Portfolio Overview - The company has 128 properties with an enterprise value of $575 million [6] - The total portfolio square footage is 4.1 million [6] - The implied cap rate is 8.8% with 96% of the portfolio being retail net lease [6] - 48% of the Annualized Base Rent (ABR) comes from investment-grade rated tenants [6] - The annualized dividend yield is 8.0% [6] - The weighted average lease term is 8.7 years [6] Financial Highlights - The company's basis per square foot is $139, which is less than half of the peer average [15] - Year-to-date, the company repurchased 546,390 common shares for a net cost of $8.8 million [15] - The company's annualized base rent (ABR) is $46.3 million [53] Market Position and Strategy - The company's top tenant accounts for 12% of ABR [53] - 52% of ABR comes from MSAs with a population exceeding one million people [59] - The company has $358.5 million in total debt with a weighted-average interest rate of 4.50% [63]

Core Insights - Alpine Income Property Trust, Inc. has raised its full-year 2025 outlook, increasing its investment guidance to a range of $200 million to $230 million [1][19]. Financial Performance - For the third quarter ended September 30, 2025, total revenues increased to $14.563 million from $13.480 million in the same period of 2024, representing a year-over-year growth of 8% [3]. - The net income attributable to Alpine Income Property Trust was a loss of $1.310 million for the third quarter of 2025, compared to a profit of $3.080 million in the third quarter of 2024 [3]. - Funds from Operations (FFO) for the third quarter were $7.135 million, up from $6.690 million in the prior year, while Adjusted Funds from Operations (AFFO) also increased to $7.128 million from $6.649 million [3][45]. Investment Activity - The company made total investments of $49.720 million in the third quarter of 2025, with 5 investments completed, and year-to-date investments reached $136 million at a weighted-average initial cash yield of 8.9% [4][2]. - The company disposed of 3 properties for a total of $6.152 million in the third quarter, with total dispositions for the nine months ended September 30, 2025, amounting to $34.338 million [5][4]. Property Portfolio - As of September 30, 2025, the company owned 128 properties with a total of 4.1 million square feet and an annualized base rent (ABR) of $46.3 million, achieving 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 being the top two tenants [2][9]. Debt and Liquidity - The company's net debt to total enterprise value stands at 62.1%, with a fixed charge coverage ratio of 3.1x [13]. - As of September 30, 2025, total liquidity was $61.355 million, including $60.172 million available under the revolving credit facility [13]. Dividends - The company declared dividends of $0.285 per share for the third quarter of 2025, with a payout ratio of 62.0% for both FFO and AFFO [18]. 2025 Outlook - The revised guidance for 2025 FFO and AFFO per share is now set between $1.82 and $1.85, up from the previous range of $1.74 to $1.77 [19][20].

Portfolio Overview - The company has 129 properties with an enterprise value of $570 million, equating to $145 per square foot[3] - The total portfolio square footage is 3.9 million with a 96% retail net lease portfolio[3] - The implied cap rate is 8.8% with 51% of annualized base rent (ABR) coming from investment-grade rated tenants[3] - The annualized dividend yield is 7.7% and the equity market capitalization is $226 million[3] - The weighted average lease term is 8.9 years[3] Financial Highlights - Year-to-date, the company repurchased 546,390 common shares for a net cost of $8.8 million[10] - The company's dividend has increased by 42.5% since the beginning of 2020[10] - The company's net debt to total enterprise value is 60.3%[57] - The company's net debt to pro forma adjusted EBITDA is 8.1x[57] Tenant and Sector Diversification - Top tenants by ABR include Dick's Sporting Goods (10%), Lowe's (10%), and Dollar General (8%)[13] - Top sectors by ABR are Sporting Goods (17%), Home Improvement (13%), and Dollar Stores (12%)[20] - Top states by ABR are Florida (13%), New Jersey (9%), and New York (7%)[21] Debt and Loan Portfolio - Total debt is $353 million with a weighted-average interest rate of 4.51%[56] - The company has commercial loans and investments with a current face amount of $78.746 million and a weighted average coupon rate of 9.86% as of June 30, 2025[65] - Pro forma for subsequent activity, the total loans are $51.240 million with a weighted average coupon rate of 9.79%[65]

Core Viewpoint - Alpine Income Property Trust, Inc. reported its operating results for the second quarter and first half of 2025, highlighting a strategic focus on capital recycling and stock repurchases, which have strengthened its portfolio and tenant structure [2][3]. Financial Performance - Total revenues for Q2 2025 were $14.863 million, up from $12.490 million in Q2 2024, representing a 19% increase [3]. - 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 [3]. - Funds from Operations (FFO) for Q2 2025 were $6.788 million, slightly up from $6.313 million in Q2 2024 [3]. - Adjusted Funds from Operations (AFFO) for Q2 2025 were $6.742 million, compared to $6.399 million in Q2 2024 [3]. Investment Activity - The company invested $85.9 million in the first half of 2025 at a weighted average initial cash yield of 9.1% and sold assets worth $28.2 million at a weighted average cash yield of 8.4% [2][4]. - The weighted average remaining lease term increased to 8.9 years from 6.6 years a year ago [2]. Property Portfolio - As of June 30, 2025, the company owned 129 properties with a total of 3.9 million square feet and an annualized base rent (ABR) of $45.3 million [7]. - The occupancy rate of the portfolio was 98.2%, with 51% of ABR attributable to investment-grade rated tenants [7][9]. Balance Sheet and Capital Markets - As of June 30, 2025, the company had a net debt to total enterprise value ratio of 60.3% and a net debt to pro forma adjusted EBITDA ratio of 8.1x [11]. - Total liquidity was reported at $57.259 million, including $9.302 million in cash and cash equivalents [11][12]. Dividends - The company declared dividends of $0.285 per share for Q2 2025, maintaining a payout ratio of 64.8% for both FFO and AFFO [17]. 2025 Outlook - The company reaffirmed its outlook for 2025, projecting investments between $100 million and $130 million and dispositions between $50 million and $70 million [18]. - Expected FFO and AFFO per diluted share are projected to be between $1.74 and $1.77 [18].

