Alpine Income Property Trust (PINE) DIvidends Date & History

Key Takeaways

• PINE pays a quarterly dividend of $0.32 per share, equal to an annualized payout of roughly $1.28 per share.
• The stock's dividend yield is approximately 6.9%, well above the broader real estate sector average.
• Alpine Income Property Trust has raised its dividend consistently for three consecutive years, with a five-year annualized growth rate near 6.8%.
• As a real estate investment trust (REIT), the company distributes most of its taxable income to shareholders, making earnings-based payout ratios less meaningful than cash-flow coverage.
• The dividend appears supported by healthy free cash flow coverage, though investors should monitor tenant quality and interest-rate risk.

Dividend Overview

Alpine Income Property Trust, Inc. (PINE) is a publicly traded real estate investment trust (REIT) that owns and operates a portfolio of single-tenant, net-leased commercial properties leased primarily to high-quality, credit-rated tenants. The company pays a quarterly cash dividend, currently set at $0.32 per share, which translates to an annualized payout of about $1.28 per share and a dividend yield near 6.9%.

Because REITs are required to distribute at least 90% of their taxable income to shareholders, PINE functions primarily as an income-oriented, high-yield dividend stock rather than a rapid dividend-growth name. Its payment schedule is reliable, with distributions typically declared, going ex-dividend, and paid in March, June, September, and December. The most recent dividend was declared in July 2026, went ex-dividend on September 10, 2026, and was paid on September 30, 2026.

Dividend History and Growth

PINE began paying dividends shortly after its 2019 debut, and its distribution has climbed steadily ever since. The quarterly rate has advanced from $0.20 per share in 2020 to $0.275 in 2023, $0.28 in 2024, $0.285 in 2025, $0.30 in early 2026, and $0.32 for the most recent quarter. This represents a consistent, multi-year pattern of small but regular increases.

Market data attributes roughly three consecutive years of dividend growth to the company, with a five-year annualized growth rate of approximately 6.8%. While not a high-growth dividend aristocrat, PINE has demonstrated a dependable commitment to modest, predictable annual raises — a profile typical of well-capitalized net-lease REITs seeking to reward income-focused shareholders.

Dividend Sustainability and Payout Ratio

Judging dividend safety for a REIT requires looking beyond standard earnings. PINE's reported earnings-based payout ratio can appear elevated, but this metric is distorted by non-cash charges such as depreciation, which are substantial in real estate. A more relevant measure is FFO (Funds From Operations) or AFFO (Adjusted Funds From Operations), which add back those non-cash items.

By cash-flow-based measures, PINE distributes roughly 75% to 76% of its cash flow as dividends, and estimates for the current year place the payout near 59%. These levels are generally considered sustainable for a net-lease REIT. The company's portfolio is leased to publicly traded and credit-rated tenants, which supports rent-collection stability. As with any REIT, however, dividend coverage can be affected by tenant defaults, property vacancies, and rising borrowing costs.

Dividend Compared to Industry Peers

Within the net-lease REIT segment, PINE's yield of roughly 6.9% is on the higher end of the spectrum. Large, blue-chip peers such as Realty Income (O), Agree Realty (ADC), and Essential Properties Realty Trust (EPRT) have historically offered yields in the 3% to 5% range, while diversified names such as W. P. Carey (WPC) and Broadstone Net Lease (BNL) have traded in a similar band. PINE's smaller size and newer history partly explain its premium yield relative to the broader real estate sector, whose average sits near 3.1%. Investors effectively receive a higher income stream in exchange for a smaller, less-established platform.

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Is This Stock Attractive for Dividend Investors?

Alpine Income Property Trust is most suitable for income-focused investors seeking a high current yield backed by a steady, growing quarterly payout. Its roughly 6.9% yield and consistent track record of small annual increases may appeal to long-term, conservative investors who prioritize dependable cash distributions and are comfortable with the moderate risks inherent in a smaller net-lease REIT.

The company is less well-suited to investors seeking rapid dividend growth or aggressive capital appreciation, given its modest raise cadence and relatively short public history. Dividend growth investors may still find value in its consistent, multi-year increase streak, but should weigh its smaller scale and tenant-concentration profile against larger, more diversified peers. As with any high-yield equity, the dividend should be evaluated alongside interest-rate sensitivity, tenant credit quality, and broader real estate market conditions before drawing conclusions.

Disclaimer

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