Alpine Income Property Trust Reports Fourth Quarter and Full Year 2025 Operating Financial Results
– Record
– Increases Quarterly Common Stock Dividend by 5.3% –
– Announces 2026 Outlook –
Fourth Quarter and Full Year 2025 Highlights
Operating results for the three months and years ended
| Three Months Ended | Year Ended | |||||||||||||
| Total Revenues | $ | 16,900 | $ | 13,791 | $ | 60,532 | $ | 52,227 | ||||||
| Net Income (Loss) Attributable to PINE | $ | 1,473 | $ | (958 | ) | $ | (2,657 | ) | $ | 2,066 | ||||
| Net Income (Loss) per Diluted Share Attributable to PINE | $ | 0.06 | $ | (0.07 | ) | $ | (0.22 | ) | $ | 0.14 | ||||
| FFO Attributable to Common Stockholders (1) | $ | 8,460 | $ | 6,965 | $ | 29,292 | $ | 26,098 | ||||||
| FFO Attributable to Common Stockholders per Diluted Share (1) | $ | 0.54 | $ | 0.44 | $ | 1.88 | $ | 1.73 | ||||||
| AFFO Attributable to Common Stockholders (1) | $ | 8,464 | $ | 6,894 | $ | 29,373 | $ | 26,185 | ||||||
| AFFO Attributable to Common Stockholders per Diluted Share (1) | $ | 0.54 | $ | 0.44 | $ | 1.89 | $ | 1.74 | ||||||
_______________________________
(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 Attributable to Common Stockholders, FFO Attributable to Common Stockholders per diluted share, AFFO Attributable to Common Stockholders, and AFFO Attributable to Common Stockholders per diluted share.
“We delivered a strong finish to 2025, growing AFFO per share by 22.7% in the fourth quarter and 8.6% for the full year compared to the comparable prior year periods. Further, we expect 2026 to also generate significant growth which is reflected in our 2026 earnings guidance and the announcement of our quarterly common dividend raise,” said
Investment Activity
Investments for the three months and year ended
| Three Months Ended |
Year Ended |
|||||||||||||
| Number of Investments | Amount | Number of Investments | Amount | |||||||||||
| Properties | 8 | $ | 39,798 | 13 | $ | 100,613 | ||||||||
| Commercial Loan Originations | 6 | 102,260 | 15 | 177,046 | ||||||||||
| Total Investments | 14 | $ | 142,058 | 28 | $ | 277,659 | ||||||||
| Properties - Weighted Average Initial Cash Cap Rate | 6.9 | % | 7.4 | % | ||||||||||
| Commercial Loans - Weighted Average Initial Coupon Rate (1) | 13.5 | % | 12.0 | % | ||||||||||
| Total Investments - Weighted Average Initial Yield | 11.7 | % | 10.3 | % | ||||||||||
| Properties - Weighted Average Remaining Lease Term at Time of Acquisition | 4.4 years | 10.3 years | ||||||||||||
_______________________________
(1) Includes paid-in-kind (“PIK”) interest coupon rate.
Disposition Activity
Dispositions for the three months and year ended
| Three Months Ended |
Year Ended |
|||||||||||||
| Number of Investments | Amount | Number of Investments | Amount | |||||||||||
| Properties (Operating) | 9 | $ | 38,436 | 17 | $ | 67,449 | ||||||||
| Properties (Vacant) | — | — | 3 | 5,325 | ||||||||||
| Commercial Loans | 1 | 10,000 | 1 | 10,000 | ||||||||||
| Total Dispositions | 10 | $ | 48,436 | 21 | $ | 82,774 | ||||||||
| Properties (Operating) - Weighted Average Exit Cash Cap Rate | 7.7 | % | 8.0 | % | ||||||||||
| Commercial Loans - Weighted Average Cash Yield | 10.0 | % | 10.0 | % | ||||||||||
| Total Dispositions - Weighted Average Cash Yield (1) | 8.2 | % | 8.3 | % | ||||||||||
_______________________________
(1) Excludes dispositions of vacant properties.
