PINE Q3 net income $0.21/sh; FFO $0.45/sh +21.6% YoY; raises guidance

Alpine Income Property Trust, Inc.

2024-Q3 EPS reported $0.20 revenue$38,436,000

Total revenues $13.48M, up 16.6% YoY; net income $3.08M attributable vs. loss $0.84M.
FFO per diluted share $0.45 (+21.6%); AFFO $0.44 (+15.8%); dividend raised to $0.28/sh.
Acquired 4 net-lease retail properties for $37.5M at 8.8% cap; sold 8 for $48.6M at 6.8% cap.
FY 2024 FFO guidance raised to $1.67–$1.69; AFFO guidance raised to $1.69–$1.71 per share.
Raised $11.1M net via ATM; funded $10.0M of $17.8M construction loan at 10.25% interest.

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