Alpine Income Property Trust, Inc. (PINE) Balance Sheet
PINE balance sheet, 2025
December 31, 2025 · U.S. dollars$715.9M assets = $414.6M liabilities + $301.3M equity
Both columns are drawn to the same scale: what PINE owns equals what it owes plus shareholders’ equity. Hover a block for its value.
PINE financial health
Descriptive bands, not a rating. Fiscal 2025.
PINE balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $126.0M2017 | $715.9M2025 | +24.3%/yr | |
| Total liabilities | $5.6M2017 | $414.6M2025 | +71.3%/yr | |
| Shareholders’ equity | $120.4M2017 | $279.9M2025 | +11.1%/yr | |
| Cash & short-term investments | $6,9002017 | $4.6M2025 | +125.4%/yr | |
| Total debt | $1.8M2017 | $394.2M2025 | +96.7%/yr | |
| Net cash (debt) | −$1.8M2017 | −$389.6M2025 | −$387.8M | |
| Working capital | −$3.8M2017 | −$9.4M2025 | −$5.6M | |
| Book value per share | $13.192017 | $18.002025 | +4.0%/yr | |
| Current ratio | 0.002017 | 0.332025 | +0.33 | |
| Debt / equity | 0.012017 | 1.412025 | +1.39 | |
| Shares outstanding | 9.1M2017 | 15.6M2025 | +6.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
PINE assets
PINE liabilities and equity
PINE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
PINE balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $4.6M | $1.6M | $15.0M | $9.0M | $8.9M | $1.9M | $12.3M | $8,258 | $6,900 |
| Cash & equivalents | $4.6M | $1.6M | $4.0M | $9.0M | $8.9M | $1.9M | $12.3M | $8,258 | $6,900 |
| Short-term investments | — | — | $11.0M | $14.6M | $2.1M | — | — | — | — |
| Receivables | $3.0M | $91.1M | $2.2M | $1.2M | $1.3M | $283,000 | $68,016 | $1.5M | $1.0M |
| Inventory | $0 | $0 | −$898,000 | −$14.6M | −$2.1M | $3.9M | $1 | $1 | $0 |
| Other current assets | $0 | $9.7M | $52.8M | $19.4M | $1.4M | $0 | $0 | $0 | $0 |
| Total current assets | $4.6M | $102.4M | $69.1M | $15.0M | $9.5M | $1.9M | $12.3M | $8,258 | $6,900 |
| Property, plant & equipment (net) | $3.0M | $3.2M | $1.4M | $1.6M | $429.0M | $219.3M | $128.0M | $111.2M | $109.6M |
| Goodwill & intangible assets | $48.9M | $43.9M | $49.3M | $60.4M | $58.8M | $36.9M | $22.4M | $10.6M | $11.5M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $659.3M | $455.5M | $444.8M | $496.4M | $8.2M | $3.5M | $1.4M | $4.8M | $4.8M |
| Total assets | $715.9M | $605.0M | $564.6M | $573.4M | $505.5M | $261.6M | $164.2M | $126.6M | $126.0M |
| Liabilities | |||||||||
| Accounts payable | $9,000 | $40,000 | $30,000 | $17,000 | $2.4M | $2.0M | $1.5M | $83,592 | $3.5M |
| Short-term debt | $311,000 | — | $134,000 | $6.7M | $2.1M | $481,000 | $381,000 | — | — |
| Deferred revenue | $14.0M | $2.4M | $3.2M | $1.5M | $2.0M | $1.1M | $87,481 | $344,682 | $371,937 |
| Total current liabilities | $14.0M | $6.9M | $6.7M | $4.0M | $4.4M | $3.0M | $1.6M | $651,815 | $3.8M |
| Long-term debt | $377.7M | $301.5M | $275.7M | $267.1M | $267.7M | $106.2M | $0 | $0 | $0 |
| Lease obligations | $8.1M | $8.0M | $6.4M | $1.7M | $5.5M | $3.3M | $1.9M | $1.7M | $1.8M |
| Other long-term liabilities | $22.8M | $20.1M | $8.1M | $6.9M | $5.5M | $3.3M | $1.9M | $1.7M | $1.8M |
| Total liabilities | $414.6M | $328.5M | $288.9M | $278.1M | $277.6M | $112.5M | $3.5M | $2.4M | $5.6M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $148,000 | $147,000 | $137,000 | $134,000 | $114,000 | $79,000 | $79,027 | $124.2M | $120.4M |
| Retained earnings (deficit) | −$35.3M | −$15.7M | −$2.4M | $10.0M | −$6.4M | −$5.7M | −$497,508 | — | — |
| Accumulated other comprehensive income | $1.3M | −$9.0M | $9.3M | $24.6M | $1.9M | −$481,000 | −$498,000 | — | — |
| Minority interest | $21.4M | $23.5M | $24.9M | $33.8M | $31.4M | $22.3M | — | — | — |
