Alpine Income Property Trust, Inc. (NYSE:PINE) Q2 2024 Earnings Conference Call July 19, 2024 9:00 AM ET
Company Participants
John Albright - President, CEO
Phil Mays - Chief Financial Officer
Steven Greathouse - Chief Investment Officer
Conference Call Participants
Gaurav Mehta - Alliance Global Partners
RJ Milligan - Raymond James
Rob Stevenson - Janney Montgomery Scott
Wesley Golladay - Baird
Matthew Erdner - Jones Trading
John Massocca - B. Riley Securities
Barry Oxford - Colliers International
Operator
Good day! And welcome to the Alpine Income Property Trust, Second Quarter 2024 Operating Results Conference 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]. As a reminder, this call is being recorded.
I would now like to turn the call over to John Albright, President and CEO. Please go ahead.
John Albright
Good morning, everyone, and thank you for joining us today for the Alpine Income Property Trust, second quarter 2024 operating results conference call. I am pleased to have Phil Mays, our new Chief Financial Officer, joining me this morning.
Before we begin, I will turn it over to Phil to provide customary disclosures regarding today's call. Phil?
Phil Mays
Thanks John. I would 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 files. You can find our SEC reports, earnings release, and most recent investor presentation, which contains reconciliations of the non-GAAP financial measures we use on our website at alpinereit.com.
With that, I will turn the call back over to John.
John Albright
Thanks Phil. We are pleased that our successful asset recycling and investments and higher-yielding quality loans have delivered a strong quarter and led to an increase in our earnings guidance.
On the asset recycling front during the quarter, we acquired a $14.6 million property leased to investment-grade tenants Best Buy and Golf Galaxy, and accretive yield to the disposition of two properties leased to Festival Foods and Hobby Lobby for a disposition volume of $6.6 million and a blended exit cap rate of 7% for the sold properties. Further, we are beginning to see investment opportunities in the market that we plan to take advantage of and continue recycling at accretive yields.