Alpine Income Property Trust, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 19, 2023 at 04:10 pm
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Alpine Income Property Trust, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 11.45 million compared to USD 11.52 million a year ago. Revenue was USD 11.56 million compared to USD 11.52 million a year ago. Net loss was USD 0.837 million compared to net income of USD 9.77 million a year ago. Basic loss per share from continuing operations was USD 0.06 compared to basic earnings per share from continuing operations of USD 0.82 a year ago. Diluted loss per share from continuing operations was USD 0.05 compared to diluted earnings per share from continuing operations of USD 0.72 a year ago.
For the nine months, sales was USD 33.95 million compared to USD 33.6 million a year ago. Revenue was USD 34.06 million compared to USD 33.6 million a year ago. Net income was USD 2.58 million compared to USD 24.86 million a year ago. Basic earnings per share from continuing operations was USD 0.18 compared to USD 2.11 a year ago. Diluted earnings per share from continuing operations was USD 0.16 compared to USD 1.84 a year ago.
Alpine Income Property Trust, Inc. is a real estate investment trust. The Company seeks to deliver risk-adjusted returns and cash dividends by investing in, owning, and operating a portfolio of single tenant net leased properties that are predominately leased to publicly traded and credit-rated tenants. The Companyâs primary objective is to maximize cash flow and value per share by generating stable and growing cash flows and risk-adjusted returns through the ownership, operation, and growth through acquisition of a diversified portfolio of net leased commercial properties with a long-term real estate fundamental and through the investment of commercial loans secured by commercial real estate. The Company operates through two segments: income properties and commercial loans and investments. The 138 properties in the Companyâs portfolio represents approximately 3.8 million of gross rentable square feet with leases that have a weighted average lease term of seven years.