Alpine Income Property reports Q3 AFFO 38c, consensus 39c

Reports Q3 revenue $11.56M, consensus $11.61M. “Our third quarter results were driven by our differentiated asset recycling program and continued focus on identifying value in a transactions market that we believe has been slow to reprice in the rising interest rate environment,” said John Albright, president and CEO of Alpine Income Property Trust. “Our transaction activities during the quarter were well-diversified, as we took advantage of strong buyer demand for our non-investment grade assets, acquired properties supported by attractive real estate fundamentals at above market cap rates, and invested in our existing portfolio with the repurchase of nearly $5 million of our common equity. As we look forward to the balance of the year, we’ve reduced our guidance in consideration of more conservative expectations regarding the timing of investment activity, a tenant bankruptcy, and increased borrowing costs. Given that we have significantly upgraded our portfolio over the past few years, we believe we are well-suited for what is becoming a more challenging environment.”