Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or
“PINE”) today announced its operating results and earnings for the
quarter ended June 30, 2024.
Select Highlights
- Reported Net Income per diluted
share attributable to the Company of $0.01 for the quarter ended
June 30, 2024.
- Reported both FFO and AFFO per
diluted share of $0.43 for the quarter ended June 30, 2024, an
increase of 16.2% from the comparable prior year period.
- Acquired a net lease retail
property which is 100% leased to two investment grade tenants for
$14.6 million.
- Sold two net lease retail
properties leased to non-investment grade rated tenants, for total
disposition volume of $6.6 million at a weighted average exit cash
cap rate of 7.0%, generating aggregate gains of $0.9 million.
- Originated one first mortgage
construction loan with a total funding commitment of $6.1 million,
of which $4.6 million was funded during the quarter ended June 30,
2024, at a yield of 11.5%.
- Sold a $13.6 million A-1
participation interest in the Company’s $23.4 million portfolio
mortgage loan investment.
- Paid a cash dividend for the second
quarter of 2024 of $0.275 per share, representing an annualized
yield of 6.5% based on the closing price of the Company’s common
stock on July 17, 2024.
- Increased full year FFO guidance to
$1.58 to $1.62 per diluted share and full year 2024 AFFO guidance
to $1.60 to $1.64 per diluted share, representing a 4.2% increase
at the midpoint of these ranges.
CEO Comments
“We are pleased with our investment activity
during the quarter which included the acquisition of a two-tenant
property for $14.6 million leased to 100% investment grade rated
tenants, and the origination of a high yielding $6.1 million first
mortgage loan, Wawa anchored pad site development,” said John P.
Albright, President and Chief Executive Officer of Alpine Income
Property Trust. “We have increased our full-year FFO and AFFO
guidance as our net investment spreads have driven strong earnings
growth.”
Quarterly Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the quarter ended June 30, 2024 (in
thousands, except per share data):
| |
|
Three MonthsEndedJune 30,
2024 |
|
Three MonthsEndedJune 30,
2023 |
|
Variance toComparable Period inthe Prior Year |
|
Total Revenues |
|
$ |
12,490 |
|
|
$ |
11,348 |
|
|
$ |
1,142 |
|
|
|
10.1 |
% |
| Net Income |
|
$ |
222 |
|
|
$ |
90 |
|
|
$ |
132 |
|
|
|
146.7 |
% |
| Net Income Attributable to
PINE |
|
$ |
204 |
|
|
$ |
80 |
|
|
$ |
124 |
|
|
|
155.0 |
% |
| Net Income per Diluted Share
Attributable to PINE |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
|
0.0 |
% |
| FFO(1) |
|
$ |
6,313 |
|
|
$ |
5,770 |
|
|
$ |
543 |
|
|
|
9.4 |
% |
| FFO per Diluted Share(1) |
|
$ |
0.43 |
|
|
$ |
0.37 |
|
|
$ |
0.06 |
|
|
|
16.2 |
% |
| AFFO(1) |
|
$ |
6,399 |
|
|
$ |
5,843 |
|
|
$ |
556 |
|
|
|
9.5 |
% |
| AFFO per Diluted Share(1) |
|
$ |
0.43 |
|
|
$ |
0.37 |
|
|
$ |
0.06 |
|
|
|
16.2 |
% |
| Dividends Declared and Paid,
per Share |
|
$ |
0.275 |
|
|
$ |
0.275 |
|
|
$ |
0.000 |
|
|
|
0.0 |
% |
|
(1) See the “Non-GAAP Financial Measures” 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. |
Year-to-Date Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the six months ended June 30, 2024
(in thousands, except per share data):
| |
|
Six MonthsEndedJune 30, 2024 |
|
Six MonthsEndedJune 30, 2023 |
|
Variance toComparable Period inthe Prior Year |
|
Total Revenues |
|
$ |
24,956 |
|
|
$ |
22,504 |
|
|
$ |
2,452 |
|
|
|
10.9 |
% |
| Net Income (Loss) |
|
$ |
(61 |
) |
|
$ |
3,835 |
|
|
$ |
(3,896 |
) |
|
|
(101.6 |
%) |
| Net Income (Loss) Attributable
