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]

and certain other lenders named therein, for a term loan (the "2026 Term Loan") in an aggregate principal amount of $60.0 million with a maturity of five years. On April 14, 2022, the Company entered into the Amendment, Increase and Joinder to the 2026 Term Loan Credit Agreement (the "2026 Term Loan Amendment"), which increased the term loan commitment under the 2026 Term Loan by $40 million to an aggregate of $100 million. The 2026 Term Loan Amendment also effectuated the transition of the underlying varia ...

WINTER PARK, FL – April 18, 2024 – Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE") today announced its operating results and earnings for the quarter ended March 31, 2024. ◾ Reported AFFO per diluted share of $0.42 for the quarter ended March 31, 2024, an increase of 16.7% from the comparable prior year period. ◾ Repurchased 45,768 shares of the Company's common stock at a weighted average gross price of $16.90 per share, for a total cost of $0.8 million. "We are pleased that our e ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF For the transition period from to Commission File Number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (State or other juri ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q3 2023 Earnings Conference Call October 20, 2023 9:00 AM ET Company Participants Matthew Partridge - Senior Vice President, Chief Financial Officer and Treasurer John Albright - President and Chief Executive Officer Conference Call Participants Matthew Erdner - JonesTrading Robert Stevenson - Janney Montgomery Scott Wesley Golladay - Baird RJ Milligan - Raymond James Operator Good day and thank you for standing by. Welcome to the Alpine Q3 2023 Earnings Confer ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 ( ...

Financial Data and Key Metrics Changes - For the second quarter of 2023, FFO and AFFO were both $0.37 per share, representing a 21% decrease compared to the second quarter of 2022 [42][56] - Year-to-date, FFO was $0.72 per share, and AFFO was $0.73 per share, reflecting year-over-year decreases of 25.8% and 23.2%, respectively [6] - The company paid a cash dividend of $0.27.50 per share for Q2 2023, a 1.9% year-over-year increase, with a current annualized yield of nearly 7% [6] Business Line Data and Key Metrics Changes - The company sold nearly $23 million of properties at a 6.4% cash cap rate during Q2 2023, focusing on non-investment-grade rated tenants [56] - Year-to-date, the company has sold $79 million of assets at a cash cap rate of 6.2%, generating gains of $5.2 million [56] - The company invested over $60 million at a 6.8% cash cap rate during the quarter, with 85% of the annualized base rent coming from investment-grade credit tenants [56] Market Data and Key Metrics Changes - Portfolio occupancy was 99.5% at the end of the quarter, consisting of 143 properties totaling 3.9 million square feet across 34 states [42] - The company raised its investment-grade tenant exposure from 48% to 63% in just 12 months [40] Company Strategy and Development Direction - The company is focused on asset recycling to improve portfolio quality and bolster the balance sheet, having sold nearly $235 million of properties below a 6.4% cash cap rate [40] - The board approved an expanded share repurchase program up to $15 million to address the disconnect between stock price and underlying value [41] - The company is evaluating two development loan agreements anchored by industry-leading tenants, aiming for yields above year-to-date acquisition cap rates [41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding good acquisition opportunities due to constraints in the debt market [59] - The company revised its 2023 guidance, reducing the top end of FFO and AFFO guidance ranges by $0.02 per share, reflecting increased asset sales and revised expectations for dispositions [43] - Management noted that sellers are becoming more realistic about pricing, with some willing to meet the market due to financial pressures [22] Other Important Information - The company has no floating rate interest rate exposure and no debt maturities until 2026, with total liquidity exceeding $225 million at quarter-end [43] - The company has reduced leverage from 8.3 times at the end of Q2 2022 to 6.4 times at the end of Q2 2023 [40] Q&A Session Summary Question: How is the company viewing new acquisitions for share repurchases? - Management indicated that they are being patient with acquisitions and will not sell just to sell, focusing on specific price points [12] Question: What is the expected cadence for acquisitions and dispositions in the back half of the year? - Management expects Q3 to be relatively even, with a slight weight towards dispositions, and Q4 to lean more towards acquisitions [62] Question: How does the company balance share buybacks with the need to scale the business? - Management acknowledged the need to balance share buybacks with growth opportunities, emphasizing the importance of maintaining a strong portfolio [67]