Alpine Income Property Trust (NYSE: PINE) is the net lease satellite: a retail net lease portfolio externally managed by CTO Realty Growth, offering pure single-tenant exposure at small-cap yields, with the manager relationship as both origination engine and governance question.
| Alpine Income Property Trust (PINE) Snapshot | |
|---|---|
| Share Price (delayed) | $20.62 +1.35% |
| Market Cap | $336M |
| Annualized Dividend | $1.17 (Quarterly) |
| Dividend Yield | 5.75% |
| Sector | Net Lease ยท Retail Net Lease |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model
PINE owns freestanding retail net lease assets (the familiar tenant roster: dollar stores, pharmacies, QSR, convenience) sourced through CTO’s platform, plus a growing loan book against similar properties. The external manager relationship provides deal flow a standalone this size couldn’t generate; CTO’s meaningful equity stake partially aligns the fee structure.
The Honest Risk Section
External management earns the structural discount even with alignment features, tenant credit skews toward the middle of the net lease quality spectrum (with the occasional workout), and small scale plus share-price-dependent growth is the standard small-cap net lease bind. Yield compensates; compounding is limited.
Frequently Asked Questions
Who manages Alpine Income?
CTO Realty Growth externally manages PINE and holds a meaningful equity stake, providing acquisition flow alongside the usual external-management fee considerations.
What does PINE own?
Freestanding single-tenant retail net lease properties, dollar stores, pharmacies, quick service restaurants, plus structured loans against similar assets.
Analysis reflects disclosures through Q1 2026. Live market data updates automatically. Independent research, not investment advice.
Why buy the REIT when you can own the asset?
Net lease REITs typically yield 4.5% to 6.5%. Direct ownership of a single-tenant NNN property leased to the same investment-grade tenants historically trades at 6% to 7.5% cap rates, plus depreciation benefits and 1031 exchange eligibility that REIT shareholders never receive.
Compare Direct NNN Ownership