Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or
“PINE”) today announced its operating results and earnings for the
quarter ended June 30, 2022.
Select Highlights
- Reported Net
Income per diluted share attributable to the Company of $1.05 for
the quarter ended June 30, 2022.
- Reported FFO per
diluted share of $0.47 for the quarter ended June 30, 2022, an
increase of 23.7% from the comparable prior year period.
- Reported AFFO
per diluted share of $0.47 for the quarter ended June 30, 2022, an
increase of 20.5% from the comparable prior year period.
- Acquired 19 net
lease retail properties during the second quarter of 2022 for total
acquisition volume of $43.6 million, reflecting a weighted average
going-in cash cap rate of 7.0%.
- Sold five net
lease properties, including the Company’s sole remaining office
property, for total disposition volume of $72.8 million at a
weighted average exit cap rate of 7.1%, generating total gains of
$15.6 million. Excluding the office property disposition, the
properties were sold at a weighted average cap rate of 5.8%.
- Exercised the
accordion options under its 2026 Term Loan and 2027 Term Loan for
combined new proceeds of $60.0 million.
- Paid a cash dividend for the second
quarter of 2022 of $0.27 per share, an 8.0% increase from the
comparable prior year period quarterly dividend, and an annualized
yield of 6.0% based on the closing price of the Company’s common
stock on July 20, 2022.
CEO Comments
“We had a very strong quarter of capital
recycling as we reduced select tenant concentrations and took
advantage of attractive asset pricing, especially relative to our
current market valuation,” said John P. Albright, President and
Chief Executive Officer of Alpine Income Property Trust. “Excluding
the sale of our remaining office property, our dispositions efforts
were notably accretive as we generated a weighted average sale cap
rate of 5.8% and we reinvested the proceeds from these dispositions
into well-performing properties in strong retail sectors at a
weighted average acquisition cap rate of 7.0%. We anticipate
continued capital recycling in the third quarter that should
deliver attractive net investment spreads and improved earnings
growth, all while incrementally deleveraging our balance sheet and
enhancing our overall portfolio quality. With increased 2022
earnings guidance and another solid quarter of outperformance,
we’re looking forward to building momentum in the back half of the
year and driving improved company valuation as we work to
demonstrate the value proposition of our high-quality, 100% retail
portfolio.”
Quarterly Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the quarter ended June 30, 2022 (in
thousands, except per share data):
|
|
Three Months Ended June 30,
2022 |
|
Three Months Ended June 30,
2021 |
|
Variance to ComparablePeriod in the Prior
Year |
Total Revenues |
|
$ |
11,280 |
|
$ |
6,597 |
|
$ |
4,683 |
71.0 |
% |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
16,336 |
|
$ |
346 |
|
$ |
15,990 |
4,621.4 |
% |
Net Income Attributable to
PINE |
|
$ |
14,282 |
|
$ |
304 |
|
$ |
13,978 |
4,598.0 |
% |
Net Income per
Diluted Share Attributable to PINE |
$ |
1.05 |
|
$ |
0.03 |
|
$ |
1.02 |
3,400.0 |
% |
|
|
|
|
|
|
|
|
|
|
FFO (1) |
|
$ |
6,393 |
|
$ |
3,809 |
|
$ |
2,584 |
67.8 |
% |
FFO per Diluted Share (1) |
|
$ |
0.47 |
|
$ |
0.38 |
|
$ |
0.09 |
23.7 |
% |
AFFO (1) |
|
$ |
6,345 |
|
$ |
3,892 |
|
$ |
2,453 |
63.0 |
% |
AFFO per Diluted Share
(1) |
|
$ |
0.47 |
|
$ |
0.39 |
|
$ |
0.08 |
20.5 |
% |
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid,
per Share |
|
$ |
0.27 |
|
$ |
0.25 |
|
$ |
0.02 |
8.0 |
% |
(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.
