Q1 2025 Alpine Income Property Trust Inc Earnings Call
Good day, and welcome to the Alpine First Quarter 2025 earnings call. At this time, all participants are in a listening mode. After the speaker's presentation, there will be a question and intercession.
Speaker Change: Australians will be given at that time. As a reminder, this call may be recorded. I would like to turn the call over to Jenna McKinney, Director of Finance. Please go ahead.
Jenna McKinney: Thank you. I would like to remind everyone that many of our comments today are considered forward-looking statements under federal security law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.
Jenna McKinney: Factors and risk that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's Form 10K, Form 10Q and other SEC filing.
Speaker Change: You can find our SEC report, earnings release, and most recent investor presentation, which contain reconciliation of the non-GAAP financial measures we use on our website at www.alpineread.com With that, I will turn the call over to John .
John: Thanks, Janum. The first quarter was an excellent start to the year for pine across all areas of our business. Starting with earnings we achieved AFFO of $0.44 per diluted chair for the quarter, representing growth of approximately 5% compared to the first quarter of last year.
Speaker Change: As previously announced, let's grow the earnings and free cash flow provided support for us to raise our common dividend to a new quarterly rate of 28.5 cents paid in the first quarter.
Speaker Change: Further, Pine's dividend yield continues to be one of the highest in the sector driving our earnings growth was another successful quarter of investment activity. During the quarter we acquired three properties for $39.7 million and a weighted average initial cap rate of 8.6%.
Speaker Change: We also originated two mortgages plus upsized two existing ones for a combined total of 39.5 million with a weighted average initial yield of 9.5%.
Speaker Change: The company's total investment activity for the quarter, including both property acquisitions and structured finance and investments total $79.2 million at weighted average initial yield of 9%.
Speaker Change: Our property acquisitions include Alamo draft house theater, co-signed by its owner, Sony Pictures with investment grade credit, and Academy sports, and the Headquarters of Manufacturing Facility for Jerm Freed Labs.
Speaker Change: Our structure financings in the quarter included $6.2 million of seller financing for a property lease to at home that was sold in the quarter.
Speaker Change: A new $15.5 million construction loan and upcycling two existing construction loans, one for Wall-Wall on the other for a public-sanchored center.
Speaker Change: During the quarter, we sold three properties for 11.7 million including in O'Reilly's, a multi-tended property including in at home, and a former Valero Communion Store at a blended cafe rate of 9.1%.
Speaker Change: Our transaction activity in the first quarter reflects our strategic approach to investing focused on buying a mix of high credit tenants that provide consistent stable cash flows and lesser credits that offer growth and diversification.
Speaker Change: Continuing to augment and compliment our property investments by selectively originating structure to investments.
Speaker Change: Opportunistically selling properties that reduce portfolio risk and improve our industry
Speaker Change: and extending our wall. Notably, this quarter's acquisitions had an average wall of 14.3 years while the properties that we sold had a wall of 4.7 years.
Speaker Change: With this activity, our portfolio wall is now nine years compared to 6.9 years just 12 months ago. Additionally, as pines, common shares have been trained at attractive relative valuation, we have been opportunistically
Speaker Change: Finally, I want to provide some context relating to the recent terror volatility and uncertainty. While there is little visibility into what the ultimate outcome of this extraordinary activity will be, I believe pine is well positioned given its tenant mix and sector diversification.
Speaker Change: We will continue to monitor the situation that evolves. But as for now we see an attractive pipeline of opportunities across the tenant landscape and remain focused on executing our strategies to deliver growth and stability for pines and
With that, now turn the call over to Phil
Phil: Thank you, John . Beginning with financial results, total revenue was $14.2 million for the quarter, including lease income of $11.8 million and interest income from commercial loans of $2.3 million.
Phil: Apofo and Apofo for the quarter were both 44 cents per diluted share representing growth a 7.3% and 4.8% respectively compared to the comparable quarter of the prior year. Driving earnings growth for the quarter was investment activity along with prudent and disciplined capital management.
Phil: During the first quarter, we opportunistically repurchased approximately 274,000 common shares for $4.5 million at an average price of $16.33 per share.
Phil: Further, since quarter end, we have continued to repurchase years as noted in our press release and form 10Q, five last evening.
