Alpine Income Property Trust, Inc. (PINE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the Alpine first quarter 2025 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 Jenna McKinney, Director of Finance. Please go ahead. Thank you. 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 report, earnings release, and most recent investor presentation, which contain reconciliations of the non-GAAP financial measures we use, on our website at www.alpinerete.com. With that, I will turn the call over to John. Thanks, Jenna. The first quarter was an excellent start to the year for Pine across all areas of our business. Starting with earnings, we achieved AFFO of $0.44 per diluted share for the quarter. representing growth of approximately 5% compared to the first quarter of last year. As previously announced, this growth in earnings and free cash flow provided support for us to raise our common dividend to a new quarterly rate of 28.5 cents paid in the first quarter, continuing Pine's practice of increasing its annual dividend every year since its IPO. Further, Pine's dividend yield continues to be one of the highest in the sector, Driving our ear...