Alpine me Property Trust(US:PINE)2020-10-22 16:52Financial Data and Key Metrics Changes - The company achieved a 100% contractual base rent collection rate for each month in Q3 2020, with total revenues reported at $5.1 million [13][10] - Funds from operations (FFO) were $3 million or $0.35 per share, while adjusted funds from operations (AFFO) were $2.9 million or $0.34 per share [14] - General and administrative expenses totaled $1.1 million, down 271 basis points as a percentage of revenue from Q2 2020 [15] - The company declared a $0.22 dividend for Q4 2020, representing a 10% increase over the previous quarterly dividend [16] Business Line Data and Key Metrics Changes - The company invested in 15 properties for $23.9 million in Q3 2020, with a weighted average going-in cap rate of approximately 6.8% [6] - Year-to-date, the company acquired 26 properties for approximately $99.3 million at a weighted average going-in cap rate of 6.9% [7] - The portfolio consisted of 45 income properties with nearly 1.5 million square feet of rentable space, all 100% occupied [10] Market Data and Key Metrics Changes - The company increased its acquisition guidance to $110 million from $105 million due to strong acquisition activity [11] - Nearly two-thirds of annualized base rents come from 10 of the ULI's top 30 markets for 2021 [9] Company Strategy and Development Direction - The company focuses on acquiring income-producing properties with strong real estate fundamentals and high-quality tenants [6] - The acquisition strategy has led to increased concentration in grocery, convenience store, dollar store, and auto parts sectors, providing diversification [8] - The company is open to office acquisitions but currently has a 100% retail pipeline [45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 100% repayment of deferred rent by the end of 2021 [13] - There remains considerable uncertainty regarding the economy's impact on tenant performance, but management is optimistic about the portfolio's resilience [10] - The company is well-positioned with ample liquidity to execute its growth strategy [18] Other Important Information - The company expanded its revolving credit facility from $100 million to $150 million, enhancing its liquidity position [17] - The company has no debt maturities until 2023, with a one-year extension option [18] Q&A Session Summary Question: Can you provide more details on your acquisition pipeline? - The acquisition pipeline is strong, with ongoing negotiations that may exceed guidance [24] Question: Do you expect to match 2020 acquisition levels in 2021? - Management is confident that the success achieved in 2020 can be replicated or improved upon [25] Question: What is the level of assets you may want to sell in the coming years? - The company is open to selling assets if it demonstrates portfolio strength and investor appetite [34] Question: How do you plan to finance future acquisitions? - The company has various options for financing, including leveraging existing capacity without over-leveraging [36] Question: What is the current status of your leases with Dollar General? - Dollar General is a strong credit and the company is excited about the acquisition [43] Question: What is the outlook for rent collection and deferrals? - The company expects to recover all deferrals by the end of 2021, with minimal abatement [52][53] Question: What are the potential risks for tenants going forward? - Theaters are a concern, but management feels secure due to recent negotiations and lease extensions [54]