Year-to-Date Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the six months ended June 30, 2022
(in thousands, except per share data):
|
|
Six Months Ended June 30,
2022 |
|
Six Months Ended June 30,
2021 |
|
Variance to ComparablePeriod in the Prior
Year |
Total Revenues |
|
$ |
22,079 |
|
$ |
12,487 |
|
$ |
9,592 |
76.8 |
% |
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
17,260 |
|
$ |
857 |
|
$ |
16,403 |
1,914.0 |
% |
Net Income Attributable to
PINE |
|
$ |
15,088 |
|
$ |
744 |
|
$ |
14,344 |
1,928.0 |
% |
Net Income per
Diluted Share Attributable to PINE |
$ |
1.12 |
|
$ |
0.08 |
|
$ |
1.04 |
1,300.0 |
% |
|
|
|
|
|
|
|
|
|
|
FFO (1) |
|
$ |
12,989 |
|
$ |
7,463 |
|
$ |
5,526 |
74.0 |
% |
FFO per Diluted Share (1) |
|
$ |
0.97 |
|
$ |
0.79 |
|
$ |
0.18 |
22.8 |
% |
AFFO (1) |
|
$ |
12,797 |
|
$ |
7,742 |
|
$ |
5,055 |
65.3 |
% |
AFFO per Diluted Share
(1) |
|
$ |
0.95 |
|
$ |
0.82 |
|
$ |
0.13 |
15.9 |
% |
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid,
per Share |
|
$ |
0.54 |
|
$ |
0.49 |
|
$ |
0.05 |
10.2 |
% |
(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.
Acquisitions
During the three months ended June 30, 2022, the
Company acquired 19 high-quality net lease properties for total
acquisition volume of $43.6 million, reflecting a weighted average
going-in cash cap rate of 7.0%. As of the acquisition date, the
properties had a weighted average remaining lease term of 9.9
years, were located in nine states, and were leased to tenants
operating in five retail sectors, including the dollar store, home
improvement, consumer electronics, health & fitness, and quick
service restaurant industries. Approximately 48% of annualized base
rents acquired are generated from a tenant or the parent of a
tenant with an investment grade credit rating.
During the six months ended June 30, 2022, the
Company has acquired 35 net lease properties for total acquisition
volume of $109.1 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 9.4 years and were
located in 17 states. Approximately 67% of annualized base rents
acquired are generated from a tenant or the parent of a tenant with
an investment grade credit rating.
Dispositions
During the three months and six months ended
June 30, 2022, the Company sold five net lease properties,
including its remaining office property located in Hillsboro,
Oregon, for total disposition volume of $72.8 million, representing
a weighted average exit cap rate of 7.1%. The sale of the
properties generated total gains of $15.6 million.
Excluding the office property disposition, the
properties were sold at a weighted average exit cap rate of 5.8%
and were leased to Sportsman’s Warehouse, At Home, Hobby Lobby, and
Cheddar’s Scratch Kitchen.
Property Portfolio
The Company’s portfolio consisted of the
following as of June 30, 2022:
Number of Properties |
143 |
Square Feet |
3.3 million |
Annualized Base Rent |
$39.6 million |
Weighted Average Remaining
Lease Term |
8.0 years |
States where Properties are
Located |
35 |
Occupancy |
100% |
|
|
% of Annualized Base Rent
Subject to Rent Escalations in the Primary Lease Term (1) |
42% |
% of Annualized Base Rent
Attributable to Investment Grade Rated Tenants (1)(2) |
48% |
% of Annualized Base Rent
Attributable to Credit Rated Tenants (1)(3) |
76% |
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 Association 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 that represent 2.0% or greater of the Company's total
annualized base rent as of June 30, 2022:
Tenant |
Credit Rating (1) |
|
% of Annualized Base Rent |
Walgreens |
BBB |
|
12% |
Dollar General |
BBB |
|
5% |
Dollar Tree/Family Dollar |
BBB |
|
5% |
Academy Sports |
BB- |
|
5% |
LA Fitness |
B- |
|
5% |
Walmart |
AA |
|
4% |
Hobby Lobby |
Not Rated |
|
4% |
Lowe’s |
BBB+ |
|
4% |
At Home |
B |
|
4% |
Best Buy |
BBB+ |
|
3% |
7-Eleven |
A |
|
2% |
Burlington |
BB+ |
|
2% |
Kohl’s |
BBB- |
|
2% |
Big Lots |
Not Rated |
|
2% |
Other |
N/A |
|
41% |
Total |
|
|
100% |
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 June
30, 2022. 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.
