AG真人官方

Alpine Income Property Trust Reports First Quarter 2025 Operating and Financial Results

- Closed Investments of $79.2 million at a weighted average initial cash yield of 9.0% -
- Increased Dividend Q1 2025 -
- First Quarter Net Loss of $(0.08) per diluted share and FFO and AFFO of $0.44 per diluted share -

WINTER PARK, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the 鈥淐ompany鈥� or 鈥淧INE鈥�), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter ended March 31, 2025.

鈥淚n the first quarter, we completed investments that approached $80 million with a weighted average initial cash yield of 9.0%, again demonstrating our ability to successfully source and close attractive investments,鈥� said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. 鈥淲e also continued to selectively recycle capital with dispositions of properties that we believe provide positive benefits to our diversification and portfolio strength. As we look ahead, we believe that our property portfolio with a weighted average remaining lease term of 9.0 years combined with our ability to source attractive investments, should support our ability to continue to deliver strong results.鈥�

First Quarter 2025 Highlights

Operating results for the three months ended March 31, 2025 (dollars in thousands, except per share data):

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⁽¹⁾听See the 鈥淣on-GAAP Financial Measures鈥� section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.

Investment Activity

Acquisitions for the three months ended March 31, 2025 (dollars in thousands):

Disposition Activity

Dispositions for the three months ended March 31, 2025 (dollars in thousands):

Property Portfolio ⁽¹⁾

The Company鈥檚 property portfolio consisted of the following as of March 31, 2025:

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^(1)听During the year ended December 31, 2024, the Company acquired three single-tenant income properties (the 鈥淭ampa Properties鈥�) in the greater Tampa Bay, Florida area for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option. This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes and, as such, the related assets and corresponding revenue are included in the Company鈥檚 commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Tampa Properties, as they constitute real estate assets for both legal and tax purposes.

The Company鈥檚 property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of March 31, 2025:

The Company鈥檚 property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of March 31, 2025:

The Company鈥檚 property portfolio included properties in the following top states that represent 2.0% or greater of the Company鈥檚 total ABR as of March 31, 2025:

Balance Sheet and Capital Markets (dollars in thousands, except per share data)

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⁽¹⁾听Includes all unrestricted cash and cash equivalents and restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of March 31, 2025, the Company had an outstanding balance of $157.0 million under the Revolving Credit Facility and $56.4 million of available capacity.

Below is a summary of repurchases of shares of common stock under the Company鈥檚 $10.0 million common stock repurchase program for the three months ended March 31, 2025:

Subsequent to March 31, 2025 through April 24, 2025, the Company repurchased an additional 193,409 shares under the Company鈥檚 $10.0 million common stock repurchase program for a weighted average gross purchase price of $15.88 per share, or a net price of $3.1 million.

The Company鈥檚 long-term debt as of March 31, 2025:

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^(1)听As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.21% plus the SOFR adjustment of 0.10% and the applicable spread on $50 million of the outstanding balance on the Company鈥檚 Revolving Credit Facility.

^(2)听As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.

^(3)听As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance.

Subsequent to March 31, 2025, on April 4, 2025, the Company entered into an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Company鈥檚 Revolving Credit Facility.

As of March 31, 2025, the Company held a 92.2% interest in Alpine Income Property OP, LP, the Company鈥檚 operating partnership (the 鈥淥perating Partnership鈥� or 鈥淥P鈥�).听There were 1,223,854 OP Units held by third parties outstanding and 14,418,673 shares of the Company鈥檚 common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,642,527 as of March 31, 2025.听

Dividends

The Company鈥檚 dividends for the three months ended March 31, 2025:

2025 Outlook

The Company is increasing its FFO, AFFO, and Investments outlook for 2025, to take into account the Company鈥檚 year-to-date performance. The Company鈥檚 outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission (the 鈥淐ommission鈥�).

The Company鈥檚 revised outlook for 2025 is as follows:

Reconciliation of the revised outlook range of the Company鈥檚 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:

^(1)听Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the three months ended March 31, 2025. The Company鈥檚 revised outlook excludes projections related to these measures.

First Quarter 2025 Earnings Conference Call & Webcast

The Company will host a conference call to present its operating results for the quarter ended March 31, 2025, on Friday, April 25, 2025 at 9:00 AM ET.

A live webcast of the call will be available on the Investor Relations page of the Company鈥檚 website at or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.

We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company鈥檚 website at .

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.

We encourage you to review our most recent investor presentation which is available on our website at .

Safe Harbor

This press release may contain 鈥渇orward-looking statements.鈥� Forward-looking statements include statements that may be identified by words such as 鈥渃ould,鈥� 鈥渕ay,鈥� 鈥渕ight,鈥� 鈥渨ill,鈥� 鈥渓ikely,鈥� 鈥渁nticipates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渟eeks,鈥� 鈥渂elieves,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渃ontinues,鈥� 鈥減rojects鈥� and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company鈥檚 current expectations and assumptions regarding capital market conditions, the Company鈥檚 business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company鈥檚 actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company鈥檚 business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company鈥檚 business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under 鈥淩isk Factors鈥� in the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company鈥檚 Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and other risks and uncertainties discussed from time to time in the Company鈥檚 filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.听

Non-GAAP Financial Measures

Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (鈥淕AAP鈥�). We also disclose Funds From Operations (鈥淔FO鈥�) Adjusted Funds From Operations (鈥淎FFO鈥�), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (鈥淧ro Forma Adjusted EBITDA鈥�), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.听

FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.听
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of AG真人官方 Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.听

To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.听

To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.

FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company鈥檚 capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.

Other Definitions

Annualized Base Rent represents the annualized in-place straight-line base rent required by the tenant鈥檚 lease.

Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody鈥檚 Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.

Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody鈥檚 Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody鈥檚 Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody鈥檚 Investors Service, as applicable, as of March 31, 2025.

Weighted Average Remaining Lease Term is weighted by the annualized base rent and does not assume the exercise of any tenant purchase options.

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⁽¹⁾听Includes 1,223,854 shares during the three months ended March 31, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO AG真人官方ty Growth, Inc. For the three months ended March 31, 2025 and 2024, the impact of the 1,223,854 shares was anti-dilutive to the Net Loss Attributable to Alpine Income Property Trust, Inc.

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⁽¹⁾听Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company鈥檚 investment and disposition activity during the three months ended March 31, 2025.
⁽²⁾听Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.

Contact:
Investor Relations
[email protected]