Alpine Income Property REIT Hits New 12-Month Closing High

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Raymond James on Jan. 9 upgraded its opinion of Alpine Income Property Trust Inc PINE to Outperform, which seems to have provided the spark for the real estate investment trust (REIT) to leap to new 52-week highs — an accomplishment not seen by many others in the sector.

With a market capitalization of $233 million, the REIT is not one of the big ones. In comparison, American Tower Corp. AMT has a market cap of $103 billion but has been unable to hit new highs lately. Alpine Income Property trades with a price-earnings ratio of 36, significantly higher than that of the Standard & Poor’s 500’s P/E now at 20.69

Alpine is a net-lease REIT based in Winter Park, Florida, and now holds some 148 properties totaling 3.4 million square feet in 34 states.

The REIT trades at its book value. The company has more long-term debt than shareholder equity – a 1.22 ratio.

Alpine’s funds from operations over the past 12 months show an increase of 692%. Wall Street analysts do not expect that type of gain to repeat over the next 12 months. 

The security is lightly traded on the New York Stock Exchange with an average daily volume of 115,000 shares.

Alpine Income Property pays a $5.61 dividend.

The daily price chart is here:

The move upward, following the Raymond James upgrade, is clear as the price jumped to the $19.85 level before some profit-taking kicked in. From the October low of $15.25, that’s a three-month gain of about 30%.

The weekly price chart looks like this:

Price has returned to the early January 2022 level where it had been unable to hold but that looks solid this time around. 

Alpine Income Property is one of the few REITs to perform this well recently and bears watching.

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