PINE - Alpine Income Q1 earnings largely in line with estimates as REIT continues asset recycling

2023-04-20 17:53:35 ET

Alpine Income Property Trust ( PINE ) on Thursday reported Q1 results largely in line with expectations as the commercial REIT continued its strategy of asset recycling.

Q1 adj. FFO per share was $0.36 vs. $0.48 in Q1 2022, and revenue increased 3.4% Y/Y to $11.17M. Alpine ( PINE ) sold 10 properties for total disposition volume of $56.2M at a weighted average exit cash cap rate of 6.1%, generating total gains of $4.5M.

"We now have more than 10% of our assets in cash and restricted cash to take advantage of dislocation in the market as we look to reinvest into high-performing credit tenants operating in strong retail sectors at attractive risk-adjusted yields," said CEO John Albright. "We anticipate our overall investment grade-rated tenancy going above 60% by the end of Q2."

Alpine's ( PINE ) balance sheet has no current floating interest rate exposure and no debt maturities till 2026.

The REIT revised its FY outlook to take into account its Q1 results and investment activity expectations. It expects disposition volume of up to $75M-$125M vs. prior outlook of $50M-$75M. It is now targeting acquisition volume of up to $100M-$150M. Alpine ( PINE ) maintained its FFO and AFFO estimates.

Shares -0.3% after hours.

Conf call : April 21, at 9 am ET.

Read why JR Research, leader of Investing Group 'Ultimate Growth Investing' , believes PINE's valuation has reached more attractive levels.

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