Alpine Income Property Trust Reports Third Quarter 2025 Operating and Financial Results
– Raises Full-Year 2025 Outlook –
– Increases 2025 Investment Guidance to
“We produced a strong quarter of operational results, property transactions and loan investments activity, that brings our year-to-date investments through
Third Quarter 2025 Highlights
Operating results for the three and nine months ended
| Three Months Ended | Nine Months Ended | |||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||
| Total Revenues | $ | 14,563 | $ | 13,480 | $ | 43,632 | $ | 38,436 | ||||||
| Net Income (Loss) Attributable to PINE | $ | (1,310 | ) | $ | 3,080 | $ | (4,130 | ) | $ | 3,024 | ||||
| Net Income (Loss) per Diluted Share Attributable to PINE | $ | (0.09 | ) | $ | 0.21 | $ | (0.29 | ) | $ | 0.20 | ||||
| FFO(1) | $ | 7,135 | $ | 6,690 | $ | 20,832 | $ | 19,133 | ||||||
| FFO per Diluted Share(1) | $ | 0.46 | $ | 0.45 | $ | 1.34 | $ | 1.29 | ||||||
| AFFO(1) | $ | 7,128 | $ | 6,649 | $ | 20,909 | $ | 19,291 | ||||||
| AFFO per Diluted Share(1) | $ | 0.46 | $ | 0.44 | $ | 1.34 | $ | 1.30 | ||||||
________________________
| (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, FFO per diluted share, AFFO, and AFFO per diluted share. |
Investment Activity
Investments for the three and nine months ended
| Three Months Ended |
Nine Months Ended |
|||||||||||||
| Number of Investments | Amount | Number of Investments | Amount | |||||||||||
| Properties | 2 | $ | 21,120 | 5 | $ | 60,815 | ||||||||
| Commercial Loans and Investments | 3 | 28,600 | 9 | 74,786 | ||||||||||
| Total Investments | 5 | $ | 49,720 | 14 | $ | 135,601 | ||||||||
| Properties - Weighted Average Initial Cash Cap Rate | 6.0 | % | 7.7 | % | ||||||||||
| Commercial Loans and Investments - Weighted Average Initial Cash Yield | 10.6 | % | 9.9 | % | ||||||||||
| Total Investments - Weighted Average Initial Cash Yield | 8.6 | % | 8.9 | % | ||||||||||
| Properties - Weighted Average Remaining Lease Term at Time of Acquisition | 11.6 years |
13.6 years |
||||||||||||
Subsequent to
- Acquired a four-property portfolio for
$3.8 million , reflecting a weighted average initial cash yield of 8.4%. The acquisition of three properties was announced onOctober 7, 2025 , with the fourth property closing approximately one week later. - Originated a new first mortgage loan investment secured by a luxury residential development located in the
Austin, Texas metropolitan area. The loan agreement provides for a phase one loan and a phase two loan. OnOctober 15, 2025 , the Company funded$14.1 million of the phase one loan, with a total commitment for the phase one loan of up to$29.5 million . The Company’s funding of the remainder of the phase one loan is subject to the borrower’s satisfaction of certain conditions. The total commitment for the phase two loan is up to$31.8 million , and the Company’s funding of loan commitments under the phase two loan is subject to the borrower’s satisfaction of certain conditions. The interest rate for all amounts funded under both the phase one and phase two loans, commencing atOctober 15, 2025 , is 17.0%, inclusive of 4.0% paid-in-kind for the full term of the loan, and steps down to 16.0% during months seven to 12, and to 14.0% thereafter. The loan has 36-month term and will be repaid as collateralized home lots are sold. - Originated a new first mortgage loan investment secured by a mixed-use development in
Lake Toxaway, North Carolina . At closing, the Company funded$6.4 million of an initial$7.0 million commitment. Subject to the borrower’s satisfaction of certain conditions, the loan agreement provides for an additional commitment of up to$6.5 million , for a total potential loan amount of$13.5 million . The interest rate for the 24-month loan is 16.0%, inclusive of 3.0% paid-in-kind. - Amended and upsized an existing investment, Cornerstone Exchange, which is secured by a 8.6-acre retail land development in
Daytona Beach, FL. At closing, the Company funded$4.1 million of a new$21.3 million commitment. Combined with the existing$2.6 million principal balance, the upsize brings the total principal balance to$6.8 million , and the total commitment to$23.9 million . From the date of closing, the interest rate for all principal is 10.0%, and the maturity has been extended toApril 2027 .
