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 registration link provided in the event details below and you will be provided with dial-in details. About Alpine Income Property Trust, Inc. We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com. WINTER PARK, Fla., J ...

Core Viewpoint - Alpine Income Property Trust, Inc. (PINE) has reported significant investment and disposition activities year-to-date, highlighting its strategic focus on net leased properties and structured investments to enhance rental revenues and overall financial performance [1][10]. Investment Activities - Year-to-date total investment activity reached $28.9 million as of June 24, 2024, with a weighted average initial investment yield of 9.85% [10]. - The company originated a 15-month first mortgage structured investment totaling $6.1 million, with an initial yield of 11.5%, funding approximately $4.6 million at the loan's start [2]. - A two-tenant net leased retail property was purchased for $14.6 million, fully leased to investment-grade-rated tenants Best Buy and Golf Galaxy, with a weighted average remaining lease term of 4.6 years [9]. Disposition Activities - Total investment sales amounted to $20.2 million at a yield of 7.69%, including the sale of a $13.6 million participation in a $24 million portfolio loan [3]. - The company completed the sale of two net lease properties leased to Hobby Lobby and Festival Foods for a total of $6.6 million, generating aggregate gains of $0.9 million with a weighted average exit cap rate of 7.04% [5]. Market Performance - Shares of Alpine Income, currently holding a Zacks Rank 3 (Hold), have gained 0.9% over the past three months, contrasting with a 1.6% decline in the industry [6]. - The company is expected to maintain a robust investment strategy, with management projecting 2024 investments and dispositions to be within the range of $50-$80 million [11].

Core Viewpoint - The real estate sector, particularly Alpine Income Property Trust, Inc. (PINE), has faced challenges due to elevated interest rates, but it remains a solid investment option with a focus on high-quality commercial net lease properties. However, vulnerabilities, particularly related to tenant Walgreens Boots Alliance, Inc. (WBA), necessitate a reconsideration of previous strong buy ratings [2][14]. Portfolio Analysis - PINE's annualized base rent is significantly exposed to Walgreens, which accounts for 12% of total rent. Walgreens is experiencing declining revenues and is closing over 150 stores in 2024, raising concerns about its ability to pay rent [4][14]. - The majority of PINE's tenants are investment-grade rated, with 65% of total portfolio rent coming from such tenants. The average lease term is 6.9 years, providing revenue predictability [5][6]. - PINE lacks exposure to West Coast markets, particularly California, which presents potential expansion opportunities [6]. Financial Performance - PINE reported Q1 revenue of $12.47 million, reflecting an 11.7% year-over-year growth. Funds from Operations (FFO) per share were $0.41, exceeding expectations by $0.03 [7][8]. - The company has a market cap of $228 million, with cash and equivalents totaling approximately $5.1 million, offset by long-term debt of $272 million. However, there are no debt maturities until 2026, allowing time for cash accumulation [7][8]. - PINE maintains a high occupancy rate of 99% and has been managing operating expenses effectively, reducing them from $10.2 million in Q4 to $9.9 million in Q1 [8]. Dividend Insights - The current dividend yield is 7%, with a declared quarterly dividend of $0.275 per share. The FFO coverage ratio for the dividend is 149%, indicating a strong capacity for future dividend increases [9][14]. - Since 2021, PINE has achieved an average compound annual growth rate (CAGR) of about 8% in dividends, suggesting potential for reliable income growth [9][10]. Valuation Metrics - PINE trades at a price-to-FFO ratio of 10.14x, below the sector median of 12.7x. Wall Street's average price target for PINE is $18.25 per share, indicating a potential upside of 17% [12][13]. - A fair value estimate of approximately $22 per share suggests a potential upside of 41.5% if PINE can achieve a modest growth rate of 4% [13][14]. Conclusion - PINE is well-managed in a challenging interest rate environment, with strong FFO coverage for dividends and potential for growth. However, the significant reliance on Walgreens for rental income poses a risk that needs to be monitored [14].

WINTER PARK, Fla., June 21, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company") today announced its year-to-date 2024 investment and disposition activities. 2024 Disposition Activity Safe Harbor About Alpine Income Property Trust, Inc. 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. During the second quarter, the Company acquired a two-tenant n ...

