Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Alpine Income (PINE) and Crown Castle (CCI) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank is a proven strategy that targets companies with posi ...

Margin of Safety: Portfolio TEV Basis at Sharp Discount to Peer Average and Large Discount to Replacement Cost TEV1 Per Square Foot2 $451 $339 $335 $215 $199 $165 $129 FCPT NNN EPRT O ADC NTST PINE Peer Average $284 Better Margin of Safety with Stickier Tenants 1. Total Enterprise Value for each peer net lease company is from the Stifel Triple-Net REITs Comp Sheets 6/30/2024 report. 2. Portfolio size is based on total square feet and is from available information published on each company's website, as of J ...

The reported revenue represents a surprise of +3.22% over the Zacks Consensus Estimate of $12.1 million. With the consensus EPS estimate being $0.39, the EPS surprise was +10.26%. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Revenues- Interest Income from Commercial Loans and Investments: $0.99 million versus the twoanalyst average estimate of $0.85 million. ...

Alpine Income (PINE) came out with quarterly funds from operations (FFO) of $0.43 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to FFO of $0.37 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 10.26%. A quarter ago, it was expected that this company would post FFO of $0.38 per share when it actually produced FFO of $0.41, delivering a surprise of 7.89%. Over the last four quarters, the company ha ...

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Alpine Income Property Trust reported strong Q2 2024 results, with FFO and AFFO per diluted share up 16.2% to $0.43, and raised full-year guidance Key Financial Metrics (Q2 2024) | Metric | Q2 2024 | YoY Change | | :--- | :--- | :--- | | FFO per Diluted Share | $0.43 | +16.2% | | AFFO per Diluted Share | $0.43 | +16.2% | - Acquired a net lease retail property for **$14.6 million**, which is 100% leased to two investment-grade tenants[36](index=36&type=chunk) - Originated a first mortgage construction loan with a total commitment of **$6.1 million** at a yield of **11.5%**[5](index=5&type=chunk) - Sold two net lease properties for **$6.6 million** at a weighted average exit cash cap rate of **7.0%**, generating gains of **$0.9 million**[11](index=11&type=chunk) - Increased full-year 2024 FFO and AFFO guidance, representing a **4.2% increase** at the midpoint of the new ranges[6](index=6&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) The company achieved solid top-line growth and robust FFO and AFFO increases for both the quarter and year-to-date periods [Quarterly Results (Q2 2024)](index=3&type=section&id=Quarterly%20Results%20(Q2%202024)) Q2 2024 saw total revenues grow 10.1% to $12.5 million, with FFO and AFFO per diluted share significantly increasing to $0.43 Q2 2024 Financial Performance Summary (in thousands) | Financial Metric | Q2 2024 | Q2 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $12,490 | $11,348 | +10.1% | | Net Income Attributable to PINE | $204 | $80 | +155.0% | | FFO | $6,313 | $5,770 | +9.4% | | FFO per Diluted Share | $0.43 | $0.37 | +16.2% | | AFFO | $6,399 | $5,843 | +9.5% | | AFFO per Diluted Share | $0.43 | $0.37 | +16.2% | [Year-to-Date Results (Six Months Ended June 30, 2024)](index=3&type=section&id=Year-to-Date%20Results%20(Six%20Months%20Ended%20June%2030%2C%202024)) Year-to-date total revenues increased 10.9% to $25.0 million, with FFO and AFFO per diluted share growing over 16% despite a net loss Year-to-Date Financial Performance Summary (in thousands) | Financial Metric | YTD 2024 | YTD 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $24,956 | $22,504 | +10.9% | | Net (Loss) Income Attributable to PINE | ($56) | $3,419 | -101.6% | | FFO | $12,443 | $11,397 | +9.2% | | FFO per Diluted Share | $0.84 | $0.72 | +16.7% | | AFFO | $12,642 | $11,478 | +10.1% | | AFFO per Diluted Share | $0.85 | $0.73 | +16.4% | [Investment & Disposition Activity](index=5&type=section&id=Investment%20%26%20Disposition%20Activity) Q2 2024 saw $20.7 million in investments, including property acquisitions and loan originations, alongside $20.2 million in dispositions - Acquired one retail property for **$14.6 million**, leased to investment-grade tenants Best Buy and Golf Galaxy (Dick's Sporting Goods)[40](index=40&type=chunk) - Originated one first mortgage construction loan with a total funding commitment of **$6.1 million** at a yield of **11.5%**[41](index=41&type=chunk) - Sold two net lease properties for **$6.6 million** at a weighted average exit cash cap rate of **7.0%**[43](index=43&type=chunk) - Sold a **$13.6 million** A-1 participation interest in a portfolio loan at a yield of **8.0%**[19](index=19&type=chunk) [Property Portfolio Overview](index=5&type=section&id=Property%20Portfolio%20Overview) PINE's portfolio consists of 137 high-quality properties with 99.1% occupancy, diversified across states and industries, with 67% ABR from investment-grade tenants [Portfolio Summary](index=5&type=section&id=Portfolio%20Summary) The portfolio comprises 137 properties totaling 3.8 million square feet, with 99.1% occupancy and 90% of ABR from credit-rated tenants Property Portfolio Key Metrics | Metric | Value | | :--- | :--- | | Number of Properties | 137 | | Square Feet | 3.8 million | | Annualized Base Rent | $39.8 million | | Weighted Average Remaining Lease Term | 6.6 years | | Occupancy | 99.1% | | % of ABR from Investment Grade Rated Tenants | 67% | | % of ABR from Credit Rated Tenants | 90% | [Top Tenants](index=7&type=section&id=Top%20Tenants) The