| Total shareholders' equity | $279.9M | $253.0M | $250.7M | $261.6M | $227.9M | $149.1M | $160.7M | $124.2M | $120.4M |
| Key figures | |||||||||
| Total debt | $394.2M | $309.5M | $282.0M | $273.8M | $273.2M | $109.5M | $1.9M | $1.7M | $1.8M |
| Net cash (debt) | −$389.6M | −$307.9M | −$267.1M | −$264.8M | −$264.4M | −$107.6M | $10.4M | −$1.7M | −$1.8M |
| Working capital | −$9.4M | $95.5M | $62.4M | $10.9M | $5.1M | −$1.1M | $10.8M | −$643,557 | −$3.8M |
| Tangible book value | $231.0M | $209.1M | $201.5M | $201.2M | $169.1M | $112.2M | $138.3M | $113.6M | $108.8M |
| Book value per share | $18.00 | $16.78 | $16.11 | $19.12 | $20.26 | $16.92 | $20.34 | $13.61 | $13.19 |
| Shares outstanding | 15.6M | 15.1M | 15.6M | 13.7M | 11.2M | 8.8M | 7.9M | 9.1M | 9.1M |
| Current ratio | 0.33 | 14.87 | 10.31 | 3.71 | 2.16 | 0.62 | 7.92 | 0.01 | 0.00 |
| Quick ratio | 0.54 | 13.47 | 2.57 | 2.52 | 2.32 | 0.72 | 7.96 | 2.29 | 0.27 |
| Debt / equity | 1.41 | 1.22 | 1.12 | 1.05 | 1.20 | 0.73 | 0.01 | 0.01 | 0.01 |
| Equity / assets | 39.1% | 41.8% | 44.4% | 45.6% | 45.1% | 57.0% | 97.9% | 98.1% | 95.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $2.8M | $2.6M | $4.6M | $1.2M | $5.0M | $6.1M | $1.6M | $2.6M | $3.3M | $18.3M | $4.0M | $24.0M |
| Cash & equivalents | $2.8M | $2.6M | $4.6M | $1.2M | $5.0M | $6.1M | $1.6M | $2.6M | $3.3M | $5.1M | $4.0M | $6.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $12.5M | $13.2M | $11.0M | $17.7M |
| Receivables | $4.0M | $218.6M | $3.0M | $104.3M | $112.2M | $111.3M | $91.1M | $2.3M | $45.4M | $2.4M | $35.9M | $2.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$31.9M | −$12.5M | $18.2M | $31.0M | −$17.7M |
| Other current assets | $19.3M | $0 | $0 | $15.4M | $8.6M | $13.6M | $9.7M | $29.6M | $19.9M | $13.0M | $0 | $21.1M |
| Total current assets | $26.1M | $2.6M | $4.6M | $120.9M | $125.9M | $131.0M | $102.4M | $2.6M | $56.2M | $51.9M | $54.9M | $30.2M |
| Property, plant & equipment (net) | $453.2M | $3.0M | $3.0M | $3.1M | $3.1M | $3.2M | $3.2M | $1.2M | $1.3M | $1.3M | $1.4M | $1.5M |
| Goodwill & intangible assets | $46.2M | $46.8M | $48.9M | $41.8M | $43.2M | $46.1M | $43.9M | $40.6M | $45.8M | $47.0M | $49.3M | $51.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $256.1M | $692.8M | $659.3M | $455.7M | $456.3M | $467.2M | $455.5M | $534.6M | $462.6M | $458.8M | $458.9M | $474.3M |
| Total assets | $781.5M | $745.1M | $715.9M | $621.4M | $628.4M | $647.4M | $605.0M | $579.0M | $565.8M | $559.0M | $564.6M | $557.7M |
| Liabilities | ||||||||||||
| Accounts payable | $14.1M | $58,000 | $9,000 | $63,000 | $80,000 | $69,000 | $40,000 | $19,000 | $17,000 | $20,000 | $30,000 | $28,000 |
| Short-term debt | $156,000 | $233,000 | $311,000 | $78,000 | $154,000 | $79,000 | $300,000 | $46,000 | −$3.2M | — | $134,000 | — |
| Deferred revenue | $17.7M | $16.1M | $14.0M | $5.3M | $3.1M | $3.7M | $2.4M | $3.3M | $3.2M | $3.1M | $3.2M | $1.9M |
| Total current liabilities | $31.9M | $16.1M | $14.0M | $9.8M | $13.4M | $8.1M | $6.9M | $8.1M | $8.4M | $7.2M | $6.7M | $5.9M |
| Long-term debt | $367.6M | $359.4M | $377.7M | $358.2M | $352.6M | $356.5M | $301.5M | $278.9M | $268.3M | $272.3M | $275.7M | $249.1M |
| Lease obligations | $7.6M | $7.7M | $8.1M | $6.9M | $7.3M | $7.5M | $8.0M | $5.6M | $6.3M | $6.0M | $6.4M | $6.7M |
| Other long-term liabilities | $23.7M | $36.0M | $22.8M | $8.3M | $10.4M | $19.0M | $20.1M | $24.8M | $20.7M | $6.7M | $6.6M | $6.8M |
| Total liabilities | $423.0M | $411.5M | $414.6M | $376.2M | $376.4M | $383.6M | $328.5M | $307.0M | $297.4M | $286.2M | $288.9M | $261.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $176,000 | $165,000 | $148,000 | $142,000 | $142,000 | $144,000 | $147,000 | $143,000 | $136,000 | $136,000 | $137,000 | $138,000 |