The Company’s portfolio consisted of the
following industries as of June 30, 2022:
Industry |
|
|
% of Annualized Base Rent |
Pharmacy |
|
|
14% |
Dollar Stores |
|
|
11% |
Home Furnishings |
|
|
10% |
General Merchandise |
|
|
9% |
Sporting Goods |
|
|
7% |
Grocery |
|
|
7% |
Convenience Store |
|
|
5% |
Consumer Electronics |
|
|
5% |
Health & Fitness |
|
|
5% |
Entertainment |
|
|
5% |
Home Improvement |
|
|
5% |
Specialty Retail |
|
|
3% |
Quick Service Restaurant |
|
|
3% |
Automotive Parts |
|
|
2% |
Off-Price Retail |
|
|
2% |
Casual Dining |
|
|
2% |
Farm & Rural Supply |
|
|
1% |
Office Supplies |
|
|
1% |
Financial Services |
|
|
< 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 June 30,
2022.
The Company’s portfolio included properties in
the following states as of June 30, 2022:
State |
|
|
% of Annualized Base Rent |
Texas |
|
|
19% |
Ohio |
|
|
6% |
Georgia |
|
|
6% |
Florida |
|
|
5% |
New Jersey |
|
|
5% |
Arizona |
|
|
5% |
North Carolina |
|
|
5% |
Michigan |
|
|
4% |
New York |
|
|
4% |
Oklahoma |
|
|
4% |
South Carolina |
|
|
3% |
Massachusetts |
|
|
3% |
Maryland |
|
|
3% |
Minnesota |
|
|
2% |
Wisconsin |
|
|
2% |
Louisiana |
|
|
2% |
Washington |
|
|
2% |
Alabama |
|
|
2% |
Nevada |
|
|
2% |
Kansas |
|
|
2% |
Illinois |
|
|
2% |
Pennsylvania |
|
|
2% |
Missouri |
|
|
2% |
West Virginia |
|
|
1% |
Kentucky |
|
|
1% |
Nebraska |
|
|
1% |
Connecticut |
|
|
1% |
Mississippi |
|
|
1% |
Indiana |
|
|
1% |
New Mexico |
|
|
1% |
Maine |
|
|
< 1% |
South Dakota |
|
|
< 1% |
Arkansas |
|
|
< 1% |
California |
|
|
< 1% |
Virginia |
|
|
< 1% |
Total |
35 States |
|
100% |
Any differences a result of rounding.
Capital Markets and Balance Sheet
During the quarter ended June 30, 2022, the
Company completed the following notable capital markets
activity:
- 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.
- The Company
issued 87,112 common shares under its ATM offering program at a
weighted average gross price of $19.09 per share, for total net
proceeds of $1.6 million.
The following table provides a summary of the
Company’s long-term debt as of June 30, 2022:
Component of Long-Term Debt |
|
|
Principal |
|
Interest Rate |
|
Maturity Date |
Revolving Credit Facility |
|
$ |
72.5 million |
|
30-Day LIBOR + [1.35% - 1.95%] |
|
November 2023 |
2026 Term Loan (1) |
|
$ |
100.0 million |
|
SOFR + 10 bps +[1.35% - 1.95%] |
|
May 2026 |
2027 Term Loan (2) |
|
$ |
100.0 million |
|
SOFR + 10 bps +[1.25% - 1.90%] |
|
January 2027 |
Mortgage Note Payable – CMBS
Portfolio |
|
$ |
30.0 million |
|
4.33% |
|
October 2034 |
Total Debt/Weighted Average
Rate |
|
$ |
302.5 million |
|
3.04% |
|
|
(1) Effective May 21, 2021 and as amended
on April 14, 2022, the Company utilized interest rate swaps to fix
SOFR and achieve a weighted average fixed interest rate of 0.80%
plus the 0.10% credit spread adjustment and applicable spread on
$60.0 million of the 2026 term loan balance.