Phil: Additionally, in April , when interest rates temporarily dropped in connection with initial tariff announcements, we opportunistically executed a sofa swap, fixing sofa for $50 million of printable at 3.43% through January 1st, 2027.
Phil: The swap is being applied to $50 million of the borrowing, currently outstanding on our revolving credit facility, reducing the interest rate zero on from approximately 6% at quarter end to approximately 5% based on our current leverage and applicable pricing tier. [inaudible]
Phil: Additionally, at quarter end, we have $65 million of liquidity, consisting of approximately $8 million of cash available for use.
57 million dollars available under our Revolved Credit Facility.
Phil: Further, with current in place, thank commitment, development under our revolving credit facility can expand by an additional $36 million as we acquire properties, providing total potential liquidity of approximately $100 million.
Phil: John noted that during the first quarter, we increased our common dividend and paid a quarterly cash dividend of 28.5 cents.
Phil: Even with this increase, our dividend remains well-covered and supported by free cash flow with an approximate AFFL payout ratio of 65%.
Speaker Change: Good morning, Thanks, a lot for taking my questions. First question is just on the.
Speaker Change: <unk> guidance raise can you walk through kind of <unk> been quite active during the periods. So can you kind of walk through the factors that drove your ability to raise your earnings guidance this quarter. Thanks.
Bill: Yes, Michael this is bill.
Bill: Really three things that drove the increase.
Bill: Almost equally.
Bill: One is the stock buyback.
Bill: If you look as disclosed in the Q, including purchases. After the end of the quarter, we purchased seven $6 million worth of stock at an average price now about $16 15.
Bill: So just lowering the denominator through buybacks will be opportunistic as one of the factors. Additionally, the swap that I spoke of.
Bill: That in my prepared remarks.
Bill: For $50 million, which took effect early April.
Bill: That was floating on the line at about 6% that immediately drops to about 5% to 100.
Bill: And then finally on the investment a little bit of volume a little bit of timing a little bit of cap rates. So kind of all three factors that's almost equally those three things.
Bill: Each one $1.05 or so and Thats what drove the increase in the guidance.
Bill: That's helpful and maybe just a clarification.
Bill: You took the investment guidance up to $70 million to $100 million fill up $20 million, but it looks like you did $80 million in the quarter am I missing something there or.
Bill: Instead under reconcile those numbers.
Bill: It's probably just on the loan fundings so for the quarter, we did almost $40 million in property acquisitions, and we funded close to $20 million.
Bill: Loans, we originated a higher amount, but we funded about 20.
Bill: Combined for the quarter, we were at about $60 million.
Bill: Funded and out the door.
Bill: Got it.
Bill: Thanks for that and then just.
Bill: Question on the share repurchases.
Bill: Are you thinking about this going forward is this.
Bill: And then just within the Grand scheme of capital allocation, you have been doing more loans.
Bill: Then acquiring and Youre buying back stock. So can you just kind of walk through like.
Bill: Your priorities in terms of capital allocation, how youre seeing.
Bill: You were active in the kind of all three in the first quarter. How do you how active do you think there'll be.
Bill: Across the board kind of through the balance of the year.
Bill: Hey, Michael It's John Thanks for the question, Yes, I mean look when the.
Bill: The shares are trading at such a big discount to NAV.
Bill: And such a high dividend yield certainly we've had a history both a CTO in pine too to take advantage of that dislocation, we're much better off selling assets and buying an accretive to NAV and accretive to earnings by buying at such a low prices, but we are coming now.
Bill: At the closer to the end of our $10 million buyback so.
Bill: Well, we'll see kind of after the program kind of.
Bill: Gets filled up kind of where where we sit but.
Bill: Given our free cash flow stance, and we can always sell assets and do that but that obviously you are shrinking the company youre not exactly the plan.
Bill: As we see loan opportunities in some of these loans are going to be maturing here this year.
Bill: And that will come in and pay down pay down debt and kind of get us.
Bill: In a good spot for acquisitions as Phil.
Bill: Phil mentioned in his prepared remarks, we've got plenty of liquidity. So we're we're taking trying to take advantage of some good opportunities out there in the pipeline looks good. So it's really a mixture of kind of balancing between buybacks and acquisitions and investments.
