Alpine Income Property Trust, Inc.

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, CFO Philip Mays. Please proceed.

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 reports, earnings release, and most recent investor presentation, which contains reconciliations of the non-GAAP financial measures we use, on our website at www.alpineread.com. With that, I will turn the call over to John.

Thanks, Phil. The fourth quarter was a strong finish to an excellent 2024 for Pine as we executed successfully on all areas of the business plan. Starting with earnings, we achieved AFFO of $1.74 per diluted share for the year representing growth of 17%. This robust growth in earnings along with free cash flow permitted us to once again raise our common dividend to a new quarterly rate of 28.5 cents effective the first quarter of 2025. This new annualized dividend of $1.14 continues Pine's achievement of increasing its annual dividend each year since its IPO in November of 2019, while continuing to provide shareholders an attractive, well-covered dividend yield. Driving our earnings growth, a successful quarter and a year of investment activity. During the fourth quarter, we acquired six properties for $50.5 million at a weighted average cash cap rate of 7.6%. This brings our full-year acquisition activity to 12 properties for $103.6 million at a weighted average cash cap rate of 8.2%. Our 2024 acquisitions included investment-grade rated Best Buy, Dick's Sporting Goods, and Lowe's, along with three beachfront restaurants, increasing our walls to 8.7 years from seven years of beginning of the year. Further, we ended the year with 51% of our ABR attributable assets to investment-grade rated tenants. Supplementing our 2024 property acquisitions, we originated three commercial loans during the year for $31.1 million at a weighted average yield of 10.7%. Taking loan originations and property acquisitions together, we successfully completed $134.7 million of total investments during 2024 at an average yield of 8.7%. Additionally, during the year, we successfully pruned our portfolio, selling $62 million of property at an average cap rate of 6.9%. These dispositions reflected a strategic effort to improve the diversification of our cash flow and reduce risk and included three Walgreens, moving Walgreens from our largest tenant in terms of AVR to our fourth largest tenant. Notably, triple B rated Dick's Sporting Goods and triple B plus rated Lowe's are now our two largest tenants, each representing 10% of AVR. Additionally, we were able to reinvest net proceeds from these dispositions into new acquisitions at a positive yield spread. As we look to 2025, we continue our investment strategy employing a barbell approach with regards to property acquisitions. On one side, we will invest in investment-rated tenants to provide consistent and stable cash flows, while on the other side, we will seek higher-yielding opportunities to provide growth and diversification. Additionally, we will continue to augment and complement our property investments by selectively originating commercial loans. Phil will discuss 2025 earnings guidance, but I do want to make note of a couple of related items. First, as you are aware, Party City filed for bankruptcy. Pine does have one-party city lease in its portfolio. This lease is for a property located in Oceanside, New York on Long Island. The densely populated and desirable location of this property will provide us with multiple alternatives to release or sell it. Second, in late 2024, Cinemark did not renew its lease for our theater in Reno. We are anticipating that this and had this property under contract to be sold. However, the buyer had an unanticipated event that prevented closing. Accordingly, we're now focused on selling this asset and redeploying the capital. These two matters will be short-term earnings headwinds until lease are sold and the proceeds redeployed. As we look ahead, we see an active and attractive pipeline of opportunities across the tenant landscape and remain focused on executing our strategy to deliver for Pines investors. With that, I'll turn the call over to Phil.