Alpine Income Property Trust: A Big Bet On Lending

REITer's Digest 4.6K Followers Follow Summary Alpine Income Property Trust pivots from traditional net lease REIT to a hybrid model, expanding its loan book for higher yields. PINE’s leverage profile has improved, with net debt to EBITDA down to 6.4x and net debt to enterprise value below 50%. Loan investments now comprise 30% of assets, offering 13%+ yields but introducing significant borrower and construction risk. I maintain a sell rating on PINE due to its high cost of capital, mission creep, and valuation uncertainty from its evolving business model. Floriana/E+ via Getty Images Today, we return to Alpine Income Property Trust ( PINE ), a net lease REIT that has been comfortable sitting in the doldrums for some time. In my last article , I rated PINE a sell. Despite having This article was written by REITer's Digest 4.6K Followers Follow REITer's Digest. Follow for more. Analyst’s Disclosure: I/we have a beneficial long position in the shares of ADC, O, STWD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.