Financial Data and Key Metrics Changes - FFO was $0.45 per diluted share for the quarter, an increase of 22% compared to $0.37 reported in Q3 2023 [10] - AFFO was $0.44 per diluted share for the quarter, an increase of 16% compared to $0.38 reported in Q3 2023 [10] - Total revenue was $13.5 million for the quarter, including lease income of $11.7 million and interest income from commercial loans of $1.7 million [11] Business Line Data and Key Metrics Changes - Acquired four net lease properties for $37.5 million at a weighted average initial cap rate of 8.8% [4] - Sold eight properties during the quarter for $48.6 million at a weighted average cash cap rate of 6.8%, generating aggregate gains of $3.4 million [6] - The investment activity generated a weighted average yield of 9.2%, a positive spread of 240 basis points to the 6.8% weighted average cap rate on dispositions completed [6] Market Data and Key Metrics Changes - The company reduced its exposure to Walgreens, which has dropped from the largest tenant concentration to the second largest [6] - Investment-grade tenants now account for over 52% of the company's ABR, with Dick's being the largest tenant at 11% of ABR [7] Company Strategy and Development Direction - The company is focused on strategic asset recycling, originating high-yielding loans, and increasing the weighted average lease term [4] - Future investment strategy includes a barbell approach with longer-term investment-grade activity balanced by investments in higher yielding and more accretive assets [7] - The company plans to continue reducing exposure to Walgreens while exploring attractive investment opportunities across the tenant landscape [7] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the improved transaction environment and increased liquidity, leading to more acquisition opportunities [15] - The company is optimistic about the recovery of properties affected by recent hurricanes, with adequate insurance coverage in place [5] - Management raised full-year 2024 guidance for FFO to a range of $1.67 to $1.69 per share and AFFO to a range of $1.69 to $1.71 per share [14] Other Important Information - The company raised its quarterly common dividend from $0.275 per share to $0.28 per share, maintaining a healthy AFFO payout ratio of 64% [13] - The company ended the quarter with net debt to EBITDA of 6.9 times, improved from 7.4 times in the previous quarter [13] Q&A Session Summary Question: Can you talk about the transaction environment? - Management noted that the liquidity environment has improved, leading to more sellers coming to market and increased acquisition opportunities [15] Question: Can you provide more detail on the insurance arrangement for the Tampa properties? - Management confirmed that there are two years of business interruption insurance and full replacement insurance, ensuring minimal disruption [17] Question: How do you feel about your current exposure to Walgreens? - The average lease duration for Walgreens is 7.6 years, with the nearest expiration in six years, and management is actively receiving bids for additional properties [25] Question: What is the outlook for potential credit loss in the current macro environment? - Management indicated that the portfolio is in good shape, with proactive measures taken to sell underperforming assets [27] Question: Any plans to reduce exposure to dollar stores? - Management acknowledged that while there are some dollar store properties on the market, the focus has primarily been on reducing Walgreens exposure [29] Question: Can you discuss the size of your transaction funnel? - Management reported a transaction funnel of approximately $200 million, with a mix of larger portfolio deals rather than smaller transactions [40]

Alpine Income (PINE) came out with quarterly funds from operations (FFO) of $0.45 per share, beating the Zacks Consensus Estimate of $0.40 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 12.50%. A quarter ago, it was expected that this company would post FFO of $0.39 per share when it actually produced FFO of $0.43, delivering a surprise of 10.26%. Over the last four quarters, the company h ...

WINTER PARK, Fla., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company" or "PINE") today announced that Mark O. Decker, Jr., has notified the Company of his resignation from the Company's Board of Directors, effective October 4, 2024. "On behalf of the Board, I want to thank Mark for his contributions to PINE over the last five years," said Andrew Richardson, Chairman of the Board of PINE. "Mark's knowledge and experience have been important in the Company's growt ...

Alpine Income (PINE) has been beaten down lately with too much selling pressure. While the stock has lost 9.2% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier. Guide to Identifying Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator th ...

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Alpine Income (PINE) and EastGroup Properties (EGP) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to 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 favors stocks with strong earnings est ...

Alpine Income (PINE) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years. Indi ...

WINTER PARK, Fla., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company") announced today that it will report its financial and operating results for the third quarter of 2024 after the market closes on Thursday, October 17, 2024. The Company will host a conference call to discuss its financial and operating results for the third quarter of 2024 at 9:00 AM ET on Friday, October 18, 2024. A live webcast of the call will be available on the Investor Relations page o ...

In the latest update, Alpine Income Property Trust, Inc. (PINE) disclosed that its third-quarter total investment activity, including acquisitions and structured investments, reached $55.3 million at a weighted average initial investment yield of 9.2%. With this, PINE's total investment activity since the beginning of the year through Sept. 24 aggregates 84.2 million at a weighted average initial investment yield of 9.4%. Its investment activity also incorporates the September purchase and amendment of a fi ...

WINTER PARK, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company") today announced updated third quarter and year-to-date 2024 investment and disposition activities. 2024 Investment Activity In September 2024, the Company purchased and amended a first mortgage construction loan secured by a Publix-anchored shopping center and three outparcels located in Charlotte, NC. The current loan commitment is for $17.8 million, of which $10.0 million was funded at clo ...

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Alpine Income (PINE) and Gaming and Leisure Properties (GLPI) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank pu ...