic, civil and social organizations in the community |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18© Alpine Income Property Trust, Inc. \| alpinereit.com External Management Alignment As of September 30, 2025. Aligned Ownership CTO currently owns an approximate 16% interest in PINE, meaningfully aligning its interests with PINE shareholders Independent Board of Directors PINE has its own independent Board of Directors and realizes economies of scale from the 42-member CTO team without the corresponding G&A expense Internalization Anticipated in the Future Internalization of management for PINE is anticipated in the future when the Company approaches or exceeds critical mass Opportunities for Collaboration PINE reviews transaction opportunities resulting from CTO's acquisition efforts that it otherwise would not see in the market through normal single tenant acquisition efforts and relationships Benefits and Alignment of External Management Notable Management Agreement Terms ▪ Expires January 2026, with one-year extension options thereafter ▪ Quarterly management fee of 0.375%, calculated on equity, net of share buybacks and issuance costs ▪ Terminable with payment of a one-time fee of 3x the annualized average management fee for the preceding 24-months Alpine Income Property Trust is externally managed by CTO Realty Growth (NYSE: CTO) under an agreement that, combined with CTO's ownership in PINE, provides economies of scale, significant shareholder alignment and a flexible/collapsible structure. |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19© Alpine Income Property Trust, Inc. \| alpinereit.com Disclaimer This presentation may contain "forward-looking statements." Forward-looking statements include statements that may be identified by words such as "could," "may," "might," "will," "likely," "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations and assumptions regarding capital market conditions, the Company's business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company's actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company's business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company's business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 and other risks and uncertainties discussed from time to time in the Company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. References in this presentation: 1. All information is as of September 30, 2025, unless otherwise noted and any differences in calculations are assumed to be a function of rounding. 2. Annualized Base Rent ("ABR" or "Rent") represents annualized in-place straight-line base rent pursuant to GAAP. The statistics based on ABR are calculated based on our portfolio as of September 30, 2025. 3. Dividends are set by the Board of Directors and declared on a quarterly basis and there can be no assurances as to the likelihood or amount of dividends in the future. 4. The Company defines an Investment Grade ("IG") Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody's Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this presentation are those available from S&P Global Ratings and/or Moody's Investors Service, as applicable, as of September 30, 2025. 5. The Company defines a Credit Rated Tenant as a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody's Investors Service, Fitch Ratings or the National Association of Insurance Commissioners. |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21© Alpine Income Property Trust, Inc. \| alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share date 1. Includes 1,223,854 shares during the three and nine months ended September 30, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc and its wholly owned subsidiaries. Revenues: Lease Income $12,122 $11,718 $35,970 $34,512 Interest Income from Commercial Loans and Investments 2,320 1,663 7,358 3,552 Other Revenue 121 99 304 372 Total Revenues 14,563 13,480 43,632 38,436 Operating Expenses: Real Estate Expenses 1,891 1,841 6,030 5,569 General and Administrative Expenses 1,695 1,843 5,108 4,987 Provision for Impairment 1,915 422 6,749 1,110 Depreciation and Amortization 6,597 6,340 20,609 19,074 Total Operating Expenses 12,098 10,446 38,496 30,740 Gain (Loss) on Disposition of Assets (46) 3,426 2,043 4,344 Net Income From Operations 2,419 6,460 7,179 12,040 Investment and Other Income 68 61 160 186 Interest Expense (3910) (3167) (11822) (8933) Net Income (Loss) (1423) 3,354 (4483) 3,293 Less: Net Loss (Income) Attributable to Noncontrolling Interest 113 (274) 353 (269) Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. $(1310) $3,080 $(4130) $3,024 Per Common Share Data: Net Income (Loss) Attributable to Alpine Income Property Trust, Inc. Basic and Diluted $(0.09) $0.22 $(0.29) $0.22 Diluted $(0.09) $0.21 $(0.29) $0.20 Weighted Average Number of Common Shares: Basic 14,158,190 13,744,232 14,328,245 13,663,752 Diluted (1) 15,382,044 14,968,086 15,552,099 14,887,606 Dividends Declared and Paid $0.285 $0.280 $0.855 $0.830 Nine Months Ended (Unaudited) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Three Months Ended (Unaudited) |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22© Alpine Income Property Trust, Inc. \| alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share date Net Income (Loss) $(1423) $3,354 $(4483) $3,293 Depreciation and Amortization 6,597 6,340 20,609 19,074 Provision for Impairment 1,915 422 6,749 1,110 Loss (Gain) on Disposition of Assets 4 6 (3426) (2043) (4344) Funds From Operations $7,135 $6,690 $20,832 $19,133 Adjustments: Amortization of Intangible Assets and Liabilities to Lease Income (176) (136) (422) (361) Straight-Line Rent Adjustment (177) (216) (539) (370) Non-Cash Compensation 9 5 7 9 285 238 Amortization of Deferred Financing Costs to Interest Expense 197 180 591 540 Other Non-Cash Adjustments 5 4 5 2 162 111 Adjusted Funds From Operations $7,128 $6,649 $20,909 $19,291 FFO per Diluted Share $0.46 $0.45 $1.34 $1.29 AFFO per Diluted Share $0.46 $0.44 $1.34 $1.30 September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Three Months Ended (Unaudited) Nine Months Ended (Unaudited) |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g023.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23© Alpine Income Property Trust, Inc. \| alpinereit.com 1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company's investment and disposition activity during the three months ended September 30, 2025. Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA Net Loss $(1423) Adjustments: Depreciation and Amortization 6,597 Provision for Impairment 1,915 Loss on Disposition of Assets 4 6 Amortization of Intangible Assets and Liabilities to Lease Income (176) Straight-Line Rent Adjustment (177) Non-Cash Compensation 9 5 Amortization of Deferred Financing Costs to Interest Expense 197 Other Non-Cash Adjustments 5 4 Other Non-Recurring Items (66) Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 3,703 Adjusted EBITDA $10,765 Annualized Adjusted EBITDA $43,060 Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 3,144 Pro Forma Adjusted EBITDA $46,204 Total Long-Term Debt $358,155 Financing Costs, Net of Accumulated Amortization 345 Cash and Cash Equivalents (1183) Net Debt $357,317 Net Debt to Pro Forma Adjusted EBITDA 7.7x (Unaudited) Three Months Ended September 30, 2025 |

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| &nbsp;&nbsp;![GRAPHIC](pine-20251023xex99d2g024.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Inquiries: ir@alpinereit.com |

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