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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%.
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
Sporting Goods Revenue
CapyFin.comHome Improvement Revenue
CapyFin.comDollar Stores Revenue
CapyFin.comCasual Dining Revenue
CapyFin.comPharmacy Revenue
CapyFin.comHome Furnishings Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comEntertainment Revenue
CapyFin.comGrocery Revenue
CapyFin.comOff-Price Retail Revenue
CapyFin.comGeneral Merchandise Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Florida Revenue
CapyFin.comNew Jersey Revenue
CapyFin.comNew York Revenue
CapyFin.comNorth Carolina Revenue
CapyFin.comIllinois Revenue
CapyFin.comMichigan Revenue
CapyFin.comTexas Revenue
CapyFin.comGeorgia Revenue
CapyFin.comOhio Revenue
CapyFin.comMinnesota Revenue
CapyFin.comWest Virginia Revenue
CapyFin.comKansas Revenue
CapyFin.comOther Revenue
CapyFin.com 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.
- FFO per diluted share of $0.37 for the quarter ended June 30, 2023, a decrease of 21.3% from the comparable prior year period.
- AFFO per diluted share of $0.37 for the quarter ended June 30, 2023, a decrease of 21.3% from the comparable prior year period.