In a recent development, Alpine Income Property Trust shares experienced an 8.5% slide to $15.15 following the company’s swing to a loss in the latest quarter and a revised guidance for 2023.
Quarterly Performance and Financials
Alpine Income Property Trust, a real-estate investment trust, reported a loss of $837,000, or five cents per share, for the third quarter ended September 30. This marks a significant decline from the net income of $9.8 million, or 72 cents per share, recorded in the same period last year. Analysts surveyed by FactSet had anticipated earnings per share of three cents.
Despite the loss, the company witnessed a slight increase in revenue, with figures rising to $11.6 million from $11.5 million in the previous year’s comparable quarter. Analysts had projected revenue of $11.7 million.
Revised Guidance for 2023
Alpine Income Property Trust also lowered its forecast for funds from operations (FFO) per share and adjusted funds from operations (AFFO) per share for 2023. The company now expects FFO per share to range between $1.45 and $1.47, along with an adjusted FFO per-share range of $1.46 to $1.48. This is a downward revision from the previously guided FFO per share range of $1.50 to $1.53 and adjusted FFO per-share range of $1.52 to $1.55.
Alpine Income Property Trust’s Chief Executive, John Albright, commented on the revised guidance by stating, “We’ve reduced our guidance in consideration of more conservative expectations regarding the timing of investment activity, a tenant bankruptcy, and increased borrowing costs.”