| Retained earnings (deficit) | −$41.4M | −$39.1M | −$35.3M | −$32.1M | — | — | −$15.7M | −$10.7M | −$9.9M | −$6.4M | −$2.4M | $1.1M |
| Accumulated other comprehensive income | $3.1M | $1.5M | $1.3M | −$29.8M | −$23.4M | −$16.5M | $6.8M | $4.6M | $873,000 | $11.4M | $9.3M | $17.7M |
| Minority interest | $21.3M | $21.2M | $21.4M | $21.7M | $22.2M | — | — | — | — | — | — | — |
| Total shareholders' equity | $337.3M | $312.5M | $279.9M | $223.5M | $229.8M | $240.9M | $253.0M | $248.2M | $244.0M | $248.2M | $250.7M | $263.2M |
| Key figures | ||||||||||||
| Total debt | $372.3M | $367.1M | $394.2M | $365.1M | $359.8M | $364.0M | $309.5M | $284.5M | $274.7M | $278.3M | $282.0M | $255.8M |
| Net cash (debt) | −$369.5M | −$364.5M | −$389.6M | −$363.9M | −$354.8M | −$357.9M | −$307.9M | −$282.0M | −$271.4M | −$260.0M | −$278.0M | −$231.8M |
| Working capital | −$5.8M | −$13.4M | −$9.4M | $111.1M | $112.5M | $122.9M | $95.5M | −$5.5M | $47.8M | $44.7M | $48.2M | $24.3M |
| Tangible book value | $291.1M | $265.7M | $231.0M | $181.7M | $186.7M | $194.9M | $209.1M | $207.7M | $198.3M | $201.1M | $201.5M | $211.6M |
| Book value per share | $18.44 | $18.63 | $18.00 | $14.53 | $14.90 | $15.20 | $17.53 | $16.58 | $17.91 | $16.72 | $16.57 | $18.87 |
| Shares outstanding | 18.3M | 16.8M | 15.6M | 15.4M | 15.4M | 15.9M | 14.4M | 15.0M | 13.6M | 14.8M | 15.1M | 13.9M |
| Current ratio | 0.82 | 0.16 | 0.33 | 12.40 | 9.42 | 16.13 | 14.87 | 0.32 | 6.69 | 7.22 | 8.20 | 5.11 |
| Quick ratio | 0.21 | 13.78 | 0.54 | 10.82 | 8.77 | 14.46 | 13.47 | 0.60 | 5.80 | 2.88 | 5.96 | 4.54 |
| Debt / equity | 1.10 | 1.17 | 1.41 | 1.63 | 1.57 | 1.51 | 1.22 | 1.15 | 1.13 | 1.12 | 1.12 | 0.97 |
| Equity / assets | 43.2% | 41.9% | 39.1% | 36.0% | 36.6% | 37.2% | 41.8% | 42.9% | 43.1% | 44.4% | 44.4% | 47.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
PINE financial position
At the end of fiscal 2025 (December 31, 2025), Alpine Income Property had total assets of $715.9 million (up 18.3% from a year earlier), total liabilities of $414.6 million and shareholders' equity of $279.9 million. It held $4.6 million in cash and short-term investments against $394.2 million of debt, net debt of $389.6 million. Its current ratio was 0.33. In the latest quarter (ended June 30, 2026) total assets were $781.5 million and equity $337.3 million.
Related: PINE income statement, PINE cash flow statement, PINE key metrics. See the PINE stock overview for the latest quote and news.
PINE balance sheet FAQ
What are Alpine Income Property's total assets?
Alpine Income Property reported total assets of $715.9 million at the end of fiscal 2025 (December 31, 2025), compared with $605.0 million a year earlier.
How much debt does Alpine Income Property have?
Alpine Income Property had $394.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.41.
How much cash does Alpine Income Property have?
Alpine Income Property held $4.6 million in cash and short-term investments at the end of fiscal 2025; with $394.2 million of debt that is net debt of $389.6 million.
What is Alpine Income Property's book value?
Alpine Income Property's shareholders' equity (book value) was $279.9 million at the end of fiscal 2025, or $18.00 per share.
What is Alpine Income Property's current ratio?
Alpine Income Property had current assets of $4.6 million and current liabilities of $14.0 million, a current ratio of 0.33 (current liabilities exceed current assets).
How much goodwill does Alpine Income Property have?
Alpine Income Property carried $48.9 million of goodwill and intangible assets, 6.8% of total assets, at the end of fiscal 2025.