Philip Mays
Thanks, John. Beginning with financial results, total revenue was $14.2 million for the quarter, including lease income of $11.8 million and interest income from commercial loans of $2.3 million. FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 4.8%, respectively, compared to the comparable quarter of the prior year. Driving earnings growth for the quarter was investment activity along with prudent and disciplined capital management.
During the first quarter, we opportunistically repurchased approximately 274,000 common shares for $4.5 million at an average price of $16.33 per share. Further, since quarter end, we have continued to repurchase shares as noted in our press release and Form 10-Q filed last evening. Additionally, in April, when interest rates temporarily dropped in connection with initial tariff announcements, we opportunistically executed a SOFR swap, fixing SOFR $50 million at principal at 3.43% through January 1, 2027. The swap is being applied to $50 million of borrowings currently outstanding on our revolving credit facility, reducing the interest rate they're on from approximately 6% at quarter end, to approximately 5% based on our current leverage and applicable pricing tier.
We ended the quarter with net debt to pro forma adjusted EBITDA at 7.9 times. However, it is notable that we have no debt maturing until 2026. And thereafter, our debt maturities are well-staggered. Additionally, at quarter end, we had $65 million of liquidity, consisting of approximately $8 million of cash available for use and $57 million available under our revolving credit facility. Further, with current in-place bank commitments, the availability under our revolving credit facility can expand by an additional $36 million as we acquire properties, providing total potential liquidity of approximately $100 million.
John noted that during the first quarter, we increased our common dividend and paid a quarterly cash dividend of $0.285. Even with this increase, our dividend remains well-covered and supported by free cash flow with an approximate AFFO payout ratio of 65%.
Finally, turning to guidance, we are increasing both our FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, compared to our prior range of $1.70 to $1.73 per diluted share. Once again, our increase was driven by our successful investment activity to start the year and now assumes investment volume of $70 million to $100 million and dispositions of $50 million to $70 million.
Specifically with regards to dispositions, in April, we sold one Walgreens and expect to close the sale of another in May. This would reduce our Walgreens to eight properties and continue decreasing our ABR derived from Walgreen leases.
With that, operator, please open the line for questions.
Operator
(Operator Instructions)
Michael Goldsmith, UBS.
Michael Goldsmith
Good morning. Thanks a lot for taking my questions. First question is just on the AFFO guidance raised. Can you walk through kind of -- you've been quite active during the period, so can you kind of walk through the factors that drove your ability to raise your earnings guidance this quarter? Thanks.
Philip Mays
Yeah, Michael. This is Phil. And there's really three things that drove the increase almost equally. One is the stock buyback. If you look at the close of the quarter, including purchases after the end of the quarter, we purchased $7.6 million worth of stock at an average price now of about $16.15. So just lowering the denominator through buybacks to be opportunistic is one of the factors. Additionally, the swap that I spoke about in my prepared remarks, for $50 million, which took effect early April. That was floating on the line at about 6%, it immediately dropped to about 5%, so (inaudible) pick-up. And then finally, on the investments, it's a little bit of volume, a little bit of timing, a little bit of cap rate, so kind of all three factors. So it's almost equally those three things that they're each $0.01, $0.015 or so. And that's what drove the increase in the guidance.
Michael Goldsmith
That's helpful. And maybe just a clarification, you took the investment guidance up to $70 million to $100 million, so up $20 million, but it looks like you did $80 million in the quarter. Am I missing something there or (inaudible) reconcile those numbers.
Philip Mays
I think it's probably just on the loans and funding. So for the quarter, we did almost $40 million in property acquisitions and we funded close to $20 million in loans. We originated a higher amount, but we funded about $20 million. So combined for the quarter, we were about $60 million funded and out the door.
Michael Goldsmith
Got it. Thanks for that. And then just a question on the share repurchases, right, how are you thinking about this going forward? And then just within the grand scheme of capital allocation, you've been doing more loans, you've been acquiring, and now you're buying back stock. So can you just kind of walk through your priorities in terms of capital allocation? You were active in kind of all three in the first quarter. How active do you think you'll be across the board kind of through the balance of the year?
John Albright
Hey Michael. It's John. Thanks for the question. I mean, look, when the shares are trading at such a big discount to NAV and such a high dividend yield, certainly, we've had a history of both the CTO and PINE to to take advantage of that dislocation. We're much better off selling assets and buying and accreting to NAV and accreting to earnings by buying at such low prices. But we are coming closer to the end of our $10 million buyback, so we'll see after the program gets filled up where we sit. But given our free cash flow stance and we can always sell assets and do that, but that, obviously, is shrinking the company and not exactly the plan.