Speaker Change: Thanks, guys. Good luck in the second quarter.
Bill: Thank you.
Speaker Change: Thank you. Our next question comes from Matthew <unk> with Jones trading your line is open.
Matthew <unk>: Hey, good morning, guys. Thanks for taking the questions.
Speaker Change: John I kind of want to touch on the tariffs that you had talked a little bit earlier, but when it comes to kind of just getting the deals done.
Speaker Change: Obviously convenience stores I think are kind of sheltered from that but could you just kind of talk about the process.
Speaker Change: As you are selling the at home or as you kind of look to move on from some of these retail guys that might be affected just kind of the timing of the deals that that it's taking now compared to what it was say a year ago.
Speaker Change: Yes.
Speaker Change: We're not seeing any sort of big dislocation with the tariff issues surprisingly I guess.
Speaker Change: Even given our platform at CTO Thats more obviously leasing.
Speaker Change: <unk>, we're not seeing some sort of disruption in tenant activity as far as opening new stores committing to new stores and so forth. So.
Speaker Change: We're certainly not seeing any disruption.
Speaker Change: I think.
Speaker Change: The combined platform as far as tenant issues.
Speaker Change: Restaurants are doing strong.
Speaker Change: We picked up and Alamo theater in and outside of Denver, Thats has Sony on the lease and Thats been Super strong.
Speaker Change: And so those things are obviously insulated from from tariff issues. So we're definitely monitoring it but so far so good and clear sailing bug or certainly have an eye out for any issues that may happen.
Speaker Change: Got it that's helpful. I appreciate the color there and then kind of as a follow up turning back to guidance whats going to drive you to that kind of higher range of investment guidance that'd be kind of getting towards that 75 ish million of dispositions and just capital recycling.
Speaker Change: Yes, I mean, just kind of a step back.
Speaker Change: Given that we do have the advantage of a small company. We can we have two assets as you know that currently right now are not contributing any income.
Speaker Change: As a party city and long Island, New York.
Speaker Change: And a theater in Reno in the theater Arena, we have under contract to sell.
Speaker Change: The party city were actively.
<unk> that and have.
Speaker Change: Indicative interest now, but we're trying to get a better better pricing.
Speaker Change: So once we sell those assets, which we expect to do this year.
Speaker Change: Having that go to pay down leverage or reinvest is certainly going to.
Speaker Change: <unk> be catalysts for the upside of our earnings guidance, but.
Speaker Change: Even though even if the low side of our earnings guidance, you look at our multiples like ridiculously low and a high dividend.
Speaker Change: Lots of free cash flow. So if you take the <unk>.
Speaker Change: Dividend yield of roughly 7% and our free cash flow that you.
Speaker Change: And you add add on those percentages.
Youre getting a nice total return just sitting here, but that's not what we're what we're here to do we're here to outperform and I think we have we have easy kind of roadmap to do that so we'll try to keep on coupon performing for you.
Speaker Change: Alright, that's very helpful. I appreciate the time this morning, Thank you guys.
Speaker Change: Thanks.
Speaker Change: Thank you. Our next question comes from Rob Stevenson with Janney Montgomery Scott.
Speaker Change: Okay.
Rob Stevenson: Hey, good morning, guys.
Rob Stevenson: John So you sold 12 million at a little over nine cap rate in the guidance is now $50 million to $80 million of full year dispositions given the mix of assets that youre looking to sell over the remainder year what type of cap rate should we be expecting is reasonable to assume on the remaining call it 40% to $70 million of dispositions is it something.
Rob Stevenson: And that sort of high eights low nines is it something substantially lower than that given the mix that you are looking to sell how should we be thinking about that.
Rob Stevenson: Yes, I think.
Rob Stevenson: Given the mix of.
Rob Stevenson: Possibly having some.
Rob Stevenson: Properties with no income.
Rob Stevenson: That could be lower for the mix going forward.
Rob Stevenson: However, we are taking the pain with some of the sales that we've just done at higher yields as we talked about pruning the portfolio.
Rob Stevenson: Make it a more fortified by selling some of the Walgreens and so forth, which we've made some good progress.
Rob Stevenson: So it's going to be a mixture, but I would say going forward. It will it will tend to be lower than what it has been.
