Alpine Income Property Trust Announces Sale of Single Tenant Office Properties Leased to Hilton Grand Vacations
02 Dezember 2021 - 10:31PM
Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”)
today announced the disposition of its single tenant office
properties located in Orlando, Florida and net leased to Hilton
Grand Vacations (the “Property”). The Property has five years of
remaining lease term and was sold for $24.5 million, representing
an exit cap rate of 7.5% and generating a gain on sale of $9.1
million. The Company anticipates utilizing the proceeds from the
sale of the Property as part of a like-kind 1031 exchange.
“The sale of our Hilton Grand Vacation office
properties improves our overall weighted average lease term and is
a meaningful step in our efforts to position our high-quality net
lease portfolio as 100% retail,” said John P. Albright, President
and Chief Executive Officer of Alpine Income Property Trust. “As we
look to redeploy the disposition proceeds, we’re focused on driving
sustainable earnings by further improving our portfolio’s overall
quality through increased geographic, sector and tenant diversity
as we invest in retail net lease properties supported by strong
underlying demographics and attractive real estate
fundamentals.”
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
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 and its variants 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, 2020 and other risks and uncertainties
discussed from time to time in the Company’s 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.
Contact: |
Matthew M. Partridge Senior Vice President, Chief Financial Officer
& Treasurer (386) 944-5643 mpartridge@alpinereit.com |
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