What is the revenue and EPS growth rate for Alpine Income year over year?

What factors drove the changes in Alpine Income's revenue and profit?

What were the key takeaways from Alpine Income’s earnings call?

Did Alpine Income beat or miss consensus estimates last quarter?

What is Alpine Income's latest dividend and current dividend yield?

What does Alpine Income do and what are its main business segments?

What is Alpine Income's gross profit margin?

What guidance did Alpine Income's management provide for the next earnings period?

- **AFFO Growth**: 4.5% year-over-year increase driven by high-quality asset acquisitions.
- **Strategic Investments**: $60.8 million in property acquisitions at 7.7% cap rate and $28.6 million in loans at 10.6% yield.
- **High-Yield Loans**: 17% interest rate on Austin residential development loan, reflecting short-duration flexibility.
- **Financial Stability**: 62% dividend payout ratio and $61 million liquidity support growth.
- **Guidance Update**: Full-year FFO/AFFO raised to $1.82-$1.85 per share.
- **Tenant Quality Focus**: 48% of ABR from investment-grade tenants, with Lowe's and DICK'S as top credits.
- **Dividend Policy**: Prioritizes REIT compliance over dividend growth, maintaining $0.285 quarterly payout.


**【Management Opening Remarks】**
- Jenna McKinney provided a brief overview of the call, emphasizing forward-looking statements and the use of non-GAAP financial measures. She highlighted the importance of reconciling these measures with GAAP results and reminded investors of the risks associated with forward-looking statements.

**【CEO Commentary】**
- **AFFO Growth**: Reported a 4.5% year-over-year increase in AFFO per share, driven by strategic investments in high-quality assets.
- **Property Acquisitions**: Acquired 2 Lowe's properties for $21.1 million with a 6% cap rate and 11.6-year lease term. Year-to-date acquisitions total $60.8 million at a 7.7% cap rate.
- **Dispositions**: Sold $6.2 million in assets with an exit cap rate of 8.4%. Year-to-date dispositions reached $34.3 million.
- **Loan Investments**: Originated $28.6 million in loans at a 10.6% yield, including a high-yield residential development loan in Austin with a 17% interest rate.
- **Tenant Quality**: 48% of ABR from investment-grade tenants, with Lowe's and DICK'S Sporting Goods as top tenants.
- **Future Outlook**: Anticipates continued growth through 2026 with a focus on high-quality investments and strategic asset recycling.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 revenue of $14.6 million, with FFO and AFFO of $0.46 per share, up 2.2% and 4.5% year-over-year. Dividend payout ratio of 62% remained well-covered.
- **Balance Sheet**: Net debt to EBITDA of 7.7x and $61 million liquidity, with potential to expand to $90 million through revolving credit facility usage.
- **Guidance Update**: Increased full-year FFO and AFFO guidance to $1.82-$1.85 per share, up from $1.74-$1.77.

**【Q&A Highlights】**
- **Funding Strategy**: Utilized asset sales and loan maturities to fund investments, with plans to sell senior loan tranches to manage earnings volatility.
- **Loan Yield Management**: Achieved high yields (e.g., 17% for Austin residential loan) due to short durations and sponsor flexibility.
- **Dividend Policy**: Maintained dividend at $0.285 per quarter, prioritizing REIT compliance over dividend increases.
- **Tenant Credit Dynamics**: Noted a 15% decline in credit-rated tenants due to At Home and Walgreens credit downgrades, but emphasized portfolio diversification.
- **Development Pipeline**: Active in luxury residential and mixed-use projects, with Phase 1 funding for Austin development and Phase 2 contingent on sales.


Alpine Income Property Trust, Inc. (PINE) Q3 2025 Earnings Call Transcript

- **FFO Growth**: 2.3% Q2 and 4.8% YTD driven by high-yield acquisitions and loan originations.
- **Portfolio Optimization**: Reduced Walgreens exposure to 7% of ABR, sold 5 properties for $16.5M.
- **Loan Performance**: $46.2M in loans YTD at 9.1% yield, with additional closings expected.
- **Dividend Strength**: 8% yield fully covered by AFFO, with $8.8M in share buybacks.
- **Leverage Management**: Using loan repayments to reduce debt, maintaining 8.1x net debt/EBITDA.