Rob Stevenson: Okay and to that point on the Walgreens.
Rob Stevenson: I think Phil said that you sold one here in April and have another under contract for Mayo for May sale, what is the market today for Walgreens locations, given that sort of weird lease that they have.
Rob Stevenson: Typically and then the.
Rob Stevenson: Sycamore deal the Sycamore provide given where that stock was trading down is sycamore a benefit or is the private equity similar to what you saw with at home where people are running.
Rob Stevenson: Away from private equity backed sponsors with some of these.
Rob Stevenson: I think I think it adds a little bit more stability as far as knowing that.
Rob Stevenson: Before Sycamore there is just an unknown what happens to the company are there no buyers of the company really going all the way down that sort of thing. So I think it adds stability in our platform and I think we're actually.
Rob Stevenson: In talking with some of the merchant developers.
Rob Stevenson: Some of them are starting to have programs to go after purchasing Walgreens to reformat into other uses given the the sites are generally very strong at corner locations and drive throughs and so forth. So I think youre starting to see in the private market people, becoming more aggressive.
Rob Stevenson: In acquiring these with.
Rob Stevenson: A tale of lease with Walgreens and with the expectation there'll be able to get the site back in.
Rob Stevenson: <unk> re repurpose it for another use so we're actually I would say net net within last 60 days is a more positive view than than before.
Rob Stevenson: Okay. That's very helpful. And then can you remind us how many of the family dollar dollar tree locations you have currently in the portfolio and whether or not they are predominantly family dollar's a dollar trees.
Speaker Change: Yes, I'm going to introduce you to Steven Greathouse, our Chief investment Officer.
Rob Stevenson: Out of the office.
Speaker Change: A different location so Stephen you want to give.
Speaker Change: Little bit of color I'm not sure.
Speaker Change: I think we have about 31 total.
Speaker Change: Between dollar tree and family dollar.
Speaker Change: On the spin.
Speaker Change: You go out sorry 25.
Speaker Change: 31, dollar General's I guess, but 25%.
Speaker Change: Dollar tree.
Speaker Change: When they get bad we're all kind of waiting to happen when it's going to happen with the dual branded ones, but about half of those half dollar tree credit that will stay on with the spin.
Speaker Change: So I think we're well positioned on those and they were all relatively new so they have got eight plus years of term left on them.
Speaker Change: Okay. So 31 total 25 of those are dollar tree, so six or family dollars and three of those family dollars keep the dollar tree credits and the other three all have the brigade maselli them or whatever it is.
Speaker Change: Credit on it does that.
Speaker Change: If I got that correct.
Speaker Change: No.
Speaker Change: No. It was 2025 family dollars and about half of those have the dollar tree credit on them.
Speaker Change: Okay. So it was six.
Speaker Change: Dollar trees 25 family dollars and half of those 25 or so have the dollar tree credit and the other half have the private equity credit.
Speaker Change: That's right. Okay, Alright, that's helpful. Thanks, guys I appreciate the time this morning.
Rob Stevenson: Thanks, Rob.
Thank you. Our next question comes from Wesley Golladay with Baird. Your line is open.
Wesley Golladay: Hey, good morning, everyone for the seller financing for the at home was that to a developer.
It was.
Rob Stevenson: Kind of a investor developer.
Rob Stevenson: Okay, and then when you're looking to sell the theater does that actually have a negative NOI right now and then will you provide seller financing if the deal goes through.
Rob Stevenson: It does have a negative NOI and yes, we would offer.
Rob Stevenson: Seller financing on that.
Rob Stevenson: The deal that we're negotiating with now they they don't want our financing they're all cash.
Okay, and then maybe can you talk about the germ free we see more deals like that is that like a one off type of deal for you.
Rob Stevenson: We hope so but.
Rob Stevenson: Right now it's kind of a one off we don't see anything in the <unk>.
Rob Stevenson: Future, but it's super unique it's really one where we had a competitive advantage given that.
Rob Stevenson: And we are local.
Rob Stevenson: To this investment opportunity.
Speaker Change: Jeremy for he's been around over 50 years private equity group bought them they.
Speaker Change: They have no no leverage they're using part of the proceeds to invest in the facility, it's a headquarter and manufacturing facility for unique.
