WINTER PARK, Fla., July 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 June 30, 2024. Select Highlights Reported Net Income per diluted share attributable to the Company of $0.01 for the quarter ended June 30, 2024. Reported both FFO and AFFO per diluted share of $0.43 for the quarter ended June 30, 2024, an increase of 16.2% from the comparable prior year period. Acquired a net lease retail property which is 100% leased to two investment grade tenants for $14.6 million. Sold two net lease retail properties leased to non-investment grade rated tenants, for total disposition volume of $6.6 million at a weighted average exit cash cap rate of 7.0%, generating aggregate gains of $0.9 million. Originated one first mortgage construction loan with a total funding commitment of $6.1 million, of which $4.6 million was funded during the quarter ended June 30, 2024, at a yield of 11.5%. Sold a $13.6 million A-1 participation interest in the Company's $23.4 million portfolio mortgage loan investment. Paid a cash dividend for the second quarter of 2024 of $0.275 per share, representing an annualized yield of 6.5% based on the closing price of the Company's common stock on July 17, 2024. Increased full year FFO guidance to $1.58 to $1.62 per diluted share and full year 2024 AFFO guidance to $1.60 to $1.64 per diluted share, representing a 4.2% increase at the midpoint of these ranges. CEO Comments "We are pleased with our investment activity during the quarter which included the acquisition of a two-tenant property for $14.6 million leased to 100% investment grade rated tenants, and the origination of a high yielding $6.1 million first mortgage loan, Wawa anchored pad site development," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "We have increased our full-year FFO and AFFO guidance as our net investment spreads have driven strong earnings growth." Quarterly Operating Results Highlights The table below provides a summary of the Company's operating results for the quarter ended June 30, 2024 (in thousands, except per share data):     Three MonthsEndedJune 30, 2024   Three MonthsEndedJune 30, 2023   Variance toComparable Period inthe Prior Year Total Revenues   $ 12,490     $ 11,348     $ 1,142       10.1 % Net Income   $ 222     $ 90     $ 132       146.7 % Net Income Attributable to PINE   $ 204     $ 80     $ 124       155.0 % Net Income per Diluted Share Attributable to PINE   $ 0.01     $ 0.01     $ 0.00       0.0 % FFO(1)   $ 6,313     $ 5,770     $ 543       9.4 % FFO per Diluted Share(1)   $ 0.43     $ 0.37     $ 0.06       16.2 % AFFO(1)   $ 6,399     $ 5,843     $ 556       9.5 % AFFO per Diluted Share(1)   $ 0.43     $ 0.37     $ 0.06       16.2 % 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 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, 2024 (in thousands, except per share data):     Six MonthsEndedJune 30, 2024   Six MonthsEndedJune 30, 2023   Variance toComparable Period inthe Prior Year Total Revenues   $ 24,956     $ 22,504     $ 2,452       10.9 % Net Income (Loss)   $ (61 )   $ 3,835     $ (3,896 )     (101.6 %) Net Income (Loss) Attributable to PINE   $ (56 )   $ 3,419     $ (3,475 )     (101.6 %) Net Income (Loss) per Diluted Share Attributable to PINE   $ 0.00     $ 0.22     $ (0.22 )     (100.0 %) FFO(1)   $ 12,443     $ 11,397     $ 1,046       9.2 % FFO per Diluted Share(1)   $ 0.84     $ 0.72     $ 0.12       16.7 % AFFO(1)   $ 12,642     $ 11,478     $ 1,164       10.1 % AFFO per Diluted Share(1)   $ 0.85     $ 0.73     $ 0.12       16.4 % Dividends Declared and Paid, per Share   $ 0.550     $ 0.550     $ 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 June 30, 2024, the Company acquired one high-quality net lease retail property leased to two tenants for $14.6 million. The two tenants are investment grade rated Best Buy and Golf Galaxy (Dick's Sporting Goods) and had a weighted average remaining lease term of 4.6 years at acquisition. During the three months ended June 30, 2024, the Company originated one first mortgage construction loan with a total funding commitment of $6.1 million, of which $4.6 million was funded during the quarter ended June 30, 2024, at yield of 11.5%. During the three months ended June 30, 2024, investment activities, which include the Company's property and structured investment portfolios, totaled $20.7 million at a weighted average yield of 9.5%. During the six months ended June 30, 2024, investment activities, which include the Company's property and structured investment portfolios, totaled $28.9 million at a weighted average yield of 9.8%. Dispositions During the three months ended June 30, 2024, the Company sold two net lease properties leased to non-investment grade rated tenants for total disposition volume of $6.6 million at a weighted average exit cash cap rate of 7.0%. The sale of the properties generated aggregate gains of $0.9 million. During the three months ended June 30, 2024, the Company sold a $13.6 million A-1 participation interest in the Company's $23.4 million portfolio loan at a yield of 8.0%. During the three and six months ended June 30, 2024, disposition activities, which include the Company's property and structured investment portfolios, totaled $20.2 million at a weighted average exit cash cap rate of 7.7%. Property Portfolio The Company's property portfolio consisted of the following as of June 30, 2024: Number of Properties 137 Square Feet 3.8 million Annualized Base Rent $39.8 million Weighted Average Remaining Lease Term 6.6 years States where Properties are Located 34 Occupancy 99.1%     % of Annualized Base Rent Attributable to Investment Grade Rated Tenants (1)(2) 67% % of Annualized Base Rent Attributable to Credit Rated Tenants (1)(3) 90% 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 ABR as of June 30, 2024: Tenant Credit Rating (1)   % of Annualized Base Rent Walgreens BBB- / Ba1   12 % Dick's Sporting Goods BBB / Baa3   10 % Lowe's BBB+ / Baa1   9 % Dollar Tree/Family Dollar BBB / Baa2   8 % Best Buy BBB+ / A3   6 % Dollar General BBB / Baa2   5 % Walmart AA / Aa2   5 % At Home CCC / Caa3   4 % Home Depot A / A2   3 % LA Fitness B/ B2   2 % Kohl's BB / Ba2   2 % Burlington BB+ / Ba2   2 % Hobby Lobby NR / NR   2 % Other     30 % Total     100 % Any differences are a result of rounding.(1) Credit Rating is the available rating from S&P Global Ratings and/or Moody's Investors Service, as applicable, as of June 30, 2024. The Company's property portfolio consisted of the following industries as of June 30, 2024: Industry     % of Annualized Base Rent Dollar Stores     14 % Sporting Goods     13 % Pharmacy     13 % Home Improvement     13 % Home Furnishings     7 % Consumer Electronics     7 % General Merchandise     5 % Grocery     5 % Entertainment     5 % Off-Price Retail     4 % Health & Fitness     4 % Specialty Retail     3 % Automotive Parts     2 % Convenience Stores     1 % Office Supplies     1 % Quick Service Restaurant     1 % Farm & Rural Supply     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 June 30, 2024. The Company's property portfolio included properties in the following states as of June 30, 2024: State     % of Annualized Base Rent New Jersey     12 % Texas     9 % New York     8 % Illinois     7 % Michigan     7 % Ohio     7 % Georgia     5 % Florida     5 % West Virginia     4 % Oklahoma     3 % Alabama     3 % Minnesota     3 % Kansas     2 % Arizona     2 % Louisiana