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Alpine Income Property Trust Inc (PINE)
NYSE:PINE
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Alpine Income Property Trust Inc
(NYSE:PINE)66Neutral
Positive Factors
Acquisition Strategy
The company aims to acquire properties at yields above their cost of capital targeting properties in the $10 – $50 million range which are not typically pursued by institutions or larger REITs.
Earnings Performance
The company reported FFO numbers of $0.44, which represents a ~19% increase year-over-year, and it's two cents higher than consensus estimates and four cents higher than analyst estimates.
Negative Factors
Tenant Risk
PINE's exposure to Walgreens and Family Dollar could present heightened tenant risk.
Alpine Income Property Trust Inc (PINE) vs. S&P 500 (SPY)
Market Cap
$240.37M
Dividend Yield6.69%
Average Volume (3M)88.21K
Price to Earnings (P/E)121.0
Beta (1Y)0.72
Revenue Growth9.31%
EPS Growth-57.35%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength72
IndustryREITs
Share Statistics
EPS (TTM)0.15
Shares Outstanding14,692,498
10 Day Avg. Volume67,732
30 Day Avg. Volume88,213
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)4.66
Price to Cash Flow (P/CF)13.20
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.67Price Target Upside18.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Alpine Income Property Trust Inc Business Overview & Revenue Model
Company DescriptionAlpine Income Property Trust Inc (PINE) is a real estate investment trust focused on owning and acquiring high-quality, single-tenant retail and office properties across the United States. The company primarily invests in properties leased to tenants with strong credit profiles, providing reliable income streams. PINE aims to deliver consistent returns to its shareholders through strategic asset management and property acquisitions.
How the Company Makes MoneyAlpine Income Property Trust Inc (PINE) generates revenue primarily through the leasing of its portfolio of single-tenant retail and office properties. The company enters into long-term lease agreements with tenants, often with contractual rent increases that enhance revenue stability and growth. PINE focuses on properties occupied by credit-worthy tenants, ensuring consistent rental income. Additionally, the company may engage in strategic property sales or acquisitions to optimize its portfolio, potentially providing capital gains. Factors like tenant credit quality, lease duration, and property location significantly influence PINE's revenue generation strategy.
Alpine Income Property Trust Inc Financial Statement Overview
Summary
Alpine Income Property Trust Inc exhibits a strong revenue growth pattern with stable gross margins, but declining net profitability and return on equity suggest efficiency issues. The balance sheet shows moderate leverage with a healthy equity ratio, yet the cash flow analysis indicates stagnation in free cash flow growth. The company should focus on improving net margins and cash conversion efficiency to enhance financial health.Income Statement
Alpine Income Property Trust Inc demonstrates a strong revenue growth trajectory, with a notable increase in total revenue from $45.64 million in 2023 to $52.23 million in 2024, reflecting a growth rate of 14.43%. The company's gross profit margin has remained robust, with a slight increase from 84.96% in 2023 to 85.09% in 2024. However, the net profit margin decreased significantly to 3.96% in 2024 from 6.39% in 2023, indicating reduced profitability. The EBIT and EBITDA margins are stable, but the decline in net income warrants attention.75
Positive
Balance Sheet
The balance sheet highlights a reasonably stable financial position, with a debt-to-equity ratio of 1.09 in 2024, showing a slight increase from 1.12 in 2023. The company's equity ratio is healthy at 45.70%, indicating a solid equity base relative to total assets. However, the return on equity has decreased markedly from 1.16% in 2023 to 0.75% in 2024, reflecting diminished efficiency in generating profits from equity.70
Positive
Cash Flow
Operating cash flow remained stable at $25.61 million in 2024, similar to 2023. The free cash flow is positive at $25.61 million, indicating strong cash generation. However, the free cash flow growth is stagnant, and the operating cash flow to net income ratio is high at 12.40, suggesting potential inefficiencies in converting income into cash. The lack of growth in free cash flow is a concern.65
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 52.23M | 45.64M | 45.20M | 30.13M | 19.25M | Gross Profit |
| 40.19M | 38.76M | 39.77M | 26.45M | 16.93M | EBIT |
| 14.02M | 13.14M | 10.42M | 5.49M | 2.61M | EBITDA |
| 39.14M | 38.48M | 33.98M | 30.74M | 12.27M | Net Income Common Stockholders |
| 2.07M | 2.92M | 20.18M | 6.26M | -479.00K |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.58M | 14.98M | 9.02M | 8.85M | 1.89M | Total Assets |
| 605.00M | 564.56M | 573.43M | 505.51M | 261.59M | Total Debt |
| 309.47M | 282.04M | 272.17M | 273.22M | 109.46M | Net Debt |
| 307.89M | 278.02M | 263.15M | 264.37M | 107.56M | Total Liabilities |
| 328.50M | 288.95M | 278.06M | 277.61M | 112.50M | Stockholders Equity |
| 276.50M | 250.74M | 261.62M | 196.52M | 126.76M |
| Cash Flow | Free Cash Flow | |||
| 25.61M | 25.64M | -164.50M | 17.20M | 9.39M | Operating Cash Flow |
| 25.61M | 25.64M | 24.65M | 17.20M | 9.39M | Investing Cash Flow |
| -57.84M | -13.58M | -38.78M | -195.99M | -113.88M | Financing Cash Flow |
| 26.46M | -11.38M | 17.67M | 186.40M | 94.03M |
Alpine Income Property Trust Inc Technical Analysis
Negative
16.58
Price Trends
16.60
Negative
17.01
Negative
16.69
Negative
Market Momentum
-0.05
Negative
43.95
Neutral
51.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PINE, the sentiment is Negative. The current price of 16.58 is above the 20-day moving average (MA) of 16.45, below the 50-day MA of 16.60, and below the 200-day MA of 16.69, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 43.95 is Neutral, neither overbought nor oversold. The STOCH value of 51.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PINE.
