{"id":5997,"date":"2022-05-03T02:18:48","date_gmt":"2022-05-03T07:18:48","guid":{"rendered":"https:\/\/1reason.com\/re\/alpine-income-property-trust-announces-sale-of-single-tenant-office-property-leased-to-wells-fargo\/5997\/"},"modified":"2022-05-03T21:18:48","modified_gmt":"2022-05-04T02:18:48","slug":"alpine-income-property-trust-announces-sale-of-single-tenant-office-property-leased-to-wells-fargo","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/alpine-income-property-trust-announces-sale-of-single-tenant-office-property-leased-to-wells-fargo\/5997\/","title":{"rendered":"Alpine Income Property Trust Announces Sale of Single Tenant Office Property Leased to Wells Fargo"},"content":{"rendered":"
The Property has 3.7 years of remaining lease term and was sold for $38.8 million, generating a gain on sale of $7.0 million. The Company utilized the proceeds from the sale of the Property as part of like-kind reverse 1031 exchanges. The Company\u2019s exit of its office property segment has generated combined gains on sale of $16.1 million. <\/p>\n

\u201cThe sale of our sole remaining office property leased to Wells Fargo was the final step in our initiative to position our high-quality net lease portfolio as 100% retail,\u201d said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. \u201cThe redeployment of the proceeds, which was done in advance of this sale through our purchase of our recently disclosed pharmacy portfolio, establishes Walgreens as our new top tenant and meaningfully improves our portfolio\u2019s overall weighted average lease term and geographic diversity, while maintaining our robust exposure to investment grade tenants.\u201d<\/p>\n

About Alpine Income Property Trust, Inc.<\/u><\/strong><\/p>\n

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.<\/p>\n

We encourage you to review our most recent investor presentation which is available on our website at http:\/\/www.alpinereit.com<\/u><\/a>.<\/p>\n

Safe Harbor<\/u><\/strong><\/p>\n

This press release may contain \u201cforward-looking statements.\u201d Forward-looking statements include statements that may be identified by words such as \u201ccould,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201clikely,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cseeks,\u201d \u201cbelieves,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201ccontinues,\u201d \u201cprojects\u201d and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company\u2019s current expectations and assumptions regarding capital market conditions, the Company\u2019s 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\u2019s 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 and its variants on the Company\u2019s business and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the Company\u2019s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2021 and other risks and uncertainties discussed from time to time in the Company\u2019s 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.<\/p>\n\n\n
Contact:<\/td>\nMatthew M. Partridge
Senior Vice President, Chief Financial Officer & Treasurer
(407) 904-3324
mpartridge@alpinereit.com<\/u><\/a><\/td>\n<\/tr>\n<\/table>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

WINTER PARK, Fla., April 14, 2022 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the \u201cCompany\u201d) today announced the disposition of its single tenant office property located in Hillsboro, Oregon and net leased to Wells Fargo (the \u201cProperty\u201d).<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5997"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=5997"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5997\/revisions"}],"predecessor-version":[{"id":6004,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/5997\/revisions\/6004"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=5997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=5997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=5997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}