Alpine Income Property Trust, Inc. Stock Price, News & Analysis

Alpine Income Property Trust (NYSE: PINE) reported its Q3 2024 results with a net income per diluted share of $0.21. Funds from Operations (FFO) rose by 21.6% to $0.45 per diluted share, and Adjusted Funds from Operations (AFFO) increased by 15.8% to $0.44 per diluted share. The company raised $11.1 million via its ATM stock offering and acquired four retail properties for $37.5 million at an 8.8% cap rate. PINE sold eight retail properties for $48.6 million, generating $3.4 million in gains. The weighted average lease term increased to 8.8 years. The quarterly dividend was increased to $0.28 per share. Full-year 2024 FFO guidance was raised to $1.67-$1.69 per share, and AFFO guidance to $1.69-$1.71 per share. Total revenues for Q3 2024 were $13.5 million, up 16.6% YoY. Net income attributable to PINE was $3.1 million, a 468% increase YoY. Year-to-date revenues were $38.4 million, up 12.8% YoY. Investment activities totaled $55.3 million in Q3 2024 at a 9.2% yield.

Alpine Income Property Trust (NYSE: PINE) announced the resignation of Mark O. Decker, Jr. from its Board of Directors, effective October 4, 2024. Andrew Richardson, Chairman of the Board, expressed gratitude for Decker's contributions over the past five years, highlighting his role in the company's growth and success. The company will immediately begin searching for a qualified replacement to fill the board vacancy.

Mr. Decker thanked the PINE team for their support and expressed pride in the company's accomplishments, stating his belief in PINE's positioning for continued success. Alpine Income Property Trust is a publicly traded REIT focused on delivering attractive risk-adjusted returns and dependable cash dividends through investments in single tenant net leased commercial income properties leased to high-quality tenants.

Alpine Income Property Trust (NYSE: PINE) has announced its schedule for reporting third quarter 2024 financial and operating results. The company will release its results after market close on Thursday, October 17, 2024, followed by a conference call at 9:00 AM ET on Friday, October 18, 2024. Investors can access the live webcast through the company's website or via the provided link. A dial-in option is also available through pre-registration.

Alpine Income Property Trust is a publicly traded REIT focused on delivering attractive returns and dependable cash dividends. It achieves this by investing in, owning, and operating a portfolio of single tenant net leased properties, predominantly leased to high-quality publicly traded and credit-rated tenants.

Alpine Income Property Trust (NYSE: PINE) has announced updated third quarter and year-to-date 2024 investment and disposition activities. The company's Q3 total investment activity, including acquisitions and structured investments, now totals $55.3 million at a weighted average initial investment yield of 9.2%. Year-to-date investment activity totals $84.2 million at a 9.4% yield.

In September, PINE purchased and amended a first mortgage construction loan for $17.8 million secured by a Publix-anchored shopping center in Charlotte, NC. The company also sold five net leased retail properties for $28.5 million. Q3 total disposition volume is now $44.1 million at a 6.7% exit cash cap rate, while year-to-date dispositions total $64.3 million at a 7.0% rate.

Alpine Income Property Trust (NYSE: PINE) has declared a quarterly cash dividend of $0.280 per share for the third quarter of 2024. This represents a 1.8% increase from the previous dividend of $0.275 per share. The dividend will be payable on September 30, 2024, to stockholders of record as of September 12, 2024. Based on the closing price of PINE's common stock on August 19, 2024, this dividend reflects an annualized yield of approximately 6.4%.

Alpine Income Property Trust is a publicly traded REIT that focuses on investing in, owning, and operating a portfolio of single-tenant net leased commercial income properties. These properties are predominantly leased to high-quality publicly traded and credit-rated tenants.

Alpine Income Property Trust (NYSE: PINE) has announced updated transaction activities for 2024. The company acquired four net leased retail properties for $37.5 million at a weighted average initial cap rate of 8.8%. Three properties in Tampa Bay, FL were purchased for $31.4 million as a sale-leaseback transaction with a 9.0% initial cap rate and 30-year lease terms. The fourth property in Richmond, VA was bought for $6.1 million, leased to Golf Galaxy and guaranteed by Dick's Sporting Goods.

Year-to-date investment activity totaled $66.4 million at a 9.2% weighted average initial yield. The company's weighted average remaining lease term increased from 6.6 years to 8.35 years. Additionally, PINE sold two properties for $15.6 million at a 5.7% exit cap rate, bringing total dispositions to $35.8 million at a 6.8% yield.

Alpine Income Property Trust (NYSE: PINE) reported its Q2 2024 operating results, highlighting strong performance and growth. Key points include:

- Net Income per diluted share of $0.01
- FFO and AFFO per diluted share of $0.43, up 16.2% year-over-year
- Acquired a $14.6M net lease retail property with 100% investment-grade tenants
- Sold two properties for $6.6M, generating $0.9M in gains
- Originated a $6.1M first mortgage construction loan at 11.5% yield
- Increased full-year FFO guidance to $1.58-$1.62 per share and AFFO guidance to $1.60-$1.64 per share

The company's property portfolio consists of 137 properties across 34 states, with 67% of annualized base rent from investment-grade tenants. PINE's top tenants include Walgreens, Dick's Sporting Goods, and Lowe's.

Alpine Income Property Trust (NYSE: PINE) announced it will release its Q2 2024 financial and operating results after market close on July 18, 2024. A conference call to discuss these results will be held at 9:00 AM ET on July 19, 2024. The call will be webcast live and accessible through the Investor Relations page on the company's website. Participants are encouraged to register and dial in at least fifteen minutes before the start time. A replay will be available online post-call.

Alpine Income Property Trust is a real estate investment trust focusing on single-tenant net leased properties leased to high-quality, publicly traded, and credit-rated tenants.

Alpine Income Property Trust (NYSE: PINE) reported its 2024 year-to-date transaction activities. During Q2, the company acquired a two-tenant net leased retail property for $14.6 million, fully leased to Best Buy and Golf Galaxy, with an average lease term of 4.6 years. Additionally, Alpine originated a 15-month first mortgage investment of $6.1 million at an 11.5% initial yield. Cumulatively, year-to-date investment activity totaled $28.9 million at a 9.85% yield. On the disposition side, Alpine sold two properties for $6.6 million, realizing gains of $0.9 million. Including the previously disclosed $13.6 million sale of a portfolio loan participation, total sales amounted to $20.2 million at a 7.69% yield.