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Mar 31, 2020
Alpine Income Property Trust Q1 2020 Earnings Report
Alpine Income Property Trust reported operating results for the quarter ended March 31, 2020.
Key Takeaways
Alpine Income Property Trust reported total revenues of $4,171,311 and net income attributable to Alpine Income Property Trust, Inc. of $12,669 for the quarter ended March 31, 2020. The company acquired nine single-tenant income properties for approximately $47.0 million.
Acquired nine single-tenant income properties for approximately $47.0 million with a weighted average investment cap rate of 7.1%.
Repurchased approximately 352,000 shares for approximately $3.8 million under the new $5 million buyback program.
Paid a First Quarter 2020 Dividend of $0.20 per share on March 31, 2020.
Drew $20 million on credit facility as a precautionary measure due to COVID-19.
Alpine Income Property Trust
Alpine Income Property Trust
Alpine Income Property Trust Revenue by Segment
Alpine Income Property Trust Revenue by Geographic Location
Revenue by Segment
Home Improvement Revenue
CapyFin.comPharmacy Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comEntertainment Revenue
CapyFin.comRevenue by Geographic Location
Florida Revenue
CapyFin.comNorth Carolina Revenue
CapyFin.comTexas Revenue
CapyFin.comGeorgia Revenue
CapyFin.com Forward Guidance
Due to the uncertainties created by the COVID-19 Pandemic, the Company temporarily suspended its activities directed at identifying additional acquisition opportunities and withdrew its previously provided guidance for the full year of 2020, including its targeted level of acquisitions totaling up to $120 million.
Positive Outlook
- The Company believes certain of the programs available under the Coronavirus Aid, Relief, and Economic Security Act may provide tenants with the ability to obtain proceeds from loans provided by the federal government which could provide liquidity that would allow the tenant to pay its near-term rent.
- 24 properties have remained open since the onset of the COVID-19 Pandemic, with 11 of those properties operating on a limited basis.
- As of March 31, 2020, has approximately $22 million in cash on hand with approximately $57 million outstanding on the credit facility.
- The total borrowing capacity on the credit facility, based on the assets currently in the borrowing base, is approximately $87 million, and as such the Company has the ability to draw an additional $30 million on the credit facility.
- Subsequent to March 31, 2020, as a result of adding the first quarter 2020 acquisitions to the borrowing base, we anticipate the borrowing base will increase the borrowing capacity to the $100 million commitment on the facility.
Challenges Ahead
- The spread of the COVID-19 Pandemic has caused significant volatility in the U.S. and international markets and, in many industries, business activity has virtually shut down entirely.
- There is significant uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies.
- The Company is not yet able to determine the full impact on its operations and therefore the potential that such impact will be material.
- The Company temporarily suspended its activities directed at identifying additional acquisition opportunities.
- The Company withdrew its previously provided guidance for the full year of 2020, including its targeted level of acquisitions totaling up to $120 million.