Alpine Income Property Trust reports strong Q3 2024 results, raising dividend and full-year guidance.

From GlobeNewswire: 2024-10-17 16:10:00

Alpine Income Property Trust, Inc. (NYSE: PINE) reported strong operating results for Q3 2024, with a net income per diluted share of $0.21 and FFO of $0.45 per diluted share, up 21.6% from the prior year. The company raised net proceeds of $11.1 million and acquired four net leased retail properties for $37.5 million. Additionally, they raised quarterly dividend to $0.28 per share.

During the quarter, Alpine Income Property Trust also sold eight net leased retail properties for $48.6 million, generating aggregate gains of $3.4 million. The weighted average remaining lease term of the property portfolio increased to 8.8 years as of September 30, 2024, from 6.6 years as of June 30, 2024. The company raised full-year 2024 FFO guidance to $1.67 to $1.69 per diluted share.

Alpine Income Property Trust’s property portfolio consisted of 133 properties with 3.6 million square feet, generating $41.5 million in annualized base rent. The portfolio had a weighted average remaining lease term of 8.8 years and an occupancy rate of 99.1%. 52% of annualized base rent was attributable to investment grade rated tenants, with 83% attributable to credit-rated tenants. Top tenants included Dick’s Sporting Goods, Walgreens, and Dollar Tree/Family Dollar, among others.



Read more at GlobeNewswire:: Alpine Income Property Trust Reports Third Quarter 2024