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Alpine Income Property Trust, Inc. (PINE)

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18.09+0.28 (+1.57%)
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Previous Close17.81
Open17.81
Bid17.98 x 3200
Ask18.08 x 1100
Day's Range17.82 - 18.09
52 Week Range8.45 - 20.18
Volume42,066
Avg. Volume62,801
Market Cap143.817M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateJul 20, 2021 - Jul 26, 2021
Forward Dividend & Yield1.00 (5.49%)
Ex-Dividend DateJun 18, 2021
1y Target Est21.60
  • CTO Realty Growth Declares Quarterly Dividend for the Second Quarter 2021
    GlobeNewswire

    CTO Realty Growth Declares Quarterly Dividend for the Second Quarter 2021

    DAYTONA BEACH, Fla., April 28, 2021 (GLOBE NEWSWIRE) -- CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) announced today that its Board of Directors has authorized, and the Company has declared a quarterly cash dividend of $1.00 per share of common stock for the second quarter of 2021. The dividend is payable on June 30, 2021 to stockholders of record as of the close of business on June 21, 2021. The 2021 second quarter cash dividend represents an annualized yield of approximately 7.6% based on the closing price of the common stock on April 27, 2021. About CTO Realty Growth, Inc. CTO Realty Growth, Inc. is a publicly traded diversified real estate investment trust that owns and operates a diversified portfolio of income properties comprising approximately 2.8 million square feet in the United States. CTO also owns an approximate 22.3% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE). We encourage you to review our most recent investor presentation, which is available on our website at www.ctoreit.com. Safe Harbor Certain statements contained in this press release (other than statements of historical fact) are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can typically be identified by words such as “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and similar expressions, as well as variations or negatives of these words. Although forward-looking statements are made based upon management’s present expectations and reasonable beliefs concerning future developments and their potential effect upon the Company, a number of factors could cause the Company’s actual results to differ materially from those set forth in the forward-looking statements. Such factors may include, but are not limited to: the Company’s ability to remain qualified as a REIT; the Company’s exposure to U.S. federal and state income tax law changes, including changes to the REIT requirements; general adverse economic and real estate conditions; the ultimate geographic spread, severity and duration of pandemics such as the recent outbreak of the novel coronavirus, actions that may be taken by governmental authorities to contain or address the impact of such pandemics, and the potential negative impacts of such pandemics on the global economy and the Company’s financial condition and results of operations; the inability of major tenants to continue paying their rent or obligations due to bankruptcy, insolvency or a general downturn in their business; the loss or failure, or decline in the business or assets of PINE or the venture formed when the Company sold its controlling interest in the entity that owned the Company’s remaining land portfolio, of which the Company has a retained interest; the completion of 1031 exchange transactions; the availability of investment properties that meet the Company’s investment goals and criteria; the uncertainties associated with obtaining required governmental permits and satisfying other closing conditions for planned acquisitions and sales; and the uncertainties and risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission. There can be no assurance that future developments will be in accordance with management’s expectations or that the effect of future developments on the Company will be those anticipated by management. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances. Contact:Matthew M. Partridge Senior Vice President, Chief Financial Officer and Treasurer (386) 944-5643 mpartridge@ctoreit.com

  • Alpine Income (PINE) Tops Q1 FFO and Revenue Estimates
    Zacks

    Alpine Income (PINE) Tops Q1 FFO and Revenue Estimates

    Alpine Income (PINE) delivered FFO and revenue surprises of 7.69% and 5.42%, respectively, for the quarter ended March 2021. Do the numbers hold clues to what lies ahead for the stock?

