Alpine Income Property Trust, Inc.

Good day and thank you for standing by. Welcome to the Alpine Income Property Trust Q3 earnings call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised today's conference is being recorded. I would now like to end 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 Albright, President and Chief Executive Officer, Philip Mays, Chief Financial Officer, and other members of the executive team that will be available to answer questions during the call. As a reminder, many of our comments today are considered forward-looking statements under federal securities laws. 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 contain reconciliations of the non-GAAP financial measures, we use on our website at www.altinereit.com. With that, I will turn the call over to John.

Thank you, Jenna, and good morning, everyone. We're pleased to report another strong quarter highlighted by AFFO per share growth of 4.5% compared to the same quarter last year and meaningful investment activity both during and shortly after the quarter end. We believe this investment activity has set a foundation for continued earnings growth through the remainder of 2025 and into 2026. Starting with our investment activity, During the quarter, we acquired two properties, ground lease to Lowe's, for $21.1 million at a weighted average initial cap rate of 6% and a weighted average lease term, or WALT, of 11.6 years. Investment grade rated Lowe's is now our largest tenant by AVR, surpassing investment grade rated Dick's Sporting Goods, which now ranks number two. Year-to-date through the third quarter, property acquisition volume totaled $60.8 million at a weighted average initial cap rate of 7.7% in a waltz of 13.6 years. Regarding the property dispositions during the quarter, we sold three assets for $6.2 million, including an advanced auto parts, our vacant theater and Reno, and a vacant property formerly leased to a convenience store. Year-to-date disposition volume through September 30th was $34.3 million and of which 29 million, excluding vacant properties, was sold at a weighted average exit cap rate of 8.4%. As of quarter end, our property portfolio consisted of 128 properties, totaling 4.1 million square feet across 34 states, with approximately 99.4% occupied, with 48% of ABR derived from investment-grade rated tenants, and a WALT of 8.7 years. Additionally, after the quarter end, we acquired a four-property portfolio for $3.8 million with a weighted average initial cap rate of 8.4% and went nonrefundable on a sales contract of one of our eight remaining Walgreens for $5.5 million. Now moving to our loan investments. As a result of our long-term reputation and deep relationships, we continue to see and capitalize on exciting opportunities to originate high-yielding, quality loans with strong sponsors and at compelling risk-adjusted returns. During the quarter, we originated two loans and one upsized loan totaling $28.6 million at a weighted average initial yield of 10.6%. This included a first mortgage loan for industrial redevelopment and a seller financing note related to the sale of our former theater in Reno. Year-to-date, through September 30th, we originated $74.8 million of commitments for loan investments and a weighted average initial cash yield of 9.9%. Additionally, as disclosed in our earnings release, we have originated three loans since the quarter end, most notably a first mortgage loan secured by Luxury Residential Development located in Austin, Texas' metropolitan area. Under this loan agreement, we have funded $14.1 million at closing related to a Phase I loan with a total commitment of $29.5 million. The loan agreement also provides for Phase II loan with a commitment of up to $31.8 million. All additional funding is subject to the borrower's satisfaction of certain conditions. Currently, we anticipate funding the balance of the Phase I loan by year-end and the Phase II loan in early 2026. The 36-month loan initially bears interest at 17%, inclusive of 4% paid-in-kind interest for the full loan term. stepping down to 16% for months 7 to 12 and 14% thereafter. The loan will be repaid as collateralized home lots are sold, with such sales anticipated to begin as early as late 2025. We believe this loan, as all of our loans, is secured by strong real estate banked by high-quality sponsor. As is often the case with our larger loans, there is institutional interest in pursuing a purchase of a senior tranche of this loan, and we currently anticipate participating a portion of it out to reduce our net hold and further enhance our yield. In summary, we believe that our recent investment activity across both property and loan investment positions pine for continued growth through the remainder of 2025 and into 2026. With that, I'll turn the call over to Phil.