(2) Effective September 30, 2021 and as
amended on April 14, 2022, 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 SOFR
and achieve a weighted average fixed interest rate of 0.51% plus
the 0.10% credit spread adjustment and the applicable spread on
$80.0 million of the 2027 term loan balance.
As of June 30, 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 11,863,589
shares of the Company’s common stock outstanding, for total
outstanding common stock and OP Units held by third parties of
13,567,083, as of June 30, 2022.
As of June 30, 2022, the Company’s net debt to
Pro Forma EBITDA was 8.3 times, and as defined in the Company’s
credit agreement, the Company’s fixed charge coverage ratio was 4.9
times. As of June 30, 2022, the Company’s net debt to total
enterprise value was 54.0%. 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 May 24, 2022, the Company announced a cash
dividend for the second quarter of 2022 of $0.27 per share, payable
on June 30, 2022 to stockholders of record as of the close of
business on June 9, 2022. The second quarter 2022 cash dividend
represents an 8.0% increase over the comparable prior year period
quarterly dividend and a payout ratio of 57.4% of both the
Company’s second quarter 2022 FFO per diluted share and the
Company’s AFFO per diluted share.
2022 Outlook
The Company has increased its per share earnings
outlook for 2022 to take into account the Company’s year-to-date
performance and revised expectations regarding the Company’s
investment activities, forecasted capital markets transactions, and
other significant assumptions.
The Company’s increased outlook for 2022 is as
follows:
|
|
Revised Outlook Range for 2022 |
|
Change from Prior Outlook |
|
|
Low |
|
High |
|
Low |
|
High |
Acquisitions |
|
$215 million |
to |
$235 million |
|
$0 million |
to |
($15) million |
Dispositions |
|
$125 million |
to |
$175 million |
|
$50 million |
to |
$75 million |
FFO per Diluted Share |
|
$1.60 |
to |
$1.65 |
|
$0.05 |
to |
$0.05 |
AFFO per Diluted Share |
|
$1.58 |
to |
$1.63 |
|
$0.05 |
to |
$0.05 |
Weighted Average Diluted
Shares Outstanding |
|
14.0 million |
to |
14.5 million |
|
(1.0) million |
to |
(2.0) million |
Earnings Conference Call & Webcast
The Company will host a conference call to
present its operating results for the quarter ended June 30, 2022
on Friday, July 22, 2022, at 9:00 AM ET.
A live webcast of the call will be available on
the Investor Relations page of the Company’s website at
www.alpinereit.com or at the link provided in the event details
below. To access the call by phone, please go to the link provided
in the event details below and you will be provided with dial-in
details.
Webcast: https://edge.media-server.com/mmc/p/m5bmoukh
Dial-In:
https://register.vevent.com/register/BI2ecaebb93f59455a9fc5047e6acb1c70
We encourage participants to dial into the
conference call at least fifteen minutes ahead of the scheduled
start time. A replay of the earnings call will be archived and
available online through the Investor Relations section of the
Company’s website at www.alpinereit.com.