  • Alpine Income Property Trust Reports First Quarter 2021 Operating Results
    GlobeNewswire

    Alpine Income Property Trust Reports First Quarter 2021 Operating Results

    DAYTONA BEACH, Fla., April 22, 2021 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”) today announced its operating results and earnings for the quarter ended March 31, 2021. Select Highlights Reported Net Income per diluted share attributable to the Company of $0.05 for the quarter ended March 31, 2021.Reported FFO per diluted share of $0.42 for the quarter ended March 31, 2021, an increase of 90.9% from the comparable prior year period.Reported AFFO per diluted share of $0.44 for the quarter ended March 31, 2021, an increase of 120.0% from the comparable prior year period.Collected 100% of the Contractual Base Rent (as defined below) due for the three months ended March 31, 2021.During the first quarter of 2021, the Company acquired five net lease properties for total acquisition volume of $21.9 million, reflecting a weighted-average going-in cash cap rate of 8.2%.Paid a cash dividend for the first quarter of 2021 of $0.24 per share, an increase of 20.0% from the comparable prior year period.Announced agreements to acquire seven net lease properties from CTO Realty Growth, Inc. for $56.0 million at a weighted-average going-in cash cap rate of 7.2%.Declared a quarterly cash dividend for the second quarter of 2021 of $0.25 per share, representing a 4.2% increase to the Company’s previous quarterly cash dividend and an annualized yield of 5.5% based on the closing price of the Company’s common stock on April 21, 2021. Operating Results Highlights The table below provides a summary of the Company’s operating results for the quarter ended March 31, 2021 (in thousands, except per share data): Three MonthsEnded March 31, 2021 Three MonthsEnded March 31, 2020 Variance toComparable Period inthe Prior YearTotal Revenues $5,890 $4,171 $ 1,71941.2%Net Income $511 $15 $ 496 3,306.7%Net Income Attributable to PINE $440 $13 $ 427 3,284.6%Net Income Attributable to PINE per diluted share$0.05 $— $ 0.05 100.0%FFO (1) $3,654 $2,038 $ 1,616 79.3%FFO per diluted share (1) $0.42 $0.22 $ 0.2090.9%AFFO (1) $3,850 $1,808 $ 2,042 112.9%AFFO per diluted share (1) $0.44 $0.20 $ 0.24 120.0%Dividends Declared and Paid, per share $0.24 $0.20 $ 0.04 20.0% (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. CEO Comments “Our first quarter reflects a strong start to 2021 as we increased our dividend by more than 9% from our previous quarterly dividend, invested in five properties for nearly $22 million, continued to collect 100% of contractual base rents from our 100% occupied portfolio, and assembled a robust pipeline of potential transactions to drive future growth,” noted John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “We’re particularly excited to be entering into our first transaction with CTO Realty Growth, which we believe is an excellent opportunity to further diversify our already high-quality, well-located portfolio. Additionally, we’re going to explore the sale of one or all of our office assets, which we anticipate will increase tenant diversity as we redeploy the proceeds from these dispositions into new acquisition opportunities and shift the portfolio to 100% retail. These prospective transactions, combined with our pipeline that is concentrated in properties supported by strong demographic trends, well-performing and defensive retail sectors, industry-leading credits and attractive real estate fundamentals, positions us well for the balance of 2021 as we maintain our focus on driving long-term value for our shareholders.” Acquisitions During the three months ended March 31, 2021, the Company acquired five net lease properties for total acquisition volume of $21.9 million, reflecting a weighted-average going-in cash cap rate of 8.2%. As of the acquisition date, the properties had a weighted-average remaining lease term of 9.2 years, were leased to tenants operating in the dollar store, home furnishings, sporting goods, beauty and cosmetics and pet supplies sectors, and were located in three different states. Income Property Portfolio The Company’s portfolio consisted of the following as of March 31, 2021: Number of Properties53 Square Feet1.8 million Weighted-Average Remaining Lease Term8.3 years States where Properties are Located19 Occupancy100% % of Annualized Base Rent attributable to Retail Tenants (1)75%% of Annualized Base Rent