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Sep 30, 2022
Alpine Income Property Trust Q3 2022 Earnings Report
Operating results for the third quarter of 2022 were reported.
Key Takeaways
Alpine Income Property Trust reported a solid third quarter with net income per diluted share of $0.72, FFO per diluted share of $0.40 (an increase of 8.1% year-over-year), and AFFO per diluted share of $0.42 (an increase of 13.5% year-over-year). The company acquired nine retail net lease properties for $36.7 million and sold six properties for $50.5 million, generating gains of $11.6 million. Additionally, the revolving credit facility was expanded from $150 million to $250 million.
Net income per diluted share attributable to the Company was $0.72.
FFO per diluted share was $0.40, an increase of 8.1% from the prior year period.
AFFO per diluted share was $0.42, an increase of 13.5% from the prior year period.
Nine retail net lease properties were acquired for $36.7 million, with a weighted average going-in cash cap rate of 7.1%.