to PINE |
|
$ |
(56 |
) |
|
$ |
3,419 |
|
|
$ |
(3,475 |
) |
|
|
(101.6 |
%) |
| Net Income (Loss) per Diluted
Share Attributable to PINE |
|
$ |
0.00 |
|
|
$ |
0.22 |
|
|
$ |
(0.22 |
) |
|
|
(100.0 |
%) |
| FFO(1) |
|
$ |
12,443 |
|
|
$ |
11,397 |
|
|
$ |
1,046 |
|
|
|
9.2 |
% |
| FFO per Diluted Share(1) |
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
$ |
0.12 |
|
|
|
16.7 |
% |
| AFFO(1) |
|
$ |
12,642 |
|
|
$ |
11,478 |
|
|
$ |
1,164 |
|
|
|
10.1 |
% |
| AFFO per Diluted Share(1) |
|
$ |
0.85 |
|
|
$ |
0.73 |
|
|
$ |
0.12 |
|
|
|
16.4 |
% |
| Dividends Declared and Paid,
per Share |
|
$ |
0.550 |
|
|
$ |
0.550 |
|
|
$ |
0.000 |
|
|
|
0.0 |
% |
|
(1) See the “Non-GAAP Financial Measures” section and tables
at the end of this press release for a discussion and
reconciliation of Net Income (Loss) to non-GAAP financial measures,
including FFO, FFO per diluted share, AFFO, and AFFO per diluted
share. |
Investments
During the three months ended June 30, 2024, the
Company acquired one high-quality net lease retail property leased
to two tenants for $14.6 million. The two tenants are investment
grade rated Best Buy and Golf Galaxy (Dick’s Sporting Goods) and
had a weighted average remaining lease term of 4.6 years at
acquisition.
During the three months ended June 30, 2024, the
Company originated one first mortgage construction loan with a
total funding commitment of $6.1 million, of which $4.6 million was
funded during the quarter ended June 30, 2024, at yield of
11.5%.
During the three months ended June 30, 2024,
investment activities, which include the Company’s property and
structured investment portfolios, totaled $20.7 million at a
weighted average yield of 9.5%.
During the six months ended June 30, 2024,
investment activities, which include the Company’s property and
structured investment portfolios, totaled $28.9 million at a
weighted average yield of 9.8%.
Dispositions
During the three months ended June 30, 2024, the
Company sold two net lease properties leased to non-investment
grade rated tenants for total disposition volume of $6.6 million at
a weighted average exit cash cap rate of 7.0%. The sale of the
properties generated aggregate gains of $0.9 million.
During the three months ended June 30, 2024, the
Company sold a $13.6 million A-1 participation interest in the
Company’s $23.4 million portfolio loan at a yield of 8.0%.
During the three and six months ended June 30,
2024, disposition activities, which include the Company’s property
and structured investment portfolios, totaled $20.2 million at
a weighted average exit cash cap rate of 7.7%.
Property Portfolio
The Company’s property portfolio consisted of
the following as of June 30, 2024:
|
Number of Properties |
137 |
| Square Feet |
3.8 million |
| Annualized Base Rent |
$39.8 million |
| Weighted Average Remaining
Lease Term |
6.6 years |
| States where Properties are
Located |
34 |
| Occupancy |
99.1% |
| |
|
| % of Annualized Base Rent
Attributable to Investment Grade Rated Tenants (1)(2) |
67% |
| % of Annualized Base Rent
Attributable to Credit Rated Tenants (1)(3) |
90% |
|
Any differences are a result of rounding.(1) Annualized Base
Rent (“ABR”) represents the annualized in-place straight-line base
rent required by the tenant’s lease. ABR is a non-GAAP financial
measure. We believe this non-GAAP financial measure is useful to
investors because it is a widely accepted industry measure used by
analysts and investors to compare the real estate portfolios and
operating performance of REITs.(2) The Company defines an
Investment Grade Rated Tenant as a tenant or the parent of a tenant