Investments (2)
The Company’s property and commercial loan portfolios consisted of the following as of
| Property Portfolio | |||
| Number of Properties | 127 | ||
| Square Feet | 4.3 million | ||
| Annualized Base Rent (ABR) (1) | |||
| Weighted Average Remaining Lease Term | 8.4 years | ||
| States where Properties are Located | 32 | ||
| Industries | 24 | ||
| Occupancy | 99.5 | % | |
| % of ABR Attributable to Investment Grade Rated Tenants | 51 | % | |
| % of ABR Attributable to Credit Rated Tenants | 68 | % | |
| % of ABR Attributable to |
8 | % | |
| Commercial Loan Portfolio (3) | |||
| Number of Commercial Loans | 15 | ||
| Outstanding Face Amount (4) | |||
| Weighted Average Coupon Rate (5) | 12.4 | % | |
| Weighted Average Remaining Term | 1.9 years | ||
| Unfunded Commitment Amount (6) | |||
_______________________________
(1) ABR represents annualized in-place straight-line base rent pursuant to GAAP. Annualized in-place cash base rent totaled
(2) The Company owns three single-tenant income properties which were acquired through a sale-leaseback transaction that includes a tenant repurchase option (the “Sale-Leaseback Properties”).
(3) See Supplemental Disclosure on Commercial Loans and Investments on page 15 of this press release.
(4) Net of
(5) Includes PIK interest coupon rate.
(6) Excludes
The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of
| Tenant | Credit Rating | % of ABR | |||
| Lowe's | BBB+ / Baa1 | 12 | % | ||
| Dicks Sporting Goods | BBB / Baa2 | 10 | % | ||
| NR / NR | 8 | % | |||
| Walmart | AA / Aa2 | 7 | % | ||
| Best Buy | BBB+ / A3 | 5 | % | ||
| Dollar General | BBB / Baa3 | 5 | % | ||
| Family Dollar | NR / NR | 4 | % | ||
| NR / NR | 4 | % | |||
| Walgreens | NR / NR | 4 | % | ||
| At Home | NR / NR | 3 | % | ||
| BB- / Ba3 | 3 | % | |||
| BJ's Wholesale Club | BB+ / Ba1 | 3 | % | ||
| BB+ / Ba2 | 3 | % | |||
| A / A2 | 3 | % | |||
| Dollar Tree | BBB / Baa2 | 2 | % | ||
| Home Depot | A / A2 | 2 | % | ||
| Other | 22 | % | |||
| Total | 100 | % | |||
The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of
| Industry | % of ABR | ||
| 17 | % | ||
| Home Improvement | 15 | % | |
| Dollar Stores | 11 | % | |
| 9 | % | ||
| Grocery | 7 | % | |
| Home Furnishings | 6 | % | |
| Consumer Electronics | 6 | % | |
| Entertainment | 5 | % | |
| Pharmacy | 4 | % | |
| Technology, Media & Life Sciences | 4 | % | |
| Off-Price Retail | 4 | % | |
| 3 | % | ||
| Other | 9 | % | |
| Total | 100 | % | |
The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of
| State | % of ABR | ||
| 13 | % | ||
| 9 | % | ||
| 9 | % | ||
| 7 | % | ||
| 6 | % | ||
| 6 | % | ||
| 6 | % | ||
| 5 | % | ||
| 4 | % | ||
| 3 | % | ||
| 3 | % | ||
| 3 | % | ||
| 3 | % | ||
| 2 | % | ||
| 2 | % | ||
| 2 | % | ||
| Other | 17 | % | |
| Total | 100 | % | |
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
| As of |
|||
| Leverage | |||
| Net Debt / Total Enterprise Value | 60.2 | % | |
| Net Debt / Pro Forma Adjusted EBITDA | 6.7x | ||
| Fixed Charge Coverage Ratio | 3.0x | ||
| Liquidity | |||
| Available Capacity Under Revolving Credit Facility | $ | 40,585 | |
| Cash, Cash Equivalents and Restricted Cash | 25,261 | ||
| Total Liquidity | $ | 65,846 | |
The Revolving Credit Facility has commitments for up to
On
During the three months and year ended
In
The Company’s long-term debt as of
| As of |
||||||||||
| Face Value Debt | Stated Interest Rate | Wtd. Avg. Rate | Maturity Date | |||||||
| Revolving Credit Facility (1) | $ | 178,000 | SOFR + 0.10% + [1.25% - 2.20%] |
5.31 | % | |||||
| 2026 Term Loan (2) | 100,000 | SOFR + 0.10% + [1.35% - 1.95%] |
3.80 | % | ||||||
| 2027 Term Loan (3) | 100,000 | SOFR + 0.10% + [1.25% - 1.90%] |
3.75 | % | ||||||
| Total Debt/Weighted-Average Rate | $ | 378,000 | 4.50 | % | ||||||
_______________________________
(1) As of
