Alpine Income Property Trust reported solid Q3 results with a 4.5% increase in AFFO per share, driven by significant investment activity and a portfolio heavily weighted towards investment-grade tenants.
- Q3 AFFO and FFO both came in at $0.46 per diluted share, marking growth of 4.5% and 2.2% year-over-year.
- The company acquired two properties leased to Lowe's for $21.1 million, making it the largest tenant by annualized base rent.
- Year-to-date property acquisition volume reached $60.8 million with a weighted average initial cap rate of 7.7%.
- The portfolio now comprises 128 properties, 99.4% occupied, with 48% of annual base rent derived from investment-grade tenants.
- A healthy liquidity position of $61 million provides ample opportunity for strategic growth moving forward.
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