**【CEO Summary Section】**
- Reported FFO per share growth of 2.3% Q2 and 4.8% year-to-date, driven by Barbell investment strategy of high-yield acquisitions (8.6% initial yield on $39.7M Q1 purchases) and investment-grade tenants.
- Sold 5 net lease properties for $16.5M (7.9% exit cap), reducing Walgreens exposure from 17% to 7% of ABR.
- Originated $6.6M in high-yield loans (9.8% yield) and closed $46.2M in loans YTD (9.1% yield).
- Portfolio now 98.2% occupied with 8.9-year WALT, up from 6.6 years last year.
- Actively pursuing $100M-$130M in 2025 investments, with loan closings expected to accelerate.

**【CFO Financial Commentary】**
- Q2 total revenue $14.9M (lease: $12M, loans: $2.7M), FFO/AFFO $0.44/share vs. $0.43 prior year.
- Year-to-date FFO/AFFO $0.88/share (+4.8%), with $8.8M in share buybacks at $15.07 avg price.
- Dividend increased to $0.285Q ($1.14 annualized, 8% yield), covered 65% by AFFO.
- Balance sheet: $57M liquidity, net debt/EBITDA 8.1x, with $100M+ potential liquidity via credit facility expansion.
- Recorded $2.8M noncash impairments on vacant Reno theater and Long Island Party City.

**【Q&A Key Highlights】**
- **Investment Strategy**: 50-50 split between property acquisitions and loans, but loan closings expected to outpace acquisitions in H2.
- **Leverage Management**: Will use loan repayments (e.g., $25.5M Charlotte loan at 9.5% yield) to pay down debt rather than reinvest.
- **Tenant Risk**: At Home bankruptcy not impacting 2 owned properties (paid July rent), Walgreens exposure now 7% vs. 17% last year.
- **Capital Allocation**: Prioritize accretive investments over share buybacks, despite PINE trading at 10% implied cap rate.
- **Loan Market**: Yields improving as banks tighten, with 7%-11% cap rates for Walgreens sales depending on location.

Alpine Income Property Trust, Inc. (PINE) Q2 2025 Earnings Conference Call Transcript

- **AFFO Growth & Dividend Raise**: 5% YoY AFFO growth to $0.44/share, driving $0.285 quarterly dividend (highest in sector).
- **Investment Momentum**: $79.2M Q1 investments (properties + loans) at 9% yield, with $100M+ annual deployment capacity.
- **Portfolio Optimization**: Reduced WALT to 9 years (from 6.9), selling 9.1% cap rate assets to reinvest in 14.3-year tenancies.
- **Debt Management**: 7.9x leverage with $65M liquidity, 100bps interest cost savings via SOFR swap.
- **Tariff Resilience**: High-credit tenant mix (Sony, Wawa) and 14.3-year WALT new acquisitions buffer against macro volatility.


**【CEO Summary Section】**
- AFFO per diluted share grew to $0.44 for Q1 2025, a 5% year-over-year increase, supporting a dividend raise to $0.285 quarterly.
- Acquired $39.7 million in properties (8.6% cap rate) and originated $39.5 million in loans (9.5% yield), totaling $79.2 million in investments at 9% weighted average yield.
- Sold $11.7 million in properties with a 9.1% blended cap rate, reducing portfolio WALT from 6.9 years to 9 years.
- Maintained high dividend yield amid tariff volatility, with tenant diversification mitigating risks.

