Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or
“PINE”) today announced its operating results and earnings for the
quarter ended March 31, 2022.
Select Highlights
- Reported Net
Income per diluted share attributable to the Company of $0.06 for
the quarter ended March 31, 2022.
- Reported FFO per
diluted share of $0.49 for the quarter ended March 31, 2022, an
increase of 16.7% from the comparable prior year period.
- Reported AFFO
per diluted share of $0.48 for the quarter ended March 31, 2022, an
increase of 9.1% from the comparable prior year period.
- Acquired 16 net
lease retail properties during the first quarter of 2022 for total
acquisition volume of $65.5 million, reflecting a weighted average
going-in cash cap rate of 6.9%.
- Paid a cash
dividend for the first quarter of 2022 of $0.27 per share, a 12.5%
increase from the comparable prior year period quarterly dividend,
and an annualized yield of 5.6% based on the closing price of the
Company’s common stock on April 20, 2022.
- On April 14,
2022, the Company exercised the accordion options under its 2026
Term Loan and 2027 Term Loan for combined new proceeds of $60.0
million. Proceeds were utilized to pay down the Company’s Revolving
Credit Facility.
- On April 14, 2022, the Company
announced the sale of its sole remaining office property for $38.8,
generating a gain on sale of $7.0 million.
Quarterly Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the quarter ended March 31, 2022
(in thousands, except per share data):
|
|
Three Months EndedMarch 31,
2022 |
|
Three Months EndedMarch
31,2021 |
|
Variance to Comparable Period in the Prior
Year |
Total Revenues |
|
$ |
10,799 |
|
$ |
5,890 |
|
$ |
4,909 |
83.3 |
% |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
924 |
|
$ |
511 |
|
$ |
413 |
80.8 |
% |
Net Income Attributable to
PINE |
|
$ |
806 |
|
$ |
440 |
|
$ |
366 |
83.2 |
% |
Net Income per
Diluted Share Attributable to PINE |
$ |
0.06 |
|
$ |
0.05 |
|
$ |
0.01 |
20.0 |
% |
|
|
|
|
|
|
|
|
|
|
FFO(1) |
|
$ |
6,596 |
|
$ |
3,654 |
|
$ |
2,942 |
80.5 |
% |
FFO per Diluted Share(1) |
|
$ |
0.49 |
|
$ |
0.42 |
|
$ |
0.07 |
16.7 |
% |
AFFO(1) |
|
$ |
6,452 |
|
$ |
3,850 |
|
$ |
2,602 |
67.6 |
% |
AFFO per Diluted Share(1) |
|
$ |
0.48 |
|
$ |
0.44 |
|
$ |
0.04 |
9.1 |
% |
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid,
per Share |
|
$ |
0.27 |
|
$ |
0.24 |
|
$ |
0.03 |
12.5 |
% |
(1) See the “Non-GAAP Financial Measures”
section and tables at the end of this press release for a
discussion and reconciliation of Net Income to non-GAAP financial
measures, including FFO, FFO per diluted share, AFFO, and AFFO per
diluted share.
CEO Comments
“We’re very pleased with our start to 2022 as we
continued our momentum from our record fourth quarter by selling
our last remaining office property to position our portfolio as
100% retail and acquiring more than $65 million of high-quality,
predominately investment grade-rated retail net lease properties,”
said John P. Albright, President and Chief Executive Officer of
Alpine Income Property Trust. “With the proceeds from our final
office sale already redeployed into our first quarter pharmacy
portfolio acquisition, our top tenant is now Walgreens. Our focus
in the second quarter is on the execution of our increased
disposition guidance as we look to cycle out of certain assets
where we see outsized relative value in the market and redeploy
those proceeds into opportunities within our healthy acquisition
pipeline. These efforts should drive improved long-term earnings
per share growth, incrementally de-lever our balance sheet, and
further support our attractive 5.6% dividend yield.”