But as we see loan opportunities and some of these loans are going to be maturing here this year and that will come in and pay down pay down debt and get us in a good spot for acquisitions. As Phil mentioned and his prepared marks, we got plenty of liquidity. So we're trying to take advantage of some good opportunities out there and the pipeline looks good. So it's really a mixture of kind of balancing between buybacks and acquisitions and investments.
Michael Goldsmith
Thanks, guys. Good luck in the second quarter.
Operator
Matthew Erdner, Jones Trading.
Matthew Erdner
Good morning, guys. Thanks for taking the questions, John, I kind of want to touch on the tariffs that you had talked a little bit earlier. But when it comes to kind of just getting the deals done, obviously, convenience stores, I think are kind of sheltered from that. But could you kind of talk about the process as you're selling the At Home or as you kind of look to move on from some of these retail guys that might be affected, just kind of the timing of the deals that it's taking now compared to what it was, say, a year ago?
John Albright
I mean, we're not seeing any sort of big dislocation with the tariff issues, surprisingly, I guess. Given our platform at CTO, that's more obviously leasing involved. We're not seeing some sort of disruption in tenant activity as far as opening new stores, committing to new stores, and so forth. So we're certainly not seeing any disruption, at the PINE platform as far as tenant issues. Restaurants are doing strong. We picked up an Alamo Theater in and outside of Denver that has Sony on the lease. And that's been super strong. And so those things are obviously insulated from tariff issues. So we're definitely monitoring it. But so far, so good and clear selling. But we certainly have an eye out for any issues that may happen.
Matthew Erdner
Got it. That's helpful. I appreciate the color there. And then kind of as a follow-up, turning back to guidance, what's going to drive you to that kind of higher range of investment guidance? Will that be kind of getting towards that $75-ish million in dispositions and just capital recycling?
John Albright
I mean, just kind of a step back, given that we do have the advantage of a small company, we have two assets, as you know, that currently right now are not contributing any income. that's a Party City in Long Island, New York; and a theater in Reno. And the theater in Reno, we have under contract to sell. And the Party City, we're actively marketing that and have indicative interest now, but we're trying to get a better pricing. And so once we sell those assets, which we expect to do this year, having that go to pay down leverage or reinvest is certainly going to be catalyst for the upside of our earnings guidance.
But even at the low side of our earnings guidance, look at our multiples ridiculously low and a high dividend and lots of free cash flow. So if you take the dividend yield of roughly 7% and a free cash flow that you add on those percentages, you're getting a nice total return just sitting here. But that's not what we're here to do. We're here to outperform and I think we have an easy road map to do that. So we'll try to keep on performing for you.
Matthew Erdner
Right. That's very helpful. I appreciate the time this morning. Thank you, guys.
Operator
Rob Stevenson, Janney Montgomery Scott.
Robert Stevenson
Good morning, guys. John, so you sold $12 million at a little over 9 cap rate. The guidance is now $50 million to $80 million of full-year dispositions. Given the mix of assets that you're looking to sell over the remainder of year, what type of cap rate should we be expecting as reasonable to assume on the remaining, call it, $40 million to $70 million of dispositions? Is it something in that sort of high 8s, low 9s? Is it something substantially lower than that given the mix that you're looking to sell? How should we be thinking about that?
John Albright
I think given the mix of possibly having some properties with no income, that could be lower for the mix going forward. However, we are taking the pain with some of the sales that we've just done at higher yields. As we talked about, pruning the portfolio, making it more fortified by selling some of the Walgreens and so forth which we've made some good progress. So it's going to be a mixture. But I would say, going forward, it will tend to be lower than what it has been.
Robert Stevenson
Okay. And to that point on the Walgreens, I think Phil said that you sold one here in April and have another under contract for May sale, what is the market today for Walgreens locations given that sort of weird lease that they have typically? And then, the Sycamore deal. The Sycamore provide -- given where that stock was trading down, is Sycamore a benefit or is the private equity similar to what you saw with At Home where people are running away from private equity-backed sponsors with some of these?
John Albright
I think it adds a little bit more stability as far as knowing that before Sycamore, there was just an unknown what happens to the company or there are no buyers, the company really going all the way down, that sort of thing. So I think it adds stability in a platform. And I think we're actually in talking with some of the merchant developers. Some of them are starting to have programs to go after purchasing Walgreens to reformat into other uses given the sites are generally very strong at corner locations and drive-throughs and so forth. So I think you're starting to see in the private market people becoming more aggressive in acquiring these with a tail of lease with Walgreens and with the expectation they'll be able to get the site back and repurpose it for another use. So we're actually, I would say, net-net within last 60 days is a more positive view than before.
