Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or
“PINE”) today announced its operating results and earnings for the
quarter and year ended December 31, 2021.
Select Highlights
- Reported Net
Income per diluted share attributable to the Company of $0.64 and
$0.89 for the quarter and year ended December 31, 2021,
respectively.
- Reported FFO per
diluted share of $0.42 and $1.58 for the quarter and year ended
December 31, 2021, respectively.
- Reported AFFO
per diluted share of $0.41 and $1.59 for the quarter and year ended
December 31, 2021, respectively.
- Acquired 26 net
lease retail properties during the fourth quarter of 2021 for total
acquisition volume of $101.6 million, reflecting a weighted average
going-in cash cap rate of 6.2%.
- Sold two net
lease office properties during the fourth quarter of 2021 for a
sales price of $24.5 million at an exit cap rate of 7.5%,
generating a gain on sale of $9.1 million.
- Paid a cash
dividend for the fourth quarter of 2021 of $0.27 per share, a 5.9%
increase over the Company’s previous quarterly cash dividend and an
annualized yield of 5.6% based on the closing price of the
Company’s common stock on February 9, 2022.
- During the year
ended December 31, 2021, the Company acquired 68 net lease
properties for total acquisition volume of $260.3 million,
reflecting a weighted average going-in cash cap rate of 6.8%.
- During the year
ended December 31, 2021, the Company sold three net lease
properties for total disposition volume of $28.3 million at a
weighted average exit cap rate of 7.2%, generating aggregate gains
of $9.7 million.
- Paid cash
dividends during the full year 2021 of $1.015 per share, a 23.8%
increase over the Company’s full year 2020 cash dividends.
Quarterly Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the quarter ended December 31, 2021
(in thousands, except per share data):
|
|
Three Months Ended December 31,
2021 |
|
Three Months Ended December 31,
2020 |
|
Variance to Comparable Period inthe Prior
Year |
Total Revenues |
|
$ |
9,470 |
|
$ |
5,385 |
|
$ |
4,085 |
75.9 |
% |
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
9,549 |
|
$ |
216 |
|
$ |
9,333 |
4,320.8 |
% |
Net
Income Attributable to PINE |
|
$ |
8,302 |
|
$ |
186 |
|
$ |
8,116 |
4,363.4 |
% |
Net Income per
Diluted Share Attributable to PINE |
$ |
0.64 |
|
$ |
0.02 |
|
$ |
0.62 |
3,100.0 |
% |
|
|
|
|
|
|
|
|
|
|
FFO
(1) |
|
$ |
5,443 |
|
$ |
3,162 |
|
$ |
2,281 |
72.1 |
% |
FFO
per Diluted Share (1) |
|
$ |
0.42 |
|
$ |
0.36 |
|
$ |
0.06 |
16.7 |
% |
AFFO
(1) |
|
$ |
5,365 |
|
$ |
3,106 |
|
$ |
2,259 |
72.7 |
% |
AFFO
per Diluted Share (1) |
|
$ |
0.41 |
|
$ |
0.36 |
|
$ |
0.05 |
13.9 |
% |
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid, per Share |
|
$ |
0.270 |
|
$ |
0.220 |
|
$ |
0.050 |
22.7 |
% |
(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. |
|
|
Annual Operating Results
Highlights
The table below provides a summary of the
Company’s operating results for the year ended December 31, 2021
(in thousands, except per share data):
|
|
Year Ended December 31, 2021 |
|
Year Ended December 31, 2020 |
|
Variance toComparable Period inthe Prior Year |
Total Revenues |
|
$ |
30,128 |
|
$ |
19,248 |
|
$ |
10,880 |
56.5 |
% |
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
11,462 |
|
$ |
1,146 |
|
$ |
10,316 |
900.2 |
% |
Net
Income Attributable to PINE |
|
$ |
9,964 |
|
$ |
985 |
|
$ |
8,979 |
911.6 |
% |
Net Income per
Diluted Share Attributable to PINE |
$ |
0.89 |
|
$ |
0.11 |
|
$ |
0.78 |
709.1 |
% |
. |
|
|
|
|
|
|
|
|
|
FFO
(1) |
|
$ |
17,726 |
|
$ |
10,808 |
|
$ |
6,918 |
64.0 |
% |
FFO
per Diluted Share (1) |
|
$ |
1.58 |
|
$ |
1.23 |
|
$ |
0.35 |
28.5 |
% |
AFFO
(1) |
|
$ |
17,904 |
|
$ |
9,189 |
|
$ |
8,715 |
94.8 |
% |
AFFO
per Diluted Share (1) |
|
$ |
1.59 |
|
$ |
1.04 |
|
$ |
0.55 |
52.9 |
% |
|
|
|
|
|
|
|
|
|
|
Dividends Declared and Paid, per Share |
|
$ |
1.015 |
|
$ |
0.820 |
|
$ |
0.195 |
23.8 |
% |
(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. |
|
|
CEO Comments
“Our record fourth quarter capped off a very
productive year as we exceeded our FFO and AFFO guidance,
meaningfully grew our cash dividend, significantly increased the
size and diversity of our high-quality net lease portfolio and
provided one of the best total returns in the net lease REIT
sector,” said John P. Albright, President and Chief Executive
Officer of Alpine Income Property Trust. “We enter 2022 with
excellent momentum, an outsized relative dividend yield and a
robust acquisition pipeline that has us well-positioned to continue
to drive strong growth and attractive risk-adjusted returns.”
