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Alpine Income Property Trust (PINE): Tenant Map, Concentration and Operational Signals for Investors

Alpine Income Property Trust (PINE) operates as a focused net-lease REIT that acquires, owns and manages primarily freestanding commercial retail properties leased on long-term, triple‑net contracts to creditworthy tenants. The company monetizes through stable rental cash flow, selective property acquisitions and occasional financings or mortgage loan investments tied to retail center development. PINE’s earnings profile is driven by long-duration leases, a concentrated list of investment‑grade tenants, and transaction activity that rotates portfolio composition while preserving occupancy. For a broader view of institutional customer relationships and analytics, visit https://nullexposure.com/.

What the tenant list tells investors about PINE’s operating model

PINE’s tenant mix and disclosures signal a classic net‑lease REIT posture: long-term contractual cash flows, U.S.-only geographic focus, and meaningful concentration risk. The company reports a 99.5% occupancy rate across 127 properties with a weighted average lease term of 8.4 years (ABR-weighted), confirming a mature portfolio management approach and active capital recycling through acquisitions and mortgage loans (FY2025 disclosures). According to PINE’s FY2025 filings and Q4 commentary, several tenants individually account for double-digit percentages of lease income, which establishes both revenue stability and concentration exposure.

  • Contracting posture: dominated by long‑term, triple‑net leases with built‑in escalations and tenant obligations for operating expenses (company 10‑K, FY2025).
  • Concentration: top tenants (Lowe’s, Dick’s Sporting Goods, Walmart and others) represent a sizable share of annualized base rent and are material to revenues (10‑K, FY2025; earnings call Q4 2025).
  • Geography: all assets are U.S.-based, which simplifies macro exposure but concentrates retail and regional economic risk (10‑K, FY2025).
  • Stage and maturity: portfolio is active and highly occupied, with ongoing acquisitions and loan deployments reported through FY2025/FY2026 news releases.

For granular tenant relationships and source context, see the roll‑call below. If you want a mapped, analyst-ready view of these relationships, check https://nullexposure.com/ for our tools and datasets.

Tenant roll‑call — every customer relationship referenced in PINE disclosures

Lowe’s

Lowe’s is a top investment‑grade tenant, referenced as one of the portfolio’s leading credits and the subject of a ground‑lease acquisition for $21.1 million at a ~6.0% cap rate. According to PINE’s FY2025 earnings commentary and press releases, Lowe’s is among the highest‑weight tenants and part of the top‑five ABR concentration (Q4 2025 earnings call; GlobeNewswire, Nov 2025).

Dick’s Sporting Goods

Dick’s Sporting Goods is identified as a core investment‑grade tenant that accounted for roughly 10–11% of lease income in FY2025, making it a material contributor to cash flow (10‑K FY2025; earnings call Q4 2025).

Walmart / Sam’s Club

Walmart (and its Sam’s Club subsidiary) has moved into the upper tier of tenants and is cited as the Company’s fourth largest tenant by ABR, with Walmart‑anchored acquisitions reported in late‑2025 (GlobeNewswire and acquisition release, Nov–Dec 2025; Q4 2025 earnings call).

Walgreens

Walgreens historically represented a double‑digit share of lease income in certain years but declined to a smaller position by year‑end 2025, with five remaining Walgreens locations noted in Q4 commentary; impairments affected several Walgreens‑leased properties during FY2025 (10‑K FY2025; Q4 2025 earnings call; GlobeNewswire Jan 2026).

O’Reilly Auto Parts

PINE lists properties leased to O’Reilly Auto Parts among recent transactions; press disclosures identify O’Reilly as one of several national retail tenants in new or acquired properties (GlobeNewswire Jan 2026 transaction release).

Chipotle

Chipotle appears as an in‑place tenant on select properties and was cited among recent leasing compositions in the company’s transaction announcements (GlobeNewswire Jan 2026).

Family Dollar / Dollar Tree / Dollar General

Family Dollar and other dollar retailers are present in the portfolio and are assigned a modest percentage of ABR in the FY2026 reporting; PINE’s releases list Family Dollar and Dollar Tree across several acquired or existing properties (GlobeNewswire Feb 2026 operating results; news releases FY2025–FY2026).

Target

Target is referenced in relation to a financed retail center development (a 128,500‑square‑foot Target in development), and PINE disclosed a first mortgage loan collateralized by a center that will include Target and an adjacent Publix (loan announcement and mortgage investment, Mar 2026; Bitget/QuiverQuant coverage).

