Income Property Portfolio

Alpine Income Property Trust, Inc. (NYSE: PINE) is a newly organized real estate company that owns and operates a high-quality portfolio of single-tenant commercial properties, all of which are leased on a long-term basis and located primarily in or in close proximity to major metropolitan statistical areas. Properties representing approximately 85% of PINE’s initial portfolio’s annualized base rent as of May 27, 2020 are leased on a triple-net basis.  PINE intends to elect to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes. Currently the company has 31 income properties totaling approximately 1,360,267 square feet, located in 13 states across the U.S.

Tenant	Type	Industry	MSA	Credt Rating (1)	Rentable Square Feet (2)	ABR% (3)	Remaining Lease Term (4)
Wells Fargo	Office	Financial Services	Portland-Vancouver-Hillsboro, OR-WA	A+	211863	0.19	5.6
Hilton-MetroWest	Office	Hospitality	Orlando-Kissimmee-Sanford, FL	BB+	102019	0.11	6.5
LA Fitness	Retail	Fitness	Tampa-St. Petersburg-Clearwater, FL	CCC+	45000	0.06	11.9
Hobby Lobby	Retail	Leisure Retail	Tulsa, OK	N/A	84180	0.05	10.6
Container Store	Retail	Home Improvement	Phoenix-Mesa-Scottsdale, AZ	B-	23329	0.04	9.8
At Home	Retail	Home Goods	Raleigh, NC	CCC+	116334	0.04	12.3
Century Theater	Retail	Entertainment	Reno, NV	BB-	52474	0.04	4.3
Hilton-Cambridge	Office	Hospitality	Orlando-Kissimmee-Sanford, FL	BB+	31895	0.04	6.5
Alpine Valley	Retail	Entertainment	Whitewater-Elkhorn, WI	BB-	-	0.04	14.8
Hobby Lobby	Retail	Leisure Retail	Winston-Salem, NC	N/A	55000	0.03	9.8
AMC	Retail	Entertainment	Boston-Cambridge-Newton, MA-NH	CCC-	39474	0.03	12.8
Dicks Sporting Goods	Retail	Leisure Retail	Atlanta-Sandy Springs-Roswell, GA	N/A	46315	0.03	3.7
Jo-Ann Stores	Retail	Leisure Retail	Boston-Cambridge-Newton, MA-NH	CCC	22500	0.03	8.7
Conn's	Retail	Consumer Electronics	Dallas-Fort Worth-Arlington, TX	B	37957	0.03	11.3
Old Time Pottery	Retail	Home Goods	Jacksonville, FL	N/A	84180	0.03	10.2
7-Eleven	Retail	Convenience Store	Austin-Round Rock, TX	AA-	6400	0.02	14.8
Walgreens	Retail	Pharmacy	Birmingham-Hoover, AL	BBB	14516	0.02	8.8
Walgreens	Retail	Pharmacy	Atlanta-Sandy Springs-Roswell, GA	BBB	15120	0.02	5.4
Best Buy	Retail	Consumer Electronics	Atlanta-Sandy Springs-Roswell, GA	BBB	30038	0.02	5.8
Cross America (BP)	Retail	Convenience Store	Cincinnati, OH-KY-IN	N/A	2578	0.02	10.5
Outback	Retail	Casual Dine	Charlottesville, VA	BB-	7216	0.02	11.3
7-Eleven	Retail	Convenience Store	Austin-Round Rock, TX	AA-	7726	0.02	14.9
Walgreens	Retail	Pharmacy	Albany, GA	BBB	14770	0.02	12.7
Outback	Retail	Casual Dine	Charlotte-Concord-Gastonia, NC-SC	BB-	6297	0.01	11.3
Scrubbles (Goo-Goo)	Retail	Car Wash	Jacksonville, FL	N/A	4512	0.01	17.4
Cheddars	Retail	Casual Dine	Jacksonville, FL	BBB-	8146	0.01	7.3
Family Dollar	Retail	Discount	Boston-Cambridge-Newton, MA-NH	BBB-	9228	0.01	3.8
Freddy's Frozen Custard	Retail	QSR	Jacksonville, FL	N/A	3200	0.01	6.5
Long John Silvers	Retail	QSR	Tulsa, OK	N/A	3,000	0%	0.0
Total/Weighted Average					1,085,267	100%	8.78

(1) Tenant, or tenant parent, credit rated entity
(2) Ground Leases; rentable SF for both assets is RSF for vertical building -Rentable SF Total and annualized base rent per SF exclude Alpine Valley Music Theatre
(3) Annualized Base Rent as of May 27, 2020
(4) Remaining Lease Term calculated as of May 27, 2020