Robert Stevenson
Okay. That's very helpful. And then can you remind us how many of the Family Dollar/Dollar Tree locations you have currently in the portfolio and whether or not they are predominantly Family Dollars or Dollar Trees?
John Albright
Yeah. I'm going to introduce you to Steven Greathouse, our Chief Investment Officer. I'm out of the office in different location. So Steven, you want to give Rob a little bit of color on --
Steven Greathouse
Sure. Hey Rob. I think we have about 31 total between Dollar Tree and Family Dollar. And on the spin, when they go out -- sorry, 25 (inaudible) I guess. But 25 Dollar Trees. And then, when they spend, we're all kind of waiting to happen what's going to happen with the dual-branded ones. About half of those have Dollar Tree credit that will stay on with the spin. So I think, we're well-positioned on those. And they were all relatively new, so they've got 8-plus years of term left on them.
Robert Stevenson
Okay. So 31 total, 25 of those are Dollar Tree. So six are Family Dollars. And three of those Family Dollars keep the Dollar Tree credit. And the other three will have the Brigade, Macellum or whatever it is, credit on it. Is that -- I got that correct?
Steven Greathouse
No. 25 is Family Dollars and about half of those have the Dollar Tree credit on them.
Robert Stevenson
Okay. So it was 6 Dollar Trees, 25 Family Dollars, and half of those 25 or so have the Dollar Tree credit and the other half have the private equity credit.
Steven Greathouse
There you go. That's right.
Robert Stevenson
Okay. All right. That's helpful. Thanks, guys. I appreciate the time this morning.
Operator
Wesley Golladay, Baird.
Wesley Golladay
Good morning, everyone. For the seller financing, for the At Home, was that through a developer?
John Albright
It was. Kind of an investor developer.
Wesley Golladay
Okay. And then when you're looking to sell the theater, does that actually have a negative NOI right now? And then will you provide seller financing if the deal goes through?
John Albright
It does have a negative NOI. And yes, we would offer up seller financing on that. And the deal that we're negotiating with now, they don't want our financing there all cash.
Wesley Golladay
Okay. And then maybe can you talk about the Germfree. When you see more deals like that, is that like a one-off type deal for you?
John Albright
We hope so. But right now, it's kind of a one-off. We don't see anything in the future. But it's super unique. It's really one where we had a competitive advantage given that we were local to this investment opportunity. Germfree's been around over 50 years. A private equity group bought them. They have no leverage. They're using part of the proceeds to invest in the facility. It's a headquarter and manufacturing facility for unique lab, mobile lab development for hospitals, and they have a worldwide footprint. So if you have a nasty, nasty virus like COVID, you're going to buy one of their mobile labs if you're a hospital because you don't want to be dealing with a virus within a hospital where it could escape and be bad news, so you want to have it out in the parking lot or in the back in a mobile lab.
Wesley Golladay
Okay. One last one for me. You had two loans that were upsized on the construction side. What is driving that?
John Albright
Basically, a little bit of construction costs or you could have a situation where the developer has another pad site user that has come on and that they might need site development work for that. But mainly, it's probably an escalation of development costs.
Wesley Golladay
Okay. Thank you.
Operator
Gaurav Mehta, Alliance Global Partners.
Gaurav Mehta
Good morning. I wanted to ask you on a provision for impairment charge that you had in the first quarter. Can you provide some details on that?
Philip Mays
Yeah. This is Phil. On the impairment charge for the first quarter, it wasn't anything that we sold in the quarter. It's more related to properties that we anticipate selling in the short term such as like the Walgreens that I mentioned that we have one under contract and one sold, so it's more related to upcoming dispositions and we were just, given we know where they're going to trade, just it was cleaning up and getting our bases in line with that.
Gaurav Mehta
Okay. And then, second on the loan side, can you provide some color on timing of funding the unfunded commitments within your portfolio?
Philip Mays
What was the question?
Gaurav Mehta
The timing of funding the unfunded commitments within the loan portfolio?
Philip Mays
The timing of funding on the loan portfolio. Where it currently stands, it should be relatively consistent like that for the first half of the year. We do have (inaudible) in the third quarter one of the larger loans maturing, but there'll be new funding that will fill in. So in May, assuming we don't do any additional ones, it'll be pretty even, maybe a little less, towards the end of the year. But we're hopeful that maybe we'll do some additional loans and the funding on that will stay very similar over the year.
Gaurav Mehta
Okay. Thank you. That's all I had.
