Alpine Income Property Trust (PINE) DIvidends Date & History

Key Takeaways

• Alpine Income Property Trust (PINE) currently pays a quarterly dividend of $0.30 per share, equating to an annualized dividend of $1.20 and a dividend yield of approximately 6.8%, well above the net lease REIT peer average of 5.2%.
• The company has raised its dividend for seven consecutive years, with a cumulative increase of 50% since the first quarter of 2020, and most recently boosted the quarterly payout by 5.3% in early 2026.
• Despite offering one of the highest yields in its sector, PINE maintains the lowest AFFO (Adjusted Funds From Operations) payout ratio among net lease peers at approximately 53–57%, signaling strong dividend coverage.
• The dividend is supported by a portfolio of 127 single-tenant net lease retail properties with 99.5% occupancy, a weighted average lease term of 8.4 years, and 51% of annual base rent coming from investment-grade-rated tenants.
• PINE trades at a significant discount to peers on an AFFO multiple basis (8.5x versus the peer average of 13.0x), which may appeal to value-oriented income investors.

Dividend Overview

Alpine Income Property Trust, a publicly traded real estate investment trust (REIT) listed on the NYSE under the ticker PINE, owns and operates a diversified portfolio of single-tenant net leased commercial income properties across the United States. The company pays a quarterly cash dividend, most recently declared at $0.30 per share for the first quarter of 2026, representing an annualized dividend of $1.20 per share. Based on recent trading prices, the dividend yield stands at roughly 6.8%, making PINE one of the highest-yielding stocks in the net lease REIT space. The company's dividend is paid in March, June, September, and December, providing investors with a predictable quarterly income stream. PINE is best characterized as a high-yield dividend stock with a growing payout, rather than a traditional dividend growth stalwart. Its externally managed structure, overseen by CTO Realty Growth (CTO), allows the company to remain lean while focusing on acquiring properties leased to creditworthy national tenants.

Dividend History and Growth

Since its initial public offering in 2019, Alpine Income Property Trust has built a consistent track record of dividend increases. The company paid its inaugural quarterly dividend of $0.058 per share in December 2019 and has steadily raised payouts each year. By 2020, the annual dividend reached $0.82 per share, and it has climbed every year since — to $1.02 in 2021, $1.09 in 2022, $1.10 in 2023, $1.11 in 2024, and $1.14 in 2025. The quarterly dividend was raised 5.3% to $0.30 per share in the first quarter of 2026, bringing the annualized payout to $1.20. This marks seven consecutive years of dividend growth and represents a 50% cumulative increase in the quarterly dividend since the beginning of 2020. While the pace of annual increases has moderated from double-digit percentage jumps in the early years to mid-single-digit growth more recently, the trend underscores management's commitment to returning capital to shareholders while balancing reinvestment needs.

Dividend Sustainability and Payout Ratio

For REITs, dividend sustainability is best assessed through the AFFO payout ratio rather than the traditional earnings-based payout ratio, since GAAP (Generally Accepted Accounting Principles) net income includes significant non-cash depreciation charges that can distort the picture. On this front, PINE stands out favorably. In the fourth quarter of 2025, the company's AFFO payout ratio was just 53%, and for the full year 2025, the ratio was approximately 60.3%. In the first quarter of 2026, the AFFO payout ratio remained healthy at roughly 57%. These figures are the lowest among PINE's net lease peers, whose average 2026E AFFO payout ratio is approximately 69%. The company generated AFFO of $1.89 per share in 2025, and 2026 guidance projects AFFO of $2.11 to $2.15 per share — representing sector-leading 11.6% year-over-year growth. The dividend is further supported by a portfolio with 99.5% occupancy, long-term leases, and a growing contribution from the company's commercial loan investment program. While PINE's net debt to pro forma adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at 6.6x as of the first quarter of 2026 — somewhat elevated relative to larger, investment-grade-rated peers — the company's ample liquidity of roughly $90 million and its well-laddered debt maturity profile provide a meaningful cushion.

Dividend Compared to Industry Peers

Within the net lease REIT sector, PINE's dividend yield of approximately 6.8% ranks at or near the top of its peer group. By comparison, larger competitors such as Realty Income (O), NNN REIT (NNN), Agree Realty (ADC), and Essential Properties Realty Trust (EPRT) offer yields typically ranging from 4.2% to 5.8%. The peer average dividend yield is approximately 5.2%, making PINE's payout roughly 160 basis points higher. Notably, PINE achieves its higher yield while maintaining the lowest AFFO payout ratio in the sector, which suggests the dividend is not being stretched to unsustainable levels. However, PINE's smaller market capitalization of roughly $268 million and its lack of an investment-grade credit rating partly explain the elevated yield — investors are being compensated for the higher perceived risk associated with a smaller, externally managed REIT. PINE also trades at a steep discount to peers on an AFFO multiple basis (8.5x versus the peer average of 13.0x), which contributes to the yield advantage.

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Is This Stock Attractive for Dividend Investors?

Alpine Income Property Trust may appeal most to income-oriented investors who prioritize a high current yield and are comfortable with the risks associated with a smaller-cap REIT. With a dividend yield near 6.8% and the lowest AFFO payout ratio among net lease peers, PINE offers a compelling combination of high income and strong coverage that is relatively rare in the sector. The company's seven-year streak of dividend increases, its 50% cumulative dividend growth since 2020, and its portfolio of properties leased to investment-grade-rated tenants such as Lowe's and Dick's Sporting Goods add layers of credibility to the dividend story. That said, conservative dividend growth investors may find PINE's smaller scale, higher leverage relative to blue-chip peers, and lack of an investment-grade credit rating to be worth monitoring. The company's externally managed structure and reliance on acquisitions for growth also mean that performance is partly tied to capital market conditions. For long-term investors who can tolerate moderate risk in exchange for above-average income, PINE represents a noteworthy candidate in the net lease dividend landscape — but, as always, it warrants careful evaluation within the context of a diversified portfolio.

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