Alpine Income Property Trust, Inc.

Good day and thank you for standing by. Welcome to the Alpine Q2 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jenna McKinney. Please go ahead.

Thank you. Joining me in participating on the call this morning are John Ulbright, president and CEO, Phillip Mays, CFO, and other members of the executive team that will be available to answer questions during the call. As a reminder, many of our comments there consider forward-looking statements under federal security laws. The company's actual future results may differ significantly from the matters discussed in the 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 FTC filings. You can find our FTC reports, earnings release, and both recent investor presentations, which contain reconciliations of the non-GAAP financial measures we use on our website at .alltimerate.com. With that, I will turn the call over to John.

Thank you, Jen. And good morning, everyone. We were pleased to report FFO for share growth .3% in the quarter and .8% -to-day compared to the same period last year. Discerning for us was driven by our investment activity over the last year. We remain focused on our barbell investment strategy, preparing higher yielding acquisitions supported by quality tenants and solid real estate fundamentals with select investment grade tenants to maintain a diversified and balanced portfolio that delivers favorable risk-adjusted returns. Maintaining this plan and adhering to our underwriting criteria, we did not complete any additional property acquisitions this quarter, following a busy first quarter in which we closed $39.7 million of property acquisitions at a weighted average initial yield of 8.6%. However, we are actively pursuing multiple interesting investment opportunities and anticipate some closing in the second half of the year. Turning to property dispositions during the quarter, we sold five net lease properties for $16.5 million and weighted average exit cap of 7.9%. These sales included two Walgreens, a Dollar Tree, Verizon, and Old Time Pottery. We have now reduced our Walgreens exposure over the past year by 500 basis points to 7% of ADR and have moved it from our largest tenant concentration a year ago to currently our fifth largest. Further, we continue to make progress on our recently vacated properties. The theater of Reno is under contract to be sold and we are actively negotiating the potential sale of our Long Island property previously leased by Party City. On the commercial loan front, this quarter we provided seller financing in conjunction with our Old Time Pottery disposition and originated one first mortgage loan. Combined, these loans totaled $6.6 million and were fully funded at closing with a weighted average initial yield of 9.8%. This brings our -to-date loan closings to $46.2 million with a weighted average initial yield of 9.1%. The ability to originate select commercial loans is another tool in our disposal to further diversify our income streams and deploy capital at attractive returns. Further, the linear relationships we have cultivated are generating some unique loan investment opportunities. We are actively underwriting several high-yielding loans backed by high-quality sponsors with strong credit metrics and real estate fundamentals and expect one or two of these transactions to close in the back half of the year. Moving to our property portfolio, as of the quarter end, our portfolio consists of 129 properties totaling 3.9 million square feet across 34 states and was .2% occupied. Our top two tests are investment-grade, day-exporting goods, and loans that together represent 20% of the portfolio ABR. More broadly, 51% of our portfolio ABR is derived from investment-grade rated tests. Notably, our weighted average remaining lease term now stands at 8.9 years, up from 6.6 years just a year ago. Lastly, a couple of specific tenant updates. Bass Pro Shops completed its full renovation of approximately 66,000 square foot building located on nine acres in Minnesota. This properly formally leased to Camping World was assigned to Bass Pro Shops and we amended the lease to a new 20-year initial lease term. This was a new lease term, which commenced upon their opening in Mid-Bay. Additionally, at-home file for Bank of San June, however, both of our properties leased at-home, paid rent in July, and neither were on the initial closure list. With that, I'll turn the call over to Phil.