with a credit rating from S&P Global Ratings, Moody’s 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’s 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.(3) The Company
defines a Credit Rated Tenant as a tenant or the parent of a tenant
with a credit rating from S&P Global Ratings, Moody’s Investors
Service, Fitch Ratings or the National Association of Insurance
Commissioners. |
The Company’s property portfolio included the
following top tenants that represent 2.0% or greater of the
Company's total ABR as of June 30, 2024:
| Tenant |
Credit Rating (1) |
|
% of Annualized Base Rent |
|
Walgreens |
BBB- / Ba1 |
|
12 |
% |
| Dick’s Sporting Goods |
BBB / Baa3 |
|
10 |
% |
| Lowe’s |
BBB+ / Baa1 |
|
9 |
% |
| Dollar Tree/Family Dollar |
BBB / Baa2 |
|
8 |
% |
| Best Buy |
BBB+ / A3 |
|
6 |
% |
| Dollar General |
BBB / Baa2 |
|
5 |
% |
| Walmart |
AA / Aa2 |
|
5 |
% |
| At Home |
CCC / Caa3 |
|
4 |
% |
| Home Depot |
A / A2 |
|
3 |
% |
| LA Fitness |
B/ B2 |
|
2 |
% |
| Kohl’s |
BB / Ba2 |
|
2 |
% |
| Burlington |
BB+ / Ba2 |
|
2 |
% |
| Hobby Lobby |
NR / NR |
|
2 |
% |
| Other |
|
|
30 |
% |
| Total |
|
|
100 |
% |
|
Any differences are a result of rounding.(1) Credit Rating is
the available rating from S&P Global Ratings and/or Moody’s
Investors Service, as applicable, as of June 30, 2024. |
The Company’s property portfolio consisted of
the following industries as of June 30, 2024:
| Industry |
|
|
% of Annualized Base Rent |
|
Dollar Stores |
|
|
14 |
% |
| Sporting Goods |
|
|
13 |
% |
| Pharmacy |
|
|
13 |
% |
| Home Improvement |
|
|
13 |
% |
| Home Furnishings |
|
|
7 |
% |
| Consumer Electronics |
|
|
7 |
% |
| General Merchandise |
|
|
5 |
% |
| Grocery |
|
|
5 |
% |
| Entertainment |
|
|
5 |
% |
| Off-Price Retail |
|
|
4 |
% |
| Health & Fitness |
|
|
4 |
% |
| Specialty Retail |
|
|
3 |
% |
| Automotive Parts |
|
|
2 |
% |
| Convenience Stores |
|
|
1 |
% |
| Office Supplies |
|
|
1 |
% |
| Quick Service Restaurant |
|
|
1 |
% |
| Farm & Rural Supply |
|
|
1 |
% |
| Casual Dining |
|
|
< 1 |
% |
| Pet Supplies |
|
|
< 1 |
% |
| Other(1) |
|
|
< 1 |
% |
| Total |
23 Industries |
|
100 |
% |
|
Any differences are a result of rounding.(1) Includes four
industries collectively representing less than 1% of the Company’s
ABR as of June 30, 2024. |
The Company’s property portfolio included
properties in the following states as of June 30, 2024:
| State |
|
|
% of Annualized Base Rent |
|
New Jersey |
|
|
12 |
% |
| Texas |
|
|
9 |
% |
| New York |
|
|
8 |
% |
| Illinois |
|
|
7 |
% |
| Michigan |
|
|
7 |
% |
| Ohio |
|
|
7 |
% |
| Georgia |
|
|
5 |
% |
| Florida |
|
|
5 |
% |
| West Virginia |
|
|
4 |
% |
| Oklahoma |
|
|
3 |
% |
| Alabama |
|
|
3 |
% |
| Minnesota |
|
|
3 |
% |
| Kansas |
|
|
2 |
% |
| Arizona |
|
|
2 |
% |
| Louisiana |
|
|
2 |
% |
| Missouri |
|
|
2 |
% |
| Massachusetts |
|
|
2 |
% |
| Maryland |
|
|
2 |
% |
| Nevada |
|
|
2 |
% |
| Wisconsin |
|
|
2 |
% |
| South Carolina |
|
|
2 |
% |
| Pennsylvania |
|
|
2 |
% |
| Arkansas |
|
|
1 |
% |
| Connecticut |
|
|
1 |
% |
| New Mexico |
|
|
1 |
% |
| Indiana |
|
|
1 |
% |
| Nebraska |
|
|
< 1 |
% |
| Maine |
|
|
< 1 |
% |
| North Carolina |
|
|
< 1 |
% |
| Washington |
|
|
< 1 |
% |
| California |
|
|
< 1 |
% |
| Virginia |
|
|
< 1 |
% |
| Kentucky |
|
|
< 1 |
% |
| Mississippi |
|
|
< 1 |
% |
| Total |
34 States |
|
100 |
% |
|
Any differences are a result of rounding. |
Balance Sheet
The following table provides a summary of the
Company’s long-term debt as of June 30, 2024:
|
Component of Long-Term Debt |
|
Principal |
|
Stated Interest Rate |
|
