2024-02-14 23:39:25 ET
Summary
- Alpine's Q4 earnings looked a bit light, as anticipated, following the bankruptcy of a tenant, Mountain Express.
- Management has made good progress backfilling Mountain Express' space and is now focused on high-grading its tenant base.
- Significant share buybacks in Q4 have boosted our NAV per share estimate, which we now believe provides an attractive margin of safety.
- With no debt maturities until 2026, we see limited capital markets risk for Alpine and feel comfortable upgrading it to a Buy.
Summary
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Alpine Income Property Trust: Climbing The Mountain (Rating Upgrade)