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Alpine Income Property Trust Reports First Quarter 2025 Operating and Financial Results
Source: Nasdaq GlobeNewswire / 24 Apr 2025 16:05:00 America/New_York
- Closed Investments of $79.2 million at a weighted average initial cash yield of 9.0% -
- Increased Dividend Q1 2025 -
- First Quarter Net Loss of $(0.08) per diluted share and FFO and AFFO of $0.44 per diluted share -WINTER PARK, Fla., April 24, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced its operating results and earnings for the quarter ended March 31, 2025.
“In the first quarter, we completed investments that approached $80 million with a weighted average initial cash yield of 9.0%, again demonstrating our ability to successfully source and close attractive investments,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “We also continued to selectively recycle capital with dispositions of properties that we believe provide positive benefits to our diversification and portfolio strength. As we look ahead, we believe that our property portfolio with a weighted average remaining lease term of 9.0 years combined with our ability to source attractive investments, should support our ability to continue to deliver strong results.”
First Quarter 2025 Highlights
Operating results for the three months ended March 31, 2025 (dollars in thousands, except per share data):
Three Months Ended March 31, 2025 March 31, 2024 Total Revenues $ 14,206 $ 12,466 Net Loss Attributable to PINE $ (1,179 ) $ (260 ) Net Loss per Diluted Share Attributable to PINE $ (0.08 ) $ (0.02 ) FFO (1) $ 6,909 $ 6,130 FFO per Diluted Share (1) $ 0.44 $ 0.41 AFFO (1) $ 7,040 $ 6,243 AFFO per Diluted Share (1) $ 0.44 $ 0.42 ______________________________
(1) See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO, and AFFO per diluted share.
Investment Activity
Acquisitions for the three months ended March 31, 2025 (dollars in thousands):
For the Three Months Ended
March 31, 2025Number of
InvestmentsAmount Properties 3 $ 39,695 Commercial Loans and Investments 4 39,540 Totals 7 $ 79,235 Properties - Weighted Average Initial Cash Cap Rate 8.6% Commercial Loans and Investments - Weighted Average Initial Cash Yield 9.5% Total Investments - Weighted Average Initial Cash Yield 9.0% Properties - Weighted Average Remaining Lease Term 14.3 years Disposition Activity
Dispositions for the three months ended March 31, 2025 (dollars in thousands):
For the Three Months Ended
March 31, 2025Number of
InvestmentsAmount Properties 3 $ 11,695 Commercial Loans and Investments — — Totals 3 $ 11,695 Properties - Weighted Average Exit Cash Cap Rate 9.1% Commercial Loans and Investments - Weighted Average Cash Yield —% Total Investments - Weighted Average Cash Yield 9.1% Property Portfolio (1)
The Company’s property portfolio consisted of the following as of March 31, 2025:
Number of Properties 134 Square Feet 4.1 million Annualized Base Rent (ABR) $47.1 million Weighted Average Remaining Lease Term 9.0 years States where Properties are Located 35 Industries 23 Occupancy 98.6% % of ABR Attributable to Investment Grade Rated Tenants 50% % of ABR Attributable to Credit Rated Tenants 81% % of ABR Attributable to Sale-Leaseback Tenants (1) 8% ______________________________
(1) During the year ended December 31, 2024, the Company acquired three single-tenant income properties (the “Tampa Properties”) in the greater Tampa Bay, Florida area for $31.4 million through a sale-leaseback transaction that includes a tenant repurchase option. This sale-leaseback transaction is accounted for as a financing arrangement for GAAP purposes and, as such, the related assets and corresponding revenue are included in the Company’s commercial loans and investments on its consolidated balance sheets and consolidated statements of operations. However, for purposes of describing our property portfolio, including for tenant, industry, and state concentrations, the Company includes the Tampa Properties, as they constitute real estate assets for both legal and tax purposes.