Acquisitions
During the three months ended March 31, 2022,
the Company acquired 16 high-quality net lease properties for total
acquisition volume of $65.5 million, reflecting a weighted average
going-in cash cap rate of 6.9%. As of the acquisition date, the
properties had a weighted average remaining lease term of 9.0
years, were located in 12 different states, and were leased to
tenants operating in six retail sectors including the pharmacy,
grocery, dollar store, specialty retail, convenience store, and
automotive parts sectors. Approximately 79% of annualized base
rents acquired are generated from a tenant or the parent of a
tenant with an investment grade credit rating.
Disposition
Subsequent to the quarter ended March 31, 2022,
on April 14, 2022, the Company completed the sale of its sole
remaining office property located in Hillsboro, Oregon and leased
to Wells Fargo for a sales price of $38.8 million. The sale of the
property generated a gain of $7.0 million. Proceeds from the sale
were part of reverse Section 1031 like-kind exchanges.
Property Portfolio
The Company’s portfolio consisted of the
following as of March 31, 2022:
Number of Properties |
129 |
Square Feet |
3.5 million |
Weighted Average Remaining
Lease Term |
7.8 years |
States where Properties are
Located |
35 |
Occupancy |
100% |
|
|
% of Annualized Base Rent
Attributable to Retail Tenants(1) |
92% |
% of Annualized Base Rent
Attributable to Office Tenants(1) |
8% |
% of Annualized Base Rent
Subject to Rent Escalations in the Primary Lease Term(1) |
43% |
% of Annualized Base Rent
Attributable to Investment Grade Rated Tenants(1)(2) |
50% |
% of Annualized Base Rent
Attributable to Credit Rated Tenants(1)(3) |
77% |
Any differences a result of rounding.
(1) Annualized Base Rent (“ABR”) represents the
annualized in-place straight-line base rent required by the
tenant’s lease. ABR is a non-GAAP financial measure. We believe
this non-GAAP financial measure is useful to investors because it
is a widely accepted industry measure used by analysts and
investors to compare the real estate portfolios and operating
performance of REITs.
(2) The Company defines an Investment Grade
Rated tenant as a tenant or the parent of a tenant with a credit
rating from S&P Global Ratings, Moody’s Investors Service,
Fitch Ratings or the National Associated of Insurance Commissioners
of Baa3, BBB-, NAIC-2 or higher.
(3) The Company defines a Credit Rated Tenant as
a tenant or the parent of a tenant with a credit rating from
S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or
the National Association of Insurance Commissioners.
The Company’s portfolio included the following
top tenants as of March 31, 2022:
Tenant |
Credit Rating (1) |
|
% of Annualized Base Rent |
Walgreens |
BBB |
|
11% |
Wells Fargo |
A+ |
|
8% |
At Home |
B |
|
5% |
Hobby Lobby |
N/A |
|
5% |
Academy Sports |
BB- |
|
5% |
Dollar General |
BBB |
|
5% |
Walmart |
AA |
|
4% |
Lowe’s |
BBB+ |
|
4% |
Dollar Tree/Family Dollar |
BBB |
|
3% |
Sportsman’s Warehouse |
N/A |
|
3% |
Total |
|
|
53% |
|
|
|
|
Any differences a result of rounding.
(1) Credit rating is from S&P Global
Ratings, Moody’s Investors Service, Fitch Ratings or the National
Association of Insurance Commissioners, as applicable, as of March
31, 2022.
