Alpine Income Property Trust Reports First Quarter 2025 Operating and Financial Results
Alpine Income Property Trust (NYSE: PINE) reported its Q1 2025 financial results, showing mixed performance. The company completed $79.2 million in investments at a 9.0% weighted average initial cash yield. Revenue increased to $14.2 million from $12.5 million year-over-year, but reported a net loss of $(0.08) per diluted share. FFO and AFFO both reached $0.44 per diluted share.
The company's portfolio consists of 134 properties across 35 states, with 4.1 million square feet and 98.6% occupancy. The portfolio maintains a 9.0-year weighted average remaining lease term, with 50% of annual base rent coming from investment-grade tenants. Top tenants include Dick's Sporting Goods (10% of ABR), Lowe's (9%), and Beachside Hospitality Group (8%).
PINE has increased its 2025 outlook, now projecting FFO and AFFO per diluted share of $1.74 to $1.77, with planned investments of $70-100 million and dispositions of $50-70 million.
Alpine Income Property Trust (NYSE: PINE) ha reso noti i risultati finanziari del primo trimestre 2025, mostrando una performance mista. La società ha completato investimenti per 79,2 milioni di dollari con un rendimento medio iniziale ponderato del 9,0%. I ricavi sono aumentati a 14,2 milioni di dollari rispetto ai 12,5 milioni dell'anno precedente, ma è stata registrata una perdita netta di $(0,08) per azione diluita. FFO e AFFO hanno raggiunto entrambi 0,44 dollari per azione diluita.
Il portafoglio aziendale comprende 134 proprietà distribuite in 35 stati, con una superficie totale di 4,1 milioni di piedi quadrati e un tasso di occupazione del 98,6%. Il portafoglio mantiene un termine medio residuo ponderato dei contratti di locazione di 9,0 anni, con il 50% del canone base annuo proveniente da inquilini con rating investment-grade. I principali inquilini sono Dick's Sporting Goods (10% del canone base annuo), Lowe's (9%) e Beachside Hospitality Group (8%).
PINE ha rivisto al rialzo le previsioni per il 2025, ora stimando FFO e AFFO per azione diluita tra 1,74 e 1,77 dollari, con investimenti pianificati tra 70 e 100 milioni di dollari e dismissioni tra 50 e 70 milioni di dollari.
Alpine Income Property Trust (NYSE: PINE) presentó sus resultados financieros del primer trimestre de 2025, mostrando un desempeño mixto. La compañía completó inversiones por 79,2 millones de dólares con un rendimiento inicial en efectivo ponderado del 9,0%. Los ingresos aumentaron a 14,2 millones de dólares desde 12,5 millones año tras año, pero reportó una pérdida neta de $(0,08) por acción diluida. Tanto el FFO como el AFFO alcanzaron 0,44 dólares por acción diluida.
El portafolio de la compañía consta de 134 propiedades en 35 estados, con 4,1 millones de pies cuadrados y una ocupación del 98,6%. El portafolio mantiene un plazo promedio ponderado restante de arrendamiento de 9,0 años, con el 50% de la renta base anual proveniente de inquilinos con calificación investment-grade. Los principales inquilinos incluyen Dick's Sporting Goods (10% de la renta base anual), Lowe's (9%) y Beachside Hospitality Group (8%).
PINE ha aumentado sus perspectivas para 2025, proyectando ahora FFO y AFFO por acción diluida entre 1,74 y 1,77 dólares, con inversiones planificadas de 70 a 100 millones de dólares y desinversiones de 50 a 70 millones de dólares.
Alpine Income Property Trust (NYSE: PINE)는 2025년 1분기 재무 실적을 발표하며 혼합된 성과를 보였습니다. 회사는 7,920만 달러 규모의 투자를 완료했으며, 가중평균 초기 현금 수익률은 9.0%였습니다. 매출은 전년 동기 대비 1,420만 달러로 증가했으나, 희석 주당 순손실은 $(0.08)입니다. FFO와 AFFO는 모두 희석 주당 0.44달러를 기록했습니다.
회사의 포트폴리오는 35개 주에 걸쳐 134개 부동산으로 구성되어 있으며, 총 면적은 410만 평방피트, 점유율은 98.6%입니다. 포트폴리오는 9.0년의 가중평균 잔여 임대 기간을 유지하고 있으며, 연간 기본 임대료의 50%는 투자등급 테넌트로부터 발생합니다. 주요 테넌트로는 Dick's Sporting Goods(연 임대료의 10%), Lowe's(9%), Beachside Hospitality Group(8%)가 있습니다.