The Company’s property portfolio included the following top tenants that represent 2.0% or greater of the Company's total ABR as of March 31, 2025:
Tenant Credit Rating % of ABR Dicks Sporting Goods BBB / Baa2 10% Lowe's BBB+ / Baa1 9% Beachside Hospitality Group NR / NR 8% Walgreens BB- / Ba3 7% Dollar Tree/Family Dollar BBB / Baa2 7% Best Buy BBB+ / A3 5% Dollar General BBB / Baa3 5% Germfree Laboratories NR / NR 4% Walmart AA / Aa2 4% At Home CCC / Caa3 3% Bass Pro Shops BB- / Ba3 3% BJ's Wholesale Club BB+ / Ba1 3% Academy Sports BB+ / Ba2 3% Alamo Drafthouse A- / A2 2% Home Depot A / A2 2% Other 25% Total 100% The Company’s property portfolio consisted of the following top industries that represent 2.0% or greater of the Company's total ABR as of March 31, 2025:
Industry % of ABR Sporting Goods 16% Home Improvement 12% Dollar Stores 12% Casual Dining 9% Pharmacy 8% Home Furnishings 7% Consumer Electronics 6% Entertainment 5% Technology, Media & Life Sciences 4% Grocery 4% Off-Price Retail 3% Wholesale Club 3% General Merchandise 3% Other 8% Total 100% The Company’s property portfolio included properties in the following top states that represent 2.0% or greater of the Company’s total ABR as of March 31, 2025:
State % of ABR Florida 14% New Jersey 10% New York 7% North Carolina 6% Illinois 6% Michigan 6% Texas 6% Georgia 4% Ohio 4% Minnesota 3% West Virginia 3% Tennessee 3% Colorado 2% Kansas 2% Other 24% Total 100% Balance Sheet and Capital Markets (dollars in thousands, except per share data)
As of March 31, 2025 Leverage Net Debt / Total Enterprise Value 57.1% Net Debt / Pro Forma Adjusted EBITDA 7.9x Fixed Charge Coverage Ratio 3.5x Liquidity Available Capacity Under Revolving Credit Facility $ 56,358 Cash, Cash Equivalents and Restricted Cash (1) 8,518 Total Liquidity $ 64,876 ______________________________
(1) Includes all unrestricted cash and cash equivalents and restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.
The Revolving Credit Facility has commitments for up to $250.0 million; however, borrowing availability is based on an unencumbered asset value, as defined in the underlying credit agreement. As of March 31, 2025, the Company had an outstanding balance of $157.0 million under the Revolving Credit Facility and $56.4 million of available capacity.
Below is a summary of repurchases of shares of common stock under the Company’s $10.0 million common stock repurchase program for the three months ended March 31, 2025:
Repurchase Program For the Three Months Ended March 31, 2025 Shares Repurchased 273,825 Weighted Average Price per Share (Gross) $ 16.33 Net Price $ 4,481 Subsequent to March 31, 2025 through April 24, 2025, the Company repurchased an additional 193,409 shares under the Company’s $10.0 million common stock repurchase program for a weighted average gross purchase price of $15.88 per share, or a net price of $3.1 million.
The Company’s long-term debt as of March 31, 2025:
As of March 31, 2025 Face Value Debt Stated Interest Rate Wtd. Avg. Rate Maturity Date Revolving Credit Facility (1) $ 157,000 SOFR + 0.10% +
[1.25% - 2.20%]5.63% January 2027 2026 Term Loan (2) 100,000 SOFR + 0.10% +
[1.35% - 1.95%]3.65% May 2026 2027 Term Loan (3) 100,000 SOFR + 0.10% +
[1.25% - 1.90%]3.60% January 2027 Total Debt/Weighted-Average Rate $ 357,000 4.51% ______________________________
(1) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 3.21% plus the SOFR adjustment of 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s Revolving Credit Facility.
(2) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2026 Term Loan balance.