The Company’s portfolio consisted of the
following industries as of March 31, 2022:
Industry |
|
|
% of Annualized Base Rent |
Pharmacy |
|
|
13% |
Home Furnishings |
|
|
11% |
General Merchandise |
|
|
10% |
Sporting Goods |
|
|
8% |
Financial Services |
|
|
8% |
Dollar Stores |
|
|
8% |
Grocery |
|
|
6% |
Convenience Store |
|
|
5% |
Entertainment |
|
|
4% |
Home Improvement |
|
|
4% |
Consumer Electronics |
|
|
4% |
Specialty Retail |
|
|
3% |
Casual Dining |
|
|
2% |
Automotive Parts |
|
|
2% |
Health & Fitness |
|
|
2% |
Off-Price Retail |
|
|
2% |
Farm & Rural Supply |
|
|
1% |
Quick Service Restaurant |
|
|
1% |
Office Supplies |
|
|
1% |
Automotive Services |
|
|
< 1% |
Healthcare Services |
|
|
< 1% |
Fast Casual Restaurants |
|
|
< 1% |
Pet Supplies |
|
|
< 1% |
Other (1) |
|
|
< 1% |
Total |
26 Industries |
|
100% |
|
|
|
|
Any differences a result of
rounding.(1) Includes three industries collectively
representing less than 1% of the Company’s ABR as of March 31,
2022.
The Company’s portfolio included properties in
the following states as of March 31, 2022:
State |
|
|
% of Annualized Base Rent |
Texas |
|
|
16% |
Oregon |
|
|
8% |
North Carolina |
|
|
7% |
Ohio |
|
|
6% |
Georgia |
|
|
6% |
Florida |
|
|
5% |
New Jersey |
|
|
5% |
Arizona |
|
|
5% |
Michigan |
|
|
4% |
Oklahoma |
|
|
3% |
South Carolina |
|
|
3% |
Massachusetts |
|
|
3% |
New York |
|
|
3% |
Maryland |
|
|
2% |
New Mexico |
|
|
2% |
Minnesota |
|
|
2% |
Wisconsin |
|
|
2% |
Washington |
|
|
2% |
Alabama |
|
|
2% |
Nevada |
|
|
2% |
Illinois |
|
|
2% |
Pennsylvania |
|
|
1% |
West Virginia |
|
|
1% |
Missouri |
|
|
1% |
Connecticut |
|
|
1% |
Mississippi |
|
|
< 1% |
Indiana |
|
|
< 1% |
Louisiana |
|
|
< 1% |
Kentucky |
|
|
< 1% |
Maine |
|
|
< 1% |
South Dakota |
|
|
< 1% |
Kansas |
|
|
< 1% |
California |
|
|
< 1% |
Virginia |
|
|
< 1% |
Arkansas |
|
|
< 1% |
Total |
35 States |
|
100% |
|
|
|
|
Any differences a result of rounding.
Capital Markets and Balance Sheet
During the quarter ended March 31, 2022, the
Company completed the following notable capital markets
activity:
- The Company issued 314,671 common
shares under its ATM offering program at a weighted average gross
price of $19.65 per share, for total net proceeds of $6.1
million.
The following table provides a summary of the
Company’s long-term debt as of March 31, 2022:
Component of Long-Term Debt |
|
Principal |
|
Interest Rate |
|
Maturity Date |
Revolving Credit Facility |
|
$ |
150.0 million |
|
30-Day LIBOR +[1.35% - 1.95%] |
|
November 2023 |
2026 Term Loan(1) |
|
$ |
60.0 million |
|
30-Day LIBOR +[1.35% - 1.95%] |
|
May 2026 |
2027 Term Loan(2) |
|
$ |
80.0 million |
|
30-Day LIBOR +[1.25% - 1.90%] |
|
January 2027 |
Mortgage Note Payable – CMBS
Portfolio |
|
$ |
30.0 million |
|
4.33% |
|
October 2034 |
Total Debt/Weighted Average Rate |
|
$ |
320.0 million |
|
2.35% |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Effective May 21, 2021, the Company utilized
interest rate swaps to fix LIBOR and achieve a weighted average
fixed interest rate of 0.81% plus the applicable spread on the
$60.0 million 2026 term loan balance.
(2) Effective September 30, 2021, the Company
utilized interest rate swaps, inclusive of its redesignation of the
existing $50.0 million interest rate swap entered into as of April
30, 2020, to fix LIBOR and achieve a weighted average fixed
interest rate of 0.53% plus the applicable spread on the $80.0
million 2027 term loan balance.