Disposition Activity
Dispositions for the three and nine months ended
| Three Months Ended |
Nine Months Ended |
|||||||||||||
| Number of Investments | Amount | Number of Investments | Amount | |||||||||||
| Properties (Operating) | 1 | $ | 1,127 | 8 | $ | 29,013 | ||||||||
| Properties (Vacant) | 2 | 5,025 | 3 | 5,325 | ||||||||||
| Commercial Loans and Investments | — | — | — | — | ||||||||||
| Total Dispositions | 3 | $ | 6,152 | 11 | $ | 34,338 | ||||||||
| Properties (Operating) - Weighted Average Exit Cash Cap Rate | 6.7 | % | 8.4 | % | ||||||||||
| Commercial Loans and Investments - Weighted Average Cash Yield | — | % | — | % | ||||||||||
| Total Dispositions - Weighted Average Cash Yield | 6.7 | % | 8.4 | % | ||||||||||
Subsequent to
- Sold the Company’s only property leased to Kohl’s for
$12.0 million . - Entered into a hard-money contract to sell one Walgreens location for
$5.5 million , with closing anticipated before year-end.
Property Portfolio (2)
The Company’s property portfolio consisted of the following as of
| Number of Properties | 128 | |
| Square Feet | 4.1 million | |
| Annualized Base Rent (ABR)(1) | ||
| Weighted Average Remaining Lease Term | 8.7 years | |
| States where Properties are Located | 34 | |
| Industries | 21 | |
| Occupancy | 99.4% | |
| % of ABR Attributable to Investment Grade Rated Tenants | 48% | |
| % of ABR Attributable to Credit Rated Tenants | 66% | |
| % of ABR Attributable to Sale-Leaseback Tenants(2) | 8% |
_____________________________
| (1) | ABR represents annualized in-place straight-line base rent pursuant to GAAP. As of |
| (2) | During the year ended |
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% | |||
| Walgreens | NR / NR | 6% | ||
| Best Buy | BBB+ / A3 | 5% | ||
| Family Dollar | NR / NR | 5% | ||
| Dollar General | BBB / Baa3 | 5% | ||
| NR / NR | 4% | |||
| Walmart | AA / Aa2 | 4% | ||
| At Home | NR / NR | 3% | ||
| BB- / Ba3 | 3% | |||
| BJ's Wholesale Club | BB+ / Ba1 | 3% | ||
| BB+ / Ba2 | 3% | |||
| A / A2 | 2% | |||
| Dollar Tree | BBB / Baa2 | 2% | ||
| Home Depot | A / A2 | 2% | ||
| Other | 23% | |||
| 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 | 12% | |
| 9% | ||
| Pharmacy | 7% | |
| Home Furnishings | 6% | |
| Consumer Electronics | 6% | |
| Entertainment | 5% | |
| Technology, Media & Life Sciences | 4% | |
| Grocery | 4% | |
| Off-Price Retail | 3% | |
| 3% | ||
| General Merchandise | 3% | |
| Other | 6% | |
| 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% | ||
| 7% | ||
| 7% | ||
| 6% | ||
| 6% | ||
| 6% | ||
| 4% | ||
| 4% | ||
| 3% | ||
| 3% | ||
| 3% | ||
| 2% | ||
| 2% | ||
| Other | 25% | |
| Total | 100% |
Balance Sheet and Capital Markets (dollars in thousands, except per share data)
| As of |
|||
| Leverage | |||
