Alpine Income Property Trust ( NYSE: PINE ) shares advanced 5.1% in Thursday after-hours trading after the REIT's stronger than expected Q3 earnings prompted a boost in its full-year outlook.
For 2022, the company sees adjusted funds from operations of $1.74-1.76 per share compared with $1.58-1.63 per share in the prior view.
Acquisitions are targeted to be $170M-190M this year, down from $215M-235M in the previous guidance. Dispositions are expected to be $150M-170M compared with $125M-175M in the prior target.
Looking at its third-quarter results, Q3 FFO of $0.40 topped the average analyst estimate of $0.38 and gained from $0.37 in the year-ago period.
Revenue of $11.53M also exceeded the consensus of $10.52M, rising from $8.17M at Sept. 30, 2021.
“With our newly expanded and extended $250 million revolving credit facility, we have no debt maturing until 2026, minimal floating interest rate exposure, and ample liquidity as we look to be opportunistic in a quickly evolving transaction market," said President and CEO John P. Albright.
Operating expenses were $9.14M in Q3, up from $6.59M in Q3 of last year.
Conference call on October 21 at 9:00 a.m. ET.
Earlier, Alpine Income property Trust FFO of $0.40 beats by $0.02, revenue of $11.53M beats by $1.01M .
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Alpine Income Property stock climbs after FFO guidance boost, Q3 earnings beat