Subsequent to the quarter ended March 31, 2022,
on April 14, 2022, the Company exercised the accordion options
under the Company’s 2026 Term Loan and 2027 Term Loan for $40.0
million and $20.0 million, respectively, increasing aggregate
lender commitments and borrowings under each Term Loan to $100.0
million. The $60.0 million in total proceeds were utilized to pay
down the Company’s Revolving Credit Facility.
As of March 31, 2022, the Company held an 87.4%
interest in Alpine Income Property OP, LP, the Company’s operating
partnership (the “Operating Partnership” or “OP”). There were
1,703,494 OP Units held by third parties outstanding and 11,772,963
shares of the Company’s common stock outstanding, for total
outstanding common stock and OP Units held by third parties of
13,476,457, as of March 31, 2022.
As of March 31, 2022, the Company’s net debt to
Pro Forma EBITDA was 8.8 times, and as defined in the Company’s
credit agreement, the Company’s fixed charge coverage ratio was 5.6
times. As of March 31, 2022, the Company’s net debt to total
enterprise value was 55.6%. The Company calculates total enterprise
value as the sum of net debt and the market value of the Company's
outstanding common shares and OP Units, as if the OP Units have
been converted to common shares.
Dividend
On February 23, 2022, the Company announced a
cash dividend for the first quarter of 2022 of $0.27 per share,
payable on March 31, 2022 to stockholders of record as of the close
of business on March 10, 2022. The first quarter 2022 cash dividend
represents a 12.5% increase over the comparable prior year period
quarterly dividend and a payout ratio of 55.1% and 56.3% of the
Company’s first quarter 2022 FFO per diluted share and AFFO per
diluted share, respectively.
2022 Outlook
The Company has increased its outlook for 2022
to take into account the Company’s first quarter performance and
revised expectations regarding the Company’s investment activities
and forecasted capital markets transactions. The Company’s outlook
for 2022 assumes continued stability in economic activity, stable
or positive business trends related to each of our tenants and
other significant assumptions.
The Company’s increased outlook for 2022 is as
follows
|
|
Outlook Range for 2022 |
|
|
Low |
|
High |
Acquisitions |
|
$215 million |
to |
$250 million |
Dispositions |
|
$75 million |
to |
$100 million |
FFO per Diluted Share |
|
$1.55 |
to |
$1.60 |
AFFO per Diluted Share |
|
$1.53 |
to |
$1.58 |
Weighted Average Diluted
Shares Outstanding |
|
15.0 million |
to |
16.5 million |
First Quarter 2022 Earnings Conference Call &
Webcast
The Company will host a conference call to
present its operating results for the quarter ended March 31, 2022
tomorrow, Friday, April 22, 2022, at 9:00 AM ET. Stockholders and
interested parties may access the earnings call via teleconference
or webcast:
Teleconference:
USA (Toll
Free): |
1 (877)
815-0077 |
International: |
1 (631) 625-3206 |
Please dial in at least fifteen minutes prior to
the scheduled start time and use the code 8056588
when prompted.
A webcast of the call can be accessed at:
https://edge.media-server.com/mmc/p/d945c9mm. To access the
webcast, log on to the web address noted above or go to
http://www.alpinereit.com and log in at the investor relations
section of the website.
About Alpine Income Property Trust,
Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE)
is a publicly traded real estate investment trust that acquires,
owns and operates a portfolio of high-quality net leased commercial
properties.