(3) As of March 31, 2025, the Company has utilized interest rate swaps to fix SOFR and achieve a weighted average fixed interest rate of 2.05% plus the SOFR adjustment of 0.10% and the applicable spread for the $100 million 2027 Term Loan balance.
Subsequent to March 31, 2025, on April 4, 2025, the Company entered into an interest rate swap to fix SOFR and achieve a fixed interest rate of 3.43% plus 0.10% and the applicable spread on $50 million of the outstanding balance on the Company’s Revolving Credit Facility.
As of March 31, 2025, the Company held a 92.2% interest in Alpine Income Property OP, LP, the Company’s operating partnership (the “Operating Partnership” or “OP”). There were 1,223,854 OP Units held by third parties outstanding and 14,418,673 shares of the Company’s common stock outstanding, for total outstanding common stock and OP Units held by third parties of 15,642,527 as of March 31, 2025.
Dividends
The Company’s dividends for the three months ended March 31, 2025:
For the Three Months
Ended March 31, 2025Dividends Declared and Paid per Share $ 0.285 FFO Payout Ratio 64.8% AFFO Payout Ratio 64.8% 2025 Outlook
The Company is increasing its FFO, AFFO, and Investments outlook for 2025, to take into account the Company’s year-to-date performance. The Company’s outlook for 2025 is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the Company's reports filed with the U.S. Securities and Exchange Commission (the “Commission”).
The Company’s revised outlook for 2025 is as follows:
Revised Outlook Range for 2025 Change from Prior Outlook (Unaudited) Low High Low High Investments $70 million to $100 million $20 million to $20 million Dispositions $50 million to $70 million $30 million to $40 million FFO per Diluted Share $1.74 to $1.77 $0.04 to $0.04 AFFO per Diluted Share $1.74 to $1.77 $0.04 to $0.04 Weighted Average Diluted Shares Outstanding 15.5 million to 16.0 million (0.5) million to (0.5) million Reconciliation of the revised outlook range of the Company’s 2025 estimated Net Loss per Diluted Share to estimated FFO and AFFO per Diluted Share:
Revised Outlook
Range for 2025(Unaudited) Low High Net Loss per Diluted Share $ (0.22 ) $ (0.19 ) Depreciation and Amortization 1.90 1.90 Provision for Impairment (1) 0.13 0.13 Gain on Disposition of Assets (1) (0.07 ) (0.07 ) FFO per Diluted Share $ 1.74 $ 1.77 Adjustments: Amortization of Intangible Assets and Liabilities to Lease Income (0.04 ) (0.04 ) Straight-Line Rent Adjustment (0.05 ) (0.05 ) Non-Cash Compensation 0.02 0.02 Amortization of Deferred Financing Costs to Interest Expense 0.05 0.05 Other Non-Cash Adjustments 0.02 0.02 AFFO per Diluted Share $ 1.74 $ 1.77 (1) Provision for Impairment and Gain on Disposition of Assets represents the actual adjustment for the three months ended March 31, 2025. The Company’s revised outlook excludes projections related to these measures.
First Quarter 2025 Earnings Conference Call & Webcast
The Company will host a conference call to present its operating results for the quarter ended March 31, 2025, on Friday, April 25, 2025 at 9:00 AM ET.
A live webcast of the call will be available on the Investor Relations page of the Company’s website at www.alpinereit.com or at the link provided in the event details below. To access the call by phone, please go to the link provided in the event details below and you will be provided with dial-in details.
Webcast: https://edge.media-server.com/mmc/p/2z8mw8kf Dial-In: https://register-conf.media-server.com/register/BIa4784cf846494047b82c5db2965501de We encourage participants to dial into the conference call at least fifteen minutes ahead of the scheduled start time. A replay of the earnings call will be archived and available online through the Investor Relations section of the Company’s website at www.alpinereit.com.
About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.