Acquisitions
During the three months ended December 31, 2021,
the Company acquired 26 high-quality net lease properties for total
acquisition volume of $101.6 million, reflecting a weighted average
going-in cash cap rate of 6.2%. As of the acquisition date, the
properties had a weighted average remaining lease term of 8.1
years, were located in 11 different states, and were leased to
tenants operating in 12 retail sectors including the sporting
goods, home improvement, home furnishings, dollar stores, casual
dining, convenience store and farm & rural supply sectors.
Approximately 32% of annualized base rents acquired are generated
from a tenant or the parent of a tenant with an investment grade
credit rating and more than 34% of annualized base rents acquired
are from ground leased properties.
During the year ended December 31, 2021, the
Company acquired 68 net lease properties for total acquisition
volume of $260.3 million, reflecting a weighted average going-in
cash cap rate of 6.8%. As of the acquisition date, the properties
had a weighted average remaining lease term of 8.1 years and were
located in 26 different states. Approximately 37% of annualized
base rents acquired are generated from a tenant or the parent of a
tenant with an investment grade credit rating and more than 14% of
annualized base rents acquired are from ground leased
properties.
Dispositions
During the three months ended December 31, 2021,
the Company sold two office properties located in Orlando, Florida
leased to Hilton Grand Vacations for a sales price of $24.5
million, representing an exit cap rate of 7.5%. The sale of the
properties generated a gain of $9.1 million.
During the year ended December 31, 2021, the
Company sold three net lease properties for total disposition
volume of $28.3 million, representing a weighted average exit cap
rate of 7.2%. The sale of the properties generated aggregate gains
of $9.7 million.
Development
During the year ended December 31, 2021, the
Company signed a new store development lease with an established
grocer to develop and construct a 23,000 square foot building on an
undeveloped outparcel at one of the Company’s existing properties
in Jacksonville, Florida (the “Development Opportunity”). The
Development Opportunity will have an initial lease term of 15
years, is anticipated to begin construction in 2022 and is subject
to customary due diligence and approvals.
