Investment and Disposition Activity - The total investment activity for the first quarter of 2025 amounted to $79.2 million, with a weighted average initial investment yield of 9.0% [2] - Disposition activity included asset sales totaling $11.7 million, with a weighted average exit cash cap rate of 9.1% [2] - The weighted average lease term increased to 9.0 years as of March 31, 2025 [2] Detailed Investment Transactions - Three net lease properties were acquired for $39.7 million, with a weighted average going-in cash cap rate of 8.6% and a remaining lease term of 14.3 years [7] - A seller financing structured investment was originated in conjunction with a property disposition in Canton, Ohio, totaling $21.7 million in principal [7] - Three net lease properties were sold for $11.7 million, including properties leased to O'Reilly and At Home [7] Share Repurchase and Balance Sheet - The company repurchased 273,825 shares of common stock at a weighted average gross price of $16.33 per share, totaling $4.5 million [7] - As of March 31, 2025, approximately $5.5 million remained on the current common stock buyback program [7] - There were 15,642,527 shares of common stock and operating partnership units outstanding as of March 31, 2025 [7] - The company has no debt maturities until 2026 [7] 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 [4]

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Core Viewpoint - Alpine Income Property Trust, Inc. will report its financial and operating results for Q1 2025 on April 24, 2025, with a conference call scheduled for April 25, 2025 [1]. Group 1: Financial Reporting - The company will announce its financial results after market close on April 24, 2025 [1]. - A conference call to discuss these results is set for April 25, 2025, at 9:00 AM ET [1]. Group 2: Accessing Information - A live webcast of the conference call will be available on the company's Investor Relations page [2]. - Participants are encouraged to register and join the call at least fifteen minutes prior to the start time [2]. - A replay of the earnings call will be archived and accessible online through the Investor Relations section of the company's website [2]. Group 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 [3]. - The company invests in, owns, and operates a portfolio of single-tenant net leased commercial income properties, primarily leased to high-quality publicly traded and credit-rated tenants [3].

Core Insights - Alpine Income Property Trust (NYSE: PINE) has shown a strong portfolio of investment-grade tenants and an attractive valuation, with the stock price increasing from $15.92 to $19.42 before settling at $16.21 [2] Company Overview - The company focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The stock's performance indicates a positive trend, reflecting investor confidence in the company's fundamentals [2] Investment Strategy - The investment approach emphasizes defensive stocks with a medium- to long-term horizon, appealing to investors seeking stability [2]

Group 1 - The net lease REIT sector has become increasingly popular among retail investors within the broader real estate investment trust industry [1] - This article focuses on the performance and characteristics of net lease REITs, which are a significant area of interest for investors [1]

Core Viewpoint - Alpine Income Property Trust, Inc. has announced a new common stock repurchase program with a total purchase price of up to $10,000,000, allowing the company flexibility in acquiring its shares in the open market [1] Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust (REIT) focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in single tenant net leased commercial income properties, primarily leased to high-quality publicly traded and credit-rated tenants [2]

Financial Data and Key Metrics Changes - The company achieved AFFO of $0.74 per diluted share for the year, representing growth of 17% [6] - Total revenue for Q4 was $13.8 million, with FFO and AFFO both at $0.44 per diluted share, reflecting growth of 19% and 16% respectively over the prior year [16] - For the full year, total revenue was $52.2 million, with FFO at $1.73 per diluted share, representing 18% growth over the prior year [17] Business Line Data and Key Metrics Changes - The company acquired six properties for $50.5 million in Q4, bringing total acquisitions for the year to twelve at a weighted average cash cap rate of 8.2% [8] - The company originated three commercial loans during the year for $31.1 million at a weighted average yield of 10.7% [9] - The company sold $62 million of property at an average cap rate of 6.9%, reflecting a strategic effort to reduce risk [10] Market Data and Key Metrics Changes - 51% of the company's ABR is attributable to investment-grade rated tenants [9] - The company ended the year with a net debt to EBITDA ratio of 7.4 times, down from 7.7 times at the beginning of the year [19] Company Strategy and Development Direction - The company plans to continue its investment strategy with a barbell approach, focusing on both investment-grade rated tenants and higher-yielding opportunities [11] - The company anticipates an active pipeline of opportunities across the tenant landscape [15] Management's Comments on Operating Environment and Future Outlook - Management noted that the Party City bankruptcy and the vacant theater in Reno will impact 2025 FFO and AFFO per share by approximately $0.08 [23] - The company remains optimistic about the investment landscape, with a strong pipeline of potential acquisitions and loan originations [81] Other Important Information - The company has no debt maturing until 2026, and its weighted average interest rate on debt is 4.1% [20] - The annual run rate for the external management fee is now $4.5 million [24] Q&A Session Summary Question: Should we expect a further paring down of Walgreens exposure? - Management indicated that they are negotiating to reduce Walgreens exposure and are timing it with acquisitions [26][27] Question: Can you provide any color on your appetite for acquisitions versus construction loans? - Management expressed a balanced interest in both acquisitions and loans, seeing robust opportunities on both sides [28][31] Question: What do you expect for the commercial loan maturing in 2025? - Management expects one loan to pay off and three to extend, with confidence in replacing the maturing loan [35][36] Question: What is the expected timing for property sales and acquisitions? - Management anticipates more activity towards the end of the first quarter [38] Question: Are the beachside group assets back to full capacity after storm damage? - Management confirmed that the assets are performing well, with some exceeding pre-hurricane performance [44][45] Question: Are there any other locations expected to be vacant in 2025 or early 2026? - Management stated that there are no other anticipated vacancies beyond the previously mentioned properties [50] Question: Is there a market for at-home assets? - Management acknowledged that there is a market for at-home assets due to their unique configurations and low basis [55] Question: Any unusual line items expected in 2025? - Management indicated that most expenses will have a consistent run rate, with no unusual one-time fees anticipated [58] Question: Will the company consider swaps for the revolver balance? - Management mentioned that they might consider swaps depending on the timing of acquisitions and dispositions [92] Question: Will the company achieve a positive cap rate spread on acquisitions and dispositions? - Management indicated that while some assets may not yield a positive spread, they expect accretive recycling once capital is redeployed [95]