Speaker Change: Lab mobile lab development for hospitals, and they have a worldwide footprint. So if you have a nasty nasty viruses like Covid youre going to buy one of their mobile labs, if you're a hospital because you don't want to be dealing with a virus within a hospital, where it could could escape and b.
Speaker Change: Bad news, so you want to have it out in the parking lot or in the back and a mobile lab.
Speaker Change: Okay. One last one for me you had two loans that were upsides on the construction side what is driving that.
Basically a little bit of construction costs or you could have a situation where.
Speaker Change: The developer has another pad site user that has come on in that.
Speaker Change: Need site development work for that but mainly it was.
Speaker Change: And escalation of development costs.
Speaker Change: Okay. Thank you.
Speaker Change: Yes, Thanks a lot.
Speaker Change: Thank you. Our next question comes from Gaurav Mehta with Alliance Global Partners. Your line is open.
Gaurav Mehta: Thank you good morning.
Speaker Change: Uh huh.
Speaker Change: I wanted to ask you on the on our provision for impairment charge that you had in first quarter and can you provide some details on that.
Phil: Yes. This is Phil.
Phil: Chairman charge for the first quarter, there wasn't anything that we sold in the quarter, it's more related to.
Phil: Properties that we anticipate selling in the short term.
Phil: Such as like the Walgreens that I've mentioned that we have one under contract and one sold.
Phil: More related to upcoming disposition.
And we were just given we know where they're going to trade.
Phil: Leaning up again our basis in line with that.
Phil: Okay, and then second.
Speaker Change: On the loan side can you provide some color on timing of funding the unfunded commitments within your portfolio.
Phil: What was the question.
Speaker Change: The funding the unfunded commitments within the loan portfolio.
Phil: Just the timing of funding on the loan portfolio.
Yes.
Phil: Currently where it currently stands it should be relatively consistent like that for the first half of the year.
Phil: We do have.
Phil: Call it in the third quarter, one of the larger loans maturing.
Phil: But there'll be two funding that will fill in so in may.
Phil: Assuming we don't do any additional one it'll be pretty even maybe a little less towards the end of the year, but we're hopeful that maybe we'll get some additional loans and the funding on that we will stay very similar.
Phil: Over the year.
Phil: Okay. Thank you that's all I had.
Phil: Yeah.
Phil: Thank you.
Speaker Change: Next question comes from RJ Milligan with Raymond James Your line is open.
Speaker Change: Hey, Good morning, guys. Just a couple of follow ups I guess, we'll start with the capital allocation questioning that started the call, but just curious how you think leverage is going to trend picked up here in the first quarter. I know you guys have some loan payoffs and some dispositions coming in I'm, just curious where you think you might end up the year on the on the leverage side.
Speaker Change: Yes, I'll take kind of the general on that and then Phil can die.
Speaker Change: Deeper thanks R J for the question.
Speaker Change: Given that.
Speaker Change: We have that's active share buyback program and given that we had a very active.
Speaker Change: Investment quarter, certainly the the leverage.
Speaker Change: Ticked up.
Speaker Change: But.
Speaker Change: As Phil mentioned in prepared remarks, we still have a lot of liquidity.
Speaker Change: Given that we have.
Speaker Change: Some of our loans will be paying down and paying off this year.
Speaker Change: And as I mentioned expect to sell our vacant properties this year.
Speaker Change: I don't anticipate at the end of the year, having more leverage than we are now.
Speaker Change: Maybe less.
Speaker Change: Okay and then.
Speaker Change: My second question is obviously you can look at the top tenant list and get an understanding of.
Speaker Change: Who is on the credit watch list, but I'm just curious looking at the.
Construction investment portfolio is there anybody there.
Speaker Change: What you would classify as sort of on the tenant watch list because it's obviously a lot more difficult to underwrite from our perspective.
Speaker Change: Yes no.
Speaker Change: The structured investment program has basically been geared towards loans on very high quality credits that we wouldn't be able to purchase on our own because of where they trade on a very low cap rate.
Speaker Change: Talk about Publix grocer or wall was.
Speaker Change: So.
Speaker Change: There is no tenant issues from our perspective on the structure.
