Alpine Income Property Trust Reports Fourth Quarter and Full Year 2024 Operating Results

Core Insights - The company reported a fourth quarter net loss of $0.06 per diluted share, with FFO and AFFO of $0.44 per diluted share [1][3] - Closed investments totaled $134.7 million at an 8.7% cash yield in 2024 [1][4] - The company increased its dividend for Q1 2025 [1][16] - A 2025 outlook was provided, indicating expected investments and dispositions [1][18] Financial Performance - Total revenues for Q4 2024 were $13.791 million, up from $11.581 million in Q4 2023 [3] - Net income attributable to the company for the year was $2.066 million, down from $2.917 million in 2023 [3] - FFO for the year was $26.098 million, an increase from $22.910 million in 2023 [3] - AFFO for the year was $26.185 million, compared to $23.211 million in 2023 [3] Investment Activity - The company completed 12 investments totaling $103.6 million for the year, with a weighted average initial cash cap rate of 8.2% [4] - Dispositions for the year amounted to $75.589 million, with a weighted average exit cash cap rate of 7.1% [6] - The company reduced its exposure to Walgreens and increased the weighted average remaining lease term to 8.7 years [2] Property Portfolio - As of December 31, 2024, the company owned 134 properties with a total of 3.9 million square feet and an annualized base rent of $44.3 million [7] - The occupancy rate of the portfolio was 98.0%, with 51% of ABR attributable to investment-grade rated tenants [7] - The top industries represented in the portfolio included Sporting Goods (16%), Home Improvement (13%), and Dollar Stores (12%) [9] Balance Sheet and Capital Markets - As of December 31, 2024, the company's net debt to total enterprise value was 52.6% [11] - Total liquidity was reported at $95.109 million, with $89.545 million available under the revolving credit facility [11] - The company had total long-term debt of $302 million with a weighted average interest rate of 4.10% [12] Dividend Information - The company declared a quarterly cash dividend of $0.285 per share for Q1 2025, representing a 1.8% increase from the previous quarter [16][17] - The FFO payout ratio for the year was 64.2% [17] 2025 Outlook - The company anticipates investments between $50 million and $80 million and dispositions between $20 million and $30 million in 2025 [18] - Expected FFO and AFFO per diluted share for 2025 are projected to be between $1.70 and $1.73 [18][19]