Alpine Income Property REIT Hits a 12-Month Record Closing

Raymond James upgraded its opinion on Jan. 9, 2009 Alpine Income Property Trust Inc (NYSE: 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.

The REIT has a market capitalization just $233 million and isn’t one of the most important. Comparatively, American Tower Corp. (NYSE: AMTThe market cap for ) is $103 billion. However, the company has struggled to make new highs recently. Alpine Income Property trades at a price-earnings ratio 36, which is significantly higher than the of the Standard & Poor’s 500’s P/E now at 20.69.

Alpine, a net lease REIT based out of Winter Park, Florida now has 148 properties totaling approximately 3.4 million square footage in 34 states.

The REIT trades at 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 expect this kind of gain to not repeat in the next 12 month.

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

Alpine Income Property pays $5.61 in dividends

Here is the daily price chart:

After the Raymond James upgrade, the price rose to $19.85 before profit-taking. From the October low of $15.25, that’s a three-month gain of about 30%.

The weekly price chart looks something like this:

Although price is now back at the January 2022 level, it did not hold. However, this seems to be a solid time.

Alpine Income Property is one REIT that has performed so well in recent years. It’s worth keeping an eye on.

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