PINE은 2025년 전망을 상향 조정하여 희석 주당 FFO 및 AFFO를 1.74~1.77달러로 예상하며, 7,000만~1억 달러의 투자와 5,000만~7,000만 달러의 자산 매각을 계획하고 있습니다.
Alpine Income Property Trust (NYSE : PINE) a publié ses résultats financiers du premier trimestre 2025, montrant une performance mitigée. La société a réalisé des investissements de 79,2 millions de dollars avec un rendement initial moyen pondéré en espèces de 9,0 %. Les revenus ont augmenté à 14,2 millions de dollars contre 12,5 millions d’une année sur l’autre, mais ont enregistré une perte nette de 0,08 $ par action diluée. Le FFO et l’AFFO ont tous deux atteint 0,44 $ par action diluée.
Le portefeuille de la société comprend 134 propriétés réparties dans 35 États, avec 4,1 millions de pieds carrés et un taux d’occupation de 98,6 %. Le portefeuille maintient une durée moyenne pondérée résiduelle des baux de 9,0 ans, avec 50 % du loyer de base annuel provenant de locataires de qualité investment-grade. Les principaux locataires sont Dick's Sporting Goods (10 % du loyer de base annuel), Lowe's (9 %) et Beachside Hospitality Group (8 %).
PINE a revu à la hausse ses prévisions pour 2025, prévoyant désormais un FFO et un AFFO par action diluée compris entre 1,74 et 1,77 $, avec des investissements prévus de 70 à 100 millions de dollars et des cessions de 50 à 70 millions de dollars.
Alpine Income Property Trust (NYSE: PINE) meldete seine Finanzergebnisse für das erste Quartal 2025 mit gemischter Performance. Das Unternehmen tätigte Investitionen in Höhe von 79,2 Millionen US-Dollar bei einer gewichteten durchschnittlichen anfänglichen Cash-Rendite von 9,0%. Die Umsätze stiegen auf 14,2 Millionen US-Dollar gegenüber 12,5 Millionen im Vorjahreszeitraum, meldeten jedoch einen Nettoverlust von $(0,08) je verwässerter Aktie. FFO und AFFO erreichten jeweils 0,44 US-Dollar je verwässerter Aktie.
Das Portfolio des Unternehmens umfasst 134 Immobilien in 35 Bundesstaaten mit einer Gesamtfläche von 4,1 Millionen Quadratfuß und einer Auslastung von 98,6%. Das Portfolio weist eine gewichtete durchschnittliche verbleibende Mietvertragslaufzeit von 9,0 Jahren auf, wobei 50% der jährlichen Basismiete von Investment-Grade-Mietern stammen. Zu den wichtigsten Mietern gehören Dick's Sporting Goods (10% der Basismiete), Lowe's (9%) und Beachside Hospitality Group (8%).
PINE hat seine Prognose für 2025 erhöht und erwartet nun FFO und AFFO je verwässerter Aktie zwischen 1,74 und 1,77 US-Dollar, mit geplanten Investitionen von 70 bis 100 Millionen US-Dollar und Veräußerungen von 50 bis 70 Millionen US-Dollar.
- Revenue growth of 14% year-over-year to $14.2M
- Strong investment activity with $79.2M deployed at 9.0% yield
- High portfolio occupancy of 98.6%
- 50% of rent from investment-grade tenants
- Increased 2025 FFO/AFFO guidance
- Net loss widened to $(0.08) per share from $(0.02)
- High leverage with Net Debt/EBITDA of 7.9x
- Net Debt to Total Enterprise Value at 57.1%
Insights
Alpine reported improved FFO/AFFO per share with raised guidance, dividend increase, and strong acquisition activity despite wider net loss.
Alpine Income Property Trust's Q1 2025 results show improved operational performance amid a widening GAAP net loss. While net loss increased to
The REIT demonstrated excellent capital deployment, investing
Portfolio fundamentals remain robust with
Management's confidence is evident in their decision to increase the dividend in Q1 and raise 2025 guidance, with FFO and AFFO per share projections increasing by
The company is also actively repurchasing shares, buying back 273,825 shares in Q1 at an average price of
- Closed Investments of
- Increased Dividend Q1 2025 -
- First Quarter Net Loss of
WINTER PARK, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter ended March 31, 2025.
