From GlobeNewswire: 2025-02-06 16:05:00

Alpine Income Property Trust, Inc. reported a fourth quarter net loss of $0.06 per diluted share and FFO and AFFO of $0.44 per diluted share. They closed investments of $134.7 million at an 8.7% cash yield in 2024. The company increased its dividend for Q1 2025 and provided a 2025 outlook.

Alpine Income Property Trust’s operating results for the quarter and year ended December 31, 2024, showed total revenues of $13,791 for the quarter and $52,227 for the year. Net income (loss) attributable to PINE was $(958) for the quarter and $2,066 for the year. FFO and AFFO per diluted share were $0.44 each for the quarter.

The company acquired 6 properties totaling $50,500 for the three months ended December 31, 2024, and 15 properties totaling $134,687 for the year. The weighted average initial cash cap rate for properties was 7.6% for the quarter and 8.2% for the year.

Alpine Income Property Trust disposed of 5 properties totaling $6,782 for the three months ended December 31, 2024, and 16 properties totaling $75,589 for the year. The weighted average exit cash cap rate for properties was 7.3% for the quarter and 6.9% for the year.

As of December 31, 2024, Alpine Income Property Trust’s property portfolio consisted of 134 properties with a weighted average remaining lease term of 8.7 years. The portfolio had an occupancy rate of 98.0% and 51% of ABR attributable to investment-grade rated tenants.

The company’s top tenants included Dick’s Sporting Goods, Lowe’s, and Walgreens, each representing 10%, 10%, and 8% of ABR respectively as of December 31, 2024. The top industries in the portfolio were sporting goods, home improvement, and dollar stores, each representing 16%, 13%, and 12% of ABR respectively.

Alpine Income Property Trust’s balance sheet as of December 31, 2024, showed a net debt/total enterprise value of 52.6% and a net debt/pro forma adjusted EBITDA of 7.4x. The company had total liquidity of $95,109, including cash, cash equivalents, and restricted cash.

The company issued 435,745 shares under its ATM offering program for the three months ended December 31, 2024, and 1,059,271 shares for the year. The weighted average price per share was $17.98 for the quarter and $18.04 for the year, resulting in net proceeds of $7,718 and $18,825 respectively. Alpine Income Property Trust, Inc. has a total debt of $302,000 with a weighted average rate of 4.10% as of December 31, 2024. The Company has declared a quarterly cash dividend of $0.285 per share for Q1 2025, representing a 1.8% increase from the previous dividend. The dividend is payable on March 31, 2025, with an ex-dividend date of March 13, 2025.

For 2025, Alpine Income Property Trust projects investments of $50 million to $80 million and dispositions of $20 million to $30 million. The outlook for FFO and AFFO per diluted share is $1.70 to $1.73. The company expects a $0.08 impact per diluted share in 2025 due to recent and anticipated vacancies.

The Company’s outlook for 2025 is subject to risks and uncertainties. A conference call to present the operating results for Q4 and year-end 2024 will be held on February 7, 2025, at 9:00 AM ET. A live webcast will be available on the Company’s website. The Company encourages participants to dial in at least fifteen minutes before the scheduled start time. The company faces risks such as economic conditions, credit market volatility, tenant defaults, and environmental liabilities. They invest in first mortgage investments, face illiquidity in real estate, and are affected by natural disasters and pandemics like COVID-19. The company’s non-GAAP financial measures include FFO, AFFO, and Pro Forma Adjusted EBITDA to compare operating performance. FFO excludes real estate depreciation and amortization, while AFFO includes other adjustments to GAAP net income. Pro Forma Adjusted EBITDA excludes non-cash revenues and expenses. These metrics help investors assess the company’s performance without distortions created by non-cash items. Other definitions in the news include Annualized Base Rent, Credit Rated Tenant, and Investment Grade Rated Tenant. Alpine Income Property Trust, Inc. utilizes the higher of S&P Global Ratings and Moody’s Investors Services ratings for Investment Grade Tenants. As of December 31, 2024, the company’s assets include $444,017 in real estate, $89,629 in loans, and $1,578 in cash. Liabilities total $328,500, with equity at $276,495.

For the year ended December 31, 2024, Alpine Income Property Trust reported revenues of $52,227 and operating expenses of $41,655. Net income was $2,254, with a loss of $958 attributable to the company. Common stock has 14,691,982 shares issued and outstanding.

Alpine Income Property Trust’s Funds From Operations for the year ended December 31, 2024, totaled $26,098, with Adjusted Funds From Operations at $26,185. Adjusted EBITDA for the quarter ended December 31, 2024, was $9,521, with a net debt to pro forma adjusted EBITDA ratio of 7.4x. The company reported annualized adjusted EBITDA of $40,082.

The company’s financial position is strong, with a focus on maintaining investment grade tenants and maximizing returns for shareholders. Alpine Income Property Trust continues to grow its portfolio and assets, with a strategic approach to financial management and growth in the real estate sector.



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