Alpine Income Property Trust Announces Approval of New $10 Million Common Stock Repurchase Program

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) has announced that its Board of Directors has approved a new common stock repurchase program. Under this initiative, the company is authorized to repurchase up to $10 million worth of its common stock through open market purchases, block trades, or other methods.

The program is flexible, with no requirement to repurchase any specific dollar amount or number of shares, and can be suspended or discontinued at any time. Alpine Income Property Trust is a publicly traded REIT focused on delivering risk-adjusted returns and dependable cash dividends through investments in single tenant net leased commercial income properties, primarily leased to high-quality publicly traded and credit-rated tenants.

Positive

• Board approval for $10 million stock repurchase program
• Flexible implementation with no minimum purchase requirements
• Program signals management's confidence in company value
• Potential to enhance shareholder value through reduced share count

Negative

• Capital allocation to buybacks may limit funds for property acquisitions
• No guaranteed timeline or commitment to complete the repurchase program

Insights

Financial Analyst

The newly authorized $10 million share repurchase program represents a significant capital allocation decision for Alpine Income Property Trust, accounting for approximately 4.2% of its market capitalization. This move carries particular weight in the net lease REIT sector, where capital deployment decisions directly impact shareholder returns.

Several key implications emerge from this announcement:

• The optional nature of the program provides valuable flexibility, allowing management to opportunistically repurchase shares when they believe the stock is trading below intrinsic value, without any obligation to exhaust the full amount.
• For a net lease REIT focused on high-quality tenants, this signals management's confidence in their underlying property portfolio's stability and cash flow generation capacity.
• The decision to allocate capital to share repurchases rather than property acquisitions suggests management views their stock as undervalued relative to direct property investments in the current market.

The program's size is well-calibrated - large enough to meaningfully impact share count if fully utilized, yet conservative enough to maintain financial flexibility for property acquisitions and maintain a healthy balance sheet. This balanced approach is particularly important given the current higher interest rate environment and its impact on commercial real estate valuations.

WINTER PARK, Fla., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced today that its Board of Directors approved a new common stock repurchase program (the “Program”). Under the Program, the Company may acquire shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), in the open market, from time to time, in block trades, or otherwise, for a total purchase price of up to $10,000,000. The Program does not require the Company to repurchase any dollar amount or number of shares of Common Stock and may be suspended or discontinued at any time.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.

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

Contact:			Philip R. Mays
			Senior Vice President, Chief Financial Officer and Treasurer
			(407) 904-3324
			pmays@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, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and the impact of such epidemics or pandemics 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, 2024 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. 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.

FAQ

What is the size of PINE's new stock repurchase program announced in February 2024?

Alpine Income Property Trust (PINE) announced a $10 million common stock repurchase program.

Is PINE required to repurchase all $10 million worth of shares under the new program?

No, the program does not require PINE to repurchase any specific dollar amount or number of shares and can be suspended or discontinued at any time.

How will PINE execute its new stock repurchase program?

PINE can acquire shares through open market purchases, block trades, or other methods.

What is the purpose of PINE's stock repurchase program?

The program allows PINE to buy back its own shares, which can potentially enhance shareholder value and signal management's confidence in the company's value.

When did PINE's Board approve the new stock repurchase program?

PINE's Board of Directors approved the new stock repurchase program on February 12, 2024.