Wtd. Avg. Rate as of June 30, 2024 |
|
Maturity Date |
|
2026 Term Loan (1) |
|
$ |
100.0 million |
|
SOFR + 10 bps +[1.35% - 1.95%] |
|
3.65 |
% |
|
May 2026 |
|
2027 Term Loan (2) |
|
|
100.0 million |
|
SOFR + 10 bps +[1.25% - 1.90%] |
|
2.73 |
% |
|
January 2027 |
|
Revolving Credit Facility (3) |
|
|
69.0 million |
|
SOFR + 10 bps +[1.25% - 2.20%] |
|
5.39 |
% |
|
January 2027 |
|
Total Debt/Weighted-Average Rate |
|
$ |
269.0 million |
|
|
|
3.75 |
% |
|
|
|
(1) As of June 30, 2024, 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.(2) As of June 30, 2024, the Company has utilized
interest rate swaps to fix SOFR and achieve a weighted average
fixed interest rate of 1.18% plus the SOFR adjustment of 0.10% and
the applicable spread for the $100 million 2027 Term Loan
balance.(3) As of June 30, 2024, 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’s Revolving Credit Facility. |
As of June 30, 2024, the Company held a 91.8%
interest in Alpine Income Property OP, LP, the Company’s operating
partnership (the “Operating Partnership” or “OP”). There were
1,223,854 OP Units held by third parties outstanding and 13,626,589
shares of the Company’s common stock outstanding, for total
outstanding common stock and OP Units held by third parties of
14,850,443 as of June 30, 2024.
As of June 30, 2024, the Company’s net debt to
Pro Forma EBITDA was 7.4 times, and as defined in the Company’s
credit agreement, the Company’s fixed charge coverage ratio was 3.4
times. As of June 30, 2024, the Company’s net debt to total
enterprise value was 53.2%. The Company calculates total enterprise
value as the sum of net debt and the market value of the Company's
outstanding common shares and OP Units, as if the OP Units have
been redeemed for common shares.
Dividend
On May 28, 2024, the Company announced a cash
dividend for the second quarter of 2024 of $0.275 per share,
payable on June 28, 2024 to stockholders of record as of the close
of business on June 13, 2024. The second quarter 2024 cash dividend
represents a payout ratio of 64.0% of the Company’s second quarter
2024 FFO per diluted share and AFFO per diluted share.
2024 Outlook
The Company has increased its FFO and AFFO
outlook for 2024 to take into account the Company’s year-to-date
performance. The Company’s outlook for 2024 assumes continued
stability in economic activity, stable or positive business trends
related to each of our tenants, and other significant
assumptions.
The Company’s revised outlook for 2024 is as
follows:
| |
|
Revised Outlook Range for 2024 |
|
Change from Prior Outlook |
|
|
|
Low |
|
High |
|
Low |
|
High |
| Investments |
|
$50 million |
to |
$80 million |
|
- |
to |
- |
| Dispositions |
|
$50 million |
to |
$80 million |
|
- |
to |
- |
| FFO per Diluted Share |
|
$1.58 |
to |
$1.62 |
|
$0.07 |
to |
$0.06 |
| AFFO per Diluted Share |
|
$1.60 |
to |
$1.64 |
|
$0.07 |
to |
$0.06 |
| Weighted Average DilutedShares
Outstanding |
|
14.9 million |
to |
14.9 million |
|
- |
to |
- |
Second Quarter 2024 Earnings Conference
Call & Webcast
The Company will host a conference call to
present its operating results for the quarter ended June 30, 2024,
on Friday, July 19, 2024, at 9:00 AM ET.
A live webcast of the call will be available on
the Investor Relations page of the Company’s website at
www.alpinereit.com 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.
|
Webcast: |
https://edge.media-server.com/mmc/p/5pd8tuhj |
|
Dial-In: |
https://register.vevent.com/register/BI3cfad882e4f24cdfaa296cedba617ae8 |
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’s website at www.alpinereit.com.