Income Property Portfolio
The Company’s portfolio consisted of the
following as of December 31, 2021:
Number of Properties |
113 |
|
Square Feet |
3.3 million |
|
Weighted Average Remaining
Lease Term |
7.9 years |
|
States where Properties are
Located |
32 |
|
Occupancy |
100% |
|
|
|
% of Annualized Base Rent
attributable to Retail Tenants (1) |
92% |
|
% of Annualized Base Rent
attributable to Office Tenants (1) |
8% |
|
% of Annualized Base Rent
subject to Rent Escalations (1) |
45% |
|
% of Annualized Base Rent
attributable to Investment Grade Rated Tenants (1)(2) |
45% |
|
% of Annualized Base Rent
attributable to Credit Rated Tenants (1)(3) |
74% |
|
Any differences 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
Associated of Insurance Commissioners of Baa3, BBB-, NAIC-2 or
higher. |
(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 portfolio included the following top tenants as of
December 31, 2021:
Tenant |
Credit Rating (1) |
|
% of Annualized Base Rent |
Wells Fargo |
A+ |
|
8 |
% |
At
Home |
B |
|
6 |
% |
Hobby Lobby |
N/A |
|
6 |
% |
Academy Sports |
B+ |
|
5 |
% |
Dollar General |
BBB |
|
5 |
% |
Walmart |
AA |
|
4 |
% |
Walgreens |
BBB |
|
4 |
% |
Lowe’s |
BBB+ |
|
4 |
% |
Dollar Tree/Family Dollar |
BBB |
|
3 |
% |
Sportsman’s Warehouse |
N/A |
|
3 |
% |
Total |
|
|
48 |
% |
Any differences 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 December 31, 2021. |
|
|
The Company’s portfolio consisted of the
following industries as of December 31, 2021:
Industry |
|
|
% of Annualized Base Rent |
Home Furnishings |
|
|
12 |
% |
General Merchandise |
|
|
12 |
% |
Sporting Goods |
|
|
9 |
% |
Financial Services |
|
|
9 |
% |
Dollar Stores |
|
|
8 |
% |
Grocery |
|
|
6 |
% |
Pharmacy |
|
|
6 |
% |
Convenience Store |
|
|
5 |
% |
Entertainment |
|
|
5 |
% |
Home
Improvement |
|
|
4 |
% |
Consumer Electronics |
|
|
4 |
% |
Casual Dining |
|
|
3 |
% |
Health & Fitness |
|
|
3 |
% |
Automotive Parts |
|
|
2 |
% |
Off-Price Retail |
|
|
2 |
% |
Specialty Retail |
|
|
2 |
% |
Other
(1) |
|
|
2 |
% |
Farm
& Rural Supply |
|
|
1 |
% |
Quick
Service Restaurant |
|
|
1 |
% |
Office Supplies |
|
|
1 |
% |
Total |
26 Industries |
|
100 |
% |
Any differences a result of rounding. |
(1) |
Includes 7 industries collectively representing 2% of the Company’s
ABR as of December 31, 2021. |
|
|
The Company’s portfolio included properties in
the following states as of December 31, 2021:
State |
|
|
% of Annualized Base Rent |
Texas |
|
|
18 |
% |
Oregon |
|
|
9 |
% |
North
Carolina |
|
|
8 |
% |
Georgia |
|
|
6 |
% |
Florida |
|
|
6 |
% |
Ohio |
|
|
6 |
% |
Arizona |
|
|
5 |
% |
Michigan |
|
|
4 |
% |
South
Carolina |
|
|
3 |
% |
Oklahoma |
|
|
3 |
% |
Massachusetts |
|
|
3 |
% |
New
Jersey |
|
|
3 |
% |
New
Mexico |
|
|
3 |
% |
Minnesota |
|
|
3 |
% |
Washington |
|
|
2 |
% |
Alabama |
|
|
2 |
% |
New
York |
|
|
2 |
% |
Nevada |
|
|
2 |
% |
Wisconsin |
|
|
2 |
% |
West
Virginia |
|
|
1 |
% |
Maryland |
|
|
1 |
% |
Missouri |
|
|
1 |
% |
Mississippi |
|
|
1 |
% |
Indiana |
|
|
1 |
% |
Kentucky |
|
|
<1% |
Maine |
|
|
<1% |
South
Dakota |
|
|
<1% |
Kansas |
|
|
<1% |
California |
|
|
<1% |
Virginia |
|
|
<1% |
Pennsylvania |
|
|
<1% |
Arkansas |
|
|
<1% |
Total |
32 States |
|
100 |
% |
Any differences a result of rounding.
Capital Markets and Balance Sheet
During the quarter ended December 31, 2021, the
Company completed the following notable capital markets
activities:
- The Company issued 151,673 common
shares under its ATM offering program at a weighted average gross
price of $19.04 per share, for total net proceeds of $2.8
million.
During the year ended December 31, 2021, the
Company completed the following notable capital markets
activities:
- Executed a
5-year, $60.0 million unsecured term loan (the “2026 Term Loan”).
The 2026 Term Loan matures in May 2026 and includes an accordion
option that allows the Company to request additional lender
commitments up to a total of $160.0 million.
- Assumed an
existing $30.0 million secured mortgage, which bears a fixed
interest rate of 4.33%, in connection with the acquisition of six
properties from CTO Realty Growth, Inc., a publicly traded real
estate investment trust and the sole member of the Company’s
external manager. The mortgage note matures in October 2034 and is
prepayable without penalty beginning in October 2024.
