Q2 2024 Alpine Income Property Trust Inc Earnings Call Transcript
Key Points
- Successful asset recycling and investments in higher-yielding quality loans led to a strong quarter and an increase in earnings guidance.
- Acquired a $14.6 million property leased to investment-grade tenants, Best Buy and Golf Galaxy, with an accretive yield.
- Originated a $6.1 million first mortgage investment with an initial yield of 11.5%, funding a retail development in Cincinnati, Ohio.
- Portfolio was 99% occupied at quarter-end, consisting of 137 properties with tenants operating in 23 sectors across 34 states.
- Increased full-year FFO and AFFO guidance by $0.07 per share at the low end and $0.06 per share at the high end.
- High net debt to EBITDA ratio of 7.4 times and a fixed-charge coverage ratio of 3.4 times.
- Potential risks associated with the disposition of Walgreens properties, which are currently in the sales process.
- Exposure to Family Dollar stores, which may face challenges if the brand is sold.
- Dependence on asset recycling and loan investments for growth, which may not be sustainable in a normalized interest rate environment.
- Non-recurring leasing commissions of $200,000 in the current quarter, which may not be replicated in future quarters.
Good day and welcome to the Alpine Income Property Trust, second quarter 2024 operating results conference call. (operator instructions) As a reminder, this call is being recorded. I would now like to turn the call over to John Albright, President and CEO. Please go ahead.
Good morning, everyone, and thank you for joining us today for the Alpine Income Property Trust, second quarter 2024 operating results conference call. I'm pleased to have Phil Mays, our new Chief Financial Officer, joining me this morning.
Before we begin, I will turn it over to Phil to provide customary disclosures regarding today's call.
Thanks, John. I would like to remind everyone that many of our comments today are considered forward-looking statements under federal securities laws. The company's actual future results may differ
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