Alpine Income Property Trust Reports Second Quarter 2025 Operating and Financial Results
WINTER PARK, Fla., July 24, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE:PINE) (the "Company" or "PINE"), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the three and six months ended June 30, 2025.
"We continued to effectively execute our strategy focused on accretive capital recycling and have supplemented it with opportunistic common stock repurchases during the first half of the year," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "During the first half of 2025, we invested $85.9 million at a weighted average initial cash yield of 9.1% and sold $28.2 million of assets at a weighted average cash yield of 8.4%. Importantly, we believe that these activities have further strengthened our portfolio by reducing Walgreens to our 5th largest tenant and extending our weighted average remaining lease term to 8.9 years, up from 6.6 a year ago."
Second Quarter 2025 Highlights
Operating results for the three and six months ended June 30, 2025 and 2024 (dollars in thousands, except per share data):
Three Months Ended
Six Months Ended
June 30, 2025
June 30, 2024
June 30, 2025
June 30, 2024
Total Revenues
$
14,863
$
12,490
$
29,069
$
24,956
Net Income (Loss) Attributable to PINE
$
(1,641
)
$
204
$
(2,820
)
$
(56
)
Net Income (Loss) per Diluted Share Attributable to PINE
$
(0.12
)
$
0.01
$
(0.20
)
$
-
FFO (1)
$
6,788
$
6,313
$
13,697
$
12,443
FFO per Diluted Share (1)
$
0.44
$
0.43
$
0.88
$
0.84
AFFO (1)
$
6,742
$
6,399
$
13,781
$
12,645
AFFO per Diluted Share (1)
$
0.44
$
0.43
$
0.88
$
0.85
(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.
Investment Activity
Acquisitions for the three and six months ended June 30, 2025 (dollars in thousands):
Three Months EndedJune 30, 2025
Six Months EndedJune 30, 2025
Number of Investments
Amount
Number of Investments
Amount
Properties
—
$
—
3
$39,695
Commercial Loans and Investments
2
6,646
6
46,186
Totals
2
$6,646
9
$85,881
Properties - Weighted Average Initial Cash Cap Rate
—%
8.6%
Commercial Loans and Investments - Weighted Average Initial Cash Yield
9.8%
9.6%
Total Investments - Weighted Average Initial Cash Yield
9.8%
9.1%
Properties - Weighted Average Remaining Lease Term at Time of Acquisition
—
14.3 years
Disposition Activity
Dispositions for the three and six months ended June 30, 2025 (dollars in thousands):
Three Months EndedJune 30, 2025
Six Months EndedJune 30, 2025
Number of Investments
Amount
Number of Investments
Amount
Properties
5
$
16,491
8
$
28,186
Commercial Loans and Investments
—
—
—
—
Totals
5
$
16,491
8
$
28,186
Properties - Weighted Average Exit Cash Cap Rate
7.9%
8.4%
Commercial Loans and Investments - Weighted Average Cash Yield
—%
—%
Total Investments - Weighted Average Cash Yield
7.9%
8.4%
Subsequent to June 30, 2025, on July 2, 2025, the Company was repaid the current face amount of $25.5 million on the Publix Land Development loan, which proceeds were utilized to pay down the Revolving Credit Facility.
Property Portfolio (2)
The Company's property portfolio consisted of the following as of June 30, 2025:
Number of Properties
129
Square Feet
3.9 million
Annualized Base Rent (ABR) (1)
$45.3 million
Weighted Average Remaining Lease Term
8.9 years
States where Properties are Located
34
Industries
23
Occupancy
98.2%
% of ABR Attributable to Investment Grade Rated Tenants
51%
% of ABR Attributable to Credit Rated Tenants
81%
% of ABR Attributable to Sale-Leaseback Tenants (2)
8%
(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. As of June 30, 2025, annualized in-place cash base rent totaled $43.6 million.(2) During the year ended December 31, 2024, the Company acquired three single-tenant income properties for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option (the "Sale-Leaseback Tenants"). This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes, however, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Sale-Leaseback Tenants. The Sale-Leaseback Tenants represent 6% of annualized in-place cash base rent as of June 30, 2025.
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, 2025:
Tenant
Credit Rating
% of ABR
Dicks Sporting Goods
BBB / Baa2
10%
Lowe's
BBB+ / Baa1
10%
Beachside Hospitality Group
NR / NR
8%
Dollar Tree/Family Dollar
BBB / Baa2
7%
Walgreens
BB- / Ba3
7%
Best Buy
BBB+ / A3
5%
Dollar General
BBB / Baa3
5%
GermFree Laboratories
NR / NR
4%
Walmart
AA / Aa2
4%
At Home
D / NR
4%
Bass Pro Shops
BB- / Ba3
3%
BJ's Wholesale Club
BB+ / Ba1
3%
Academy Sports
BB+ / Ba2
3%
Alamo Drafthouse
A / A2
3%
Home Depot
A / A2
2%
Other
22%
Total
100%
The Company's property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of June 30, 2025:
Industry
% of ABR
Sporting Goods
17%
Home Improvement
13%
Dollar Stores
12%
Casual Dining
10%
Pharmacy
7%
Home Furnishings
6%
Consumer Electronics
6%
Entertainment
5%
Technology, Media & Life Sciences
4%
Grocery
4%
Off-Price Retail
3%
Wholesale Club
3%
General Merchandise
3%
Other
7%
Total
100%
The Company's property portfolio included properties in the following top states that represent 2.0% or greater of the Company's total ABR as of June 30, 2025:
State
% of ABR
Florida
13%
New Jersey
9%
New York
7%
North Carolina
7%
Michigan
6%
Texas
6%
Illinois
6%
Georgia
4%
Ohio
4%
Minnesota
4%
West Virginia
3%
Tennessee
3%
Colorado
3%
Kansas
2%
Other
23%
Total
100%
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
As of June 30, 2025
Leverage
Net Debt / Total Enterprise Value
60.3%
Net Debt / Pro Forma Adjusted EBITDA
8.1x
Fixed Charge Coverage Ratio
3.3x
Liquidity
Available Capacity Under Revolving Credit Facility
$
47,957
Cash, Cash Equivalents and Restricted Cash (1)
9,302
Total Liquidity
$
57,259
(1) 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 June 30, 2025, the Company had an outstanding balance of $153.0 million under the Revolving Credit Facility and $48.0 million of additional borrowing availability based on unencumbered asset value as of June 30, 2025. However, with our current in-place commitments, the borrowing availability under our Revolving Credit Facility could potentially expand up to an additional $49.0 million if we are able to increase our unencumbered asset value, providing the potential for total liquidity of over $100.0 million.
Below is a summary of repurchases of shares of common stock under the Company's $10.0 million common stock repurchase program for the three and six months ended June 30, 2025:
Repurchase Program
For the Three Months Ended June 30, 2025
For the Six Months Ended June 30, 2025
Shares Repurchased
272,565
546,390
Weighted Average Price per Share (Gross)
$
15.81
$
16.07
Net Price
$
4,316
$
8,798
The Company's long-term debt as of June 30, 2025:
As of June 30, 2025
Face Value Debt
Stated Interest Rate
Wtd. Avg. Rate
Maturity Date
Revolving Credit Facility (1)
$
153,000
SOFR + 0.10% +[1.25% ...
