Alpine (PINE) Q1 2026 Earnings Transcript

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Friday, April 24, 2026 astatine 9 a.m. ET

• Chief Executive Officer — John P. Albright

• Chief Financial Officer — Philip R. Mays

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John Albright: Thank you, Jenna, and bully morning, everyone. We are pleased to study a beardown archetypal 4th successful 2026, gathering connected a grounds level of concern enactment we achieved successful 2025. We proceed to execute our concern strategy by seeking to assemble a high-quality portfolio of single-tenant nett lease properties leased to investment-grade rated tenants successful summation to originating commercialized loans with charismatic risk-adjusted returns secured by high-quality existent property with beardown experienced sponsored. During the quarter, we acquired a retail spot successful downtown Aspen, Colorado, for $10 million. This acquisition was structured arsenic a 50-year implicit triple-net maestro lease and archetypal headdress complaint of 8.5% with 1.25% yearly rent escalators.

With regards to the spot dispositions, we proceed to selectively prune our portfolio, selling 3 non-investment-grade-rated lease properties for $5.8 cardinal and weighted mean exit headdress of 7.4%. As a effect of our combined archetypal 4th spot transactions, our spot portfolio consists of 125 properties, totaling 4.3 cardinal quadrate feet crossed 31 states with a 99.5% occupancy and a WALT of 9.3 years. 50% of our ABR is generated from investment-grade rated tenants with Lowe's, Dick's Sporting Goods, Walmart and Best Buy, representing 4 of our apical 5 tenants. Additionally, during the quarter, we originated a $32 cardinal archetypal owe loan, of which $8.6 cardinal was funded astatine close.

The indebtedness carries a 24-month word with an archetypal involvement complaint of 13% inclusive of a 1.5% paid-in-kind interest, stepping down to an 11.5% existent wage complaint upon the borrower gathering definite conditions. The indebtedness volition money the improvement of 101,000 quadrate ft retail halfway with nationalist investment-grade rated tenants and 3 outparcels. The retail halfway is located successful the Atlanta MSA is shadiness anchored by 128,500 quadrate ft Target presently successful improvement and is adjacent to an existing Publix, creating a beardown and varied merchandising mix.

Further, with regards to our commercialized indebtedness portfolio, we closed and funded the $31.8 cardinal Phase 2 of our archetypal owe indebtedness concern secured by a luxury residential improvement located successful Austin, Texas metropolitan area. The A-1 information that was antecedently announced contributed an further $10.8 cardinal towards this funding. Accordingly, nett of the A-1 participation, our combined concern successful Phase 1 and Phase 2 of this indebtedness was $40 cardinal astatine 4th end. Reflecting this quarter's indebtedness enactment including 2 indebtedness repayments totaling $7.2 cardinal successful January. Our commercialized indebtedness portfolio totaled $160.4 cardinal with a weighted mean existent yield, including PIK involvement of 13.5% astatine 4th end.