- Executed a
5-year, $80.0 million unsecured term loan (the “2027 Term
Loan”). The 2027 Term Loan matures in January 2027 and
includes an accordion option that allows the Company to request
additional lender commitments up to a total of $200.0 million
in the aggregate.
- Completed an
inaugural follow-on underwritten public offering of 3,220,000
shares of common stock, which included the underwriters' full
exercise of their option to purchase additional shares. Total net
proceeds were $54.3 million after deducting the underwriting
discount and expenses.
- Issued 479,640
OP Units at an $18.85 per OP Unit value for a total value of $9.0
million in connection with the acquisition of ten net lease
properties.
- Issued 761,902 common shares under
the ATM offering program at a weighted average gross price of
$18.36 per share, for total net proceeds of $13.8 million.
The following table provides a summary of the
Company’s long-term debt as of December 31, 2021:
Component of Long-Term Debt |
|
Principal |
|
Interest Rate |
|
Maturity Date |
Revolving Credit Facility |
|
$ |
99.0 million |
|
30-Day LIBOR + [1.35% - 1.95%] |
|
November 2023 |
2026 Term Loan (1) |
|
$ |
60.0 million |
|
30-Day LIBOR + [1.35% - 1.95%] |
|
May 2026 |
2027 Term Loan (2) |
|
$ |
80.0 million |
|
30-Day LIBOR + [1.25% - 1.90%] |
|
January 2027 |
Mortgage Note Payable – CMBS
Portfolio |
|
$ |
30.0 million |
|
4.33% |
|
October 2034 |
Total Debt/Weighted Average Rate |
|
$ |
269.0 million |
|
2.10% |
|
|
|
(1) |
Effective May 21, 2021, the Company utilized interest rate swaps to
fix LIBOR and achieve a weighted average fixed interest rate of
0.81% plus the applicable spread on the $60.0 million 2026 term
loan balance. |
(2) |
Effective September 30, 2021, the Company utilized interest rate
swaps, inclusive of its redesignation of the existing $50.0 million
interest rate swap entered into as of April 30, 2020, to fix LIBOR
and achieve a weighted average fixed interest rate of 0.53% plus
the applicable spread on the $80.0 million 2027 term loan
balance. |
|
|
As of December 31, 2021, the Company held an
87.1% interest in Alpine Income Property OP, LP, the Company’s
operating partnership (the “Operating Partnership” or “OP”). There
were 1,703,494 OP Units held by third parties outstanding and
11,454,815 shares of the Company’s common stock outstanding, for
total outstanding common stock and OP Units held by third parties
of 13,158,309, as of December 31, 2021.
As of December 31, 2021, the Company’s net debt
to Pro Forma EBITDA was 8.1 times, and as defined in the Company’s
credit agreement, the Company’s fixed charge coverage ratio was 6.2
times. As of December 31, 2021, the Company’s net debt to total
enterprise value was 49.6%. The Company calculates total enterprise
value as the sum of net debt and the market value of the Company's
outstanding common shares and OP Units, as if the OP Units have
been converted to common shares.
Dividend
On November 22, 2021, the Company announced a
cash dividend for the fourth quarter of 2021 of $0.27 per share,
payable on December 30, 2021 to stockholders of record as of the
close of business on December 9, 2021. The 2021 fourth quarter cash
dividend represented a 5.9% increase over the Company’s previous
quarterly dividend and a payout ratio of 64.3% and 65.9% of the
Company’s 2021 fourth quarter FFO per diluted share and AFFO per
diluted share, respectively.
During year ended December 31, 2021, the Company
paid cash dividends of $1.015 per share, a 23.8% increase over the
Company’s full year 2020 cash dividends. The dividends paid in 2021
represent payout ratios of 64.2% of full year 2021 FFO per diluted
share and 63.8% of full year 2021 AFFO per diluted share.
2022 Outlook
The Company’s initial 2022 outlook assumes
stable or improving economic activity, strong underlying business
trends related to each of our tenants and other significant
assumptions.
