A smaller, more diversified Realty Income (O).

• Commercial Property Leasing: Alpine Income Property Trust provides long-term occupancy and use of its single-tenant commercial properties to various retail, office, and industrial tenants.

Alpine Income Property Trust (PINE) is a Real Estate Investment Trust (REIT) that owns and operates primarily retail shopping centers. As such, its customers are the businesses that lease space in its properties.

PINE sells primarily to other companies. Below are some of its major customer companies (tenants):

• Publix Super Markets (private company)

• Kroger (NYSE: KR)

• Walmart / Sam's Club (NYSE: WMT)

• CVS Health (NYSE: CVS)

• T.J. Maxx / Marshalls (part of TJX Companies, NYSE: TJX)

• CTO Realty Growth, Inc. (Symbol: CTO)
• KPMG LLP
• Vinson & Elkins L.L.P.

John P. Albright, President and Chief Executive Officer; Director

Mr. Albright has served as President and Chief Executive Officer and a Director of Alpine Income Property Trust since its formation in August 2019. He also holds the positions of President, Chief Executive Officer, and Director of CTO Realty Growth, Inc., the parent company of Alpine's external manager. Mr. Albright has been a director of CTO since 2012 and its CEO since 2011. Prior to joining CTO, he was the Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company located in Irving, Texas, where he was involved in investing on behalf of the Goldman Sachs Real Estate Mezzanine Partners Fund. He also held a similar position with Morgan Stanley and Crescent Real Estate Equities.

Philip R. Mays, Senior Vice President, Chief Financial Officer and Treasurer

Mr. Mays was appointed Senior Vice President, Chief Financial Officer, and Treasurer of Alpine Income Property Trust and CTO Realty Growth, Inc. effective June 17, 2024. Before this, he served as the Chief Financial Officer of Shadowbox Studios, an owner and developer of soundstage facilities, from September 2021 to February 2024. From June 2011 to September 2021, Mr. Mays was the Chief Financial Officer and Executive Vice President at Cedar Realty Trust, Inc., a NYSE-listed retail REIT. His departure from Cedar coincided with the company's strategic review and eventual sale. Prior to Cedar Realty Trust, he was the Chief Accounting Officer and Vice President of Finance at Federal Realty Investment Trust, another NYSE-listed retail REIT, from May 2005 to June 2011. He began his career with seven years as an accountant at Ernst & Young LLP, where he supervised audits for clients in real estate, construction, and hospitality.

Steven R. Greathouse, Senior Vice President, Investments

Mr. Greathouse has served as Senior Vice President, Investments of Alpine Income Property Trust since its formation in August 2019, and as Senior Vice President, Investments of CTO Realty Growth, Inc. since January 2012. His previous experience includes serving as the Director of Finance at N3 Real Estate, a single-tenant triple net property developer. Before that, he was a Senior Associate, Merchant Banking-Investment Management for Morgan Stanley and Crescent Real Estate Equities.

Daniel E. Smith, Senior Vice President, General Counsel and Corporate Secretary

Mr. Smith has served as Senior Vice President, General Counsel, and Corporate Secretary of Alpine Income Property Trust since its formation in August 2019, and for CTO Realty Growth, Inc. since October 2014. Before joining CTO, he served as Vice President-Hospitality and Vice President and Associate General Counsel at Goldman Sachs & Co. He also spent ten years at Crescent Real Estate Equities, a publicly traded REIT, where he held various positions in the legal department, most recently as Senior Vice President and General Counsel.

Lisa M. Vorakoun, Senior Vice President and Chief Accounting Officer

Ms. Vorakoun has served as Senior Vice President and Chief Accounting Officer of Alpine Income Property Trust since July 2017. She holds the same role at CTO Realty Growth, Inc.. She joined CTO in January 2013 as the Company's Controller, managing its accounting and tax functions. Prior to CTO, she began her career at James Moore & Co., a full-service regional accounting and consulting firm, where she managed audit clients across various industries from January 2006 to September 2012.

Alpine Income Property Trust (PINE) primarily focuses on investing in, owning, and operating a portfolio of high-quality single-tenant net-leased commercial income properties, predominantly in the retail sector, across the United States.

The addressable markets for Alpine Income Property Trust's main products and services, with market sizes for the U.S. region, are as follows:

• U.S. Net Lease Market: The total net-lease investment volume in the U.S. reached approximately $46.7 billion for the year ending in Q2 2025. Quarterly, the U.S. net lease market saw $9.95 billion in transaction volume in Q1 2025 and $9.6 billion in investment sales volume in Q2 2025. In 2024, the net lease market increased by 13%, reaching $43.7 billion.
• U.S. Single-Tenant Net Lease Retail Market: This sector recorded $5.7 billion in sales volume in the first half of 2025. In Q1 2025, retail net-lease investment reached $3.12 billion, marking a 38.76% annual increase. Single-tenant retail sales totaled $2.2 billion in Q2 2025.
• U.S. Single-Tenant Net Lease Office Market: The single-tenant office sector had a sales volume of $1.86 billion in Q1 2025 and approximately $1.9 billion in Q2 2025.

Share Repurchases

• On February 12, 2025, Alpine Income Property Trust's Board of Directors approved a new common stock repurchase program allowing the company to buy back up to $10 million of its common stock.
• Year-to-date through September 30, 2025, the company repurchased 546,390 common shares for a net cost of $8.8 million.
• As of June 30, 2025, approximately $1.2 million remained available under the common stock buyback program.

Share Issuance

• On November 5, 2025, Alpine Income Property Trust priced a public offering of 2,000,000 shares of 8.00% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, aiming for gross proceeds of $50,000,000.
• Underwriters were granted a 30-day option to purchase up to an additional 300,000 shares of Series A Preferred Stock to cover over-allotments.
• The net proceeds from this offering are expected to be used for general corporate purposes, including property acquisitions, commercial loan and investment opportunities, and debt repayment.

Outbound Investments

• Total investment activity year-to-date through September 30, 2025, was $135.6 million, comprising acquisition and structured investment transactions with a weighted average initial cash yield of 8.9%.
• In the third quarter of 2025, the company acquired two properties ground leased to Lowe's for $21.1 million, at a weighted average going-in cash cap rate of 6.0%.
• Alpine Income Property Trust originated a first mortgage loan investment of $14.1 million (initial funding) for a luxury residential development in Austin, Texas, with a total commitment for phase one up to $29.5 million and a phase two loan commitment of up to $31.8 million.
• Year-to-date through September 30, 2025, the company's disposition activity included the sale of $29.0 million of income-producing assets.