Alpine Income Property Trust, Inc. Announces Acquisition of a Single-Tenant Retail Property for $8.0 Million

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) has announced the acquisition of a net-leased retail property for approximately $8 million, with a going-in cap rate of 6.68%. The 55,000 square foot building, leased to Hobby Lobby, is situated on over four acres in Asheville, North Carolina, and has around 11 years remaining on the lease, including rent escalations every five years. This acquisition expands the company's portfolio to 30 properties across 20 markets and 13 states, with a weighted average remaining lease term of 8.7 years.

Positive

• Acquired a net-leased retail property for $8 million with a 6.68% cap rate.
• The property has a lease term of approximately 11 years with rent escalations every five years.
• Portfolio expansion to 30 properties, enhancing market presence.
• Year-to-date acquisitions amounting to approximately $55 million with a weighted average cap rate of 7.03%.

Negative

• None.

DAYTONA BEACH, Fla., June 24, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced the acquisition of a net-leased retail income property for a purchase price of approximately $8.0 million, representing a going-in cap rate of 6.68%.

The Company acquired an approximately 55,000 square foot building leased to Hobby Lobby, situated on over four acres, with approximately 11 years remaining on the lease term that includes contractual rent escalations every five years.  The property, developed in 2016, is in the Asheville, North Carolina MSA.

Including this single-tenant net leased retail income property, the Company’s portfolio now consists of 30 properties located in 20 markets and 13 states across 14 industries, with a weighted average remaining lease term of 8.7 years.  The Company has acquired approximately $55 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 7.03%. 

About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. 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 visit our website at 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 March 31, 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.

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15%; width:15%; min-width:15%;">Contact:	85%; width:85%; min-width:85%;">Mark E. Patten, Sr. Vice President & Chief Financial Officer mpatten@alpinereit.com
Phone:	(386) 944-5643
Facsimile:	(386) 274-1223

FAQ

What was the purchase price of the Alpine Income Property Trust acquisition?

The acquisition was for approximately $8 million.

What type of property did Alpine Income Property Trust acquire?

Alpine Income Property Trust acquired a net-leased retail property leased to Hobby Lobby.

What is the expected impact of this acquisition on PINE's portfolio?

This acquisition expands PINE's portfolio to 30 properties across 20 markets.

What is the cap rate of the newly acquired property?

The going-in cap rate for the new property is 6.68%.

How much has Alpine Income Property Trust spent on acquisitions this year?

The company has acquired approximately $55 million in properties year-to-date.