Alpine me Property Trust(PINE) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenues for Q2 2025 were $14.863 million, a 19% increase from $12.490 million in Q2 2024[4] - Net income attributable to PINE for Q2 2025 was a loss of $1.641 million, compared to a profit of $0.204 million in Q2 2024[4] - Funds from operations (FFO) for Q2 2025 were $6.788 million, up from $6.313 million in Q2 2024, with FFO per diluted share at $0.44[4] - Lease income rose to $12,022,000 for the three months ended June 30, 2025, compared to $11,330,000 in 2024, reflecting a growth of 6%[37] - Interest income from commercial loans and investments surged to $2,737,000, a significant increase from $986,000 in the prior year, marking a growth of 177%[37] - Total operating expenses for the three months ended June 30, 2025, were $13,310,000, up 28% from $10,411,000 in 2024[37] - The net loss attributable to Alpine Income Property Trust, Inc. for the three months ended June 30, 2025, was $(1,641,000), compared to a net income of $204,000 in the same period of 2024[37] - Funds from operations (FFO) for the three months ended June 30, 2025, were $6,788,000, an increase from $6,313,000 in 2024, representing an 8% growth[40] - Adjusted funds from operations (AFFO) for the three months ended June 30, 2025, reached $6,742,000, compared to $6,399,000 in the prior year, indicating a 5% increase[40] Investment Activities - The company invested $85.9 million in the first half of 2025 at a weighted average initial cash yield of 9.1%[3] - The company sold $28.2 million of assets in the first half of 2025 at a weighted average cash yield of 8.4%[3] - The investment outlook for 2025 is estimated to be between $100 million and $130 million, while dispositions are expected to range from $50 million to $70 million[17] Debt and Equity - The net debt to total enterprise value ratio was 60.3% as of June 30, 2025[11] - Long-term debt as of June 30, 2025, is reported at $352.570 million, up from $301.466 million at the end of 2024[35] - Cash and cash equivalents increased to $5.000 million as of June 30, 2025, compared to $1.578 million at the end of 2024[35] - The Company has 15.5 million weighted average diluted shares outstanding for the 2025 outlook[17] - The weighted average number of diluted shares increased to 15,426,650 for the three months ended June 30, 2025, from 14,848,786 in the same period of 2024[37] - The company repurchased 546,390 shares of common stock at a weighted average price of $16.07 during the first half of 2025[13] Dividends - The Company declared dividends of $0.285 per share for Q2 2025, with a payout ratio of 64.8%[16] - Dividends declared and paid increased to $0.285 per share for the three months ended June 30, 2025, compared to $0.275 in 2024[37] Property Portfolio - The property portfolio consisted of 129 properties with an annualized base rent of $45.3 million and an occupancy rate of 98.2%[8] - The weighted average remaining lease term increased to 8.9 years from 6.6 years a year ago[3] Future Outlook - The Company has reaffirmed its 2025 outlook for Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) per diluted share, projected to be between $1.74 and $1.77[17] - The estimated net loss per diluted share for 2025 is projected to be between $(0.25) and $(0.22)[18] Conference Call - The Company will host a conference call on July 25, 2025, to present its operating results for the second quarter of 2025[19] Non-GAAP Measures - The Company emphasizes the importance of non-GAAP financial measures like FFO and AFFO for assessing operating performance[25] Business Model - The Company operates a portfolio of single-tenant net leased commercial properties predominantly leased to high-quality tenants[22]