We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the business of its tenants and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”) Adjusted Funds From Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxes, Depreciation and Amortization (“Pro Forma Adjusted EBITDA”), all of which are non-GAAP financial measures. We believe these non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.
FFO, AFFO, and Pro Forma Adjusted EBITDA do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.
We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude real estate related depreciation and amortization, as well as extraordinary items (as defined by GAAP) such as net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination, including the pro rata share of such adjustments of unconsolidated subsidiaries.To derive AFFO, we further modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as loss on extinguishment of debt, amortization of above- and below-market lease related intangibles, straight-line rental revenue, amortization of deferred financing costs, non-cash compensation, and other non-cash adjustments to income or expense. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.
To derive Pro Forma Adjusted EBITDA, GAAP net income or loss is adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and impairments associated with the implementation of current expected credit losses on commercial loans and investments at the time of origination and/or payoff, and real estate related depreciation and amortization including the pro rata share of such adjustments of unconsolidated subsidiaries, non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, loss on extinguishment of debt, above- and below-market lease related intangibles, non-cash compensation, other non-cash income or expense, and other non-recurring items such as disposition management fees and commission fees. Cash interest expense is also excluded from Pro Forma Adjusted EBITDA, and GAAP net income or loss is adjusted for the annualized impact of acquisitions, dispositions and other similar activities.
FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains or losses on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. We also believe that Pro Forma Adjusted EBITDA is an additional useful supplemental measure for investors to consider as it allows for a better assessment of our operating performance without the distortions created by other non-cash revenues, expenses or certain effects of the Company’s capital structure on our operating performance. FFO, AFFO, and Pro Forma Adjusted EBITDA may not be comparable to similarly titled measures employed by other companies.
Other Definitions
Annualized Base Rent represents the annualized in-place straight-line base rent required by the tenant’s lease.
Credit Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners.
Investment Grade Rated Tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC-2 or higher. If applicable, in the event of a split rating between S&P Global Ratings and Moody’s Investors Services, the Company utilizes the higher of the two ratings as its reference point as to whether a tenant is defined as an Investment Grade Rated Tenant. Credit ratings utilized in this press release are those available from S&P Global Ratings and/or Moody’s Investors Service, as applicable, as of March 31, 2025.
Weighted Average Remaining Lease Term is weighted by the annualized base rent and does not assume the exercise of any tenant purchase options.
Alpine Income Property Trust, Inc. Consolidated Balance Sheets (In thousands, except share and per share data) As of (Unaudited)