Fourth Quarter 2024 Investor Presentation Company Snapshot 134 Properties $564M Enterprise Value $144 TEV / SF 3.9M Total Portfolio Square Feet 8.1% Implied Cap Rate 100% Retail Net Lease Portfolio 51% of ABR From Investment Grade-Rated Tenants 6.7% Annualized Dividend Yield $267M Equity Market Capitalization Portfolio1 Value + Income 8.7 Years W.A. Lease Term2 As of December 31, 2024, unless otherwise noted. PINE stock price on 12/31/2024 was $16.79. 1. Three properties, which were acquired in the third qu ...

Core Viewpoint - Alpine Income (PINE) reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, and showing an increase from $0.37 per share a year ago [1][2] Group 1: Financial Performance - The company achieved an FFO surprise of 4.76% for the recent quarter, following a previous surprise of 12.50% when it reported $0.45 instead of the expected $0.40 [1] - Revenues for the quarter ended December 2024 were $13.79 million, surpassing the Zacks Consensus Estimate by 1.99%, and up from $11.58 million year-over-year [2] - Over the last four quarters, Alpine Income has consistently surpassed consensus FFO and revenue estimates [2] Group 2: Stock Performance and Outlook - Since the beginning of the year, Alpine Income shares have increased by approximately 3.2%, slightly outperforming the S&P 500's gain of 3.1% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.44 on revenues of $13.93 million, and for the current fiscal year, it is $1.78 on revenues of $56.44 million [7] Group 3: Industry Context - The REIT and Equity Trust - Other industry, to which Alpine Income belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Alpine Income may also be influenced by the overall outlook for the industry [8]

Financial Performance - Total revenues for the year ended December 31, 2024, increased to $52.2 million, up 14% from $45.6 million in 2023[320] - Net income attributable to Alpine Income Property Trust, Inc. for 2024 was $2.1 million, a decrease of 29% compared to $2.9 million in 2023[320] - Funds From Operations (FFO) for 2024 were reported at $26.1 million, an increase of 14% from $22.9 million in 2023[331] - Adjusted Funds From Operations (AFFO) for 2024 reached $26.2 million, up from $23.2 million in 2023, reflecting a growth of 13%[331] - Total revenues for the year ended December 31, 2024, increased by 14.4% to $52.2 million compared to $45.6 million in 2023[332] - Lease income rose to $46.0 million in 2024, a 2.3% increase from $45.0 million in 2023, driven by acquisitions despite some tenant credit losses[333] - Interest income from commercial loans and investments surged to $5.8 million in 2024, up 804.4% from $0.6 million in 2023, due to an expanded portfolio[334] - Other revenue increased significantly to $0.5 million in 2024 from less than $0.1 million in 2023, attributed to a new revenue sharing agreement[335] - Total operating expenses decreased slightly by 0.5% to $41.7 million in 2024 from $41.9 million in 2023, despite a rise in real estate expenses[332] Asset Management - The company acquired 12 properties for a total purchase price of $103.6 million during 2024, while selling 15 properties for $62.0 million, resulting in gains of $3.4 million[316] - As of December 31, 2024, the company owned 134 properties with a total gross leasable area of 3.9 million square feet and a portfolio occupancy rate of 98%[317] - The company sold 15 properties in 2024 for $62.0 million, generating gains of $3.4 million, compared to 24 properties sold for $108.3 million in 2023[340] - The company acquired 12 properties for a total of $103.6 million in 2024, including a $31.4 million sale-leaseback transaction[364] Debt and Liquidity - Long-term debt increased to $301.5 million in 2024, up from $275.7 million in 2023, representing a rise of 9%[321] - Interest expense increased by 18.1% to $12.0 million in 2024, driven by a higher average outstanding debt balance[342] - The company has a long-term debt obligation of $302.0 million, with no payments due within one year[370] - The company believes it has sufficient liquidity to fund operations and capital requirements, with $90.4 million available under the 2022 ATM Program and $89.5 million available under the existing Credit Facility[371] - Net cash provided by financing activities increased to $26.4 million in 2024 from a cash outflow of $11.4 million in 2023, reflecting a $17.3 million increase in net proceeds from long-term debt[362] Impairments and Expenses - The company recorded a $1.7 million impairment charge in 2024, down from $3.2 million in 2023, reflecting improved credit loss reserves[338] - General and administrative expenses rose by 4.3% to $6.6 million in 2024, influenced by increased corporate legal and consulting fees[337] - Interest expense increased to $10.1 million in 2023 from $9.5 million in 2022, attributed to higher average interest rates[357] Cash Flow - Cash and cash equivalents totaled $8.0 million as of December 31, 2024, including $6.4 million in restricted cash[359] - Net cash used in investing activities rose to $57.8 million in 2024 from $13.6 million in 2023, driven by a $36.2 million increase in acquisitions[361] Dividends - The company declared and paid dividends of $1.110 per share in 2024, slightly up from $1.100 in 2023[320]