What drove PINE's strong earnings growth in 2024?

Alpine Income Property Trust (PINE) experienced significant earnings growth in 2024, driven by several key factors:

1. **Strategic Portfolio Adjustments and Acquisitions**: PINE's growth was fueled by accretive recycling, closing over $130 million in investments at an 8.7% yield. The company acquired six properties for $50.5 million in Q4, bringing the 2024 total to 12 properties valued at $103.6 million. These strategic moves enhanced the company's portfolio and contributed to its financial growth.
2. **Dividend Increases and Share Repurchases**: PINE raised its quarterly dividend to $0.285 per share, effective Q1 2025, reflecting a commitment to returning value to shareholders. Additionally, the company repurchased over 45,000 shares for $800,000 at an average price of $16.90 per share, indicating confidence in its stock value and financial stability.
3. **Interest Income and Lease Income**: The company's total revenue for the quarter ended December 2024, was $13.79 million, driven by $11.5 million in lease income and $2.2 million in interest income from commercial loans. This diversification of income streams bolstered PINE's financial performance.
4. **Management's Focus on Operational Efficiency**: PINE's management emphasized strategic execution and focused on increasing annual dividends since the IPO in 2019. This consistent approach to management contributed to the company's robust growth and financial health.

In summary, PINE's strong earnings growth in 2024 was driven by strategic investments, dividend and share repurchase initiatives, diversified income sources, and effective management. These factors combined to deliver robust growth in AFFO per share and funds from operations (FFO), underscoring the company's financial strength and stability.