attributable to Office Tenants (1)25%% of Annualized Base Rent subject to Rent Escalations (1)44%% of Annualized Base Rent attributable to Investment Grade Rated Tenants (1)(2)43%% of Annualized Base Rent attributable to Credit Rated Tenants (1)(3)81% Any differences a result of rounding. (1) Annualized Base Rent (“ABR”) represents the annualized in-place 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 Moody’s Investors Service, S&P Global Ratings, 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, 2021: TenantCredit Rating (1) % of Annualized Base Rent Wells FargoA+ 14%Hilton Grand VacationsBB 11%Hobby LobbyN/A 9%Dollar GeneralBBB 8%At HomeB 7%WalmartAA 6%WalgreensBBB 5%LA FitnessCCC+ 4%Kohl’sBBB- 4%Container StoreB 3% Total 71% 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, 2021. The Company’s portfolio consisted of the following industries as of March 31, 2021: Industry % of Annualized Base Rent General Merchandise 14%Financial Services (Office) 14%Home Furnishings 12%Hospitality (Office) 11%Dollar Stores 9%Entertainment 8%Grocery 6%Pharmacy 5%Sporting Goods 5%Convenience Store 4%Health & Fitness 4%Consumer Electronics 3%Casual Dining 2%Automotive Service <1%Automotive Parts <1%Quick Service Restaurant <1%Pet Supplies <1%Other (1) <1% Total20 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, 2021. The Company’s portfolio included properties in the following states as of March 31, 2021: State % of Annualized Base Rent Florida 19%Oregon 14%North Carolina 9%Texas 8%Arizona 7%Georgia 6%Michigan 6%Massachusetts 5%Ohio 5%Oklahoma 4%New York 3%Nevada 3%Wisconsin 3%New Mexico 3%Alabama 2%Kentucky 1%Maine 1%Washington 1%Maryland <1% Total19 States 100% Any differences a result of rounding. COVID-19 Pandemic and Rent Collection Update In March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies. The Company collected 100% of the Contractual Base Rent due for the three months ended March 31, 2021. Contractual Base Rent (“CBR”) represents the amount owed to the Company under the current terms of its lease agreements. During the year ended December 31, 2020, the Company agreed to defer or abate certain CBR in exchange for additional lease term or other lease enhancing additions. Repayment of such deferred CBR began in the third quarter of 2020 and the quarterly repayments are included in the Company’s definition of CBR. Capital Markets and Balance Sheet During the first quarter of 2021, the Company issued 434,201 common shares under its ATM offering program at a weighted-average gross price of $18.25 per share, for total net proceeds of $7.8 million. The following table provides a summary of the Company’s long-term debt as of March 31, 2021: Component of Long-Term Debt Principal Interest Rate Maturity DateRevolving Credit Facility (1) $50.0 million 48 bps + [1.35% - 1.95%] November 2023Revolving Credit Facility 69.3 million LIBOR +[1.35% - 1.95%] November 2023Total Debt/Weighted-Average Rate $119.3 million 1.70% (1) The Company utilizes an interest rate swap to achieve a fixed LIBOR rate of 0.48% plus the applicable spread on $50.0 million of the outstanding balance on the credit facility. Dividend On February 11, 2021, the Company announced a cash dividend for the first quarter of 2021 of $0.24 per share, payable on March 31, 2021 to stockholders of record as of the close of business on March 22, 2021. The 2021 first quarter cash dividend represented a 9.1% increase over the Company’s previous quarterly dividend and a payout ratio of 57% and 55% of the Company’s 2021 first quarter FFO and AFFO per diluted share, respectively. On April 21, 2021, the Company announced a cash dividend for the second quarter of 2021 of $0.25 per share, payable on June 30, 2021 to stockholders of record as of the close of business on June 21, 2021. The 2021 second quarter cash dividend represents a 4.2% increase over the Company’s previous quarterly dividend and an annualized yield of 5.5% based on the closing price of the Company’s common stock on April 21, 2021. 