| Net Debt / Total Enterprise Value | 62.1 | % | |
| Net Debt / Pro Forma Adjusted EBITDA | 7.7x | ||
| Fixed Charge Coverage Ratio | 3.1x | ||
| Liquidity | |||
| Available Capacity Under Revolving Credit Facility | $ | 60,172 | |
| Cash, Cash Equivalents | 1,183 | ||
| Total Liquidity | $ | 61,355 | |
The Revolving Credit Facility has commitments for up to
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) | $ | 158,500 | SOFR + 0.10% + [1.25% - 2.20%] |
5.41 | % | |||||
| 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 | $ | 358,500 | 4.50 | % | ||||||
____________________________
| (1) | As of |
| (2) | As of |
| (3) | As of |
As of
Dividends
The Company’s dividends for the three and nine months ended
| For the Three Months Ended 2025 |
For the Nine Months Ended 2025 |
||||||
| Dividends Declared and Paid per Share | $ | 0.285 | $ | 0.855 | |||
| FFO Payout Ratio | 62.0 | % | 63.8 | % | |||
| AFFO Payout Ratio | 62.0 | % | 63.8 | % | |||
2025 Outlook
The Company is increasing both its 2025 FFO and AFFO per share guidance range to
The Company’s 2025 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 revised outlook for 2025 is as follows (dollars in millions):
| (Unaudited) | Actuals for the Nine Months Ended |
||||||
| Total Investments | $ | 135.6 | |||||
| Properties | $ | 60.8 | |||||
| Commercial Loans and Investments ( |
$ | 74.8 | |||||
| Total Dispositions | $ | 34.3 | Unchanged | ||||
| Properties | $ | 34.3 | |||||
| Commercial Loans and Investments | $ | - | |||||
Reconciliation of the revised outlook range of the Company’s 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:
| Outlook Range for 2025 |
||||||||
| (Unaudited) | Low | High | ||||||
| Net Loss per Diluted Share | $ | (0.22 | ) | $ | (0.19 | ) | ||
| Depreciation and Amortization | 1.73 | 1.73 | ||||||
| Provision for Impairment(1) | 0.44 | 0.44 | ||||||
| Gain on Disposition of Assets(1) | (0.13 | ) | (0.13 | ) | ||||
| FFO per Diluted Share | $ | 1.82 | $ | 1.85 | ||||
| Adjustments: | ||||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (0.04 | ) | (0.04 | ) | ||||
| Straight-Line Rent Adjustment | (0.05 | ) | (0.05 | ) | ||||
| Non-Cash Compensation | 0.02 | 0.02 | ||||||
| Amortization of Deferred Financing Costs to Interest Expense | 0.05 | 0.05 | ||||||
| Other Non-Cash Adjustments | 0.02 | 0.02 | ||||||
| AFFO per Diluted Share | $ | 1.82 | $ | 1.85 | ||||
| (1) | Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the nine months ended |
Third Quarter 2025 Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the three and nine months 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/2gf6ag9j |
| Dial-In: | https://register-conf.media-server.com/register/BI0cd38e53e7684f468890c974f7838214 |
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.
