Alpine me Property Trust(US:PINE)2025-10-23 20:21Revenue and Income - Lease income increased to $12.1 million for Q3 2025, up 3.4% from $11.7 million in Q3 2024[190] - Total revenues for Q3 2025 reached $14.6 million, reflecting an 8.0% increase compared to $13.5 million in Q3 2024[190] - Total revenues increased by 13.5% to $43.6 million for the nine months ended September 30, 2025, compared to $38.4 million in 2024[202] - Lease income rose by 4.2% to $36.0 million, driven by increased rents from property acquisitions[203] - Interest income from commercial loans and investments surged by 107.2% to $7.4 million, attributed to an expanded portfolio[204] Expenses and Losses - Total operating expenses increased to $12.1 million in Q3 2025, up 15.8% from $10.4 million in Q3 2024[190] - Total operating expenses increased by 25.2% to $38.5 million, primarily due to a significant rise in the provision for impairment[202] - Interest expense increased to $3.9 million in Q3 2025, up 23.5% from $3.2 million in Q3 2024[200] - Interest expense rose by 32.3% to $11.8 million, driven by higher average outstanding balances on the Company's Credit Facility[212] - The company recorded a provision for impairment of $1.9 million in Q3 2025, compared to $0.4 million in Q3 2024, marking a 353.8% increase[195] - The provision for impairment recorded was $6.6 million, a substantial increase from $0.6 million in the prior year[207][208] - Net loss for Q3 2025 was $1.4 million, a decrease of $4.8 million from net income of $3.4 million in Q3 2024[201] - Net loss for the nine months ended September 30, 2025, was $4.5 million, a decrease of $7.8 million compared to net income of $3.3 million in 2024[213] Property and Assets - The company sold 11 properties for $34.3 million during the nine months ended September 30, 2025, generating gains of $2.0 million[186] - As of September 30, 2025, the portfolio was 99% occupied, with a weighted average remaining lease term of 8.7 years[187] - The company owned 128 properties with a total gross leasable area of 4.1 million square feet across 34 states as of September 30, 2025[187] - The Company acquired five properties for a total purchase price of $60.8 million during the nine months ended September 30, 2025[216] - Cash totaled $6.6 million as of September 30, 2025, including $5.5 million in restricted cash[214] - The Company has $250.0 million in long-term debt commitments, with an outstanding balance of $158.5 million as of September 30, 2025[215] Shareholder Metrics - Funds from operations (FFO) increased to $7,135 million for the three months ended September 30, 2025, up from $6,690 million in 2024, representing a growth of 6.7%[230] - Adjusted funds from operations (AFFO) also rose to $7,128 million for the three months ended September 30, 2025, compared to $6,649 million in 2024, marking an increase of 7.2%[230] - FFO per diluted share was $0.46 for the three months ended September 30, 2025, slightly up from $0.45 in 2024[230] - AFFO per diluted share increased to $0.46 for the three months ended September 30, 2025, compared to $0.44 in 2024[230] - The weighted average number of diluted shares increased to 15,382,044 for the three months ended September 30, 2025, from 14,968,086 in 2024[228] Depreciation and Impairment - Depreciation and amortization expenses were $6,597 million for the three months ended September 30, 2025, compared to $6,340 million in 2024[228] - The company reported a provision for impairment of $1,915 million for the three months ended September 30, 2025, significantly higher than $422 million in the same period of 2024[228] Off-Balance Sheet Arrangements - The company did not report any off-balance sheet arrangements[231]