Alpine Raises 2025 FFO Guidance, Reports Q3 Loss

Alpine Income Property Trust raised its FY2025 FFO/AFFO guidance to about $1.82–$1.85 and reported Q3 2025 results. For the quarter the company recorded AFFO and FFO per diluted share of $0.46 (up 24.5% year-over-year), revenue of $14.6 million, and a GAAP net loss of roughly $4.5 million (EPS ≈ $(0.29)), driven by higher interest expense and impairment provisions. Alpine declared a $0.285 quarterly cash dividend (about an 8.25% annualized yield) with an AFFO payout ratio near 62%. Year-to-date through September the company invested roughly $136 million — including $60.8 million of acquisitions and $34.3 million of dispositions — and its loan portfolio totaled about $94 million at an ~11.5% average interest rate, with a $14.1 million phase-one loan funded post-quarter. The operating portfolio remains 128 net-leased properties across 34 states (≈4.1M sq ft) at ~99.4% occupancy, with ~48% of annual base rent from investment-grade tenants such as Lowe’s and Dick’s Sporting Goods.