Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2023 Earnings Conference Call April 21, 2023 9:00 AM ET
Company Participants
Matt Partridge - Chief Financial Officer
John Albright - President & Chief Executive Officer
Conference Call Participants
Gaurav Mehta - EF Hutton
Matthew Erdner - JonesTrading
Barry Oxford - Colliers
Wes Golladay - Baird
Michael Gorman - BTIG
RJ Milligan - Raymond James
Rob Stevenson - Janney
Operator
Good day and thank you for standing by. Welcome to the Alpine Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Matt Partridge. Please go ahead.
Matt Partridge
Good morning, everyone and thank you for joining us today for the Alpine Income Property Trust First Quarter 2023 Operating Results Conference Call. With me today is our CEO and President, John Albright.
Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.
Factors and risks that could cause the actual results to differ materially from expectations are disclosed from time-to-time in greater detail in the company’s Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, earnings release, and most recent investor presentation, which contain reconciliations of non-GAAP financial measures we use, on our website at alpinereit.com.
John Albright
Thanks, Matt, and good morning to everyone. We're pleased to report a positive start to the year as we continue to execute our asset recycling strategy. Relative to our initial expectations heading into the year, we've experienced a more active transaction environment with attractive pricing and demand. This has allowed us to increase liquidity for selective investment, improve financial flexibility as a result of deleveraging our balance sheet, and we're positioned to improve overall portfolio quality through targeted reinvestment and predominantly investment-grade rated tenants.
In terms of our headline transaction activities during the quarter, we chose to be opportunistic with our asset sales and take advantage of the demand in the market. While there is plenty of uncertainty regarding where interest rates are headed and the underlying macroeconomic environment, we were able to find attractive opportunities to sell non-investment-grade properties.