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
Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from
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 | |||||||
| (Unaudited) |
|||||||
| ASSETS | |||||||
| Real Estate: | |||||||
| Land, at Cost | $ | 151,500 | $ | 147,912 | |||
| Building and Improvements, at Cost | 350,299 | 341,955 | |||||
| 501,799 | 489,867 | ||||||
| Less, Accumulated Depreciation | (53,955 | ) | (45,850 | ) | |||
| Real Estate—Net | 447,844 | 444,017 | |||||
| Assets Held for Sale | 9,816 | 2,254 | |||||
| Commercial Loans and Investments | 102,772 | 89,629 | |||||
| Cash and Cash Equivalents | 1,183 | 1,578 | |||||
| Restricted Cash | 5,455 | 6,373 | |||||
| Intangible Lease Assets—Net | 41,788 | 43,925 | |||||
| Straight-Line Rent Adjustment | 1,936 | 1,485 | |||||
| Other Assets | 10,630 | 15,734 | |||||
| Total Assets | $ | 621,424 | $ | 604,995 | |||
| LIABILITIES AND EQUITY | |||||||
| Liabilities: | |||||||
| Accounts Payable, Accrued Expenses, and Other Liabilities | $ | 8,938 | $ | 8,445 | |||
| Prepaid Rent and Deferred Revenue | 5,310 | 2,412 | |||||
| Intangible Lease Liabilities—Net | 3,804 | 4,774 | |||||
| Obligation Under Participation Agreement | — | 11,403 | |||||
| Long-Term Debt—Net | 358,155 | 301,466 | |||||
| Total Liabilities | 376,207 | 328,500 | |||||
| Commitments and Contingencies | |||||||
| Equity: | |||||||
| Preferred Stock, |
— | — | |||||
| Common Stock, |
142 | 147 | |||||
| 253,162 | 261,831 | ||||||
| Dividends |
(32,067 | ) | (15,722 | ) | |||
| Accumulated Other Comprehensive Income | 2,292 | 6,771 | |||||
| Stockholders' Equity | 223,529 | 253,027 | |||||
| Noncontrolling Interest | 21,688 | 23,468 | |||||
| Total Equity | 245,217 | 276,495 | |||||
| Total Liabilities and Equity | $ | 621,424 | $ | 604,995 | |||
Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) |
||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
| Revenues: | ||||||||||||||||
| Lease Income | $ | 12,122 | $ | 11,718 | $ | 35,970 | $ | 34,512 | ||||||||
| Interest Income from Commercial Loans and Investments | 2,320 | 1,663 | 7,358 | 3,552 | ||||||||||||
| Other Revenue | 121 | 99 | 304 | 372 | ||||||||||||
| Total Revenues | 14,563 | 13,480 | 43,632 | 38,436 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Real Estate Expenses | 1,891 | 1,841 | 6,030 | 5,569 | ||||||||||||
| General and Administrative Expenses | 1,695 | 1,843 | 5,108 | 4,987 | ||||||||||||
| Provision for Impairment | 1,915 | 422 | 6,749 | 1,110 | ||||||||||||
| Depreciation and Amortization | 6,597 | 6,340 | 20,609 | 19,074 | ||||||||||||
| Total Operating Expenses | 12,098 | 10,446 | 38,496 | 30,740 | ||||||||||||
| Gain (Loss) on Disposition of Assets | (46 | ) | 3,426 | 2,043 | 4,344 | |||||||||||
| Net Income From Operations | 2,419 | 6,460 | 7,179 | 12,040 | ||||||||||||
| Investment and Other Income | 68 | 61 | 160 | 186 | ||||||||||||
| Interest Expense | (3,910 | ) | (3,167 | ) | (11,822 | ) | (8,933 | ) | ||||||||
| Net Income (Loss) | (1,423 | ) | 3,354 | (4,483 | ) | 3,293 | ||||||||||
| Less: Net Loss (Income) Attributable to Noncontrolling Interest | 113 | (274 | ) | 353 | (269 | ) | ||||||||||
| Net Income (Loss) Attributable to |
$ | (1,310 | ) | $ | 3,080 | $ | (4,130 | ) | $ | 3,024 | ||||||
| Per Common Share Data: | ||||||||||||||||