portfolio's top tenants are primarily investment-grade retailers, with Walgreens, Dick's Sporting Goods, and Lowe's as the largest contributors Top Tenants by Annualized Base Rent | Tenant | % of Annualized Base Rent | | :--- | :--- | | Walgreens | 12% | | Dick's Sporting Goods | 10% | | Lowe's | 9% | | Dollar Tree/Family Dollar | 8% | | Best Buy | 6% | | Dollar General | 5% | | Walmart | 5% | [Industry and Geographic Diversification](index=7&type=section&id=Industry%20and%20Geographic%20Diversification) The portfolio is diversified across defensive retail sectors and 34 states, with key concentrations in dollar stores, sporting goods, and New Jersey Industry Diversification by Annualized Base Rent | Industry | % of Annualized Base Rent | | :--- | :--- | | Dollar Stores | 14% | | Sporting Goods | 13% | | Pharmacy | 13% | | Home Improvement | 13% | Geographic Diversification by Annualized Base Rent | State | % of Annualized Base Rent | | :--- | :--- | | New Jersey | 12% | | Texas | 9% | | New York | 8% | | Illinois | 7% | | Michigan | 7% | | Ohio | 7% | [Capital Structure and Liquidity](index=9&type=section&id=Capital%20Structure%20and%20Liquidity) As of June 30, 2024, PINE's total debt was $269.0 million at a 3.75% weighted average rate, with stable credit metrics Debt Structure as of June 30, 2024 | Debt Component | Principal | Wtd. Avg. Rate (as of 6/30/24) | Maturity Date | | :--- | :--- | :--- | :--- | | 2026 Term Loan | $100.0 million | 3.65% | May 2026 | | 2027 Term Loan | $100.0 million | 2.73% | January 2027 | | Revolving Credit Facility | $69.0 million | 5.39% | January 2027 | | **Total Debt** | **$269.0 million** | **3.75%** | | - As of June 30, 2024, the company's net debt to Pro Forma EBITDA was **7.4x**, and its fixed charge coverage ratio was **3.4x**[28](index=28&type=chunk) [Dividends](index=9&type=section&id=Dividends) The company declared a Q2 2024 cash dividend of $0.275 per share, representing a conservative 64.0% payout ratio of FFO and AFFO - Paid a Q2 2024 cash dividend of **$0.275 per share**, payable on June 28, 2024[29](index=29&type=chunk) - The dividend represents a payout ratio of **64.0%** of Q2 2024 FFO and AFFO per diluted share[29](index=29&type=chunk) - The dividend represents an annualized yield of **6.5%** based on the closing stock price on July 17, 2024[12](index=12&type=chunk) [2024 Full-Year Outlook](index=10&type=section&id=2024%20Full-Year%20Outlook) PINE raised its full-year 2024 FFO and AFFO guidance to $1.58-$1.62 and $1.60-$1.64 per diluted share, respectively, maintaining investment and disposition volumes Revised 2024 Full-Year Guidance | Metric | Revised 2024 Outlook (Low) | Revised 2024 Outlook (High) | Change from Prior (Low) | Change from Prior (High) | | :--- | :--- | :--- | :--- | :--- | | Investments | $50 million | $80 million | - | - | | Dispositions | $50 million | $80 million | - | - | | FFO per Diluted Share | $1.58 | $1.62 | +$0.07 | +$0.06 | | AFFO per Diluted Share | $1.60 | $1.64 | +$0.07 | +$0.06 | - The guidance was increased as the company's net investment spreads have driven strong earnings growth[7](index=7&type=chunk) [Appendix: Financial Statements & Non-GAAP Reconciliations](index=11&type=section&id=Appendix%3A%20Financial%20Statements%20%26%20Non-GAAP%20Reconciliations) This appendix presents unaudited consolidated financial statements and detailed reconciliations of GAAP Net Income to non-GAAP metrics like FFO, AFFO, and Pro Forma EBITDA [Consolidated Statements of Operations](index=15&type=section&id=Consolidated%20Statements%20of%20Operations) The statements show Q2 2024 total revenues of $12.5 million and net income of $0.2 million, with year-to-date total revenues of $25.0 million and a net loss Consolidated Statements of Operations (in thousands) | (In thousands) | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total Revenues | $12,490 | $24,956 | | Total Operating Expenses | $10,411 | $20,294 | | Gain on Disposition of Assets | $918 | $918 | | Interest Expense | ($2,831) | ($5,766) | | **Net Income (Loss)** | **$222** | **($61)** | [Consolidated Balance Sheets](index=14&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were $565.8 million, with total liabilities at $297.4 million and total equity at $268.4 million Consolidated Balance Sheets (in thousands) | (In thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Real Estate—Net | $445,111 | $443,593 | | Total Assets | $565,777 | $564,560 | | Total Liabilities | $297,423 | $288,947 | | Total Equity | $268,354 | $275,613 | | **Total Liabilities and Equity** | **$565,777** | **$564,560** | [Non-GAAP Reconciliations](index=16&type=section&id=Non-GAAP%20Reconciliations) This section details reconciliations from GAAP Net Income to FFO and AFFO for Q2 2024, and the calculation of Net Debt to Pro Forma EBITDA FFO and AFFO Reconciliation (Q2 2024, in thousands) | Reconciliation (Q2 2024, in thousands) | Amount | | :--- | :--- | | Net Income | $222 | | Depreciation and Amortization | $6,352 | | Gain on Disposition of Assets | ($918) | | **Funds from Operations (FFO)** | **$6,313** | | Non-cash adjustments | $86 | | **Adjusted Funds from Operations (AFFO)** | **$6,399** | - The reconciliation of Net Debt to Pro Forma EBITDA results in a ratio of **7.4x** for the quarter ended June 30, 2024[87](index=87&type=chunk) - The company defines FFO per NAREIT guidelines and further adjusts for non-cash items like straight-line rent and amortization of financing costs to calculate AFFO, which management uses to assess operating performance[59](index=59&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk)

