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Alpine Income Property Trust Inc. (PINE+0.67%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $52.2 million for the year, an increase from $45.6 million in 2023. Lease income contributed $46.0 million, while interest income from commercial loans and investments was $5.8 million.
Operating expenses totaled $41.7 million, slightly down from $41.9 million in 2023. Real estate expenses increased to $7.8 million, while general and administrative expenses rose to $6.6 million.
The company recorded a provision for impairment of $1.7 million, primarily due to current expected credit losses and losses related to income properties.
Net income attributable to Alpine Income Property Trust Inc. was $2.1 million, down from $2.9 million in the previous year. The decrease is attributed to lower gains on asset dispositions.
Alpine acquired 12 properties for $103.6 million and sold 15 properties for $62.0 million during the year. The company also invested in three commercial loans with a total commitment of $31.1 million.
As of December 31, 2024, Alpine owned 134 properties across 35 states, with a portfolio occupancy rate of 98% and a weighted average lease term of 8.7 years.
The company maintains a $250 million credit facility, with $102 million drawn and $89.5 million available.
Alpine is externally managed by Alpine Income Property Manager, LLC, a subsidiary of CTO Realty Growth, Inc., and operates as a REIT for tax purposes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Alpine Income Property Trust Inc. annual 10-K report dated February 6, 2025. To report an error, please email earnings@qz.com.