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Jun 30, 2023
Alpine Income Property Trust Q2 2023 Earnings Report
Announced second quarter 2023 operating results.
Key Takeaways
Alpine Income Property Trust reported a mixed second quarter in 2023, marked by strategic asset recycling and improved tenant credit quality. The company invested over $60 million into industry-leading tenants, increasing investment-grade tenant exposure to 63%. However, net income and FFO per diluted share decreased compared to the prior year period.
Net Income per diluted share attributable to the Company was $0.01.
FFO per diluted share was $0.37, a decrease of 21.3% from the prior year period.
AFFO per diluted share was $0.37, a decrease of 21.3% from the prior year period.
Acquired nine retail net lease retail properties for $60.5 million with a weighted average going-in cash cap rate of 6.8%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Alpine Income Property Trust has revised its outlook for 2023, taking into account year-to-date performance and revised expectations regarding investment activities, forecasted capital markets transactions, and other significant assumptions.
Positive Outlook
- Acquisitions are projected between $100 million and $125 million.
- Dispositions are expected to range from $100 million to $125 million.
- Company has utilized interest rate swaps to fix SOFR.
- The second quarter 2023 cash dividend represents a 1.9% increase over the comparable prior year period quarterly dividend
- In July 2023, the Board approved a $15.0 million common stock repurchase program.
Challenges Ahead
- FFO per Diluted Share is projected between $1.50 and $1.53.
- AFFO per Diluted Share is projected between $1.52 and $1.55.
- Weighted Average Diluted Shares Outstanding are projected between 15.5 million and 16.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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