In accordance with FASB guidance, the fair value of the real estate acquired with in-place leases is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their relative fair values. In allocating the fair value of the identified intangible assets and liabilities of an ...

WINTER PARK, Fla., July 18, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE") today announced its operating results and earnings for the quarter ended June 30, 2024. Select Highlights Reported Net Income per diluted share attributable to the Company of $0.01 for the quarter ended June 30, 2024. Reported both FFO and AFFO per diluted share of $0.43 for the quarter ended June 30, 2024, an increase of 16.2% from the comparable prior year period. Acquired a net l ...

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 ...

Alpine Income Property Trust, Inc. (PINE) has provided an update on its year-to-date investment and disposition activities. Moreover, in the quarter, Alpine Income originated a 15-month first mortgage structured investment aggregating $6.1 million, with an initial yield of 11.5%. The company funded approximately $4.6 million at the start of the loan. The underlying loan collateral consists of three retail outparcels leased or under a letter of intent with a national convenience store and a national quick se ...

coryz/E+ via Getty Images Overview Real estate has been heavily suppressed over the last two years due to elevated interest rates. While this hasn't been great for returns, it has helped reveal which REFTs are well-maintained and of higher quality. Alpine Income Property Trust, Inc. (NYSE:PINE) remains a solid option for high-quality real estate exposure as they own a portfolio of commercial net lease properties. However, there are some vulnerabilities that stand out to me and make me reconsider my prior st ...