Alpine Income Property Trust Announces Sale of Single Tenant Office Property Leased to Wells Fargo
14 April 2022 - 10:15PM
Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”)
today announced the disposition of its single tenant office
property located in Hillsboro, Oregon and net leased to Wells Fargo
(the “Property”). 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’s exit of its office property segment has generated
combined gains on sale of $16.1 million.
“The 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,” said
John P. Albright, President and Chief Executive Officer of Alpine
Income Property Trust. “The 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’s overall weighted
average lease term and geographic diversity, while maintaining our
robust exposure to investment grade tenants.”
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 commercial
income 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, 2021 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 (407) 904-3324 mpartridge@alpinereit.com |
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Alpine Income Property (NYSE:PINE)
Historical Stock Chart
Von Apr 2023 bis Apr 2024