Financial Highlights - Investment activity reached $80 million[4] - Implied property value per square foot is $225[4,16] - Same-Property NOI quarter-over-quarter growth is 2.4%[4] - Net Debt to Pro Forma Adjusted EBITDA is 6.6x[4,60] Portfolio Overview - Portfolio square footage is 5.2 million[7] - 83% of the portfolio's ABR (Annualized Base Rent) comes from Georgia, Texas, Florida & North Carolina[4,11] - Grocery-Anchored Retail accounts for 20% of the portfolio's asset type[14] - The portfolio's 5-mile population is approximately 191,000[4,15] Leasing Activity - Comparable leasing spread is 37%[4,16,22]

Portfolio Overview - The company has 134 net lease properties[3], representing a total portfolio of 4.1 million square feet[3, 16] - The portfolio's enterprise value is $610 million, equating to $150 per square foot[3] - The portfolio has a 96% retail net lease occupancy rate[3] - 50% of the Annualized Base Rent (ABR) comes from investment-grade rated tenants[3, 16] - The weighted average lease term is 9.0 years[3, 16], up from 7.0 years at the beginning of 2024[14] Financial Performance - The company's equity market capitalization is $262 million[3] - The annualized dividend yield is 6.8%[3, 51] - The company repurchased 273,825 common shares for a net cost of $4.5 million[14] - The company originated/upsized 4 loans totaling $39.5 million with a weighted average initial cash yield of 9.5%[13] Tenant and Market Diversification - The top tenant accounts for 10% of ABR[36] - The top sector, sporting goods, accounts for 16% of ABR[23] - Florida represents the largest state exposure at 14% of ABR[24]

Core Insights - Alpine Income Property Trust, Inc. reported a first quarter net loss of $(1,179) thousand, translating to $(0.08) per diluted share, while Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) were both $6,909 thousand, or $0.44 per diluted share [3][19][47] - The company completed investments totaling $79.2 million with a weighted average initial cash yield of 9.0% during the first quarter of 2025 [1][4] - The company announced an increase in dividends for Q1 2025, declaring $0.285 per share, maintaining a payout ratio of 64.8% for both FFO and AFFO [19][47] Investment Activity - In Q1 2025, the company made seven investments, including three properties and four commercial loans, amounting to $79.2 million [4] - The weighted average initial cash cap rate for properties was 8.6%, while the cash yield for commercial loans was 9.5% [4] - The company also disposed of three properties for $11.7 million, achieving a weighted average exit cash cap rate of 9.1% [6] Property Portfolio - As of March 31, 2025, the company owned 134 properties with a total square footage of 4.1 million and an annualized base rent of $47.1 million [7] - The portfolio had a weighted average remaining lease term of 9.0 years and an occupancy rate of 98.6% [7] - 50% of the annualized base rent was attributable to investment-grade rated tenants, and 81% was from credit-rated tenants [7] Financial Performance - Total revenues for Q1 2025 were $14,206 thousand, up from $12,466 thousand in Q1 2024 [3] - Operating expenses increased to $13,088 thousand from $9,883 thousand year-over-year, primarily due to higher depreciation and impairment provisions [43] - The company reported a net loss of $(1,278) thousand for the quarter, compared to a loss of $(283) thousand in the same period last year [43] Balance Sheet and Capital Markets - As of March 31, 2025, the company had a net debt to total enterprise value ratio of 57.1% and a fixed charge coverage ratio of 3.5x [11] - Total liquidity was reported at $64,876 thousand, including $56,358 thousand available under the revolving credit facility [11][12] - The company had total long-term debt of $356,511 thousand with a weighted average interest rate of 4.51% [15] 2025 Outlook - The company revised its 2025 outlook, increasing the investment range to $70 million to $100 million and the disposition range to $50 million to $70 million [22] - FFO and AFFO per diluted share are projected to be between $1.74 and $1.77, reflecting an increase of $0.04 from the prior outlook [22]

As filed with the Securities and Exchange Commission on May 8, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Lavoro Limited (Exact Name of Registrant as Specified in Its Charter) Not Applicable (Translation of Registrant's name into English) Cayman Islands (State or Other Jurisdiction of Incorporation or Organization) 2870 (Primary Standard Industrial Classification Code Number) Not Applicable ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 23, 2023 UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933 Lavoro Limited (Exact Name of Registrant as Specified in Its Charter) Not Applicable (Translation of Registrant's name into English) Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT Cayman Islands (State or Other Jurisdiction of Incorporation or Organization) 2870 (Primary Standard Industrial Classification Code Number) Not Applicabl ...