“In the first quarter, we completed investments that approached
First Quarter 2025 Highlights
Operating results for the three months ended March 31, 2025 (dollars in thousands, except per share data):
| Three Months Ended | |||||||
| March 31, 2025 | March 31, 2024 | ||||||
| Total Revenues | $ | 14,206 | $ | 12,466 | |||
| Net Loss Attributable to PINE | $ | (1,179 | ) | $ | (260 | ) | |
| Net Loss per Diluted Share Attributable to PINE | $ | (0.08 | ) | $ | (0.02 | ) | |
| FFO (1) | $ | 6,909 | $ | 6,130 | |||
| FFO per Diluted Share (1) | $ | 0.44 | $ | 0.41 | |||
| AFFO (1) | $ | 7,040 | $ | 6,243 | |||
| AFFO per Diluted Share (1) | $ | 0.44 | $ | 0.42 | |||
______________________________
(1) See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.
Investment Activity
Acquisitions for the three months ended March 31, 2025 (dollars in thousands):
| For the Three Months Ended March 31, 2025 | ||||
| Number of Investments | Amount | |||
| Properties | 3 | $ | 39,695 | |
| Commercial Loans and Investments | 4 | 39,540 | ||
| Totals | 7 | $ | 79,235 | |
| Properties - Weighted Average Initial Cash Cap Rate | ||||
| Commercial Loans and Investments - Weighted Average Initial Cash Yield | ||||
| Total Investments - Weighted Average Initial Cash Yield | ||||
| Properties - Weighted Average Remaining Lease Term | 14.3 years | |||
Disposition Activity
Dispositions for the three months ended March 31, 2025 (dollars in thousands):
| For the Three Months Ended March 31, 2025 | ||||
| Number of Investments | Amount | |||
| Properties | 3 | $ | 11,695 | |
| Commercial Loans and Investments | — | — | ||
| Totals | 3 | $ | 11,695 | |
| Properties - Weighted Average Exit Cash Cap Rate | ||||
| Commercial Loans and Investments - Weighted Average Cash Yield | —% | |||
| Total Investments - Weighted Average Cash Yield | ||||
Property Portfolio (1)
The Company’s property portfolio consisted of the following as of March 31, 2025:
| Number of Properties | 134 |
| Square Feet | 4.1 million |
| Annualized Base Rent (ABR) | |
| Weighted Average Remaining Lease Term | 9.0 years |
| States where Properties are Located | 35 |
| Industries | 23 |
| Occupancy | |
| % of ABR Attributable to Investment Grade Rated Tenants | |
| % of ABR Attributable to Credit Rated Tenants | |
| % of ABR Attributable to Sale-Leaseback Tenants (1) | |
______________________________
(1) During the year ended December 31, 2024, the Company acquired three single-tenant income properties (the “Tampa Properties”) in the greater Tampa Bay, Florida area for
The Company’s property portfolio included the following top tenants that represent
| Tenant | Credit Rating | % of ABR | ||
| Dicks Sporting Goods | BBB / Baa2 | |||
| Lowe's | BBB+ / Baa1 | |||
| Beachside Hospitality Group | NR / NR | |||
| Walgreens | BB- / Ba3 | |||
| Dollar Tree/Family Dollar | BBB / Baa2 | |||
| Best Buy | BBB+ / A3 | |||
| Dollar General | BBB / Baa3 | |||
| Germfree Laboratories | NR / NR | |||
| Walmart | AA / Aa2 | |||
| At Home | CCC / Caa3 | |||
| Bass Pro Shops | BB- / Ba3 | |||
| BJ's Wholesale Club | BB+ / Ba1 | |||
| Academy Sports | BB+ / Ba2 | |||
| Alamo Drafthouse | A- / A2 | |||
| Home Depot | A / A2 | |||
| Other | ||||
| Total | 100% | |||
The Company’s property portfolio consisted of the following top industries that represent
| Industry | % of ABR | |
| Sporting Goods | ||
| Home Improvement | ||
| Dollar Stores | ||
| Casual Dining | ||
| Pharmacy | ||
| Home Furnishings | ||
| Consumer Electronics | ||
| Entertainment | ||
| Technology, Media & Life Sciences | ||
| Grocery | ||
| Off-Price Retail | ||
| Wholesale Club | ||
| General Merchandise | ||
| Other | ||
| Total | 100% | |
The Company’s property portfolio included properties in the following top states that represent
| State | % of ABR | |
| Florida | ||
| New Jersey | ||
| New York | ||
| North Carolina | ||
| Illinois | ||
| Michigan | ||
| Texas | ||
| Georgia | ||
| Ohio | ||
| Minnesota | ||
| West Virginia | ||
| Tennessee | ||
| Colorado | ||
| Kansas | ||
| Other | ||
| Total | 100% | |
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
| As of March 31, 2025 | ||
| Leverage | ||
| Net Debt / Total Enterprise Value | ||
| Net Debt / Pro Forma Adjusted EBITDA | 7.9x | |
| Fixed Charge Coverage Ratio | 3.5x | |
| Liquidity | ||
| Available Capacity Under Revolving Credit Facility | $ | 56,358 |
| Cash, Cash Equivalents and Restricted Cash (1) | 8,518 | |
| Total Liquidity | $ | 64,876 |
______________________________
(1) Includes all unrestricted cash and cash equivalents and restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.
