- Alpine Income Property Trust (PINE, Financial) reported a 14% increase in revenue for Q1 2025, reaching $14.2 million.
- The company completed investments totaling $79.2 million at a weighted average initial cash yield of 9.0%.
- Net loss widened to $(0.08) per share, while FFO and AFFO both increased to $0.44 per diluted share.
Alpine Income Property Trust (PINE) has announced its financial results for the first quarter of 2025, revealing a mixed performance. The company's revenue rose by 14% year-over-year, reaching $14.2 million compared to $12.5 million in Q1 2024. Despite this growth in revenue, Alpine reported a net loss of $(0.08) per diluted share, which widened from $(0.02) in the previous year.
On a positive note, the funds from operations (FFO) and adjusted funds from operations (AFFO) both improved to $0.44 per diluted share compared to $0.41 and $0.42 respectively in the same quarter last year. The company completed investments amounting to $79.2 million at an attractive 9.0% weighted average initial cash yield, showcasing strong capital deployment.
Alpine's portfolio remains robust, consisting of 134 properties across 35 states with a high occupancy rate of 98.6%. Investment-grade tenants account for 50% of the annual base rent, with major tenants including Dick's Sporting Goods, Lowe's, and Beachside Hospitality Group. The portfolio also maintains a weighted average remaining lease term of 9.0 years.
Looking ahead, Alpine has increased its 2025 forecast, projecting FFO and AFFO per diluted share in the range of $1.74 to $1.77. The company also plans to make investments between $70 million to $100 million, while expecting property dispositions of $50 million to $70 million. This outlook reflects management's confidence in continuing to deliver strong results supported by strategic acquisitions and portfolio management.
