PINE - Alpine Income Property: Earnings Came Mostly In Line While Valuation Remains Cheap

2024-02-14 08:39:45 ET

Summary

• Alpine Income Property Trust reported flat revenues and FFO in line with analyst estimates for Q4 and full year 2023. The guidance for 2024 also came in line with estimates.
• Rental revenue dropped 5% YoY while FFO was slightly higher year over year, even with rising operating costs.
• The company grew its assets, income and dividends strongly since its IPO in 2019, even though share price is down almost -20% during the same period.
• It trades at a cheaper valuation than its peers. This could be worth a look for specific types of investors who are looking for a high yield coupled with dividend growth.

Alpine Income Property Trust ( PINE ) announced its results for the last quarter and full year of 2023 last week. The company posted flat revenues of $11.58 million for the quarter (down 0.1% YoY) while analysts were expecting it to have generated $11.61 million, and it posted FFO (funds from operations) of 38 cents while analysts were looking for 37 cents, so the company's results were more or less in line with analyst estimates....

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