2021 Guidance The Company is maintaining its outlook and guidance for 2021, which assumes continued improvement in economic activity, stable or positive business trends related to each of our tenants and other significant assumptions. Guidance for FY 2021FFO Per Diluted Share $1.50 - $1.70AFFO Per Diluted Share $1.45 - $1.65 First Quarter 2021 Earnings Conference Call & Webcast The Company will host a conference call to present its operating results for the quarter ended March 31, 2021 tomorrow, Friday, April 23, 2021, at 9:00 AM ET. Stockholders and interested parties may access the earnings call via teleconference or webcast: Teleconference: USA (Toll Free) 1-888-317-6003International: 1-412-317-6061Canada (Toll Free): 1-855-669-9657 Please dial in at least fifteen minutes prior to the scheduled start time and use the code 0658375 when prompted. A webcast of the call can be accessed at: https://services.choruscall.com/links/pine210423.html. 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 income 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 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, 2020. 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 GAAP. We also disclose Funds from Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”), both of which are non-GAAP financial measures. We believe these two 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 and AFFO 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 capitalized lease incentives and above- and below-market lease related intangibles, and non-cash compensation. 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. 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 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. FFO and AFFO 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, 2021 December 31, 2020ASSETS Real Estate: Land, at cost$88,635 $83,210 Building and Improvements, at cost 156,143 142,679 Total Real Estate, at cost 244,778 225,889 Less, Accumulated Depreciation (8,499) (6,550)Real Estate—Net 236,279 219,339 Cash and Cash Equivalents 1,548 1,894 Intangible Lease Assets—Net 39,005 36,881 Straight-Line Rent Adjustment 1,920 2,045 Other Assets 2,185 2,081 Total Assets$280,937 $262,240 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities$1,159 $1,984 Prepaid Rent and Deferred Revenue 1,313 1,055 Intangible Lease Liabilities—Net 3,348 3,299 Long-Term Debt 119,309 106,809 Total Liabilities 125,129 113,147 Commitments and Contingencies Equity: Preferred Stock, $0.01 par value per share, 100 millionshares authorized, no shares issued and outstanding as ofMarch 31, 2021 and December 31, 2020 — — Common Stock, $0.01 par value per share, 500 millionshares authorized, 7,896,542 shares issued andoutstanding as of March 31, 2021 and 7,458,755 sharesissued and outstanding as of December 31, 2020 79 75 Additional Paid-in Capital 140,591 132,878 Dividends in Excess of Net Income (7,169) (5,713)Accumulated Other Comprehensive Income (Loss) 195 (481)Stockholders' Equity 133,696 126,759 Noncontrolling Interest 22,112 22,334 Total Equity 155,808 149,093 Total Liabilities and Equity$280,937 $ 262,240 Alpine Income Property Trust, Inc.Consolidated Statements of Operations(Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended March 31, 2021 March 31, 2020Revenues: Lease Income $5,890 $4,171 Total Revenues 5,890 4,171 Operating Expenses: Real Estate Expenses 651 600 General and Administrative Expenses 1,030 1,284 Depreciation and Amortization 3,143 2,023 Total Operating Expenses 4,824 3,907 Net Income from Operations 1,066 264 Interest Expense 555 249 Net Income 511 15 Less: Net Income Attributable to Noncontrolling Interest(71) (2)Net Income Attributable to Alpine Income Property Trust, Inc.$440 $13 Per Common Share Data: Net Income Attributable to Alpine Income Property Trust, Inc. Basic $0.06 $— Diluted $0.05 $— Weighted-Average Number of Common Shares: Basic 7,565,429 7,896,757 Diluted (1) 8,789,283 9,120,611 Dividends Declared and Paid $0.24 $0.20 (1) Includes 1,223,854 shares underlying OP units issued to CTO Realty Growth, Inc. in connection with our formation transactions. Alpine Income Property Trust, Inc.Non-GAAP Financial Measures(Unaudited)(In thousands, except per share data) Three Months Ended March 31, 2021 March 31, 2020Net Income $511 $15 Depreciation and Amortization 3,143 2,023 Funds from Operations $3,654 $2,038 Adjustments: Straight-Line Rent Adjustment (147) (323)COVID-19 Rent Repayments 271 — Non-Cash Compensation 73 67 Amortization of Deferred Financing Costs to Interest Expense 65 45 Amortization of Intangible Assets and Liabilities to Lease Income (41) (19)Accretion of Tenant Contribution (6) — Recurring Capital Expenditures (19) — Adjusted Funds from Operations $3,850 $1,808 FFO per diluted share $0.42 $0.22 AFFO per diluted share $0.44 $0.20 Contact: Matthew M. PartridgeSenior Vice President, Chief Financial Officer & Treasurer(386) 944-5643mpartridge@alpinereit.com