Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2024 Earnings Conference Call April 19, 2024 9:00 AM ET

Company Participants

John Albright - President and Chief Executive Officer
Lisa Vorakoun - Chief Accounting Officer

Conference Call Participants

Gaurav Mehta - Alliance Global Partners
Jason Weaver - JonesTrading
Rob Stevenson - Janney Montgomery Scott
John Massocca - B. Riley
Wesley Golladay - Baird
Michael Gorman - BTIG

Operator

Good day, and thank you for standing by. Welcome to the Alpine Q1 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Lisa Vorakoun, Chief Accounting Officer. Please go ahead.

Lisa Vorakoun

Good morning, everyone, and thank you for joining us today for the Alpine Income Property Trust's first quarter 2024 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 law. 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 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 the non-GAAP financial measures we use on our website at alpinereit.com.

Now, I'd like to turn the call over to John for his prepared remarks.

John Albright

Thanks, Lisa, and good morning, everyone. I'd like to start off by thanking our former CFO, Matt Partridge, for his many contributions to our company. We wish him well with his new opportunity. We have engaged a national firm to search for a new CFO and have started interviewing candidates.

Reviewing our first quarter investment activity, although the traditional acquisition market was quiet for us during the quarter, we did originate a $7.2 million first mortgage loan investment, of which $3.6 million was funded during the quarter. We also acquired the land under our CVS in Baton Rouge for $1 million.

The initial yield on our loan investment was 11.3%, and the cash cap rate for our land acquisition was 7.3%. The loan investment made during the quarter was to provide a $7.2 million of funding with a two-year term towards a six pad retail development anchored by Chick-fil-A in a growing sub-market of Atlanta, Georgia.