Alpine Income Property Trust Announces Acquisition of Single Tenant Property Net Leased to Dollar General

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) has announced the acquisition of a single-tenant net leased income property in Kermit, Texas, leased to Dollar General for approximately $1.9 million. The acquisition reflects a going-in cap rate consistent with the company’s guidance and has 14.8 years remaining on the lease. This addition increases the company's portfolio to 46 properties across 33 markets and 17 states, with a weighted average lease term of 8.5 years. Year-to-date, Alpine has acquired properties totaling $101.2 million at a 6.9% weighted average cap rate.

Positive

• Acquisition of a Dollar General property enhances the portfolio diversity.
• The transaction reflects a stable cap rate of approximately 6.9%.
• Portfolio expansion to 46 properties across 33 markets indicates growth.

Negative

• None.

DAYTONA BEACH, Fla., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced today it has acquired a single tenant net leased income property located in Kermit, Texas and leased to Dollar General (the “Acquisition”). The lease is guaranteed by the investment grade rated Dollar General parent entity. The property was purchased for approximately $1.9 million, representing a going-in cap rate consistent with the Company’s guidance and past transactions, and has approximately 14.8 years remaining on the initial lease term.

Including the new Acquisition, the Company’s portfolio now consists of 46 properties located in 33 markets and 17 states across 18 industries, with a weighted average remaining lease term of 8.5 years. The Company has acquired $101.2 million of single tenant net leased properties year-to-date, with a weighted average going-in cap rate of 6.9%.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.

Safe Harbor

This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters, the impact of the COVID-19 Pandemic on the Company’s business and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact:

Matthew M. Partridge Senior Vice President, Chief Financial Officer & Treasurer (386) 944-5643 mpartridge@alpinereit.com

FAQ

What was the value of the acquisition made by Alpine Income Property Trust?

Alpine Income Property Trust acquired a property for approximately $1.9 million.

What is the remaining lease term for the Dollar General property?

The acquired Dollar General property has approximately 14.8 years remaining on its initial lease term.

How many properties does Alpine Income Property Trust have in its portfolio after the acquisition?

Following the acquisition, Alpine Income Property Trust's portfolio consists of 46 properties.

What is the weighted average cap rate for Alpine's acquisitions this year?

The weighted average cap rate for Alpine's acquisitions this year is 6.9%.