The Company’s outlook for 2022 is as
follows:
|
|
Outlook Range for 2022 |
|
|
Low |
|
High |
Acquisitions |
|
$200 million |
to |
$250 million |
Dispositions |
|
$40 million |
to |
$50 million |
FFO per Diluted Share |
|
$1.53 |
to |
$1.58 |
AFFO per Diluted Share |
|
$1.51 |
to |
$1.56 |
Weighted Average Diluted
Shares Outstanding |
|
17.0 million |
to |
18.5 million |
|
|
|
|
|
Fourth Quarter 2021 Earnings Conference Call &
Webcast
The Company will host a conference call to
present its operating results for the quarter and year ended
December 31, 2021 tomorrow, Friday, February 11, 2022, at 9:00 AM
ET. Stockholders and interested parties may access the earnings
call via teleconference or webcast:
Teleconference:
|
USA (Toll
Free): |
1 (877)
815-0077 |
|
International: |
1 (631) 625-3206 |
Please dial in at least fifteen minutes prior to
the scheduled start time and use the code 3796094
when prompted.
A webcast of the call can be accessed at:
https://edge.media-server.com/mmc/p/mqy6ijb4. To access the
webcast, log on to the web address noted above or go to
http://www.alpinereit.com and log in at the investor relations
section of the website.
About Alpine Income Property Trust,
Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE)
is a publicly traded real estate investment trust that acquires,
owns and operates a portfolio of high-quality net leased commercial
income properties.
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 “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, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, illiquidity of real estate investments and
potential damages from natural disasters, the impact of the
COVID-19 Pandemic and its variants on the Company’s business and
the business of its tenants and the impact on the U.S. economy and
market conditions generally, other factors affecting the Company’s
business or the business of its tenants that are beyond the control
of the Company or its tenants, and the factors set forth under
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021 and other risks and uncertainties
discussed from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission. Any forward-looking statement
made in this press release speaks only as of the date on which it
is made. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Non-GAAP Financial Measures
Our reported results are presented in accordance
with accounting principles generally accepted in the United States
of America (“GAAP”). We also disclose Funds From Operations (“FFO”)
Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings
Before Interest, Taxes, Depreciation and Amortization (“Pro Forma
EBITDA”), all of which are non-GAAP financial measures. We believe
these non-GAAP financial measures are useful to investors because
they are widely accepted industry measures used by analysts and
investors to compare the operating performance of REITs.
FFO, AFFO, and Pro Forma 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 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 Board of Governors of the National Association of
Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as
GAAP net income or loss 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 real estate related depreciation and
amortization, including the pro rata share of such adjustments of
unconsolidated subsidiaries.
To derive AFFO, we modify the NAREIT computation
of FFO to include other adjustments to GAAP net income related to
non-cash revenues and expenses such as straight-line rental
revenue, amortization of deferred financing costs, amortization of
above- and below-market lease related intangibles, non-cash
compensation, and other non-cash income. Such items may cause
short-term fluctuations in net income 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 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 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, above- and below-market lease related intangibles, non-cash
