Alpine me Property Trust(PINE) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2025 were $14.563 million, a 8.0% increase from $13.480 million in Q3 2024[4] - Net income attributable to PINE for Q3 2025 was $(1.310) million, compared to $3.080 million in Q3 2024[4] - Funds from operations (FFO) for Q3 2025 were $7.135 million, up from $6.690 million in Q3 2024, with FFO per diluted share at $0.46[4] - Lease income for the three months ended September 30, 2025, was $12,122,000, compared to $11,718,000 in 2024, reflecting an increase of 3.5%[37] - Funds From Operations (FFO) for the three months ended September 30, 2025, was $7,135,000, compared to $6,690,000 in 2024, marking an increase of 6.6%[40] - Adjusted Funds From Operations (AFFO) for the three months ended September 30, 2025, was $7,128,000, up from $6,649,000 in 2024, indicating a growth of 7.2%[40] - Net income (loss) attributable to Alpine Income Property Trust, Inc. for the three months ended September 30, 2025, was $(1,310,000), compared to $3,080,000 in 2024, showing a significant decline[37] Investment Activity - The company raised its full-year 2025 investment guidance to $200 - $230 million, reflecting a strong investment activity[2] - Year-to-date investments through September 30, 2025, totaled $136 million at a weighted-average initial cash yield of 8.9%[3] - The company completed total investments of $49.720 million in Q3 2025, including $21.120 million in properties and $28.600 million in commercial loans[5] - Total investments for the nine months ended September 30, 2025, amounted to $135.6 million, with a revised outlook range of $200 to $230 million for the full year[19] Property Portfolio - The property portfolio consisted of 128 properties with an annualized base rent (ABR) of $46.3 million and an occupancy rate of 99.4%[7] - 48% of the ABR is derived from investment-grade rated tenants, with Lowe's and Dick's Sporting Goods as the top two tenants[3][10] - The weighted average remaining lease term for properties at acquisition was 11.6 years[5] Debt and Liquidity - As of September 30, 2025, the Company reported a net debt to enterprise value ratio of 62.1% and a net debt to adjusted EBITDA ratio of 7.7x[12] - The Company has total liquidity of $61.4 million, with an additional borrowing capacity of $60.2 million under its Revolving Credit Facility, potentially expanding to $92.7 million[12] - The Company's total debt as of September 30, 2025, is $358.5 million, with a weighted average interest rate of 4.50%[14] - The Company utilized interest rate swaps to achieve a weighted average fixed interest rate of 3.32% on $100 million of the outstanding balance on its Revolving Credit Facility[14] - Long-term debt as of September 30, 2025, increased to $358,155,000 from $301,466,000 as of December 31, 2024, reflecting a rise of 18.8%[35] - Net Debt to Pro Forma Adjusted EBITDA ratio was 7.7x as of September 30, 2025[42] Dividends - The Company declared dividends of $0.285 per share for the three months ended September 30, 2025, with a Funds From Operations (FFO) payout ratio of 62.0%[16] - The company declared dividends of $0.285 per share for the three months ended September 30, 2025, compared to $0.280 per share in 2024, an increase of 1.8%[37] Dispositions - The Company reported total dispositions of $34.3 million, remaining unchanged from previous guidance of $50 to $70 million[19] - The company sold its only property leased to Kohl's for $12.0 million and entered into a contract to sell a Walgreens location for $5.5 million[9] Conference Call - The Company plans to host a conference call on October 24, 2025, to discuss its operating results for the three and nine months ended September 30, 2025[20] Shareholder Information - The weighted average number of common shares outstanding for the three months ended September 30, 2025, was 14,158,190, compared to 13,744,232 in 2024, indicating an increase of 3.0%[37] - The Company holds a 92.0% interest in Alpine Income Property OP, LP, with a total of 15,382,044 common stock and OP Units outstanding as of September 30, 2025[15] Total Assets - Total assets as of September 30, 2025, were $621,424,000, an increase from $604,995,000 as of December 31, 2024, representing a growth of 2.1%[35]