WINTER PARK, Fla., April 18, 2024 (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, 2024. Select Highlights Reported Net Loss per diluted share attributable to the Company of ($0.02) for the quarter ended March 31, 2024. Reported FFO per diluted share of $0.41 for the quarter ended March 31, 2024, an increase of 13.9% from the comparable prior year period. Reported AFFO per diluted share of $0.42 for the quarter ended March 31, 2024, an increase of 16.7% from the comparable prior year period. Originated one first mortgage investment with a total funding commitment of $7.2 million, of which $3.6 million was funded during the quarter ended March 31, 2024, at an initial yield of 11.3%. Increased investment grade-rated tenant exposure to 65% as of March 31, 2024, up from 58% as of March 31, 2023. Repurchased 45,768 shares of the Company's common stock at a weighted average gross price of $16.90 per share, for a total cost of $0.8 million. Paid a cash dividend for the first quarter of 2024 of $0.275 per share, representing an annualized yield of 7.5% based on the closing price of the Company's common stock on April 17, 2024. CEO Comments "We are pleased that our earnings and portfolio will benefit from our origination of a high yielding $7.2 million first mortgage, Chick-fil-A anchored pad site development, which we closed in the first quarter of 2024," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "While we were actively pursuing traditional acquisitions, we have found sellers reluctant to transact at prices that reflect the current interest rate environment. We are anticipating that the market for traditional acquisitions will become more attractive as the markets continue to adjust to higher for longer rates." Quarterly Operating Results Highlights The table below provides a summary of the Company's operating results for the quarter ended March 31, 2024 (in thousands, except per share data):     Three Months Ended March 31, 2024   Three Months Ended March 31, 2023   Variance to Comparable Period in the Prior Year Total Revenues   $ 12,466     $ 11,156     $ 1,310     11.7%                                   Net Income (Loss)   $ (283)     $ 3,745     $ (4,028)     (107.6%)   Net Income (Loss) Attributable to PINE   $ (260)     $ 3,339     $ (3,599)     (107.8%)   Net Income (Loss) per Diluted Share Attributable to PINE   $ (0.02)     $ 0.21     $ (0.23)     (108.2%)                                   FFO (1)   $ 6,130     $ 5,627     $ 503     8.9%   FFO per Diluted Share (1)   $ 0.41     $ 0.36     $ 0.05     13.9%   AFFO (1)   $ 6,243     $ 5,635     $ 608     10.8%   AFFO per Diluted Share (1)   $ 0.42     $ 0.36     $ 0.06     16.7%                                   Dividends Declared and Paid, per Share   $ 0.275     $ 0.275     $ 0.000     0.0%   (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 (Loss) to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.   Investments  During the three months ended March 31, 2024, the Company acquired one land parcel, for which the Company already owned the property leased to CVS, for a purchase price of $1.0 million, reflecting a going-in cash cap rate of 7.3% representing the value of monthly lease payments which will no longer be required. During the three months ended March 31, 2024, the Company originated one first mortgage investment with a total funding commitment of $7.2 million, of which $3.6 million was funded during the quarter ended March 31, 2024, at an initial yield of 11.3%. Property Portfolio The Company's property portfolio consisted of the following as of March 31, 2024: Number of Properties 138 Square Feet 3.8 million Annualized Base Rent $38.9 million Weighted Average Remaining Lease Term 6.9 years States where Properties are Located 35 Occupancy 99.0%     % of Annualized Base Rent Attributable to Investment Grade Rated Tenants (1)(2) 65% % of Annualized Base Rent Attributable to Credit Rated Tenants (1)(3) 89% Any differences are 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-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody's Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. (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 property portfolio included the following top tenants that represent 2.0% or greater of the Company's total annualized base rent as of March 31, 2024: Tenant Credit Rating (1)   % of Annualized Base Rent Walgreens BBB- / Ba2   12%   Lowe's BBB+ / Baa1   9%   Dick's Sporting Goods BBB / Baa3   9%   Dollar Tree/Family Dollar BBB / Baa2   9%   Dollar General BBB / Baa2   5%   Walmart AA / Aa2   5%   Best Buy BBB+ / A3   4%   At Home CCC / Caa3   4%   Hobby Lobby NR / NR   3%   Home Depot A / A2   3%   LA Fitness B/ B3   2%   Kohl's BB / Ba2   2%   Burlington BB+ / Ba2   2%   Camping World B / B2   2%   Other     29%   Total     100%   Any differences are 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, 2024.   The Company's property portfolio consisted of the following industries as of March 31, 2024: Industry     % of Annualized Base Rent Dollar Stores     14%   Pharmacy     13%   Home Improvement     13%   Sporting Goods     12%   Home Furnishings     8%   General Merchandise     6%   Consumer Electronics     6%   Grocery     5%   Entertainment     5%   Off-Price Retail     4%   Health & Fitness     4%   Specialty Retail     3%   Automotive Parts     2%   Office Supplies     1%   Convenience Stores     1%   Farm & Rural Supply     1%   Quick Service Restaurant     1%   Casual Dining     <1%   Pet Supplies     <1%   Other (1)     < 1%   Total 23 Industries   100%   Any differences are a result of rounding. (1) Includes four industries collectively representing less than 1% of the Company's ABR as of March 31, 2024.   The Company's property portfolio included properties in the following states as of March 31, 2024: State     % of Annualized Base Rent New Jersey     12%   Texas     9%   New York     9%   Michigan     8%   Ohio     7%   Georgia     6%   Florida