**【CFO Financial Commentary】**
- Q1 revenue: $14.2 million (lease: $11.8M, loans: $2.3M)
- FFO/AFFO: $0.44/share (7.3% and 4.8% YoY growth)
- Repurchased 274,000 shares ($4.5M) at $16.33 avg price, reducing AFFO payout ratio to 65%.
- Debt metrics: 7.9x net debt/EBITDA, $65M liquidity ($8M cash + $57M revolver)
- Interest rate hedge: $50M SOFR swap reducing borrowing cost by 100bps to ~5%.
- Updated 2025 guidance: FFO/AFFO $1.74-$1.77/share (vs prior $1.70-$1.73)

**【Q&A Key Highlights】**
- **Capital Allocation**: Prioritize share buybacks (NAV discount > 20%) alongside $70-100M investments and $50-70M dispositions.
- **Tariff Impact**: Portfolio insulated by high-credit tenants (Sony, Wawa) and 14.3-year WALT for new acquisitions.
- **Walgreens Strategy**: Reduced portfolio from 10 to 8 properties, targeting 0% ABR exposure by 2026.
- **At-Home Financing**: $6.2M seller financing at 10% yield, reflecting developer confidence despite sector challenges.
- **Germfree Labs**: One-off $12.5M industrial acquisition with 125/sf price, exemplifying diversification strategy.
- **Liquidity**: $100M+ potential liquidity via revolver expansion, supporting $100M+ annual investment pace.


Alpine Income Property Trust (PINE)-25 Apr 25-2025 Q1 Earnings call transcript

- **AFFO Growth**: 17% YoY to $1.74 per share, driven by strategic acquisitions and dispositions.
- **Investment Strategy**: Barbell approach with 50% investment-grade tenants and 50% higher-yield opportunities, supported by $134.7M in 2024 investments.
- **2025 Guidance**: FFO/AFFO of $1.70-$1.73 per share, with $0.08 headwind from Party City and Reno theater.
- **Dividend Growth**: 2025 dividend increased to $1.14 annualized, well-covered with 64% payout ratio.
- **Risk Management**: Proactive tenant diversification (BBB+ tenants now top 2) and liquidity ($150M potential) to capitalize on market opportunities.

**【CEO Summary Section】**
- Achieved AFFO of $1.74 per diluted share for 2024, representing a 17% year-over-year growth.
- Acquired 12 properties totaling $103.6 million at an 8.2% weighted average cap rate, including investment-grade tenants like Best Buy, DICK'S Sporting Goods, and Lowe's.
- Disposed of $62 million in assets, reducing Walgreens exposure and increasing WALT to 8.7 years.
- 2025 strategy: Barbell approach with 50% investment-grade tenants and 50% higher-yield opportunities, supplemented by commercial loans.
- Headwinds from Party City bankruptcy and Reno theater vacancy expected to impact 2025 FFO/AFFO by $0.08.

**【CFO Financial Commentary】**
- Q4 2024 revenue: $13.8 million (lease: $11.5M, loans: $2.2M); FFO/AFFO: $0.44 per share (19% YoY growth).
- Full-year 2024 FFO: $1.73 per share (18% YoY growth); AFFO: $1.74 per share (17% YoY growth).
- ATM program generated $18.8 million in 2024, reducing net debt to EBITDA from 7.7x to 7.4x.
- 2025 guidance: FFO/AFFO of $1.70-$1.73 per share, with $4.5 million annual external management fee.

**【Q&A Key Highlights】**
- **Walgreens Exposure**: Planning to sell another property, targeting 51% ABR from investment-grade tenants.
- **Investment Strategy**: 50-50 split between loans (10.7% yield) and acquisitions (8% cap rate), with active pipeline for both.
- **Commercial Loans**: 4 maturing loans expected to be replaced, maintaining $31.1 million loan portfolio.
- **Asset Sales**: Actively marketing Party City and Reno theater, aiming to redeploy proceeds for accretive investments.
- **Beachfront Recovery**: Oceanside restaurants performing at or above pre-storm levels, benefiting from reduced competition.
- **Cap Rate Environment**: Stable at 8% for acquisitions, slight compression in loan yields.

PINE

PINE fundamentals

Earnings Call

You can ask Aime