(2) As of
(3) As of
As of
Balance Sheet and Capital Markets Subsequent Events Update
On
Subsequent to year end through
Subsequent to year end through
Dividends
The Company’s dividends for the three months and year ended
| For the Three Months Ended |
For the Year Ended |
||||||
| Preferred Dividends Declared and Paid per Share | $ | 0.272 | $ | 0.272 | |||
| Common Dividends Declared and Paid per Share | $ | 0.285 | $ | 1.140 | |||
| FFO Attributable to Common Stockholders Payout Ratio | 52.8 | % | 60.6 | % | |||
| AFFO Attributable to Common Stockholders Payout Ratio | 52.8 | % | 60.3 | % | |||
The Company announced today that its Board of Directors has authorized a quarterly cash dividend of
The common stock cash dividend is payable on
The Board of Directors also authorized, and the Company has declared, a quarterly cash dividend of
2026 Outlook
The Company’s 2026 guidance is based on a number of assumptions that are subject to change, many of which are outside the Company’s control, and are more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission.
The Company’s outlook for 2026 is as follows:
| (Unaudited) | 2026 |
|
| Net Income per Diluted Share | ||
| FFO Attributable to Common Stockholders per Diluted Share | ||
| AFFO Attributable to Common Stockholders per Diluted Share | ||
| Investment Volume | ||
| Disposition Volume |
Reconciliation of the outlook range of the Company’s 2026 estimated Net Loss per Diluted Share to estimated FFO Attributable to Common Stockholders per Diluted Share, and AFFO Attributable to Common Stockholders per Diluted Share:
| Outlook Range for 2026 |
||||||||
| (Unaudited) | Low | High | ||||||
| Net Income per Diluted Share | $ | 0.74 | $ | 0.78 | ||||
| Depreciation and Amortization | 1.62 | 1.62 | ||||||
| Provision for Impairment (1) | - | - | ||||||
| Gain (Loss) on Disposition of Assets (1) | - | - | ||||||
| FFO per Diluted Share | $ | 2.36 | $ | 2.40 | ||||
| Distributions to Preferred Stockholders | (0.29 | ) | (0.29 | ) | ||||
| Funds From Operations Attributable to Common Stockholders per Diluted Share | $ | 2.07 | $ | 2.11 | ||||
| Adjustments: | ||||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (0.05 | ) | (0.05 | ) | ||||
| Straight-Line Rent Adjustment | (0.04 | ) | (0.04 | ) | ||||
| Non-Cash Compensation | 0.02 | 0.02 | ||||||
| Amortization of Deferred Financing Costs to Interest Expense | 0.07 | 0.07 | ||||||
| Other Non-Cash Adjustments | 0.02 | 0.02 | ||||||
| AFFO Attributable to Common Stockholders per Diluted Share | $ | 2.09 | $ | 2.13 | ||||
_______________________________
(1) The Company’s outlook excludes projections related to these measures.
Fourth Quarter and Full Year 2025 Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the three months and year ended
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/29ccafvb
Dial-In: https://register-conf.media-server.com/register/BI744f656bb5534f569cf60d82d5a4aa72
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
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 “outlook,” “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, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in
FFO, AFFO, and Pro Forma Adjusted 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 or loss 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
To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income or loss 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 Adjusted 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 impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, 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, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted 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 Adjusted 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 Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.