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)June 30, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Real Estate: |
|
|
|
|
|
Land, at Cost |
$ |
180,569 |
|
|
$ |
178,172 |
|
Building and Improvements, at Cost |
|
304,129 |
|
|
|
266,236 |
|
Total Real Estate, at Cost |
|
484,698 |
|
|
|
444,408 |
|
Less, Accumulated Depreciation |
|
(17,527 |
) |
|
|
(15,419 |
) |
Real Estate—Net |
|
467,171 |
|
|
|
428,989 |
|
Assets Held for Sale |
|
2,435 |
|
|
|
— |
|
Cash and Cash Equivalents |
|
2,427 |
|
|
|
8,851 |
|
Restricted Cash |
|
15,131 |
|
|
|
646 |
|
Intangible Lease Assets—Net |
|
61,371 |
|
|
|
58,821 |
|
Straight-Line Rent Adjustment |
|
1,912 |
|
|
|
1,838 |
|
Other Assets |
|
16,909 |
|
|
|
6,369 |
|
Total Assets |
$ |
567,356 |
|
|
$ |
505,514 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Accounts Payable, Accrued Expenses, and Other Liabilities |
$ |
4,788 |
|
|
$ |
2,363 |
|
Prepaid Rent and Deferred Revenue |
|
1,662 |
|
|
|
2,033 |
|
Intangible Lease Liabilities—Net |
|
5,177 |
|
|
|
5,476 |
|
Long-Term Debt |
|
300,973 |
|
|
|
267,740 |
|
Total Liabilities |
|
312,600 |
|
|
|
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 June 30, 2022
and December 31, 2021 |
|
— |
|
|
|
— |
|
Common Stock, $0.01 par value per share, 500 million shares
authorized, 11,863,589 shares issued and outstanding as of June 30,
2022 and 11,454,815 shares issued and outstanding as of December
31, 2021 |
|
119 |
|
|
|
114 |
|
Additional Paid-in Capital |
|
208,706 |
|
|
|
200,906 |
|
Retained Earnings (Dividends in Excess of Net Income) |
|
2,301 |
|
|
|
(6,419 |
) |
Accumulated Other Comprehensive Income |
|
10,999 |
|
|
|
1,922 |
|
Stockholders' Equity |
|
222,125 |
|
|
|
196,523 |
|
Noncontrolling Interest |
|
32,631 |
|
|
|
31,379 |
|
Total Equity |
|
254,756 |
|
|
|
227,902 |
|
Total Liabilities and Equity |
$ |
567,356 |
|
|
$ |
505,514 |
|
Alpine Income Property Trust,
Inc.Consolidated Statements of
Operations(Unaudited) (In thousands, except share,
per share and dividend data)
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Lease Income |
$ |
11,280 |
|
|
$ |
6,597 |
|
|
$ |
22,079 |
|
|
$ |
12,487 |
|
Total Revenues |
|
11,280 |
|
|
|
6,597 |
|
|
|
22,079 |
|
|
|
12,487 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Expenses |
|
1,285 |
|
|
|
824 |
|
|
|
2,377 |
|
|
|
1,475 |
|
General and Administrative Expenses |
|
1,479 |
|
|
|
1,286 |
|
|
|
2,910 |
|
|
|
2,316 |
|
Depreciation and Amortization |
|
5,694 |
|
|
|
3,463 |
|
|
|
11,366 |
|
|
|
6,606 |
|
Total Operating Expenses |
|
8,458 |
|
|
|
5,573 |
|
|
|
16,653 |
|
|
|
10,397 |
|
Gain on Disposition of Assets |
|
15,637 |
|
|
|
— |
|
|
|
15,637 |
|
|
|
— |
|
Net Income from Operations |
|
18,459 |
|
|
|
1,024 |
|
|
|
21,063 |
|
|
|
2,090 |
|
Interest Expense |
|
2,123 |
|
|
|
678 |
|
|
|
3,803 |
|
|
|
1,233 |
|
Net Income |
|
16,336 |
|
|
|
346 |
|
|
|
17,260 |
|
|
|
857 |
|
Less: Net Income Attributable to Noncontrolling Interest |
|
(2,054 |
) |
|
|
(42 |
) |
|
|
(2,172 |
) |
|
|
(113 |
) |
Net Income Attributable to Alpine Income Property Trust, Inc. |
$ |
14,282 |
|
|
$ |
304 |
|
|
$ |
15,088 |
|
|
$ |
744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share Data: |
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Alpine Income Property Trust, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.21 |
|
|
$ |
0.03 |
