DAYTONA BEACH, Fla., Sept. 21, 2020 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced the acquisition of a portfolio of three single-tenant net-leased retail income properties located in Maine and leased to an affiliate of Dollar General. The leases are guaranteed by the investment grade-rated Dollar General parent entity. The portfolio was purchased for approximately $4.6 million, representing a going-in cap rate of 6.85%. Each of the leases with Dollar General has approximately 13.1 years remaining on its initial lease term. The Company funded the acquisition with the Company’s line of credit. Dollar General is now the Company’s fifth largest tenant as a percentage of annualized base rent.
Including this newly acquired portfolio, the Company’s total portfolio now consists of 43 properties located in 30 markets and 18 states across 16 industries, with a weighted average remaining lease term of 8.6 years. The Company has acquired $94.2 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 6.9%.
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.
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 June 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:Lisa M. Vorakoun, Vice President & Chief Accounting Officer