PINE - Alpine Income Property trims top end of year AFFO guide still above consensus

2023-07-20 17:18:17 ET

Alpine Income Property Trust ( NYSE: PINE ) on Thursday lowered the upper end of its guidance range for adjusted funds from operations per share even after beating profit expectations for the second quarter.

The REIT now expects 2023 AFFO per share of $1.52-$1.55, vs. $1.51 average analyst estimate, compared with $1.52-$1.57 in the prior view.

It anticipates spending $100M-$125M on acquisitions, vs. $100M-$150M in prior target, and $100M-$125M on dispositions, vs. $75M-$125M in the previous outlook.

Q2 AFFO of $0.37, topping the $0.36 consensus, rose slightly from $0.36 in Q1 and slid from $0.47 in the year-earlier quarter.

PINE gained 1.3% in after-hours trading.

During the quarter, Alpine ( PINE ) acquired nine-quality net lease properties for total acquisition volume of $60.5M, reflecting a weighted average going-in cash cap rate of 6.8%. On the other hand, it sold four properties for total disposition volume of $22.9M at a weighted average exit cash cap rate of 6.4%, generating total gains of $700K.

The company bought back 23,889 shares of its common stock for a total cost of $400K, or an average price of $15.22 per share. PINE closed Thursday's session at $16.76.

More on Alpine Income Property Trust:

• SA Quant system rates PINE a Buy
• Alpine Income Property: Wake Up And Smell The Fresh 7% Yield
• Alpine Income to be added to Russell 3000

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