TJ Maxx

TJ Maxx anchors a four‑tenant triple‑net building included in a late‑2025 acquisition for ~$20.7 million, confirming PINE’s strategy of acquiring anchored retail centers (GlobeNewswire Nov 2025; SimplyWall.St report).

Burger King / Hardee’s / Jiffy Lube

Quick‑service and automotive service tenants (Burger King, Hardee’s, Jiffy Lube) are grouped in small portfolios PINE acquired or marketed in 2025 transaction announcements, providing diversified tenant types and cash flow profiles (GlobeNewswire Dec 2025 transaction release).

Circle K

Circle K appears as a tenant in a multi‑tenant property package announced in late‑2025, reflecting PINE’s exposure to convenience retail (GlobeNewswire Dec 2025).

Kohl’s

Kohl’s is listed among tenants in a multi‑tenant pool disclosed in 2025 transaction activity (GlobeNewswire Dec 2025).

Tractor Supply Company

Tractor Supply is noted among tenants in PINE’s year‑to‑date transaction updates, representing the rural/DIY retail exposure in the portfolio (GlobeNewswire Dec 2025).

Best Buy

Best Buy is disclosed as a mid‑sized tenant in PINE’s FY2026 operating results with a small ABR percentage and an investment‑grade rating noted (GlobeNewswire Feb 2026).

Dollar General

Dollar General is cited as one of the investment‑grade tenant types PINE targeted during its expansion and is referenced in investor write‑ups summarizing the FY2025 portfolio build (SureDividend summary, FY2025).

BJ’s Wholesale Club

BJ’s Wholesale Club is listed with a modest ABR percentage in PINE’s FY2026 operating results and rated in the company’s tenant credit summary (GlobeNewswire Feb 2026).

Home Depot

Home Depot is included in PINE’s tenant credit table with a small share of ABR and investment‑grade ratings reflected in public releases (GlobeNewswire Feb 2026).

Publix

Publix is referenced as an adjacent tenant to a development financed by a PINE loan and part of mixed‑use retail collateral for a mortgage investment (QuiverQuant/GlobeNewswire Mar 2026).

Germ‑Free Labs / GermFree Laboratories

PINE flagged a higher‑yielding property investment leased to Germ‑Free Labs (a corporate headquarters and manufacturing facility) in its Q4 2025 commentary, representing non‑retail, specialized industrial/medical facilities within the portfolio (Q4 2025 earnings call; InsiderMonkey coverage).

Bass Pro Shops / Academy Sports / Alamo Drafthouse / Beachside Hospitality Group

These diverse tenants are listed in PINE’s FY2026 tenant credit summary with smaller ABR percentages, demonstrating PINE’s exposure to experiential and recreational anchors (GlobeNewswire Feb 2026).

Additional local and national tenants

PINE’s transaction announcements and portfolio summaries (Nov–Dec 2025; Feb–Mar 2026 releases) also mention smaller or regional tenants that populate multi‑tenant assets across its holdings; these add geographic and sectoral diversification within the overall U.S. portfolio (various GlobeNewswire and press reports FY2025–FY2026).

Operational constraints and what investors should infer

PINE’s filings and press releases collectively convey five consistent operating characteristics: long‑term, triple‑net contracting; U.S. geographic concentration; material tenant concentration; seller/operator role in acquiring net‑lease real estate; and an active, fully‑occupied portfolio stage. These are corporate signals rather than tenant‑specific qualifiers unless the filings expressly call out a tenant. The combination produces stable but concentrated cash flows where tenant credit quality (investment‑grade anchors) matters as much as lease duration.

Investment considerations and risks

  • Strength: investment‑grade anchors (Lowe’s, Dick’s, Walmart, Target) underpin predictable ABR and reduce default risk. (GlobeNewswire and earnings commentary, FY2025–FY2026).
  • Risk: top‑tenant concentration creates revenue vulnerability if an anchor reduces footprint — Walgreens’ decline in ABR to 4% is a recent example of tenant footprint volatility (10‑K FY2025; Q4 2025 call).
  • Execution: PINE continues to deploy capital through acquisitions and mortgage loans tied to retail developments, indicating an ongoing growth-through-transaction strategy (Nov 2025 acquisitions; Mar 2026 mortgage loan investment).

For direct access to structured relationship intelligence and transaction tracking for PINE and other REITs, visit https://nullexposure.com/. If you want a tailored tenant‑concentration report or a portfolio risk heat map, request an institutional briefing via https://nullexposure.com/.

Closing thought: PINE delivers a predictable net‑lease cash flow base anchored by several investment‑grade retailers, but investors should underwrite the material concentration risk and U.S. retail cycle exposure as core drivers of valuation and dividend sustainability.