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
http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s 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’s 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, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, credit risk associated with the Company
investing in first mortgage investments, illiquidity of real estate
investments and potential damages from natural disasters, the
impact of epidemics or pandemics (such as the COVID-19 Pandemic and
its variants) on the Company’s 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’s business or the business of its tenants that are
beyond the control of the Company or its tenants, and the factors
set forth under “Risk Factors” in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2023 and other risks and
uncertainties discussed from time to time in the Company’s 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.
Non-GAAP Financial Measures
Our reported results are presented in accordance
with accounting principles generally accepted in the United States
of America (“GAAP”). We also disclose Funds From Operations (“FFO”)
Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings
Before Interest, Taxes, Depreciation and Amortization (“Pro Forma
EBITDA”), 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.
FFO, AFFO, and Pro Forma 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.
We compute FFO in accordance with the definition
adopted by the Board of Governors of the National Association of
Real 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.
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 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.
To derive Pro Forma 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 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 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’s capital structure on our operating
performance. FFO, AFFO, and Pro Forma EBITDA may not be comparable
to similarly titled measures employed by other companies.
|
Alpine Income Property Trust,
Inc.Consolidated Balance Sheets(In
thousands, except share and per share data) |
| |
|
As of |
| |
|
(Unaudited)June 30, 2024 |
|
December 31, 2023 |
|
ASSETS |
|
|
|
|
|
Real Estate: |
|
|
|
|
|
|
|
Land, at Cost |
|
$ |
152,678 |
|
|
$ |
149,314 |
|
|
Building and Improvements, at Cost |
|
|
334,312 |
|
|
|
328,993 |
|
|
Total Real Estate, at Cost |
|
|
486,990 |
|
|
|
478,307 |
|
|
Less, Accumulated Depreciation |
|
|
(41,879 |
) |
|
|
(34,714 |
) |
|
Real Estate—Net |
|
|
445,111 |
|
|
|
443,593 |
|
|
Assets Held for Sale |
|
|
3,943 |
|
|
|
4,410 |
|
|
Commercial Loans and Investments |
|
|
44,730 |
|
|
|
35,080 |
|
|
Cash and Cash Equivalents |
|
|
3,260 |
|
|
|
4,019 |
|
|
Restricted Cash |
|
|
3,136 |
|
|
|
9,712 |
|
|
Intangible Lease Assets—Net |
|
|
45,761 |
|
|
|
49,292 |
|
|
Straight-Line Rent Adjustment |
|
|
1,545 |
|
|
|
1,409 |
|
|
Other Assets |
|
|
18,291 |
|
|
|
17,045 |
|
|
Total Assets |
|
$ |
565,777 |
|
|
$ |
564,560 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Accounts Payable, Accrued Expenses, and Other Liabilities |
|
$ |
7,238 |
|
|
$ |
5,736 |
|
|
Prepaid Rent and Deferred Revenue |
|
|
3,216 |
|
|
|
2,627 |
|
|
Intangible Lease Liabilities—Net |
|
|
5,017 |
|
|
|
4,907 |
|
|
Obligation Under Participation Agreement |
|
|
13,632 |
|
|
|
— |
|
|
Long-Term Debt |
|
|
268,320 |
|
|
|
275,677 |
|
|
Total Liabilities |
|
|
297,423 |
|
|
|
288,947 |
|
|
Commitments and Contingencies |