GAAP requires that the
Other Definitions
Annualized Base Rent (ABR) represents the annualized in-place straight-line base rent pursuant to GAAP.
Annualized In-Place Cash Base Rent represents the annualized in-place contractual minimum base rent on a cash basis.
Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service,
Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service,
Weighted Average Remaining Lease Term is weighted by the ABR and does not assume the exercise of any tenant purchase options.
Consolidated Balance Sheets (In thousands, except share and per share data) |
|||||||
| As of |
|||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Real Estate: | |||||||
| Land, at Cost | $ | 151,628 | $ | 147,912 | |||
| Building and Improvements, at Cost | 344,138 | 341,955 | |||||
| 495,766 | 489,867 | ||||||
| Less, Accumulated Depreciation | (54,446 | ) | (45,850 | ) | |||
| Real Estate—Net | 441,320 | 444,017 | |||||
| Assets Held for Sale | 8,077 | 2,254 | |||||
| Commercial Loans and Investments | 167,553 | 89,629 | |||||
| Cash and Cash Equivalents | 4,589 | 1,578 | |||||
| Restricted Cash | 34,410 | 6,373 | |||||
| Intangible Lease Assets—Net | 48,925 | 43,925 | |||||
| Straight-Line Rent Adjustment | 2,092 | 1,485 | |||||
| Other Assets | 8,908 | 15,734 | |||||
| Total Assets | $ | 715,874 | $ | 604,995 | |||
| LIABILITIES AND EQUITY | |||||||
| Liabilities: | |||||||
| Accounts Payable, Accrued Expenses, and Other Liabilities | $ | 7,877 | $ | 8,445 | |||
| Prepaid Rent and Deferred Revenue | 14,031 | 2,412 | |||||
| Intangible Lease Liabilities—Net | 4,971 | 4,774 | |||||
| Obligation Under Participation Agreement | 10,000 | 11,403 | |||||
| Long-Term Debt—Net | 377,739 | 301,466 | |||||
| Total Liabilities | 414,618 | 328,500 | |||||
| Commitments and Contingencies | |||||||
| Equity: | |||||||
| Preferred Stock, |
21 | — | |||||
| Common Stock, |
148 | 147 | |||||
| 313,690 | 261,831 | ||||||
| Dividends |
(35,276 | ) | (15,722 | ) | |||
| Accumulated Other Comprehensive Income | 1,293 | 6,771 | |||||
| Stockholders' Equity | 279,876 | 253,027 | |||||
| Noncontrolling Interest | 21,380 | 23,468 | |||||
| Total Equity | 301,256 | 276,495 | |||||
| Total Liabilities and Equity | $ | 715,874 | $ | 604,995 | |||
Consolidated Statements of Operations (In thousands, except share, per share and dividend data) |
||||||||||||||||
| (Unaudited) Three Months Ended |
Year Ended |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues: | ||||||||||||||||
| Lease Income | $ | 12,687 | $ | 11,493 | $ | 48,657 | $ | 46,005 | ||||||||
| Interest Income from Commercial Loans and Investments | 3,992 | 2,209 | 11,350 | 5,761 | ||||||||||||
| Other Revenue | 221 | 89 | 525 | 461 | ||||||||||||
| Total Revenues | 16,900 | 13,791 | 60,532 | 52,227 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Real Estate Expenses | 1,926 | 2,224 | 7,956 | 7,793 | ||||||||||||
| General and Administrative Expenses | 1,601 | 1,588 | 6,709 | 6,575 | ||||||||||||
| Provision for Impairment | 667 | 583 | 7,416 | 1,693 | ||||||||||||
| Depreciation and Amortization | 6,774 | 6,520 | 27,383 | 25,594 | ||||||||||||
| Total Operating Expenses | 10,968 | 10,915 | 49,464 | 41,655 | ||||||||||||
| Gain (Loss) on Disposition of Assets | 27 | (901 | ) | 2,070 | 3,443 | |||||||||||
