WINTER PARK, Fla., Nov. 14, 2022 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced today that it has released its November 2022 Investor Presentation on its website and provides an update on its recent corporate and investment activities:
- To date, during the fourth quarter of 2022, has acquired four net leasehold retail properties for a total acquisition volume of $35.5 million at a weighted average capitalization rate of 7.4%. Acquired properties are leased to Home Depot, Dick’s Sporting Goods and Dollar Tree/Family Dollar and 100% of acquired annualized base rents are generated by a tenant or relative of a tenant with an investment grade rating.
- Sale of a net leasehold property during the fourth quarter of 2022 for $2.0 million at a maximum exit rate of 5.2%, generating a gain on sale of $1.6 million .
- The Company’s top five tenants based on total annualized base rent are Walgreens, Dick’s Sporting Goods, Dollar Tree/Family Dollar, Lowe’s and Dollar General. The top five tenants maintain investment grade credit ratings and the total annualized base rent attributable to investment grade tenants for the entire portfolio is 53%.
- Provided a notice of intent to cancel the Company’s $30.0 million CMBS mortgage secured by six net rental properties (the “CMBS Loan”) before the end of 2022. The Company is contracted to sell three of the six properties securing the CMBS loan for a combined sale price of $22.1 million.
Certain closing conditions must be satisfied prior to or at closing to complete the announced contractual provisions and the Company’s anticipated cancellation of the CMBS Loan. These conditions are not currently met. Accordingly, as of the date of this press release and until the closing of these transactions, there can be no assurance that the Company will complete the referenced transactions.
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 commercial income properties.
We encourage you to review our most recent Investor Presentation, available on our website at http://www.alpinereit.com.
Safe Harbor and Disclosures
This press release may contain “forward-looking statements”. Forward-looking statements include statements that can be identified by words such as “could”, “could”, “could”, “will”, “probable”, “anticipate”, “intend”, “expect”. , “seeks”, “believes”, “estimates”, “expects”, “continues”, “projects” and other 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. Accordingly, 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 set forth in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability related to environmental issues, illiquidity of real estate investments and potential damages resulting from natural disasters, the impact of the COVID-19 pandemic and its variations on the business of the Company and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the business of the Company or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set out under “Risk Factors in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. United. 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.
Annualized Base Rent (“ABR”) represents the annualized in-place straight-line base rent required by the tenant’s lease. ABR is a non-GAAP financial measure. We believe this non-GAAP financial measure is useful to investors because it is a widely accepted measure in the industry and used by analysts and investors to compare real estate portfolios and the operating performance of REITs.
The Company defines an Investment Grade rated tenant as a tenant or parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service, Fitch Ratings or the National Association of Insurance Commissioners of Baa3, BBB-, or NAIC -2 or higher.
|Contact:||Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer