Alpine Income Property Trust Declares Dividend for the Third Quarter 2024

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) has declared a quarterly cash dividend of $0.280 per share for the third quarter of 2024. This represents a 1.8% increase from the previous dividend of $0.275 per share. The dividend will be payable on September 30, 2024, to stockholders of record as of September 12, 2024. Based on the closing price of PINE's common stock on August 19, 2024, this dividend reflects an annualized yield of approximately 6.4%.

Alpine Income Property Trust is a publicly traded REIT that focuses on investing in, owning, and operating a portfolio of single-tenant net leased commercial income properties. These properties are predominantly leased to high-quality publicly traded and credit-rated tenants.

Positive

• Quarterly dividend increased by 1.8% to $0.280 per share
• Annualized dividend yield of approximately 6.4% based on recent stock price
• Focus on high-quality tenants, including publicly traded and credit-rated companies

Negative

• None.

News Market Reaction – PINE

+2.25%

1 alert

+2.25% News Effect

On the day this news was published, PINE gained 2.25%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

WINTER PARK, Fla., Aug. 20, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced today that its Board of Directors has authorized, and the Company has declared, a quarterly cash dividend of $0.280 per share of common stock for the third quarter of 2024 (the “Common Stock Cash Dividend”).

The Common Stock Cash Dividend represents a 1.8% increase as compared to the Company’s previous quarterly cash dividend of $0.275 per share of common stock and an annualized yield of approximately 6.4% based on the closing price of the Company’s common stock on August 19, 2024.

The Common Stock Cash Dividend is payable on September 30, 2024, to stockholders of record as of the close of business on September 12, 2024, and the ex-dividend date for the Common Stock Cash Dividend is September 12, 2024.

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

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 (such as the COVID-19 Pandemic and its variants) on the Company’s business and the business 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, 2023 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.

Contact:

Philip R. Mays Senior Vice President, Chief Financial Officer & Treasurer (407) 904-3324 pmays@alpinereit.com

FAQ

What is Alpine Income Property Trust's (PINE) new quarterly dividend for Q3 2024?

Alpine Income Property Trust (PINE) has declared a quarterly cash dividend of $0.280 per share for the third quarter of 2024.

When is the ex-dividend date for PINE's Q3 2024 dividend?

The ex-dividend date for Alpine Income Property Trust's (PINE) Q3 2024 dividend is September 12, 2024.

How much did PINE increase its dividend compared to the previous quarter?

Alpine Income Property Trust (PINE) increased its quarterly dividend by 1.8%, from $0.275 to $0.280 per share.

What is the annualized dividend yield for PINE based on the August 19, 2024 closing price?

Based on the closing price of PINE's common stock on August 19, 2024, the annualized dividend yield is approximately 6.4%.