|
|
|
|
|
|
| Equity: |
|
|
|
|
|
|
|
Preferred Stock, $0.01 par value per share, 100 million shares
authorized, no shares issued and outstanding as of June 30, 2024
and December 31, 2023 |
|
|
— |
|
|
|
— |
|
|
Common Stock, $0.01 par value per share, 500 million shares
authorized, 13,626,589 shares issued and outstanding as of June 30,
2024 and 13,659,207 shares issued and outstanding as of December
31, 2023 |
|
|
136 |
|
|
|
137 |
|
|
Additional Paid-in Capital |
|
|
243,019 |
|
|
|
243,690 |
|
|
Dividends in Excess of Net Income |
|
|
(9,907 |
) |
|
|
(2,359 |
) |
|
Accumulated Other Comprehensive Income |
|
|
10,780 |
|
|
|
9,275 |
|
|
Stockholders' Equity |
|
|
244,028 |
|
|
|
250,743 |
|
|
Noncontrolling Interest |
|
|
24,326 |
|
|
|
24,870 |
|
|
Total Equity |
|
|
268,354 |
|
|
|
275,613 |
|
|
Total Liabilities and Equity |
|
$ |
565,777 |
|
|
$ |
564,560 |
|
|
Alpine Income Property Trust, Inc.Consolidated
Statements of Operations(Unaudited)(In thousands, except share, per
share and dividend data) |
| |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Income |
|
$ |
11,330 |
|
|
$ |
11,348 |
|
|
$ |
22,794 |
|
|
$ |
22,504 |
|
|
Interest Income from Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans and Investments |
|
|
986 |
|
|
|
— |
|
|
|
1,889 |
|
|
|
— |
|
|
Other Revenue |
|
|
174 |
|
|
|
— |
|
|
|
273 |
|
|
|
— |
|
|
Total Revenues |
|
|
12,490 |
|
|
|
11,348 |
|
|
|
24,956 |
|
|
|
22,504 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Expenses |
|
|
1,800 |
|
|
|
1,575 |
|
|
|
3,728 |
|
|
|
3,009 |
|
|
General and Administrative Expenses |
|
|
1,602 |
|
|
|
1,656 |
|
|
|
3,144 |
|
|
|
3,171 |
|
|
Provision for Impairment |
|
|
657 |
|
|
|
— |
|
|
|
688 |
|
|
|
— |
|
|
Depreciation and Amortization |
|
|
6,352 |
|
|
|
6,423 |
|
|
|
12,734 |
|
|
|
12,758 |
|
|
Total Operating Expenses |
|
|
10,411 |
|
|
|
9,654 |
|
|
|
20,294 |
|
|
|
18,938 |
|
|
Gain on Disposition of Assets |
|
|
918 |
|
|
|
743 |
|
|
|
918 |
|
|
|
5,196 |
|
|
Gain on Extinguishment of Debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
Net Income from Operations |
|
|
2,997 |
|
|
|
2,437 |
|
|
|
5,580 |
|
|
|
8,785 |
|
|
Investment and Other Income |
|
|
56 |
|
|
|
91 |
|
|
|
125 |
|
|
|
101 |
|
|
Interest Expense |
|
|
(2,831 |
) |
|
|
(2,438 |
) |
|
|
(5,766 |
) |
|
|
(5,051 |
) |
|
Net Income (Loss) |
|
|
222 |
|
|
|
90 |
|
|
|
(61 |
) |
|
|
3,835 |
|
|
Less: Net (Income) Loss Attributable to Noncontrolling
Interest |
|
|
(18 |
) |
|
|
(10 |
) |
|
|
5 |
|
|
|
(416 |
) |
|
Net Income (Loss) Attributable to Alpine Income Property Trust,
Inc. |
|
$ |
204 |
|
|
$ |
80 |
|
|
$ |
(56 |
) |
|
$ |
3,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) Attributable to Alpine Income Property Trust,
Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
$ |
0.24 |
|
|
Diluted |
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.00 |
|
|
$ |
0.22 |
|
|
Weighted Average Number of Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
13,624,932 |
|
14,059,173 |
|
|
13,623,070 |
|
|
14,030,025 |
|
|
Diluted (1) |
|
14,848,786 |
|
|
15,762,667 |
|
|
14,846,924 |
|
|
15,733,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid |
|
$ |
0.275 |
|
|
$ |
0.275 |
|
|
$ |
0.550 |
|
|
$ |
0.550 |
|
|
(1) Includes the weighted average of 1,223,854 shares during
the three and six months ended June 30, 2024 and 1,703,494 shares
during the three and six months ended June 30, 2023, in each case,
underlying OP Units including (i) 1,223,854 shares underlying OP
