Alpine Income Property Trust prices $50 million preferred stock offering

Alpine Income Property Trust Inc. (NYSE: PINE) announced the pricing of a public offering of 2 million shares of 8.00% Series A Cumulative Redeemable Preferred Stock at $25.00 per share. The Winter Park, Florida-based real estate investment trust expects to receive gross proceeds of $50 million before deducting underwriting discounts and offering expenses.

The company granted underwriters a 30-day option to purchase up to an additional 300,000 shares to cover over-allotments. The offering is expected to close on November 12, 2025, subject to customary closing conditions.

Alpine Income Property Trust plans to use net proceeds for general corporate and working capital purposes, including property acquisitions, commercial loan and investment opportunities, and debt repayment under existing credit agreements.

The company intends to file an application to list the Series A Preferred Stock on the New York Stock Exchange under the ticker symbol "PINE-PA." The preferred stock carries a $25.00 per share liquidation preference.

Raymond James, Stifel and Baird serve as joint book-running managers for the offering. Co-managers include Janney Montgomery Scott, KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Securities LLC, Synovus Securities Inc. and Truist Securities.

The offering is being conducted under the company's existing shelf registration statement on Form S-3 filed with the Securities and Exchange Commission. Alpine Income Property Trust operates as a publicly traded real estate investment trust focused on single tenant net leased commercial income properties leased to publicly traded and credit-rated tenants.

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