compensation, and other non-cash income or expense. Cash interest
expense is also excluded from Pro Forma 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 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 EBITDA may not be comparable
to similarly titled measures employed by other companies.
Alpine Income Property Trust,
Inc.Consolidated Balance Sheets(In
thousands, except share and per share data)
|
As of |
|
December 31, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
Real Estate: |
|
|
|
|
|
Land, at Cost |
$ |
178,172 |
|
|
$ |
83,210 |
|
Building and Improvements, at Cost |
|
266,236 |
|
|
|
142,679 |
|
Total Real Estate, at Cost |
|
444,408 |
|
|
|
225,889 |
|
Less, Accumulated Depreciation |
|
(15,419 |
) |
|
|
(6,550 |
) |
Real Estate—Net |
|
428,989 |
|
|
|
219,339 |
|
Cash and Cash Equivalents |
|
8,851 |
|
|
|
1,894 |
|
Restricted Cash |
|
646 |
|
|
|
— |
|
Intangible Lease
Assets—Net |
|
58,821 |
|
|
|
36,881 |
|
Straight-Line Rent
Adjustment |
|
1,838 |
|
|
|
2,045 |
|
Other Assets |
|
6,369 |
|
|
|
2,081 |
|
Total Assets |
$ |
505,514 |
|
|
$ |
262,240 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Accounts Payable, Accrued Expenses, and Other Liabilities |
$ |
2,363 |
|
|
$ |
1,984 |
|
Prepaid Rent and Deferred Revenue |
|
2,033 |
|
|
|
1,055 |
|
Intangible Lease Liabilities—Net |
|
5,476 |
|
|
|
3,299 |
|
Long-Term Debt |
|
267,740 |
|
|
|
106,809 |
|
Total Liabilities |
|
277,612 |
|
|
|
113,147 |
|
Commitments and
Contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
Preferred Stock, $0.01 par value per share, 100 million shares
authorized, no shares issued and outstanding as of December 31,
2021 and December 31, 2020 |
|
— |
|
|
|
— |
|
Common Stock, $0.01 par value per share, 500 million shares
authorized, 11,454,815 shares issued and outstanding as of December
31, 2021 and 7,458,755 shares issued and outstanding as of December
31, 2020 |
|
114 |
|
|
|
75 |
|
Additional Paid-in Capital |
|
200,906 |
|
|
|
132,878 |
|
Dividends in Excess of Net Income |
|
(6,419 |
) |
|
|
(5,713 |
) |
Accumulated Other Comprehensive Income (Loss) |
|
1,922 |
|
|
|
(481 |
) |
Stockholders' Equity |
|
196,523 |
|
|
|
126,759 |
|
Noncontrolling Interest |
|
31,379 |
|
|
|
22,334 |
|
Total Equity |
|
227,902 |
|
|
|
149,093 |
|
Total Liabilities and Equity |
$ |
505,514 |
|
|
$ |
262,240 |
|
|
|
|
|
|
|
|
|
Alpine Income Property Trust,
Inc.Consolidated Statements of
Operations (In thousands, except share, per share and
dividend data)
|
(Unaudited)Three Months
Ended |
|
Year Ended |
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
Lease Income |
$ |
9,470 |
|
|
$ |
5,385 |
|
|
$ |
30,128 |
|
|
$ |
19,248 |
|
Total Revenues |
|
9,470 |
|
|
|
5,385 |
|
|
|
30,128 |
|
|
|
19,248 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
Real Estate Expenses |
|
1,284 |
|
|
|
611 |
|
|
|
3,673 |
|
|
|
2,316 |
|
General and Administrative Expenses |
|
1,340 |
|
|
|
1,125 |
|
|
|
5,027 |
|
|
|
4,660 |
|
Depreciation and Amortization |
|
5,025 |
|
|
|
2,946 |
|
|
|
15,939 |
|
|
|
9,949 |
|
Total Operating Expenses |
|
7,649 |
|
|
|
4,682 |
|
|
|
24,639 |
|
|
|
16,925 |
|
Gain on Disposition of Assets |
|
9,131 |
|
|
|
— |
|
|
|
9,675 |
|
|
|
287 |
|
Net Income from
Operations |
|
10,952 |
|
|
|
703 |
|
|
|
15,164 |
|
|
|
2,610 |
|
Interest Expense |
|
1,403 |
|
|
|
487 |
|
|
|
3,702 |
|
|
|
1,464 |
|
Net Income |
|
9,549 |
|
|
|
216 |
|
|
|
11,462 |
|
|
|
1,146 |
|
Less: Net Income Attributable to Noncontrolling Interest |
|
(1,247 |
) |
|
|
(30 |
) |
|
|
(1,498 |
) |
|
|
(161 |
) |
Net Income Attributable to
Alpine Income Property Trust, Inc. |
$ |
8,302 |
|
|
$ |
186 |
|
|
$ |
9,964 |
|
|
$ |
985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data: |
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to