Units issued to CTO Realty Growth, Inc. and (ii) 479,640 shares
underlying OP Units issued to an unrelated third party, which OP
Units were redeemed by PINE for an equivalent number of shares of
common stock of PINE during the three months ended December 31,
2023. |
|
Alpine Income Property Trust, Inc.Non-GAAP
Financial MeasuresFunds From Operations and Adjusted Funds
From Operations(Unaudited)(In thousands, except per share
data) |
| |
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
Net Income (Loss) |
|
$ |
222 |
|
|
$ |
90 |
|
|
$ |
(61 |
) |
|
$ |
3,835 |
|
|
Depreciation and Amortization |
|
|
6,352 |
|
|
|
6,423 |
|
|
|
12,734 |
|
|
|
12,758 |
|
|
Provision for Impairment |
|
|
657 |
|
|
|
— |
|
|
|
688 |
|
|
|
— |
|
|
Gain on Disposition of Assets |
|
|
(918 |
) |
|
|
(743 |
) |
|
|
(918 |
) |
|
|
(5,196 |
) |
|
Funds from Operations |
|
$ |
6,313 |
|
|
$ |
5,770 |
|
|
$ |
12,443 |
|
|
$ |
11,397 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on Extinguishment of Debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(23 |
) |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
|
(115 |
) |
|
|
(102 |
) |
|
|
(225 |
) |
|
|
(189 |
) |
|
Straight-Line Rent Adjustment |
|
|
(89 |
) |
|
|
(109 |
) |
|
|
(154 |
) |
|
|
(274 |
) |
|
Non-Cash Compensation |
|
|
80 |
|
|
|
79 |
|
|
|
159 |
|
|
|
159 |
|
|
Amortization of Deferred Financing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs to Interest Expense |
|
|
180 |
|
|
|
177 |
|
|
|
360 |
|
|
|
351 |
|
|
Other Non-Cash Expense |
|
|
30 |
|
|
|
28 |
|
|
|
59 |
|
|
|
57 |
|
|
Adjusted Funds from Operations |
|
$ |
6,399 |
|
|
$ |
5,843 |
|
|
$ |
12,642 |
|
|
$ |
11,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per Diluted Share |
|
$ |
0.43 |
|
|
$ |
0.37 |
|
|
$ |
0.84 |
|
|
$ |
0.72 |
|
|
AFFO per Diluted Share |
|
$ |
0.43 |
|
|
$ |
0.37 |
|
|
$ |
0.85 |
|
|
$ |
0.73 |
|
|
Alpine Income Property Trust, Inc.Non-GAAP
Financial MeasuresReconciliation of Net Debt to Pro Forma
EBITDA(Unaudited)(In thousands) |
| |
|
Three Months Ended |
|
|
|
June 30, 2024 |
|
Net Income |
|
$ |
222 |
|
| Adjustments: |
|
|
|
|
Depreciation and Amortization |
|
|
6,352 |
|
|
Provision for Impairment |
|
|
657 |
|
|
Gains on Disposition of Assets |
|
|
(918 |
) |
|
Straight-Line Rent Adjustment |
|
|
(89 |
) |
|
Non-Cash Compensation |
|
|
80 |
|
|
Amortization of Deferred Financing Costs to Interest Expense |
|
|
180 |
|
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
|
(115 |
) |
|
Other Non-Cash Expense |
|
|
30 |
|
|
Other Non-Recurring Items |
|
|
(99 |
) |
|
Interest Expense, Net of Deferred Financing Costs Amortization |
|
|
2,557 |
|
| EBITDA |
|
$ |
8,857 |
|
| |
|
|
|
| Annualized EBITDA |
|
$ |
35,428 |
|
|
Pro Forma Annualized Impact of Current Quarter Investment Activity
(1) |
|
|
456 |
|
| Pro Forma EBITDA |
|
$ |
35,884 |
|
| |
|
|
|
| Total Long-Term Debt |
|
$ |
268,320 |
|
|
Financing Costs, Net of Accumulated Amortization |
|
|
680 |
|
|
Cash and Cash Equivalents |
|
|
(3,260 |
) |
| Net Debt |
|
$ |
265,740 |
|
| |
|
|
|
| Net Debt to Pro Forma
EBITDA |
|
|
7.4 |
x |
|
(1) Reflects the pro forma annualized impact on Annualized
EBITDA of the Company’s investments and disposition activity during
the three months ended June 30, 2024. |
Contact:Philip R. MaysSenior Vice President,
Chief Financial Officer andTreasurer(407)
904-3324pmays@alpinereit.com
Alpine Income Property (NYSE:PINE)
過去 株価チャート
から 6 2024 まで 7 2024
Alpine Income Property (NYSE:PINE)
過去 株価チャート
から 7 2023 まで 7 2024
