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Alpine Income Property Trust (PINE) investor relations material

Alpine Income Property Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary25 Jul, 2025

Executive summary

  • Portfolio consists of 129 properties totaling 3.9M sq. ft., 98% occupied, with 51% of ABR from investment grade tenants and a weighted average lease term of 8.9 years as of June 30, 2025.

  • FFO and AFFO per share grew to $0.44 for Q2 2025, up from $0.43 year-over-year, driven by prior investment activity.

  • Net loss for Q2 2025 was $1.6M–$1.8M, compared to net income in Q2 2024, mainly due to higher impairment charges and interest expense.

  • Eight properties sold for $28.2M in H1 2025, reducing Walgreens exposure to 7% of ABR; three properties acquired for $39.7M.

  • Opportunistic share repurchases totaled $8.8M YTD, supporting capital recycling.

Financial highlights

  • Q2 2025 total revenues were $14.9M, up 19% year-over-year; six-month revenues reached $29.1M.

  • Lease income was $12M and interest income from loans was $2.7M for Q2 2025.

  • FFO and AFFO for Q2 2025 were $0.44 per diluted share; payout ratio was 65%.

  • Dividend per share annualized at $1.14, with a quarterly dividend of $0.285 and a yield near 8%.

  • Net debt to pro forma adjusted EBITDA was 8.1x; net debt to total enterprise value was 60.3%.

Outlook and guidance

  • 2025 FFO and AFFO per diluted share guidance reaffirmed at $1.74–$1.77.

  • Investment volume guidance increased to $100M–$130M for acquisitions and $50M–$70M for dispositions.

  • Sufficient liquidity for operations, with $57M–$57.3M available, including $48M under the revolver.

  • Focus remains on investment grade tenants, high-yield opportunities, and reinvesting sale proceeds.

  • Interest income from commercial loans expected to decrease after a $25.5M loan repayment post-quarter.

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Frequently asked questions

Alpine Income Property Trust, Inc., a real estate investment trust, focuses on acquiring single-tenant, operational real estate assets. It acquires, owns, and operates a portfolio of high-quality single-tenant commercial properties that serve as mission critical facilities for their tenants. The company rents its properties for long-term operating leases at or below the fair market value. It primarily invests in the United States.

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