Alpine Income Property Trust Inc Risk Analysis
Alpine Income Property Trust Inc disclosed 100 risk factors in its most recent earnings report. Alpine Income Property Trust Inc reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alpine Income Property Trust Inc Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $1.72B | 24.98 | 7.41% | 5.81% | 9.44% | 8.76% | |
80 Outperform | $6.08B | 28.15 | 6.21% | 3.59% | 24.84% | -6.90% | |
80 Outperform | $52.14B | 59.58 | 2.40% | 5.36% | 29.49% | -22.38% | |
79 Outperform | $8.04B | 19.91 | 9.32% | 5.38% | 4.97% | -0.26% | |
77 Outperform | $2.93B | 27.44 | 7.43% | 4.74% | 6.96% | -0.41% | |
66 Neutral | $240.37M | 121.02 | 0.82% | 6.69% | 9.31% | -57.35% | |
61 Neutral | $4.91B | 18.99 | -3.12% | 7.77% | 6.71% | -19.69% |
* Real Estate Sector Average
Performance Comparison
PINE
Alpine Income Property Trust Inc
16.36
1.37
9.14%
GTY
Getty Realty
31.30
5.62
21.88%
NNN
National Retail Properties
43.19
2.68
6.62%
O
Realty Income
58.49
8.29
16.51%
FCPT
Four Corners Property
28.99
5.88
25.44%
EPRT
Essential Properties Realty
31.56
7.31
30.14%
Alpine Income Property Trust Inc Earnings Call Summary
Earnings Call Date: Feb 6, 2025 | % Change Since: -3.60% | Next Earnings Date: Apr 17, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong performance with significant growth in AFFO and FFO, successful investment activities, and strategic portfolio management. However, challenges such as the impact of Party City bankruptcy and Cinemark lease non-renewal present short-term earnings headwinds.Highlights
Strong Earnings Growth
AFFO of $0.74 per diluted share for the year, representing growth of 17%. FFO for the year was $1.73 per diluted share, representing 18% growth over the prior year.
Successful Investment Activity
Acquired six properties for $50.5 million at a weighted average cash cap rate of 7.6% in Q4. Full-year acquisitions totaled twelve properties at a weighted average cash cap rate of 8.2%.
Dividend Increase
Common dividend raised to a new quarterly rate of $0.285, effective the first quarter of 2025, continuing the trend of annual increases since the IPO in 2019.
Robust Commercial Loan Origination
Originated three commercial loans during the year for $31.1 million at a weighted average yield of 10.7%.
Strategic Portfolio Pruning
Sold $62 million of property at an average cap rate of 6.9%, reducing exposure to Walgreens and diversifying tenant base.
Healthy Liquidity Position
$95 million of liquidity at year-end, with potential to expand revolving credit facility to $150 million.
Lowlights
Party City Bankruptcy Impact
One Party City lease in the portfolio, which may impact short-term earnings until the property is leased or sold.
Cinemark Lease Non-renewal
Cinemark did not renew its lease for a theater in Reno, leading to potential short-term earnings headwinds until the asset is sold or redeployed.
Increased Real Estate Expenses
Real estate expenses increased due to the Reno lease expiration in November.
Potential Exposure to Interest Rate Fluctuations
Approximately $50 million of the revolver balance is floating, which may lead to exposure to interest rate changes.
Company Guidance
During the Alpine Income Property Trust, Inc. Q4 Year End 2024 Earnings Conference Call, several key metrics and guidance for 2025 were highlighted. The company reported a strong performance with AFFO growth of 17% to $0.74 per diluted share for 2024, enabling a dividend increase to $0.285 per quarter, or $1.14 annually. The company made significant investments, acquiring properties worth $50.5 million in Q4 at a 7.6% cash cap rate, contributing to a total of $134.7 million in investments for the year at an average yield of 8.7%. Additionally, they originated $31.1 million in commercial loans at a 10.7% yield. For 2025, the company provided earnings guidance with FFO and AFFO expected to range between $1.70 and $1.73 per diluted share, based on assumptions of $50 million to $80 million in investments and $20 million to $30 million in dispositions. Challenges include potential headwinds from Party City's bankruptcy and a vacant Cinemark property, impacting 2025 earnings by approximately $0.08 per share. Despite these, the company anticipates strong investment opportunities and strategic property acquisitions to continue delivering value to shareholders.Alpine Income Property Trust Inc Corporate Events
DividendsBusiness Operations and StrategyFinancial Disclosures
Alpine Income Property Trust Reports 2024 Financial Results
Positive
Feb 6, 2025
On February 6, 2025, Alpine Income Property Trust reported its financial results for the fourth quarter and full year of 2024. Despite a fourth-quarter net loss, the company achieved a 17% growth in AFFO per share for the year and increased its dividend for Q1 2025. The year saw successful investment and disposition activities, with $134.7 million in investments closed and $75 million in dispositions. The company also reduced its exposure to Walgreens and extended its average lease term, positioning itself for future growth.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.