| Net Income From Operations | 5,959 | 1,975 | 13,138 | 14,015 | ||||||||||||
| Investment and Other Income | 82 | 61 | 242 | 247 | ||||||||||||
| Interest Expense | (4,443 | ) | (3,075 | ) | (16,265 | ) | (12,008 | ) | ||||||||
| Net Income (Loss) | 1,598 | (1,039 | ) | (2,885 | ) | 2,254 | ||||||||||
| Less: Net Loss (Income) Attributable to Noncontrolling Interest | (125 | ) | 81 | 228 | (188 | ) | ||||||||||
| Net Income (Loss) Attributable to |
1,473 | (958 | ) | (2,657 | ) | 2,066 | ||||||||||
| Less: Distributions to Preferred Stockholders | (552 | ) | — | (552 | ) | — | ||||||||||
| Net Income (Loss) Attributable to Common Stockholders | $ | 921 | $ | (958 | ) | $ | (3,209 | ) | $ | 2,066 | ||||||
| Per Common Share Data: | ||||||||||||||||
| Net Income (Loss) Attributable to Common Stockholders | ||||||||||||||||
| Basic | $ | 0.06 | $ | (0.07 | ) | $ | (0.22 | ) | $ | 0.15 | ||||||
| Diluted | $ | 0.06 | $ | (0.07 | ) | $ | (0.22 | ) | $ | 0.14 | ||||||
| Weighted Average Number of Common Shares: | ||||||||||||||||
| Basic | 14,329,063 | 14,437,542 | 14,328,451 | 13,858,257 | ||||||||||||
| Diluted (1) | 15,552,917 | 15,661,396 | 15,552,305 | 15,082,111 | ||||||||||||
| Dividends Declared and Paid - Preferred Stock | $ | 0.272 | $ | — | $ | 0.272 | $ | — | ||||||||
| Dividends Declared and Paid - Common Stock | $ | 0.285 | $ | 0.280 | $ | 1.140 | $ | 1.110 | ||||||||
_______________________________
(1) Includes 1,223,854 shares during the three months and years ended
Non-GAAP Financial Measures Funds From Operations and Adjusted Funds From Operations (Unaudited) (In thousands, except per share data) |
||||||||||||||||
| Three Months Ended |
Year Ended |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net Income (Loss) | $ | 1,598 | $ | (1,039 | ) | $ | (2,885 | ) | $ | 2,254 | ||||||
| Depreciation and Amortization | 6,774 | 6,520 | 27,383 | 25,594 | ||||||||||||
| Provision for Impairment | 667 | 583 | 7,416 | 1,693 | ||||||||||||
| Loss (Gain) on Disposition of Assets | (27 | ) | 901 | (2,070 | ) | (3,443 | ) | |||||||||
| Funds From Operations | $ | 9,012 | $ | 6,965 | $ | 29,844 | $ | 26,098 | ||||||||
| Distributions to Preferred Stockholders | (552 | ) | — | (552 | ) | — | ||||||||||
| Funds From Operations Attributable to Common Stockholders | $ | 8,460 | $ | 6,965 | $ | 29,292 | $ | 26,098 | ||||||||
| Adjustments: | ||||||||||||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (191 | ) | (156 | ) | (613 | ) | (517 | ) | ||||||||
| Straight-Line Rent Adjustment | (164 | ) | (145 | ) | (703 | ) | (515 | ) | ||||||||
| Non-Cash Compensation | 95 | 9 | 380 | 247 | ||||||||||||
| Amortization of Deferred Financing Costs to Interest Expense | 204 | 180 | 795 | 720 | ||||||||||||
| Other Non-Cash Adjustments | 60 | 41 | 222 | 152 | ||||||||||||
| Adjusted Funds From Operations Attributable to Common Stockholders | $ | 8,464 | $ | 6,894 | $ | 29,373 | $ | 26,185 | ||||||||
| FFO Attributable to Common Stockholders per Diluted Share | $ | 0.54 | $ | 0.44 | $ | 1.88 | $ | 1.73 | ||||||||
| AFFO Attributable to Common Stockholders per Diluted Share | $ | 0.54 | $ | 0.44 | $ | 1.89 | $ | 1.74 | ||||||||
| Supplemental Disclosure: | ||||||||||||||||
| PIK Interest Earned | $ | 237 | $ | — | $ | 237 | $ | — | ||||||||