We encourage you to review our most recent
investor presentation which is available on our website
at http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include general business and economic conditions, continued
volatility and uncertainty in the credit markets and broader
financial markets, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, illiquidity of real estate investments and
potential damages from natural disasters, the impact of the
COVID-19 Pandemic and its variants on the Company’s business and
the business of its tenants and the impact on the U.S. economy and
market conditions generally, other factors affecting the Company’s
business or the business of its tenants that are beyond the control
of the Company or its tenants, and the factors set forth under
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021 and other risks and uncertainties
discussed from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission. Any forward-looking statement
made in this press release speaks only as of the date on which it
is made. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Non-GAAP Financial Measures
Our reported results are presented in accordance
with accounting principles generally accepted in the United States
of America (“GAAP”). We also disclose Funds From Operations (“FFO”)
Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings
Before Interest, Taxes, Depreciation and Amortization (“Pro Forma
EBITDA”), all of which are non-GAAP financial measures. We believe
these non-GAAP financial measures are useful to investors because
they are widely accepted industry measures used by analysts and
investors to compare the operating performance of REITs.
FFO, AFFO, and Pro Forma EBITDA do not represent
cash generated from operating activities and are not necessarily
indicative of cash available to fund cash requirements;
accordingly, they should not be considered alternatives to net
income as a performance measure or cash flows from operations as
reported on our statement of cash flows as a liquidity measure and
should be considered in addition to, and not in lieu of, GAAP
financial measures.
We compute FFO in accordance with the definition
adopted by the Board of Governors of the National Association of
Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as
GAAP net income or loss adjusted to exclude extraordinary items (as
defined by GAAP), net gain or loss from sales of depreciable real
estate assets, impairment write-downs associated with depreciable
real estate assets and real estate related depreciation and
amortization, including the pro rata share of such adjustments of
unconsolidated subsidiaries.
To derive AFFO, we modify the NAREIT computation
of FFO to include other adjustments to GAAP net income related to
non-cash revenues and expenses such as straight-line rental
revenue, amortization of deferred financing costs, amortization of
above- and below-market lease related intangibles, non-cash
compensation, and other non-cash income or expense. Such items may
cause short-term fluctuations in net income but have no impact on
operating cash flows or long-term operating performance. We use
AFFO as one measure of our performance when we formulate corporate
goals.
To derive Pro Forma EBITDA, GAAP net income or
loss is adjusted to exclude extraordinary items (as defined by
GAAP), net gain or loss from sales of depreciable real estate
assets, impairment write-downs associated with depreciable real
estate assets and real estate related depreciation and
amortization, including the pro rata share of such adjustments of
unconsolidated subsidiaries, non-cash revenues and expenses such as
straight-line rental revenue, amortization of deferred financing
costs, above- and below-market lease related intangibles, non-cash
compensation, and other non-cash income or expense. Cash interest
expense is also excluded from Pro Forma EBITDA, and GAAP net income
or loss is adjusted for the annualized impact of acquisitions,
dispositions and other similar activities.
FFO is used by management, investors and
analysts to facilitate meaningful comparisons of operating
performance between periods and among our peers primarily because
it excludes the effect of real estate depreciation and amortization
and net gains or losses on sales, which are based on historical
costs and implicitly assume that the value of real estate
diminishes predictably over time, rather than fluctuating based on
existing market conditions. We believe that AFFO is an additional
useful supplemental measure for investors to consider because it
will help them to better assess our operating performance without
the distortions created by other non-cash revenues or expenses. We
also believe that Pro Forma EBITDA is an additional useful
supplemental measure for investors to consider as it allows for a
better assessment of our operating performance without the
distortions created by other non-cash revenues, expenses or certain
effects of the Company’s capital structure on our operating
performance. FFO, AFFO, and Pro Forma EBITDA may not be comparable
to similarly titled measures employed by other companies.
