Alpine me Property Trust(US:PINE)2025-07-24 20:21Revenue and Income - For the three months ended June 30, 2025, total revenues increased by 19.0% to $14.9 million compared to $12.5 million for the same period in 2024[186]. - Total revenues increased by 16.5% to $29.1 million for the six months ended June 30, 2025, up from $25.0 million in 2024, driven by a 4.6% increase in lease income and a 166.7% increase in interest income from commercial loans and investments[198]. - Interest income from commercial loans and investments surged by 177.6% to $2.7 million, reflecting an expanded portfolio[188]. - Interest income from commercial loans and investments rose to $5.0 million in the first half of 2025, a $3.1 million increase from $1.9 million in 2024, attributed to an expanded portfolio[200]. - Net income (loss) attributable to Alpine Income Property Trust, Inc. was $(1.6) million for the three months ended June 30, 2025, a decrease of 904.4% compared to $0.2 million in 2024[186]. - Net loss totaled $3.1 million for the six months ended June 30, 2025, compared to a net loss of $0.1 million for the same period in 2024, representing a $3.0 million increase in net loss[209]. - Net income for the three months ended June 30, 2025, was $(1,782) thousand, compared to $222 thousand for the same period in 2024[225]. Expenses and Provisions - Total operating expenses increased by 27.8% to $13.3 million, primarily due to higher real estate expenses and provisions for impairment[186]. - Operating expenses rose by 30.1% to $26.4 million for the six months ended June 30, 2025, compared to $20.3 million in 2024, primarily due to increased real estate expenses and general administrative costs[198]. - The company recorded a provision for impairment of $2.8 million during the three months ended June 30, 2025, compared to $0.6 million in the same period of 2024[191]. - Provision for impairment increased significantly by 602.6% to $4.8 million in the first half of 2025, compared to $0.7 million in 2024, reflecting losses related to certain income properties[203]. - Interest expense increased by 52.6% to $4.3 million, attributed to a higher average outstanding balance on the company's Credit Facility[196]. Property and Portfolio - The company owned 129 properties with a total gross leasable area of 3.9 million square feet as of June 30, 2025, achieving a portfolio occupancy rate of 98%[183]. - The company sold five properties for a total sales price of $16.5 million during the three months ended June 30, 2025, generating gains of $0.9 million[193]. - The company sold eight properties for a total sales price of $28.2 million during the six months ended June 30, 2025, generating gains of $2.1 million, compared to two properties sold for $6.6 million and gains of $0.9 million in 2024[206]. - The company acquired three properties for a combined purchase price of $39.7 million during the six months ended June 30, 2025[213]. - The company acquired three properties for a total purchase price of $39.7 million during the six months ended June 30, 2025[230]. Cash and Liquidity - Cash totaled $12.1 million as of June 30, 2025, including $7.1 million in restricted cash[211]. - As of June 30, 2025, the company had an outstanding balance of $153.0 million under its $250.0 million Credit Facility, with $48.0 million of available capacity[212]. - The company believes it will have sufficient liquidity to fund operations and capital requirements over the next twelve months, supported by cash on hand and available credit[216]. Funds from Operations - Funds from operations (FFO) increased to $6,788 thousand for the three months ended June 30, 2025, up from $6,313 thousand in 2024, representing a growth of 7.5%[227]. - Adjusted funds from operations (AFFO) for the three months ended June 30, 2025, were $6,742 thousand, compared to $6,399 thousand in 2024, indicating a year-over-year increase of 5.4%[227]. - FFO per diluted share rose to $0.44 for the three months ended June 30, 2025, compared to $0.43 in the prior year[227]. Depreciation and Amortization - Depreciation and amortization expenses for the three months ended June 30, 2025, were $6,705 thousand, compared to $6,352 thousand in 2024, reflecting an increase of 5.5%[225]. - The company reported a total of $14,012 thousand in depreciation and amortization for the six months ended June 30, 2025, compared to $12,734 thousand in 2024[225]. Share Information - 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 2024[225]. Off-Balance Sheet Arrangements - The company did not have any off-balance sheet arrangements reported[228].