| Net Income (Loss) Attributable to |
||||||||||||||||
| Basic and Diluted | $ | (0.09 | ) | $ | 0.22 | $ | (0.29 | ) | $ | 0.22 | ||||||
| Diluted | $ | (0.09 | ) | $ | 0.21 | $ | (0.29 | ) | $ | 0.20 | ||||||
| Weighted Average Number of Common Shares: | ||||||||||||||||
| Basic | 14,158,190 | 13,744,232 | 14,328,245 | 13,663,752 | ||||||||||||
| Diluted(1) | 15,382,044 | 14,968,086 | 15,552,099 | 14,887,606 | ||||||||||||
| Dividends Declared and Paid | $ | 0.285 | $ | 0.280 | $ | 0.855 | $ | 0.830 | ||||||||
__________________________
| (1) | Includes 1,223,854 shares during the three and nine months ended |
Non-GAAP Financial Measures Funds From Operations and Adjusted Funds From Operations (Unaudited) (In thousands, except per share data) |
||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
| Net Income (Loss) | $ | (1,423 | ) | $ | 3,354 | $ | (4,483 | ) | $ | 3,293 | ||||||
| Depreciation and Amortization | 6,597 | 6,340 | 20,609 | 19,074 | ||||||||||||
| Provision for Impairment | 1,915 | 422 | 6,749 | 1,110 | ||||||||||||
| Loss (Gain) on Disposition of Assets | 46 | (3,426 | ) | (2,043 | ) | (4,344 | ) | |||||||||
| Funds From Operations | $ | 7,135 | $ | 6,690 | $ | 20,832 | $ | 19,133 | ||||||||
| Adjustments: | ||||||||||||||||
| Amortization of Intangible Assets and Liabilities to Lease Income | (176 | ) | (136 | ) | (422 | ) | (361 | ) | ||||||||
| Straight-Line Rent Adjustment | (177 | ) | (216 | ) | (539 | ) | (370 | ) | ||||||||
| Non-Cash Compensation | 95 | 79 | 285 | 238 | ||||||||||||
| Amortization of Deferred Financing Costs to Interest Expense | 197 | 180 | 591 | 540 | ||||||||||||
| Other Non-Cash Adjustments | 54 | 52 | 162 | 111 | ||||||||||||
| Adjusted Funds From Operations | $ | 7,128 | $ | 6,649 | $ | 20,909 | $ | 19,291 | ||||||||
| FFO per Diluted Share | $ | 0.46 | $ | 0.45 | $ | 1.34 | $ | 1.29 | ||||||||
| AFFO per Diluted Share | $ | 0.46 | $ | 0.44 | $ | 1.34 | $ | 1.30 | ||||||||
Non-GAAP Financial Measures
Reconciliation of Net Debt to Pro Forma Adjusted EBITDA
(Unaudited)
(In thousands)
| Three Months Ended |
||||
| Net Loss | $ | (1,423 | ) | |
| Adjustments: | ||||
| Depreciation and Amortization | 6,597 | |||
| Provision for Impairment | 1,915 | |||
| Loss on Disposition of Assets | 46 | |||
| Amortization of Intangible Assets and Liabilities to Lease Income | (176 | ) | ||
| Straight-Line Rent Adjustment | (177 | ) | ||
| Non-Cash Compensation | 95 | |||
| Amortization of Deferred Financing Costs to Interest Expense | 197 | |||
| Other Non-Cash Adjustments | 54 | |||
| Other Non-Recurring Items | (66 | ) | ||
| Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement | 3,703 | |||
| Adjusted EBITDA | $ | 10,765 | ||
| Annualized Adjusted EBITDA | $ | 43,060 | ||
| Pro Forma Annualized Impact of Current Quarter Investment Activity (1) | 3,144 | |||
| Pro Forma Adjusted EBITDA | $ | 46,204 | ||
| Total Long-Term Debt | $ | 358,155 | ||
| Financing Costs, Net of Accumulated Amortization | 345 | |||
| Cash and Cash Equivalents | (1,183 | ) | ||
| Net Debt | $ | 357,317 | ||
| Net Debt to Pro Forma Adjusted EBITDA | 7.7x | |||
___________________________
| (1) | Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended |
Contact: Investor Relations ir@alpinereit.com
Source: Alpine Income Property Trust