Alpine me Property Trust(PINE) - 2024 Q4 - Annual Report

Financial Performance - Total revenues for the year ended December 31, 2024, increased to $52.2 million, up 14$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$2.9 million in 2023[320] - Funds From Operations (FFO) for 2024 were reported at $26.1 million, an increase of 14$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$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$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$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$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]