Alpine Income Property Trust, Inc. Announces Pricing of Upsized Public Offering of Common Stock

Rhea-AI Summary

Alpine Income Property Trust, Inc. (NYSE: PINE) has announced a public offering of 2,800,000 shares of its common stock, priced at approximately $49.8 million. A 30-day option allows underwriters to purchase an additional 420,000 shares, potentially increasing gross proceeds to $57.3 million. Proceeds will go to Alpine Income Property OP, LP for debt repayment and general corporate purposes, aiding in property acquisitions. The offering is set to close on June 7, 2021, subject to standard closing conditions.

Positive

• Gross proceeds from the offering expected to total $49.8 million, potentially $57.3 million if the option is exercised.
• Funds will assist in repaying debt and may facilitate future property acquisitions.

Negative

• Possible dilution of existing shares due to the issuance of new shares.
• -

DAYTONA BEACH, Fla., June 03, 2021 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced the pricing of an underwritten public offering of 2,800,000 shares of its common stock. The underwriters have been granted a 30-day option to purchase up to an additional 420,000 shares of the Company’s common stock. The offering is expected to close on June 7, 2021 and is subject to customary closing conditions. Total estimated gross proceeds of the offering are approximately $49.8 million or approximately $57.3 million if the underwriters exercise their option to purchase additional shares in full.

The Company intends to contribute the net proceeds from this offering to Alpine Income Property OP, LP, its operating partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest of the Operating Partnership. The Operating Partnership may use the net proceeds contributed by the Company to repay amounts outstanding under the Company’s credit facility and for general corporate and working capital purposes, which may include funding property acquisitions.

Raymond James, Baird and Stifel are acting as joint book-running managers for the offering. BMO Capital Markets, BTIG and Janney Montgomery Scott are acting as co-managers for the offering.

All shares of common stock will be offered under the Company’s existing shelf registration statement filed with the Securities and Exchange Commission. The offering of these shares will be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting: Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, telephone (800) 248-8863, email: prospectus@raymondjames.com; Robert W. Baird & Co. Incorporated, Attention: Syndicate Department, 777 E. Wisconsin Avenue, Milwaukee, WI 53202, telephone: 800-792-2473, email: syndicate@rwbaird.com; and Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, telephone: (855) 300‐7136, email: syndprospectus@stifel.com, fax: 443.224.1273.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 net leased commercial income properties.

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. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and the factors set forth under “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which can be accessed at the Securities and Exchange Commission’s website at www.sec.gov. All forward-looking statements speak only as of the date on which they are made. You are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company’s views only as of the date of this press release. Except as required by law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements appearing in this press release. The Company does not undertake any obligation to update any forward-looking statements contained in this press release 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 is the purpose of Alpine Income Property Trust's public offering on June 3, 2021?

The purpose is to raise funds for debt repayment and general corporate uses, including potential property acquisitions.

How many shares are being offered in the Alpine Income Property Trust's public offering?

The company is offering 2,800,000 shares of its common stock.

What are the expected gross proceeds from the public offering by Alpine Income Property Trust?

The total estimated gross proceeds are approximately $49.8 million, or $57.3 million if the underwriter's option is fully exercised.

When is the expected closing date for the public offering by Alpine Income Property Trust?

The offering is expected to close on June 7, 2021, subject to customary closing conditions.