Alpine Income Property Trust, Inc. reported a total revenue of $52.2 million for the fiscal year ending December 31, 2024, marking a 14.4% increase from $45.6 million in 2023. The company's net income attributable to shareholders decreased to $2.1 million, down 29.2% from $2.9 million in the previous year. This decline in net income was primarily driven by a significant reduction in gains from property dispositions, which fell from $9.3 million in 2023 to $3.4 million in 2024. The company’s total assets increased to $605.0 million, up from $564.6 million in 2023, reflecting ongoing investment in its property portfolio and commercial loans.
In terms of operational performance, Alpine Income Property Trust's portfolio consisted of 134 properties across 35 states, with a 98% occupancy rate and a weighted average lease term of 8.7 years. The company acquired 12 properties for a total of $103.6 million during 2024, including three commercial loans with a funding commitment of $31.1 million. The company also sold 15 properties for $62.0 million, generating gains of $3.4 million. The increase in interest income from commercial loans and investments was notable, rising to $5.8 million from $0.6 million in the previous year, attributed to an expanded portfolio.
The company’s financial position was bolstered by a total equity of $276.5 million as of December 31, 2024, slightly up from $275.6 million in 2023. Long-term debt increased to $301.5 million, reflecting the company's strategy to leverage debt for property acquisitions and investments. The company also maintained a robust liquidity position, with $90.4 million available under its at-the-market equity offering program and $89.5 million of available capacity on its $250 million credit facility.
Looking ahead, Alpine Income Property Trust expressed confidence in its ability to continue generating stable cash flows and attractive risk-adjusted returns through its diversified portfolio of net-leased commercial properties. The company aims to capitalize on favorable market conditions and investor demand for net lease properties, while also managing risks associated with tenant defaults and economic fluctuations. The management team remains focused on strategic acquisitions and maintaining high occupancy rates to support future growth and shareholder value.
About Alpine Income Property Trust, Inc.
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