The Revolving Credit Facility has commitments for up to
Below is a summary of repurchases of shares of common stock under the Company’s
| Repurchase Program | For the Three Months Ended March 31, 2025 | |
| Shares Repurchased | 273,825 | |
| Weighted Average Price per Share (Gross) | $ | 16.33 |
| Net Price | $ | 4,481 |
Subsequent to March 31, 2025 through April 24, 2025, the Company repurchased an additional 193,409 shares under the Company’s
The Company’s long-term debt as of March 31, 2025:
| As of March 31, 2025 | ||||||||
| Face Value Debt | Stated Interest Rate | Wtd. Avg. Rate | Maturity Date | |||||
| Revolving Credit Facility (1) | $ | 157,000 | SOFR + [ | January 2027 | ||||
| 2026 Term Loan (2) | 100,000 | SOFR + [ | May 2026 | |||||
| 2027 Term Loan (3) | 100,000 | SOFR + [ | January 2027 | |||||
| Total Debt/Weighted-Average Rate | $ | 357,000 | ||||||
______________________________
(1) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of
(2) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of
(3) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of
Subsequent to March 31, 2025, on April 4, 2025, the Company entered into an interest rate swap to fix SOFR and achieve a fixed interest rate of
As of March 31, 2025, the Company held a
Dividends
The Company’s dividends for the three months ended March 31, 2025:
| For the Three Months Ended March 31, 2025 | ||
| Dividends Declared and Paid per Share | $ | 0.285 |
| FFO Payout Ratio | ||
| AFFO Payout Ratio | ||
2025 Outlook
The Company is increasing its FFO, AFFO, and Investments outlook for 2025, to take into account the Company’s year-to-date performance. The Company’s outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission (the “Commission”).
The Company’s revised outlook for 2025 is as follows:
| Revised Outlook Range for 2025 | Change from Prior Outlook | ||||||||||
| (Unaudited) | Low | High | Low | High | |||||||
| Investments | to | to | |||||||||
| Dispositions | to | to | |||||||||
| FFO per Diluted Share | to | to | |||||||||
| AFFO per Diluted Share | to | to | |||||||||
| Weighted Average Diluted Shares Outstanding | 15.5 million | to | 16.0 million | (0.5) million | to | (0.5) million | |||||
Reconciliation of the revised outlook range of the Company’s 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:
| Revised Outlook Range for 2025 | |||||||
| (Unaudited) | Low | High | |||||
| Net Loss per Diluted Share | $ | (0.22 | ) | $ | (0.19 | ) | |
| Depreciation and Amortization | 1.90 | 1.90 | |||||
| Provision for Impairment (1) | 0.13 | 0.13 | |||||
| Gain on Disposition of Assets (1) | (0.07 | ) | (0.07 | ) | |||
| FFO per Diluted Share | $ | 1.74 | $ | 1.77 | |||
| Adjustments: | |||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (0.04 | ) | (0.04 | ) | |||
| Straight-Line Rent Adjustment | (0.05 | ) | (0.05 | ) | |||
| Non-Cash Compensation | 0.02 | 0.02 | |||||
| Amortization of Deferred Financing Costs to Interest Expense | 0.05 | 0.05 | |||||
| Other Non-Cash Adjustments | 0.02 | 0.02 | |||||
| AFFO per Diluted Share | $ | 1.74 | $ | 1.77 | |||
(1) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the three months ended March 31, 2025. The Company’s revised outlook excludes projections related to these measures.