Alpine Income Property Trust, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.73 |
|
|
$ |
0.02 |
|
|
$ |
1.02 |
|
|
$ |
0.13 |
|
Diluted |
$ |
0.64 |
|
|
$ |
0.02 |
|
|
$ |
0.89 |
|
|
$ |
0.11 |
|
Weighted Average Number of
Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
11,347,778 |
|
7,458,755 |
|
|
9,781,066 |
|
|
7,588,349 |
|
Diluted (1) |
13,051,272 |
|
|
8,682,609 |
|
|
11,246,227 |
|
|
8,812,203 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared and
Paid |
$ |
0.270 |
|
|
$ |
0.220 |
|
|
$ |
1.015 |
|
|
$ |
0.820 |
|
(1) |
Includes the weighted average impact of 1,703,494 shares underlying
OP units including (i) 1,223,854 shares underlying OP Units issued
to CTO Realty Growth, Inc. and (ii) 479,640 shares underlying OP
Units issued to an unrelated third party. |
|
|
Alpine Income Property Trust,
Inc.Non-GAAP Financial
MeasuresFunds From Operations and Adjusted Funds
From Operations(Unaudited)(In thousands, except per share
data)
|
Three Months Ended |
|
Year Ended |
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2020 |
Net Income |
$ |
9,549 |
|
|
$ |
216 |
|
|
$ |
11,462 |
|
|
$ |
1,146 |
|
Depreciation and Amortization |
|
5,025 |
|
|
|
2,946 |
|
|
|
15,939 |
|
|
|
9,949 |
|
Gain on Disposition of Assets |
|
(9,131 |
) |
|
|
— |
|
|
|
(9,675 |
) |
|
|
(287 |
) |
Funds from Operations |
$ |
5,443 |
|
|
$ |
3,162 |
|
|
$ |
17,726 |
|
|
$ |
10,808 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Straight-Line Rent Adjustment |
|
(214 |
) |
|
|
(287 |
) |
|
|
(607 |
) |
|
|
(1,524 |
) |
COVID-19 Rent Repayments (Deferrals), Net |
|
22 |
|
|
|
160 |
|
|
|
430 |
|
|
|
(378 |
) |
Non-Cash Compensation |
|
78 |
|
|
|
67 |
|
|
|
309 |
|
|
|
268 |
|
Amortization of Deferred Financing Costs to Interest Expense |
|
126 |
|
|
|
55 |
|
|
|
362 |
|
|
|
188 |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
(89 |
) |
|
|
(30 |
) |
|
|
(257 |
) |
|
|
(108 |
) |
Other Non-Cash (Income) Expense |
|
(1 |
) |
|
|
(12 |
) |
|
|
(18 |
) |
|
|
(22 |
) |
Recurring Capital Expenditures |
|
— |
|
|
|
(9 |
) |
|
|
(41 |
) |
|
|
(43 |
) |
Adjusted Funds from
Operations |
$ |
5,365 |
|
|
$ |
3,106 |
|
|
$ |
17,904 |
|
|
$ |
9,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO per Diluted Share |
$ |
0.42 |
|
|
$ |
0.36 |
|
|
$ |
1.58 |
|
|
$ |
1.23 |
|
AFFO per Diluted Share |
$ |
0.41 |
|
|
$ |
0.36 |
|
|
$ |
1.59 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Income Property Trust,
Inc.Non-GAAP Financial
MeasuresReconciliation of Net Debt to Pro Forma
EBITDA(Unaudited)(In thousands)
|
Three Months Ended |
|
December 31, 2021 |
Net Income |
$ |
9,549 |
|
Adjustments: |
|
|
Depreciation and Amortization |
|
5,025 |
|
Gain on Disposition of Assets |
|
(9,131 |
) |
Straight-Line Rent Adjustment |
|
(214 |
) |
Non-Cash Compensation |
|
78 |
|
Amortization of Deferred Financing Costs to Interest Expense |
|
126 |
|
Amortization of Intangible Assets and Liabilities to Lease
Income |
|
(89 |
) |
Other Non-Cash (Income) Expense |
|
(1 |
) |
Interest Expense, Net of Deferred Financing Costs Amortization |
|
1,278 |
|
EBITDA |
$ |
6,621 |
|
|
|
|
Annualized EBITDA |
$ |
26,484 |
|
Pro Forma Annualized Impact of Current Quarter Acquisitions and
Dispositions, Net (1) |
|
5,582 |
|
Pro
Forma EBITDA |
$ |
32,066 |
|
|
|
|
Total
Long-Term Debt |
|
267,740 |
|
Financing Costs, Net of Accumulated Amortization |
|
1,260 |
|
Cash and Cash Equivalents |
|
(8,851 |
) |
Restricted Cash |
|
(646 |
) |
Net
Debt |
$ |
259,503 |
|
|
|
|
Net Debt
to Pro Forma EBITDA |
|
8.1x |
|
(1) |
Reflects the pro forma annualized impact on Annualized EBITDA of
the Company’s acquisition and disposition activity during the three
months ended December 31, 2021. |
|
|
Contact: |
Matthew M. Partridge |
|
Senior Vice President, Chief Financial Officer &
Treasurer |
|
(386) 944-5643 |
|
mpartridge@alpinereit.com |
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