Alpine Income Property Trust,
Inc.Consolidated Balance Sheets(In
thousands, except share and per share data)
|
As of |
|
(Unaudited)March 31, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Real Estate: |
|
|
|
|
|
Land, at Cost |
$ |
195,953 |
|
|
$ |
178,172 |
|
Building and Improvements, at Cost |
|
307,985 |
|
|
|
266,236 |
|
Total Real Estate, at Cost |
|
503,938 |
|
|
|
444,408 |
|
Less, Accumulated Depreciation |
|
(18,965 |
) |
|
|
(15,419 |
) |
Real Estate—Net |
|
484,973 |
|
|
|
428,989 |
|
Cash and Cash Equivalents |
|
2,244 |
|
|
|
8,851 |
|
Restricted Cash |
|
691 |
|
|
|
646 |
|
Intangible Lease
Assets—Net |
|
64,120 |
|
|
|
58,821 |
|
Straight-Line Rent
Adjustment |
|
2,110 |
|
|
|
1,838 |
|
Other Assets |
|
14,588 |
|
|
|
6,369 |
|
Total Assets |
$ |
568,726 |
|
|
$ |
505,514 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Accounts Payable, Accrued Expenses, and Other Liabilities |
$ |
3,981 |
|
|
$ |
2,363 |
|
Prepaid Rent and Deferred Revenue |
|
1,524 |
|
|
|
2,033 |
|
Intangible Lease Liabilities—Net |
|
6,242 |
|
|
|
5,476 |
|
Long-Term Debt |
|
318,814 |
|
|
|
267,740 |
|
Total Liabilities |
|
330,561 |
|
|
|
277,612 |
|
Commitments and
Contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
Preferred Stock, $0.01 par value per share, 100 million shares
authorized, no shares issued and outstanding as of March 31, 2022
and December 31, 2021 |
|
— |
|
|
|
— |
|
Common Stock, $0.01 par value per share, 500 million shares
authorized, 11,772,963 shares issued and outstanding as of March
31, 2022 and 11,454,815 shares issued and outstanding as of
December 31, 2021 |
|
118 |
|
|
|
114 |
|
Additional Paid-in Capital |
|
207,035 |
|
|
|
200,906 |
|
Dividends in Excess of Net Income |
|
(8,779 |
) |
|
|
(6,419 |
) |
Accumulated Other Comprehensive Income |
|
8,754 |
|
|
|
1,922 |
|
Stockholders' Equity |
|
207,128 |
|
|
|
196,523 |
|
Noncontrolling Interest |
|
31,037 |
|
|
|
31,379 |
|
Total Equity |
|
238,165 |
|
|
|
227,902 |
|
Total Liabilities and Equity |
$ |
568,726 |
|
|
$ |
505,514 |
|
|
|
|
|
|
|
|
|
Alpine Income Property Trust,
Inc.Consolidated Statements of
Operations(Unaudited) (In thousands, except share,
per share and dividend data)
|
Three Months Ended |
|
March 31,2022 |
|
March 31,2021 |
Revenues: |
|
|
|
|
|
Lease Income |
$ |
10,799 |
|
|
$ |
5,890 |
|
Total Revenues |
|
10,799 |
|
|
|
5,890 |
|
Operating Expenses: |
|
|
|
|
|
Real Estate Expenses |
|
1,092 |
|
|
|
651 |
|
General and Administrative Expenses |
|
1,431 |
|
|
|
1,030 |
|
Depreciation and Amortization |
|
5,672 |
|
|
|
3,143 |
|
Total Operating Expenses |
|
8,195 |
|
|
|
4,824 |
|
Net Income from
Operations |
|
2,604 |
|
|
|
1,066 |
|
Interest Expense |
|
1,680 |
|
|
|
555 |
|
Net Income |
|
924 |
|
|
|
511 |
|
Less: Net Income Attributable toNoncontrolling Interest |
|
(118 |
) |
|
|
(71 |
) |
Net Income Attributable to
Alpine Income Property Trust, Inc. |
$ |
806 |
|
|
$ |
440 |
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
Net Income Attributable to
Alpine Income Property Trust, Inc. |
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
0.06 |
|
Diluted |
$ |
0.06 |
|
|
$ |
0.05 |
|
Weighted Average Number of
Common Shares: |
|
|
|
|
|
Basic |
11,662,697 |
|
7,565,429 |
|
Diluted(1) |
13,366,191 |
|
|
8,789,283 |
|
|
|
|
|
|
Dividends Declared and
Paid |
$ |
0.27 |
|
|
$ |
0.24 |
|
(1) Includes the weighted average impact of
1,703,494 shares underlying OP units including (i) 1,223,854 shares
underlying OP Units issued to CTO Realty Growth, Inc. and (ii)
479,640 shares underlying OP Units issued to an unrelated third
party.
