- Fourth Quarter Net Loss of $0.06 per diluted share and FFO and AFFO of $0.44 per diluted share -

- Closed Investments of $134.7 million at an 8.7% cash yield in 2024 -

- Increases Dividend for Q1 2025 -

- Provides 2025 Outlook -

WINTER PARK, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company” or "PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter and year ended December 31, 2024.

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"We completed a robust year growing AFFO per share by 17%, permitting us to once again increase our dividend while maintaining a well-covered payout ratio,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Our growth was driven by accretive recycling as we closed over $130 million in investments at an 8.7% yield, while selectively pruning our portfolio with over $75 million in dispositions at a 7.1% cap rate. Further, we reduced exposure to Walgreens and increased our weighted average remaining lease term to 8.7 years.”

Fourth Quarter and Full Year 2024 Highlights

The table below provides a summary of the Company's operating results for the three months and year ended December 31, 2024 (dollars in thousands, except per share data):

             
  Three Months Ended Year Ended
  December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023
Total Revenues $13,791  $11,581 $52,227 $45,644
Net Income (Loss) Attributable to PINE $(958)  $335 $2,066 $2,917
Net Income (Loss) per Diluted Share Attributable to PINE $(0.06)  $0.02 $0.14 $0.19
FFO (1) $6,965  $5,646 $26,098 $22,910
FFO per Diluted Share (1) $0.44  $0.37 $1.73 $1.47
AFFO (1) $6,894  $5,801 $26,185 $23,211
AFFO per Diluted Share (1) $0.44  $0.38 $1.74 $1.49
(1)  See the "Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.

Investment Activity

The table below provides a summary of the Company's acquisitions for the three months and year ended December 31, 2024 (dollars in thousands):

             
  For the Three Months Ended December 31, 2024 For the Year Ended December 31, 2024
  Number of Investments Amount Number of Investments Amount
Properties  6 $50,500   12 $103,600 
Commercial Loans and Investments  -  -   3  31,087 
Totals  6 $50,500   15 $134,687 
             
Properties - Weighted Average Initial Cash Cap Rate     7.6%      8.2% 
Commercial Loans and Investments - Weighted Average Initial Yield     -%      10.7% 
Total Investments - Weighted Average Initial Yield     7.6%      8.7% 
Properties Weighted Average Remaining Lease Term     7.7 years      15.8 years 
Disposition Activity

The table below provides a summary of the Company's dispositions for the three months and year ended December 31, 2024 (dollars in thousands):

             
  For the Three Months Ended December 31, 2024 For the Year Ended December 31, 2024
  Number of Investments Amount Number of Investments Amount
Properties  5 $6,782   15 $61,957 
Commercial Loans and Investments  -  -   1  13,632 
Totals  5 $6,782   16 $75,589 
             
Properties - Weighted Average Exit Cash Cap Rate     7.3%      6.9% 
Commercial Loans and Investments - Weighted Average Yield     -%     8.0% 
Total Investments - Weighted Average Yield     7.3%      7.1% 
Property Portfolio (1)

The Company's property portfolio consisted of the following as of December 31, 2024:

   
Number of Properties 134 
Square Feet 3.9 million 
Annualized Base Rent (ABR) $44.3 million 
Weighted Average Remaining Lease Term 8.7 years 
States where Properties are Located 35 
Industries 27 
Occupancy 98.0% 
   
% of ABR Attributable to Investment Grade Rated Tenants 51% 
% of ABR Attributable to Credit Rated Tenants 84% 
% of ABR Attributable to Sale-Leaseback Tenants (1) 9% 
(1)   During the year ended December 31, 2024, the Company acquired three single-tenant income properties ("the Tampa Properties”) in the greater Tampa Bay, Florida area for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option. This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes and, as such, the related assets and corresponding revenue are included in the Company's commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Tampa Properties, as they constitute real estate assets for both legal and tax purposes.

The Company's property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of December 31, 2024:

     
Tenant Credit Rating % of ABR
Dicks Sporting Goods BBB / Baa2 10% 
Lowe's BBB+ / Baa1 10% 
Beachside Hospitality Group NR / NR 9% 
Walgreens BB- / Ba3 8% 
Dollar Tree/Family Dollar BBB / Baa2 8% 
At Home CCC / Caa3 5% 
Best Buy BBB+ / A3 5% 
Dollar General BBB / Baa2 5% 
Walmart AA / Aa2 4% 
Bass Pro Shops BB- / Ba3 3% 
BJ's Wholesale Club BB+ / Ba1 3% 
Home Depot A / A2 2% 
Kohl's BB- / Ba3 2% 
Other   26% 
Total   100% 
The Company's property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of December 31, 2024:

   
Industry % of ABR
Sporting Goods 16% 
Home Improvement 13% 
Dollar Stores 12% 
Casual Dining 10% 
Home Furnishings 9% 
Pharmacy 9% 
Consumer Electronics 7% 
Grocery 4% 
Off-Price Retail 3% 
Wholesale Club 3% 
General Merchandise 3% 
Entertainment 3% 
Automotive Parts 2% 
Other 6% 
   Total 100% 
The Company's property portfolio included properties in the following top states that represent 2.0% or greater of the Company's total ABR as of December 31, 2024:

   
State % of ABR
New Jersey 10% 
Florida 10% 
New York 8% 
North Carolina 7% 
Illinois 7% 
Michigan 7% 
Texas 6% 
Ohio 6% 
Georgia 4% 
Minnesota 4% 
West Virginia 3% 
Tennessee 3% 
Kansas 2% 
Arizona 2% 
Louisiana 2% 
Other 19% 
   Total 100% 
Balance Sheet and Capital Markets (dollars in thousands, except per share data)

   
 As of December 31, 2024
Leverage  
Net Debt / Total Enterprise Value 52.6% 
Net Debt / Pro Forma Adjusted EBITDA 7.4x 
Fixed Charge Coverage Ratio 3.5x 
   
Liquidity  
Available Capacity Under Revolving Credit Facility$89,545 
Cash, Cash Equivalents and Restricted Cash 5,564 
Total Liquidity$95,109 
The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of December 31, 2024, the Company had an outstanding balance of $102.0 million under the Revolving Credit Facility and $89.5 million available capacity.

The following table provides a summary of sales of shares of common stock under the Company's ATM offering program for the three months and year ended December 31, 2