First Quarter 2025 Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the quarter ended March 31, 2025, on Friday, April 25, 2025 at 9:00 AM ET.
A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.
| Webcast: | https://edge.media-server.com/mmc/p/2z8mw8kf |
| Dial-In: | https://register-conf.media-server.com/register/BIa4784cf846494047b82c5db2965501de |
We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.
About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.
We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”) Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.
To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.
To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.
Other Definitions
Annualized Base Rent represents the annualized in-place straight-line base rent required by the tenant’s lease.
Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.
Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of March 31, 2025.
Weighted Average Remaining Lease Term is weighted by the annualized base rent and does not assume the exercise of any tenant purchase options.
| Alpine Income Property Trust, Inc. | |||||||
| Consolidated Balance Sheets | |||||||
| (In thousands, except share and per share data) | |||||||
| As of | |||||||
| (Unaudited) March 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Real Estate: | |||||||
| Land, at Cost | $ | 146,551 | $ | 147,912 | |||
| Building and Improvements, at Cost | 358,657 | 341,955 | |||||
| Total Real Estate, at Cost | 505,208 | 489,867 | |||||
| Less, Accumulated Depreciation | (48,055 | ) | (45,850 | ) | |||
| Real Estate—Net | 457,153 | 444,017 | |||||
| Assets Held for Sale | 7,427 | 2,254 | |||||
| Commercial Loans and Investments | 110,009 | 89,629 | |||||
| Cash and Cash Equivalents | 6,138 | 1,578 | |||||
| Restricted Cash | 5,434 | 6,373 | |||||
| Intangible Lease Assets—Net | 46,060 | 43,925 | |||||
| Straight-Line Rent Adjustment | 1,661 | 1,485 | |||||
| Other Assets | 13,515 | 15,734 | |||||
| Total Assets | $ | 647,397 | $ | 604,995 | |||
| LIABILITIES AND EQUITY | |||||||
| Liabilities: | |||||||
| Accounts Payable, Accrued Expenses, and Other Liabilities | $ | 8,507 | $ | 8,445 | |||
| Prepaid Rent and Deferred Revenue | 3,684 | 2,412 | |||||
| Intangible Lease Liabilities—Net | 4,326 | 4,774 | |||||
| Obligation Under Participation Agreement | 10,584 | 11,403 | |||||
| Long-Term Debt—Net | 356,511 | 301,466 | |||||
| Total Liabilities | 383,612 | 328,500 | |||||
| Commitments and Contingencies | |||||||
| Equity: | |||||||
| Preferred Stock, | — | — | |||||
| Common Stock, | 144 | 147 | |||||
| Additional Paid-in Capital | 257,290 | 261,831 | |||||
| Dividends in Excess of Net Income | (21,048 | ) | (15,722 | ) | |||
| Accumulated Other Comprehensive Income | 4,563 | 6,771 | |||||
| Stockholders' Equity | 240,949 | 253,027 | |||||
| Noncontrolling Interest | 22,836 | 23,468 | |||||
| Total Equity | 263,785 | 276,495 | |||||
| Total Liabilities and Equity | $ | 647,397 | $ | 604,995 | |||
| Alpine Income Property Trust, Inc. | |||||||
| Consolidated Statements of Operations | |||||||
| (Unaudited) | |||||||
| (In thousands, except share, per share and dividend data) | |||||||
| Three Months Ended | |||||||
| March 31, 2025 | March 31, 2024 | ||||||
| Revenues: | |||||||
| Lease Income | $ | 11,826 | $ | 11,464 | |||
| Interest Income from Commercial Loans and Investments | 2,301 | 903 | |||||
| Other Revenue | 79 | 99 | |||||
| Total Revenues | 14,206 | 12,466 | |||||
| Operating Expenses: | |||||||
| Real Estate Expenses | 2,034 | 1,928 | |||||
| General and Administrative Expenses | 1,716 | 1,542 | |||||
| Provision for Impairment | 2,031 | 31 | |||||
| Depreciation and Amortization | 7,307 | 6,382 | |||||
| Total Operating Expenses | 13,088 | 9,883 | |||||
| Gain on Disposition of Assets | 1,151 | — | |||||
| Net Income From Operations | 2,269 | 2,583 | |||||
| Investment and Other Income | 45 | 69 | |||||
| Interest Expense | (3,592 | ) | (2,935 | ) | |||
| Net Loss | (1,278 | ) | (283 | ) | |||
| Less: Net Loss Attributable to Noncontrolling Interest | 99 | 23 | |||||
| Net Loss Attributable to Alpine Income Property Trust, Inc. | $ | (1,179 | ) | $ | (260 | ) | |
| Per Common Share Data: | |||||||
| Net Loss Attributable to Alpine Income Property Trust, Inc. | |||||||
| Basic and Diluted | $ | (0.08 | ) | $ | (0.02 | ) | |
| Weighted Average Number of Common Shares: | |||||||
| Basic | 14,628,921 | 13,621,208 | |||||
| Diluted (1) | 15,852,775 | 14,845,062 | |||||
| Dividends Declared and Paid | $ | 0.285 | $ | 0.275 | |||
______________________________
(1) Includes 1,223,854 shares during the three months ended March 31, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. For the three months ended March 31, 2025 and 2024, the impact of the 1,223,854 shares was anti-dilutive to the Net Loss Attributable to Alpine Income Property Trust, Inc.
