PINE - Alpine Income Property Trust reports Q2 results guidance above consensus

2023-07-20 16:20:20 ET

• Alpine Income Property Trust press release ( NYSE: PINE ): Q2 FFO of $0.37 (vs. $0.47 Y/Y)
• Revenue of $11.44M (+1.4% Y/Y).
• 2023 AFFO outlook revised to $1.52-$1.55, vs. consensus of $1.51.
• Reported Net Income per diluted share attributable to the Company of $0.01 for the quarter ended June 30, 2023.
• Acquired nine retail net lease retail properties during the second quarter of 2023 for total acquisition volume of $60.5 million, reflecting a weighted average going-in cash cap rate of 6.8%.
• Sold four retail net lease properties during the second quarter of 2023 for total disposition volume of $22.9 million at a weighted average exit cash cap rate of 6.4%, generating total gains of $0.7 million.
• Increased investment grade-rated tenant exposure to 63% as of June 30, 2023, up from 48% as of June 30, 2022.
• Repurchased 23,889 shares of the Company’s common stock during the second quarter of 2023 for a total cost of $0.4 million, or an average price of $15.22 per share.
• Paid a cash dividend for the second quarter of 2023 of $0.275 per share, a 1.9% increase from the comparable prior year period quarterly dividend, representing an annualized yield of 6.9% based on the closing price of the Company’s common stock on July 19, 2023.
• Book value as of June 30, 2023 increased to $19.30 per share.

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