ALPINE INCOME PROPERTY TRUST, INC. (NYSE:PINE) Q4 2019 Earnings Conference Call - Final Transcript

Feb 04, 2020 • 09:00 am ET

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ALPINE INCOME PROPERTY TRUST, INC. (NYSE:PINE) Q4 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day and welcome to the Alpine Income Property Trust Q4 2019 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions]

I would now like to turn the conference call over to Mr. John Albright, President and CEO. Mr. Albright, The floor is yours, sir.

Executive
John P. Albright

Thank you, operator. Good morning and welcome to Alpine's first conference call to review the operating results of Alpine Income Property Trust for the first 35-day period ended December 31, 2019. My name is John Albright, President and CEO of the company. On the call with me is Mark Patten, our CFO and Dan Smith, our General Counsel and Corporate Secretary.

Mark is going to provide you with customary disclosures regarding our comments on this call today to review some of the operating highlights from our results during the stub period ending December 31, 2019.

Executive
Mark E. Patten

Thanks, John. Good morning everyone. During our call today, we'll make certain statements that may be considered to be 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 may not release revisions to these forward-looking statements to reflect changes after the statements were made. 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 filings with the SEC and in our earnings release issued last night.

I'll also note that we filed our year-end 2019 investor presentation last night, which is now available on our website. Our investor presentation provides additional information you may find useful and that we may refer to during this call. With regard to our reported results for the stub period from November 26 through December 31, 2019, I'll highlight a few elements from our earnings release.

Our FFO and AFFO totaled approximately $642,000 and $805,000 respectively or $0.07 per share and $0.09 per share on a diluted basis. Our independent Board members have to date elected to take their quarterly retainers and Alpine stock. So I thought I'd mentioned, that will be including that in our calculation of AFFO going forward.

You'll note that we recorded a net loss of approximately $39,000 on total revenues of approximately $1.4 million. However, that included in our a charge of approximately $216,000 related to the transaction costs for the acquisition of our initial portfolio of 20 properties. Because the acquisition of our initial portfolio was treated as a business combination, the closing costs were expensed as incurred in most senses going forward, we expect that acquisitions of income properties will be treated as asset purchases and as such, those transaction costs will be capitalized as part of the acquisition.

I'll also mention that we paid our first quarterly dividend of nearly $0.06 per share Just before year-end and included in our earnings release last night, we noted that we announced our first quarter dividend of 2020, totaling $0.20 a share which is payable