| Alpine Income Property Trust, Inc. | |||||||
| Non-GAAP Financial Measures | |||||||
| Funds From Operations and Adjusted Funds From Operations | |||||||
| (Unaudited) | |||||||
| (In thousands, except per share data) | |||||||
| Three Months Ended | |||||||
| March 31, 2025 | March 31, 2024 | ||||||
| Net Loss | $ | (1,278 | ) | $ | (283 | ) | |
| Depreciation and Amortization | 7,307 | 6,382 | |||||
| Provision for Impairment | 2,031 | 31 | |||||
| Gain on Disposition of Assets | (1,151 | ) | — | ||||
| Funds From Operations | $ | 6,909 | $ | 6,130 | |||
| Adjustments: | |||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (80 | ) | (110 | ) | |||
| Straight-Line Rent Adjustment | (131 | ) | (65 | ) | |||
| Non-Cash Compensation | 95 | 79 | |||||
| Amortization of Deferred Financing Costs to Interest Expense | 190 | 180 | |||||
| Other Non-Cash Adjustments | 57 | 29 | |||||
| Adjusted Funds From Operations | $ | 7,040 | $ | 6,243 | |||
| FFO per Diluted Share | $ | 0.44 | $ | 0.41 | |||
| AFFO per Diluted Share | $ | 0.44 | $ | 0.42 | |||
| Alpine Income Property Trust, Inc. | ||||
| Non-GAAP Financial Measures | ||||
| Reconciliation of Net Debt to Pro Forma Adjusted EBITDA | ||||
| (Unaudited) | ||||
| (In thousands) | ||||
| Three Months Ended March 31, 2025 | ||||
| Net Loss | $ | (1,278 | ) | |
| Adjustments: | ||||
| Depreciation and Amortization | 7,307 | |||
| Provision for Impairment | 2,031 | |||
| Gain on Disposition of Assets | (1,151 | ) | ||
| Amortization of Intangible Assets and Liabilities to Lease Income | (80 | ) | ||
| Straight-Line Rent Adjustment | (131 | ) | ||
| Non-Cash Compensation | 95 | |||
| Amortization of Deferred Financing Costs to Interest Expense | 190 | |||
| Other Non-Cash Adjustments | 57 | |||
| Other Non-Recurring Items | (13 | ) | ||
| Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | 3,188 | |||
| Adjusted EBITDA | $ | 10,215 | ||
| Annualized Adjusted EBITDA | $ | 40,860 | ||
| Pro Forma Annualized Impact of Current Quarter Investment Activity (1) | 3,389 | |||
| Pro Forma Adjusted EBITDA | $ | 44,249 | ||
| Total Long-Term Debt | $ | 356,511 | ||
| Financing Costs, Net of Accumulated Amortization | 489 | |||
| Cash and Cash Equivalents | (6,138 | ) | ||
| Restricted Cash (2) | (2,381 | ) | ||
| Net Debt | $ | 348,481 | ||
| Net Debt to Pro Forma Adjusted EBITDA | 7.9 | x | ||
______________________________
(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 2025.
(2) Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.
Contact: Investor Relations ir@alpinereit.com
FAQ
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