|
|
$ |
1.28 |
|
|
$ |
0.09 |
|
Diluted |
$ |
1.05 |
|
|
$ |
0.03 |
|
|
$ |
1.12 |
|
|
$ |
0.08 |
|
Weighted Average Number of Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
11,844,108 |
|
8,853,259 |
|
|
11,753,904 |
|
|
8,212,902 |
|
Diluted (1) |
13,547,602 |
|
|
10,081,783 |
|
|
13,457,398 |
|
|
9,439,104 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid |
$ |
0.27 |
|
|
$ |
0.25 |
|
|
$ |
0.54 |
|
|
$ |
0.49 |
|
(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 |
|
Six Months Ended |
|
June 30, 2022 |
|
June 30, 2021 |
|
June 30, 2022 |
|
June 30, 2021 |
Net Income |
$ |
16,336 |
|
|
$ |
346 |
|
|
$ |
17,260 |
|
|
$ |
857 |
|
Depreciation and Amortization |
|
5,694 |
|
|
|
3,463 |
|
|
|
11,366 |
|
|
|
6,606 |
|
Gain on Disposition of Assets |
|
(15,637 |
) |
|
|
— |
|
|
|
(15,637 |
) |
|
|
— |
|
Funds from Operations |
$ |
6,393 |
|
|
$ |
3,809 |
|
|
$ |
12,989 |
|
|
$ |
7,463 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Straight-Line Rent Adjustment |
|
(234 |
) |
|
|
(117 |
) |
|
|
(528 |
) |
|
|
(264 |
) |
COVID-19 Rent Repayments, Net |
|
22 |
|
|
|
114 |
|
|
|
45 |
|
|
|
385 |
|
Non-Cash Compensation |
|
78 |
|
|
|
79 |
|
|
|
157 |
|
|
|
152 |
|
Amortization of Deferred Financing Costs to Interest Expense |
|
132 |
|
|
|
84 |
|
|
|
257 |
|
|
|
149 |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
(69 |
) |
|
|
(50 |
) |
|
|
(170 |
) |
|
|
(91 |
) |
Other Non-Cash (Income) Expense |
|
23 |
|
|
|
(5 |
) |
|
|
47 |
|
|
|
(11 |
) |
Recurring Capital Expenditures |
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
|
(41 |
) |
Adjusted Funds from Operations |
$ |
6,345 |
|
|
$ |
3,892 |
|
|
$ |
12,797 |
|
|
$ |
7,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per Diluted Share |
$ |
0.47 |
|
|
$ |
0.38 |
|
|
$ |
0.97 |
|
|
$ |
0.79 |
|
AFFO per Diluted Share |
$ |
0.47 |
|
|
$ |
0.39 |
|
|
$ |
0.95 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Income Property Trust,
Inc.Non-GAAP Financial
MeasuresReconciliation of Net Debt to Pro Forma
EBITDA(Unaudited)(In thousands)
|
Three Months Ended |
|
June 30, 2022 |
Net Income |
$ |
16,336 |
|
Adjustments: |
|
|
Depreciation and Amortization |
|
5,694 |
|
Gain on Disposition of Assets |
|
(15,637 |
) |
Straight-Line Rent Adjustment |
|
(234 |
) |
Non-Cash Compensation |
|
78 |
|
Amortization of Deferred Financing Costs to Interest Expense |
|
132 |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
(69 |
) |
Other Non-Cash Expense |
|
23 |
|
Interest Expense, Net of Deferred Financing Costs Amortization |
|
1,991 |
|
EBITDA |
$ |
8,314 |
|
|
|
|
Annualized EBITDA |
$ |
33,258 |
|
Pro Forma Annualized Impact of Current Quarter Acquisitions and
Dispositions (1) |
|
893 |
|
Pro Forma EBITDA |
$ |
34,151 |
|
|
|
|
Total Long-Term Debt |
|
300,973 |
|
Financing Costs, Net of Accumulated Amortization |
|
1,527 |
|
Cash and Cash Equivalents |
|
(2,427 |
) |
Restricted Cash |
|
(15,131 |
) |
Net Debt |
$ |
284,942 |
|
|
|
|
|
Net Debt to Pro Forma EBITDA |
|
8.3x |
|
(1) Reflects the pro forma annualized
impact on Annualized EBITDA of the Company’s acquisition and
disposition activities during the three months ended June 30,
2022.
Contact: |
Matthew M.
Partridge |
|
Senior Vice President, Chief Financial Officer &
Treasurer |
|
(407) 904-3324 |
|
mpartridge@alpinereit.com |
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