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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.
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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