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

Financial Performance - Fourth Quarter net loss of $0.06 per diluted share, with FFO and AFFO both at $0.44 per diluted share[1] - Total revenues for the fourth quarter increased to $13.8 million, up 19% from $11.6 million in Q4 2023; full year revenues reached $52.2 million, a 14% increase from $45.6 million in 2023[3] - AFFO per share grew by 17% year-over-year, allowing for a dividend increase while maintaining a payout ratio of 63.6%[2][14] - Lease income rose to $11,493,000 for the three months ended December 31, 2024, compared to $11,016,000 in 2023, reflecting a growth of 4.3%[35] - Funds from operations (FFO) for the year ended December 31, 2024, reached $26,098,000, a 13.5% increase from $22,910,000 in 2023[37] - Adjusted funds from operations (AFFO) per diluted share for the three months ended December 31, 2024, was $0.44, compared to $0.38 in the same period of 2023, marking a 15.8% increase[37] - The company anticipates a $0.08 per diluted share impact in 2025 due to vacancies expected to remain unoccupied for the full year[15] Investments and Portfolio - Closed investments totaled $134.7 million in 2024 at an 8.7% cash yield, with over $75 million in dispositions at a 7.1% cap rate[2][4] - The property portfolio consisted of 134 properties with an occupancy rate of 98.0% and an annualized base rent (ABR) of $44.3 million[6] - The weighted average remaining lease term increased to 8.7 years, with 51% of ABR attributable to investment-grade rated tenants[6][7] - The company reduced its exposure to Walgreens while diversifying its tenant base across 27 industries[2][6] - The company’s 2025 outlook includes investments ranging from $50 million to $80 million and dispositions between $20 million and $30 million[15] Debt and Equity - As of December 31, 2024, net debt to total enterprise value was 52.6%, with a fixed charge coverage ratio of 3.5x[9] - Long-term debt increased to $301.466 million as of December 31, 2024, compared to $275.677 million in 2023[33] - The company reported a total equity of $276.495 million as of December 31, 2024, slightly up from $275.613 million in 2023[33] - Total long-term debt as of December 31, 2024, was $301,466,000, with a net debt to pro forma adjusted EBITDA ratio of 7.4x[39] Shareholder Returns - The company declared a quarterly cash dividend of $0.285 per share for Q1 2025, representing a 1.8% increase from the previous dividend[13] - The company declared and paid dividends of $0.280 per share for the three months ended December 31, 2024, compared to $0.275 in the same period of 2023[35] - The weighted average diluted shares outstanding is estimated to be between 16.0 million and 16.5 million[15] - The weighted average number of diluted shares for the year ended December 31, 2024, was 15,082,111, compared to 15,560,524 in 2023[35] Future Outlook - FFO per diluted share is projected to be between $1.70 and $1.73, with AFFO per diluted share also expected in the same range[15] - The estimated net income per diluted share for 2025 is projected to be between $0.04 and $0.07[16] - The company will host a conference call on February 7, 2025, to present its operating results for the quarter and year ended December 31, 2024[17] Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled $41,655,000, slightly down from $41,859,000 in 2023[35] - The annualized adjusted EBITDA for the three months ended December 31, 2024, was $38,084,000, with a pro forma adjusted EBITDA of $40,082,000[39] Miscellaneous - The company operates a portfolio of single tenant net leased commercial income properties predominantly leased to high-quality publicly traded and credit-rated tenants[19] - Net loss attributable to Alpine Income Property Trust, Inc. for the three months ended December 31, 2024, was $(958,000), compared to a net income of $335,000 in 2023[35]