Speaker Change: Asthma program.
Speaker Change: Super strong assets and we'd love to own them, if we could.
Speaker Change: Great and then my last question is for Phil just thinking about run rate of NOI from the first quarter going forward or is there anything in there that we should be thinking about.
Speaker Change: For the next three quarters.
Speaker Change: Okay.
Speaker Change: Just.
Speaker Change: <unk> knows RJ as party city. So if you remember when we gave our initial guidance. We said there was about an eight.
Speaker Change: Late into the theater.
Speaker Change: Paint brand towards the end of 'twenty four and then also a party city and it does make sense that spread almost equally between the two four cents enforce it.
Speaker Change: The theater that exit rate at the end of last year. So the current quarter has nothing in it from them, but party city did pay is anticipated for the entire first quarter and now they will no longer pay the rest of the year. So the party city will go away call. It couple of hundred Grand in the quarter.
Speaker Change: Going forward, starting in the second quarter, but other than that it's just the acquisition and disposition volume.
Speaker Change: Okay, Great. That's it for me thanks, guys.
Speaker Change: Thanks RJ.
Speaker Change: Thank you.
Speaker Change: Next question comes from John Masako with B Riley Securities. Your line is open.
John Masako: Good morning.
Speaker Change: Good morning Martin.
Speaker Change: Let me just clarify around that on the guidance front does guidance include any resolution around the arena Theater and party city assets, either at the high end or midpoint or.
Speaker Change: Or is that just kind of totally zero. So the rest of the year in terms of guidance.
Speaker Change: Okay.
Speaker Change: Yes in terms of rent there is areas, where the rest of the year, if we sell them.
Speaker Change: You can get some cash pay down debt and there would be some interest savings.
Speaker Change: We're going to be incrementally favorable if theyre not going to be huge.
Speaker Change: Movers too.
Speaker Change: For this year.
Speaker Change: Okay.
Speaker Change: Are they in guidance at the high end and maybe dispositions is like the <unk>.
Speaker Change: <unk> sales.
Speaker Change: Yes.
Speaker Change: Disposition volume, yes, if you want to include them in Manhattan.
Speaker Change: Yes.
Speaker Change: And then at home I know, you've talked about a little bit already but.
Speaker Change: What what's kind of the.
Speaker Change: The amount of financing relative to your kind of basis in the property.
Speaker Change: And I guess it is the current.
Speaker Change: Percentage exposure in the deck to at home reflects the interest income from the seller financing or is that just the remaining at homes you have in your portfolio.
Speaker Change: That's just the remaining that we have in our portfolio.
Speaker Change: And it was.
Speaker Change: The seller financing was around 65%.
Speaker Change: LTV.
Speaker Change: Okay.
Speaker Change: And then maybe just kind of big picture on the on the Jeremy <unk> Lab's property.
Speaker Change: I guess kind of what you think a little bit about the tenant and why they are attractive, but maybe the asset itself I mean, what kind of fungible at that property, if something were to ever happen in the future and just kind of maybe some more details on what the asset actually.
Speaker Change: Is it could be repurposed for Dara.
Speaker Change: Yeah. Good question, it's very fungible the near terms.
Speaker Change: Its manufacturing facility with very high ceilings and.
Speaker Change: And they've just basically made this into.
Speaker Change: <unk>.
Speaker Change: Kind of their headquarters, both small amount of office and manufacturing but.
Speaker Change: This would be in high demand as far as industrial use.
Speaker Change: If they werent, there and it's a very low per square foot basis, we bought a $125 a square foot so big big land footprint.
Speaker Change: Lots of parking.
Speaker Change: And very very usable in this industrial market.
Speaker Change: And geographically in the Central Florida area or is that just where the company's base central Central Florida.
Speaker Change: Closer to our Daytona office.
Speaker Change: And again this company has been around over over 50 years. So.
Speaker Change: Well suited for them and they are basically expanding their manufacturing operations that are using part of the proceeds to go into the property.
Speaker Change: Okay.
Speaker Change: Appreciate the color that's it for me Thank you Sir.
Speaker Change: Thank you there are no further questions at this time. This does conclude the question and answer session.
Speaker Change: Thank you for your participation you may now disconnect everyone have a great day.
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