| PIK Interest Paid | 194 | — | 194 | — | ||||||||||||
| PIK Interest Earned in Excess of PIK Interest Paid | $ | 43 | $ | — | $ | 43 | $ | — | ||||||||
Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) |
||||
| Three Months Ended |
||||
| Net Income | $ | 1,598 | ||
| Adjustments: | ||||
| Depreciation and Amortization | 6,774 | |||
| Provision for Impairment | 667 | |||
| Gain on Disposition of Assets | (27 | ) | ||
| Distributions to Preferred Stockholders | (552 | ) | ||
| Amortization of Intangible Assets and Liabilities to Lease Income | (191 | ) | ||
| Straight-Line Rent Adjustment | (164 | ) | ||
| Non-Cash Compensation | 95 | |||
| Amortization of Deferred Financing Costs to Interest Expense | 204 | |||
| Other Non-Cash Adjustments | 60 | |||
| Other Non-Recurring Items | (328 | ) | ||
| Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | 4,145 | |||
| Adjusted EBITDA | $ | 12,281 | ||
| Annualized Adjusted EBITDA | $ | 49,124 | ||
| Pro Forma Annualized Impact of Current Quarter Investment Activity (1) | 3,399 | |||
| Pro Forma Adjusted EBITDA | $ | 52,523 | ||
| Total Long-Term Debt | $ | 377,739 | ||
| Financing Costs, Net of Accumulated Amortization | 261 | |||
| Cash and Cash Equivalents | (4,589 | ) | ||
| Restricted Cash (2) | (20,672 | ) | ||
| Net Debt | $ | 352,739 | ||
| Net Debt to Pro Forma Adjusted EBITDA | 6.7x | |||
_______________________________
(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended
(2) Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.
Non-GAAP Financial Measures Supplemental Disclosure on Commercial Loans and Investments (Unaudited) (In thousands) |
|||||||||||||||||||||
| Year Ended |
|||||||||||||||||||||
| Commercial Loan Portfolio | Plus: Participation Obligations Sold | Total Commercial Loans | Plus: Sale-Leaseback Transactions | Commercial Loans and Investments Pursuant to GAAP | |||||||||||||||||
| Face Amount, Beginning of Period | $ | 48,034 | $ | 11,403 | $ | 59,437 | $ | 31,353 | $ | 90,790 | |||||||||||
| Draws (Including Accrued PIK Interest) | 127,867 | 10,000 | 137,867 | — | 137,867 | ||||||||||||||||
| Principal Repayments | (46,088 | ) | (11,403 | ) | (57,491 | ) | (220 | ) | (57,711 | ) | |||||||||||
| Face Amount, End of Period | 129,813 | 10,000 | 139,813 | 31,133 | 170,946 | ||||||||||||||||
| Unaccreted Origination Fees | (1,684 | ) | — | (1,684 | ) | — | (1,684 | ) | |||||||||||||
| CECL Reserve | (1,298 | ) | (100 | ) | (1,398 | ) | (311 | ) | (1,709 | ) | |||||||||||
| Carrying Amount, End of Period | $ | 126,831 | $ | 9,900 | $ | 136,731 | $ | 30,822 | $ | 167,553 | |||||||||||
| Cash Interest Income | $ | 7,629 | $ | 309 | $ | 7,938 | $ | 2,630 | $ | 10,568 | |||||||||||
| PIK Interest Earned | 237 | — | 237 | — | 237 | ||||||||||||||||
| Accretion of Commercial Loans and Investments Origination Fees | 545 | — | 545 | — | 545 | ||||||||||||||||
| Total Interest Income | $ | 8,411 | $ | 309 | $ | 8,720 | $ | 2,630 | $ | 11,350 | |||||||||||
| Weighted Average Coupon Rate, End of Period (1) | 12.4 | % | 10.0 | % | 12.2 | % | 8.3 | % | 11.5 | % | |||||||||||
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(1) Includes PIK interest coupon rate.
Contact: Investor Relations ir@alpinereit.com
Source: Alpine Income Property Trust