This is a routine ATM preferred stock offering under an existing shelf. Monitor the pace of sales and any subsequent 8-K for actual takedown amounts. The pending $117.3M industrial acquisition is the more material catalyst — watch for closing announcement and funding mix. Preferred holders should focus on dividend coverage and credit metrics rather than common stock earnings.
Price Chart
Executive Summary
Alpine Income Property Trust filed a 424B5 prospectus supplement to sell up to $35 million of its 8.00% Series A Cumulative Redeemable Preferred Stock (PINE/PA) in an at-the-market offering through 12 sales agents. Proceeds will be contributed to the operating partnership for general corporate purposes, including potential repayment of debt under the Credit Agreement and funding a pending $117.3 million industrial portfolio acquisition. The filing is a routine capital raise under the existing $400 million shelf registration, with no earnings or operational data disclosed.
Key Facts
- Up to $35,000,000 of 8.00% Series A Cumulative Redeemable Preferred Stock offered at-the-market
- Liquidation preference of $25.00 per share; 8.00% annual dividend ($2.00/share)
- 12 sales agents including Raymond James, Jefferies, Stifel, Truist; commissions up to 2.0%
- Proceeds to be contributed to Operating Partnership for general corporate purposes, including debt repayment and acquisitions
- Manager agreed to waive a portion of its base management fee on proceeds from this offering (0.75% annual rate vs. 1.5%)
- Pending $117.3 million acquisition of a 13-property industrial portfolio expected to close in Q4 2026
- Series A Preferred Stock listed on NYSE under PINE/PA; last sale price $25.18 on October 22, 2026
- Issuer has $198.5M drawn on Revolver at ~4.96% weighted average rate as of September 30, 2026
Financial Impact
Up to $35 million in gross proceeds from preferred stock issuance; net proceeds after ~2% commissions and ~$150K expenses will be used for general corporate purposes including potential debt repayment and acquisitions
Risk Factors
- Potential dilution to existing preferred holders if additional shares are issued
- Proceeds may be used to repay debt, reducing leverage but not necessarily improving dividend coverage
- Pending acquisition may not close; no assurance of portfolio acquisition
- Preferred stock is unrated and subordinate to all debt obligations
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001104659-26-118483 |
| Document: 0001104659-26-118483-index-headers.html | 0001104659-26-118483 |
| Document: 0001104659-26-118483-index.html | 0001104659-26-118483 |
| Document: 0001104659-26-118483.txt | 0001104659-26-118483 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $16.32 $16.26 | ▲ +0.37% | ▲ +0.93% | $16.26 (+0.37%) |
Oct 23, 2026 4d ago | 424B5 | $16.32 $16.26 | ▲ +0.37% | ▲ +0.93% | $16.26 (+0.37%) |
Oct 23, 2026 4d ago | 424B5 | $16.32 $16.26 | ▼ −0.37% | ▼ −0.93% | $16.26 (−0.37%) |
Oct 22, 2026 5d ago | 8-K | $16.16 $16.32 | ▲ +0.99% | ▲ +0.28% | $16.26 (+0.62%) |
Oct 22, 2026 5d ago | Press Release | $16.16 $16.32 | ▲ +0.99% | ▲ +0.28% | $16.26 (+0.62%) |
Oct 16, 2026 11d ago | EFFECT | $17.93 $17.69 | ▼ −1.34% | ▼ −1.76% | $16.26 (−9.31%) |
Oct 9, 2026 18d ago | 8-K | $18.30 $18.36 | ▲ +0.33% | ▲ +0.34% | $16.26 (−11.15%) |
Sep 24, 2026 4w ago | S-3 | $17.07 $16.89 | ▼ −1.05% | ▼ −0.31% | $16.26 (−4.75%) |
Sep 24, 2026 4w ago | Press Release | $17.07 $16.89 | ▼ −1.05% | ▼ −0.31% | $16.26 (−4.75%) |
Jul 28, 2026 13w ago | 144 | $20.41 $20.33 | ▼ −0.39% | ▲ +1.15% | $16.26 (−20.33%) |
US Market Status
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