Alpine Income Property Trust Provides Portfolio Update and Announces Record 2021 Transaction Activity
05 Januar 2022 - 10:10PM
Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”)
today provided a portfolio update and announced its record 2021
acquisition and disposition activities.
2021 Acquisition Highlights
- During the year ended December 31,
2021, the Company acquired 68 net lease retail properties for a
total acquisition volume of $260.3 million, representing a
weighted-average going-in cash cap rate of 6.8%. Acquisitions
completed during the year had a weighted-average remaining lease
term of 8.2 years and approximately 37% of annualized base rents
are from a tenant or the parent of a tenant with an investment
grade credit rating.
- During the fourth quarter of 2021,
the Company acquired 26 net lease retail properties for total
acquisition volume of $101.6 million, representing a
weighted-average going-in cash cap rate of 6.2%. Acquisitions
completed during the fourth quarter had a weighted-average
remaining lease term of 8.1 years and approximately 32% of
annualized base rents are from a tenant or the parent of a tenant
with an investment grade credit rating.
- The fourth quarter 2021
acquisitions are located in 11 states, net leased to tenants
operating in 10 different retail sectors, including the home
improvement, sporting goods, home furnishings, casual dining,
dollar store, convenience store and farm & rural supply
sectors, and approximately 34% of annualized base rents are from
ground leased properties.
2021 Disposition Highlights
- During the year ended December 31,
2021, the Company sold 3 net lease properties for total disposition
volume of $28.3 million, at a weighted average exit cap rate of
7.2%. The sale of the properties generated aggregate gains of $9.7
million.
- During the fourth quarter of 2021,
the Company sold its single tenant office properties located in
Orlando, Florida net leased to Hilton Grand Vacations for $24.5
million, representing an exit cap rate of 7.5%.
Year-End 2021 Portfolio
Update
- As of December 31, 2021, the
Company owned 113 net lease properties that were 100% occupied and
generated $36.9 million of annualized based rent.
- The Company’s portfolio at year-end
2021 had a weighted-average remaining lease term of 7.8 years,
approximately 9% of annualized base rents are from ground leased
properties and approximately 45% of annualized base rents are from
a tenant or the parent of a tenant with an investment grade credit
rating.
“I’m very pleased with our strong finish to a
very productive year,” said John P. Albright, President and Chief
Executive Officer of Alpine Income Property Trust. “The fourth
quarter represents our largest quarter of acquisition volume
to-date and involved a number of attractive opportunities,
including a ground lease portfolio that made up more than one third
of our overall volume. We’re encouraged by the strength of our
pipeline and confident our portfolio’s strong demographics,
well-performing and defensive retail sectors and attractive real
estate fundamentals position us for stability and growth as we head
into 2022.”
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. For additional information on the Company, please visit
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.
The Company defines “annualized base rent” as
the annualized straight-line in-place base rent required by the
tenant’s lease as of December 31, 2021. ABR is a non-GAAP financial
measure. We believe this non-GAAP financial measure is useful to
investors because it is a widely accepted industry measure used by
analysts and investors to compare the real estate portfolios and
operating performance of real estate investment trusts.
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Contact: |
Matthew M. Partridge Senior Vice President, Chief Financial Officer
& Treasurer (386) 944-5643 mpartridge@alpinereit.com |
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