The following is a summary of the Alpine Income Property Trust, Inc. (PINE) Q1 2024 Earnings Call Transcript:
Financial Performance:
Alpine Income Property Trust reported Q1 2024 FFO of $0.41 per share, a 13.9% increase from Q1 2023.
Total revenues increased by 11.7% driven largely by the interest income generated by their loan portfolio.
G&A as a percentage of revenues in Q1 2024 sat at 12.4%, marking a significant decrease from the previous year.
Business Progress:
Alpine originated a $7.2 million first mortgage loan investment and acquired land under a CVS in Baton Rouge for $1 million.
The property portfolio was 99% occupied and consisted of 138 properties spread across 35 states.
Key tenants in the portfolio included major retailers such as Walgreens, Lowe's, Dick's Sporting Goods, Family Dollar, Dollar Tree, and Dollar General.
65% of total annualized base rents came from tenants with an investment-grade rating, showing an increase from the previous year.
More details: Alpine Income Property Trust IR
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