March 31, 2025December 31, 2024 ASSETS Real Estate: Land, at Cost $ 146,551 $ 147,912 Building and Improvements, at Cost 358,657 341,955 Total Real Estate, at Cost 505,208 489,867 Less, Accumulated Depreciation (48,055 ) (45,850 ) Real Estate—Net 457,153 444,017 Assets Held for Sale 7,427 2,254 Commercial Loans and Investments 110,009 89,629 Cash and Cash Equivalents 6,138 1,578 Restricted Cash 5,434 6,373 Intangible Lease Assets—Net 46,060 43,925 Straight-Line Rent Adjustment 1,661 1,485 Other Assets 13,515 15,734 Total Assets $ 647,397 $ 604,995 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities $ 8,507 $ 8,445 Prepaid Rent and Deferred Revenue 3,684 2,412 Intangible Lease Liabilities—Net 4,326 4,774 Obligation Under Participation Agreement 10,584 11,403 Long-Term Debt—Net 356,511 301,466 Total Liabilities 383,612 328,500 Commitments and Contingencies Equity: Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Common Stock, $0.01 par value per share, 500 million shares authorized, 14,418,673 shares issued and outstanding as of March 31, 2025 and 14,691,982 shares issued and outstanding as of December 31, 2024 144 147 Additional Paid-in Capital 257,290 261,831 Dividends in Excess of Net Income (21,048 ) (15,722 ) Accumulated Other Comprehensive Income 4,563 6,771 Stockholders' Equity 240,949 253,027 Noncontrolling Interest 22,836 23,468 Total Equity 263,785 276,495 Total Liabilities and Equity $ 647,397 $ 604,995 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended March 31, 2025 March 31, 2024 Revenues: Lease Income $ 11,826 $ 11,464 Interest Income from Commercial Loans and Investments 2,301 903 Other Revenue 79 99 Total Revenues 14,206 12,466 Operating Expenses: Real Estate Expenses 2,034 1,928 General and Administrative Expenses 1,716 1,542 Provision for Impairment 2,031 31 Depreciation and Amortization 7,307 6,382 Total Operating Expenses 13,088 9,883 Gain on Disposition of Assets 1,151 — Net Income From Operations 2,269 2,583 Investment and Other Income 45 69 Interest Expense (3,592 ) (2,935 ) Net Loss (1,278 ) (283 ) Less: Net Loss Attributable to Noncontrolling Interest 99 23 Net Loss Attributable to Alpine Income Property Trust, Inc. $ (1,179 ) $ (260 ) Per Common Share Data: Net Loss Attributable to Alpine Income Property Trust, Inc. Basic and Diluted $ (0.08 ) $ (0.02 ) Weighted Average Number of Common Shares: Basic 14,628,921 13,621,208 Diluted (1) 15,852,775 14,845,062 Dividends Declared and Paid $ 0.285 $ 0.275 ______________________________
(1) Includes 1,223,854 shares during the three months ended March 31, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. For the three months ended March 31, 2025 and 2024, the impact of the 1,223,854 shares was anti-dilutive to the Net Loss Attributable to Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Funds From Operations and Adjusted Funds From Operations (Unaudited) (In thousands, except per share data) Three Months Ended March 31, 2025 March 31, 2024 Net Loss $ (1,278 ) $ (283 ) Depreciation and Amortization 7,307 6,382 Provision for Impairment 2,031 31 Gain on Disposition of Assets (1,151 ) — Funds From Operations $ 6,909 $ 6,130 Adjustments: Amortization of Intangible Assets and Liabilities to Lease Income (80 ) (110 ) Straight-Line Rent Adjustment (131 ) (65 ) Non-Cash Compensation 95 79 Amortization of Deferred Financing Costs to Interest Expense 190 180 Other Non-Cash Adjustments 57 29 Adjusted Funds From Operations $ 7,040 $ 6,243 FFO per Diluted Share $ 0.44 $ 0.41 AFFO per Diluted Share $ 0.44 $ 0.42 Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) Three Months Ended
March 31, 2025Net Loss $ (1,278 ) Adjustments: Depreciation and Amortization 7,307 Provision for Impairment 2,031 Gain on Disposition of Assets (1,151 ) Amortization of Intangible Assets and Liabilities to Lease Income (80 ) Straight-Line Rent Adjustment (131 ) Non-Cash Compensation 95 Amortization of Deferred Financing Costs to Interest Expense 190 Other Non-Cash Adjustments 57 Other Non-Recurring Items (13 ) Interest Expense, Net of Deferred Financing Costs Amortization and Interest on Obligation Under Participation Agreement 3,188 Adjusted EBITDA $ 10,215 Annualized Adjusted EBITDA $ 40,860 Pro Forma Annualized Impact of Current Quarter Investment Activity (1) 3,389 Pro Forma Adjusted EBITDA $ 44,249 Total Long-Term Debt $ 356,511 Financing Costs, Net of Accumulated Amortization 489 Cash and Cash Equivalents (6,138 ) Restricted Cash (2) (2,381 ) Net Debt $ 348,481 Net Debt to Pro Forma Adjusted EBITDA 7.9 x ______________________________
(1) Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 2025.
(2) Includes only restricted cash held in escrow accounts to be reinvested through the like-kind exchange structure.
Contact: Investor Relations ir@alpinereit.com
