Alpine Income Property Trust Increases Quarterly Dividend by 9.1% and Declares Dividend for the First Quarter 2021

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) announced a quarterly cash dividend increase to $0.24 per share from $0.22, effective for Q1 2021. This represents a 9.1% increase and provides an annualized yield of approximately 5.5% based on the February 10, 2021 closing price. The dividend will be paid on March 31, 2021 to stockholders of record by March 22, 2021.

Positive

• Quarterly cash dividend increased by 9.1%
• New dividend yield of approximately 5.5%

Negative

• None.

DAYTONA BEACH, Fla., Feb. 11, 2021 (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, an increase in the Company’s quarterly cash dividend to $0.24 per share of common stock for the first quarter of 2021 from its previous quarterly cash dividend of $0.22 per share of common stock. The dividend is payable on March 31, 2021 to stockholders of record as of the close of business on March 22, 2021. The 2021 first quarter cash dividend represents a 9.1% increase over the Company’s previous quarterly dividend and an annualized yield of approximately 5.5% based on the closing price of the common stock on February 10, 2021.

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 is Alpine Income Property Trust's dividend for Q1 2021?

The dividend for Q1 2021 is $0.24 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on March 31, 2021.

What was the previous dividend amount before the increase?

The previous dividend amount was $0.22 per share.

What is the annualized yield based on the new dividend?

The annualized yield is approximately 5.5% based on the closing price on February 10, 2021.

Who are the stockholders of record for the dividend payment?

Stockholders of record are those on record by March 22, 2021.