Alpine Income Property Trust,
Inc.Non-GAAP Financial
MeasuresFunds From Operations and Adjusted Funds
From Operations(Unaudited)(In thousands, except per share
data)
|
Three Months Ended |
|
March 31,2022 |
|
March 31,2021 |
Net Income |
$ |
924 |
|
|
$ |
511 |
|
Depreciation and Amortization |
|
5,672 |
|
|
|
3,143 |
|
Funds from Operations |
$ |
6,596 |
|
|
$ |
3,654 |
|
Adjustments: |
|
|
|
|
|
Straight-Line Rent Adjustment |
|
(294 |
) |
|
|
(147 |
) |
COVID-19 Rent Repayments |
|
23 |
|
|
|
271 |
|
Non-Cash Compensation |
|
79 |
|
|
|
73 |
|
Amortization of Deferred Financing |
|
|
|
|
|
|
|
Costs to Interest Expense |
|
125 |
|
|
|
65 |
|
Amortization of Intangible Assets |
|
|
|
|
|
|
|
and Liabilities to Lease Income |
|
(101 |
) |
|
|
(41 |
) |
Other Non-Cash (Income) Expense |
|
24 |
|
|
|
(6 |
) |
Recurring Capital Expenditures |
|
— |
|
|
|
(19 |
) |
Adjusted Funds from
Operations |
$ |
6,452 |
|
|
$ |
3,850 |
|
|
|
|
|
|
|
FFO per Diluted Share |
$ |
0.49 |
|
|
$ |
0.42 |
|
AFFO per Diluted Share |
$ |
0.48 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
Alpine Income Property Trust,
Inc.Non-GAAP Financial
MeasuresReconciliation of Net Debt to Pro Forma
EBITDA(Unaudited)(In thousands)
|
Three Months Ended |
|
March 31, 2022 |
Net Income |
$ |
924 |
|
Adjustments: |
|
|
Depreciation and Amortization |
|
5,672 |
|
Straight-Line Rent Adjustment |
|
(294 |
) |
Non-Cash Compensation |
|
79 |
|
Amortization of Deferred Financing Costs to Interest Expense |
|
125 |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
(101 |
) |
Other Non-Cash (Income) Expense |
|
24 |
|
Interest Expense, Net of Deferred Financing Costs Amortization |
|
1,554 |
|
EBITDA |
$ |
7,983 |
|
|
|
|
Annualized EBITDA |
$ |
31,932 |
|
Pro Forma Annualized Impact of Current Quarter Acquisitions(1) |
|
4,194 |
|
Pro Forma EBITDA |
$ |
36,126 |
|
|
|
|
Total Long-Term Debt |
|
318,814 |
|
Financing Costs, Net of Accumulated Amortization |
|
1,186 |
|
Cash and Cash Equivalents |
|
(2,244 |
) |
Restricted Cash |
|
(691 |
) |
Net Debt |
$ |
317,065 |
|
|
|
|
Net Debt to Pro Forma EBITDA |
|
8.8x |
(1) Reflects the pro forma annualized impact on
Annualized EBITDA of the Company’s acquisition activity during the
three months ended March 31, 2022.
Contact: |
Matthew M.
Partridge |
|
Senior Vice President, Chief Financial Officer &
Treasurer |
|
(407) 904-3324 |
|
mpartridge@alpinereit.com |
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
From Apr 2023 to Apr 2024