Investment Activity - In Q2 2024, the company acquired a two-tenant net leased retail property for $14.6 million, fully leased to investment-grade tenants Best Buy and Golf Galaxy, with a weighted average remaining lease term of 4.6 years [2] - The property spans approximately 101,000 square feet on 7.38 acres [2] - The company originated a 15-month first mortgage structured investment totaling $6.1 million at an initial yield of 11.5%, funding approximately $4.6 million at loan origination [2] - Year-to-date total investment activity as of June 24, 2024, reached $28.9 million with a weighted average initial investment yield of 9.85% [2] Disposition Activity - In Q2 2024, the company sold two net lease properties leased to Hobby Lobby and Festival Foods for a total of $6.6 million, achieving a weighted average exit cap rate of 7.04% [3] - The sales generated aggregate gains of $0.9 million [3] - Including a previously disclosed sale of a $13.6 million A-1 participation of its $24.0 million portfolio loan, total investment sales amounted to $20.2 million at a yield of 7.69% [3] Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in, owning, and operating a portfolio of single-tenant net leased properties predominantly leased to high-quality publicly traded and credit-rated tenants [4]

Investment Thesis NETSTREIT (NTST) Agree Realty Corporation (ADC) Realty Income (O) NNN REIT (NNN) However, PINE is significantly smaller than each of the entities mentioned. Please refer to the table below. In this article, I've analyzed PINE's business and balance sheet and provided its valuation outlook - with each section supported by a comparison to its larger competitors (excl. O). adventtr Introduction PINE is the smallest triple-net lease REIT analyzed within Cash Flow Venue. As of March 2024, the C ...

WINTER PARK, Fla., May 29, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company") announced today a correction to the ex-dividend date previously announced on May 28, 2024. The ex-dividend date for the quarterly cash dividend per share of common stock for the second quarter of 2024 has been corrected from June 12, 2024 to June 13, 2024. All other details remain unchanged. About Alpine Income Property Trust, Inc. Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly ...

All other details remain unchanged. 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 ...

WINTER PARK, Fla., May 28, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company") announced today that its Board of Directors has authorized, and the Company has declared a quarterly cash dividend of $0.275 per share of common stock for the second quarter of 2024 (the "Common Stock Cash Dividend"). The Common Stock Cash Dividend represents an annualized yield of approximately 7.2% based on the closing price of the Company's common stock on May 24, 2024. The Common Stock Cas ...

Financial Data and Key Metrics Changes - First quarter 2024 FFO was $0.41 per share, a $0.05 per share or 13.9% increase over the first quarter of 2023 [3] - First quarter 2024 AFFO was $0.42 per share, a $0.06 per share increase or 16.7% increase over the first quarter of 2023 [3] - G&A as a percentage of revenues in the first quarter was 12.4%, a year-over-year decrease of nearly 121 basis points [15] - The company maintained full-year FFO and AFFO guidance of $1.51 to $1.56 per share, and $1.53 to $1.58 per share, respectively [4] Business Line Data and Key Metrics Changes - The portfolio was 99% occupied and consisted of 138 properties totaling 3.8 million square feet, with tenants operating in 23 sectors within 35 states [13] - Total revenues increased by 11.7%, primarily driven by interest income generated by the loan portfolio [61] - The company ended the quarter with 65% of total annualized base rents coming from tenants with an investment-grade credit rating, an increase of 700 basis points from the previous year [92] Market Data and Key Metrics Changes - The company originated a $7.2 million first mortgage loan investment, with $3.6 million funded during the quarter [91] - The current stock price is approximately $15 per share, implying a cap rate of over 8.5% and a current dividend yield of over 7.25% [92] Company Strategy and Development Direction - The company is focused on a unique asset recycling strategy, ample liquidity, and a de-risked balance sheet to drive long-term value [5] - The acquisition market is currently quiet, but the company anticipates more productive opportunities as the market adjusts to higher interest rates [73] - The company is actively pursuing high-yielding and better risk-adjusted loan opportunities [73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing 2024 guidance and positioning for future earnings growth in 2025 [5] - The company is optimistic about the ability to hit acquisition targets and is seeing more movement in the market for properties they wish to sell [78] - Management noted that the reluctance of sellers is impacting the acquisition market, but they expect this to change as rates stabilize [73] Other Important Information - The company repurchased over 45,000 shares of common stock for a total cost of $800,000 at an average price of $16.90 per share [75] - The company has no debt maturity until 2026, with total liquidity at quarter-end of $185 million [94] Q&A Session Summary Question: Upcoming rental rate increases and lease turnovers - Management indicated minimal lease turnover this year, with a general expectation of about a 1% annual rent escalation across the portfolio [63] Question: Acquisition versus disposition spread - Management noted that they are looking to sell non-investment grade properties and acquire investment-grade properties at similar or higher cap rates [66] Question: Market conditions for acquisitions - Management observed that the market for properties below $5 million remains productive, particularly in the 1031 exchange market [84] Question: Impact of higher rates on buyer funding for disposition assets - Management expressed surprise at the continued efficiency of the 1031 market for properties under $5 million, despite tighter funding conditions for larger assets [84] Question: Guidance assumptions for FFO - Management mentioned that increased asset sales could lead to a loss of income from loan investments, affecting guidance [79] Question: Loan exposure limits - Management stated that loan exposure is evaluated on a case-by-case basis, with no specific upper boundary currently set [83]