Alpine Income Property Trust, Inc. (NYSE:PINE) Q3 2024 Earnings Conference Call October 18, 2024 9:00 AM ET
Company Participants
John Albright - President, Chief Executive Officer, Director
Phil Mays - Senior Vice President, Chief Financial Officer, Treasurer
Conference Call Participants
Michael Goldsmith - UBS
RJ Milligan - Raymond James
Wesley Golladay - Baird
Rob Stevenson - Janney Montgomery Scott
Matthew Erdner - Jones Trading
John Massocca - B. Riley Securities
Craig Kucera - Lucid Capital Markets
Operator
Good day! And welcome to the Alpine Income Property Trust Q3, 2024 Earnings Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Instructions will be given at that time. As a reminder, this call may be recorded.
I would 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 Alpine Income Property Trust third quarter 2024 conference call. Before we begin, I'll 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 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 www.alpinereit.com.
With that, I will turn the call back to John.
John Albright
Thanks, Phil. We are very pleased with our third quarter results across all aspects of our strategy. As we successfully continued accretive asset recycling, originated a high-yielding loan, raised our quarterly dividend, reduced our Walgreens exposure, and lengthened our weighted average lease term. These combined efforts resulted in another quarter of strong earnings growth, reduced leverage, and enabled us to again raise full-year earnings and investment guidance.
Beginning with property acquisitions. During the quarter we acquired four net lease properties for $37.5 million at a weighted average initial cap rate of 8.8%. Three of these properties, all located in the greater Tampa Bay area, were purchased for $31.4 million as a sale-leaseback transaction with a subsidiary of Beachside Hospitality Group.