Operator
RJ Milligan, Raymond James.
RJ Milligan
Good morning, guys. Just a couple of follow=ups, I guess, we'll start with the capital allocation questioning that started the call. But just curious how you think leverage is going to trend. It picked up here in the first quarter. I know you guys have some loan payoffs and some dispositions coming. I'm just curious where you think you might end up the year on the leverage side.
John Albright
Yeah. I'll take the general on that and then Phil can dive deeper. Thanks, RJ, for the question. Given that we have this active share buyback program and given that we had a very active investment quarter, certainly, the leverage ticked up. But as Phil mentioned on the prepared remarks, we still have a lot of liquidity. But given that some of our loans will be paying down and paying off this year and we, as I mentioned, expect to sell our vacant properties this year, I don't anticipate at the end of the year having more leverage than we are now and maybe less.
RJ Milligan
Okay. And then my second question is, obviously, we can look at the top tenant list and get an understanding of who's on the credit watch list. But I'm just curious, looking at the structured investment portfolio, is there anybody there that you would classify as sort of on the tenant watch list because it's obviously a lot more difficult to underrate from our perspective?
John Albright
The structured investment program has basically been geared towards loans on very high-quality credits that we wouldn't be able to purchase on our own because of where they trade on a very low cap rate, talk about Publix grocer or Wawas. So there's no tenant issues from our perspective on the structure of investment program. So super strong assets and we'd love to own them if we could.
RJ Milligan
Great. And then my last question is for Phil, just thinking about run rate of NOI from the first quarter going forward, is there anything in there that we should be thinking about for the next three quarters?
Philip Mays
Probably, the only item I'd note, RJ, is Party City. So if you remember when we gave our initial guidance, we said there was about an (inaudible) related to the theater, which put paying rent towards the end of '24, and then also Party City. And that $0.30 spread almost equally between the $0.24 and $0.04. The theater did exit right at the end of last year, so the current quarter had nothing in it from them. But Party City did pay as we anticipated for the entire first quarter. And now, they will no longer pay the rest of the year. So the Party City will go away, call it, a couple (inaudible) a quarter, going forward, starting in the second quarter. But other than that, it would just be acquisition and disposition volume.
RJ Milligan
Okay. Great. That's it for me. Thanks, guys.
Operator
John Massocca, B. Riley Securities.
John Massocca
Good morning. Let me just clarify around that on the guidance front. Does guidance include any resolution around the Reno theater and Party City assets either at the high end or midpoint? Or that just kind of totally -- there's zeros for the rest of the year in terms of guidance?
Philip Mays
In terms of rent, there's zero for the rest of the year. If we sell them, obviously, we'd get some cash to pay down debt and there'd be some interest savings. They're going to be incrementally favorable if they're not going to be huge movers to our earnings for this year.
John Massocca
Okay. I mean, but they could -- are they in guidance as like the high end and maybe dispositions is like vacant sales?
Philip Mays
Our disposition volume, yeah, if you want to include them, they're in the high end.
John Massocca
And then At Home, I know we've talked about a little bit already, but what was kind of the amount of financing relative to your kind of basis in the property? And I guess is the current percentage exposure in the deck to At Home reflects the interest income from the seller financing or is that just the remaining At Homes you have in your portfolio?
Steven Greathouse
That's just the remaining that we have in our portfolio. And the seller financing was around 65% LTV.
John Massocca
Okay. And then maybe just kind of big picture on the Germfree Labs property. I guess kind of what -- I mean you kind of alluded about the tenant and why they're attractive, but maybe the asset itself, I mean, what kind of fungible is that property? Is it something to ever happen in the future? And just kind of maybe some more details on what the asset actually is and could be repurposed for?
John Albright
Yeah. Good question. Yeah, it's very fungible, in your terms. It's a manufacturing facility with very high ceilings. And they've just basically made this into kind of their headquarters, both a small amount of office and manufacturing. But this would be in high demand as far as industrial use if they weren't there. It's a very low per square foot basis. We bought at $125 square foot. So big land footprint, lots of parking, and very usable in this industrial market.
John Massocca
And geographically in the central Florida area or is that just where the company's based?
John Albright
Yeah, central Florida and closer to our Daytona office. And again, this company's been around over 50 years, so it's well-suited for them and they're basically expanding their manufacturing operations, they're using part of the proceeds to go into the property.
John Massocca
Okay. I appreciate the color. That's it for me. Thank you.
Operator
Thank you. There are no further questions at this time. This does include the question-and-answer session. Thank you for your participation. You may now disconnect. Everyone, have a great day.
