WINTER PARK, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced updated third quarter and year-to-date 2024 investment and disposition activities.

2024 Investment Activity

• In September 2024, the Company purchased and amended a first mortgage construction loan secured by a Publix-anchored shopping center and three outparcels located in Charlotte, NC. The current loan commitment is for $17.8 million, of which $10.0 million was funded at closing at an initial interest rate of 10.25%. The rate of the loan increases by 0.25% every 30 days to a maximum rate of 11.00%. However, upon certain leasing criteria being met, the rate will be lowered to 9.50%.

• The Company’s third quarter total investment activity, including acquisitions and structured investments activity, now totals $55.3 million at a weighted average initial investment yield of 9.2%.

• The Company’s year-to-date total investment activity, including acquisitions and structured investment activity, now totals $84.2 million at a weighted average initial investment yield of 9.4%.
  

2024 Disposition Activity

• Since the last announced update, the Company sold an additional five net leased retail properties, leased to Hobby Lobby, Long John Silvers, Chick-fil-A, Tractor Supply and LA Fitness, for a total disposition volume of $28.5 million.

• The Company has one additional property, leased to Walgreens, under a non-refundable contract which is expected to close prior to the end of the third quarter.

• To date, the Company’s third quarter total disposition volume, inclusive of property and structured investment sales, now totals $44.1 million at a weighted average exit cash cap rate of 6.7%.

• The Company’s year-to-date disposition volume, inclusive of property and structured investment sales, now totals $64.3 million at a weighted average exit cash cap rate of 7.0%.

CEO Comments

“We are pleased at our ability to continue investing into better located, higher yielding and higher quality properties utilizing the proceeds from lower yielding dispositions” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Our accretive recycling efforts will provide further growth in our earnings and portfolio diversification.”

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that seeks to deliver attractive risk-adjusted returns and dependable cash dividends by investing in, owning and operating a portfolio of single tenant net leased properties that are predominately leased to high-quality publicly traded and credit-rated tenants.