WINTER PARK, Fla., Jan. 02, 2025 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE), an owner and operator of single tenant net leased commercial income properties, today announced the acquisition of a property leased to Lowe’s Home Improvement, and updated fourth quarter and full year 2024 investment and disposition activity.
2024 Investment Activity
- Completed a $22.5 million purchase of a single-tenant property leased to Lowe’s Home Improvement located in Knoxville, TN in December 2024. The lease has approximately 13 years of remaining term.
- Lowe’s (S&P rating: BBB+) is now the Company’s second largest tenant based on annual base rent (“ABR”) after Dick’s Sporting Goods (S&P rating: BBB).
- Full year 2024 investments, including acquisitions and structured investment activity, totaled $134.7 million at a weighted average initial investment yield of 8.7%.
- Approximately 51% of ABR is from investment grade rated tenants at year end 2024.
2024 Disposition Activity
- Sold one former Mountain Express convenience store, a single-tenant Walgreen’s and a single-tenant AutoZone property for $5.4 million in December 2024.
- After accounting for the recently sold properties, Walgreens has decreased to the Company’s fourth largest tenant based on ABR, from its largest tenant at the beginning of 2024.
- 2024 disposition volume, inclusive of property and structured investment sales, totaled $75.6 million at a weighted average exit cash cap rate of 6.6%.
CEO Comments
“We continued to execute on our strategy to grow with strong tenants, investing over half of our market capitalization in high-quality properties and investments located in strong markets at compelling investment yields during 2024,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Furthermore, our active portfolio management achieved significant progress, including decreasing the Company’s exposure to Walgreens and increasing the weighted average remaining lease term to 8.8 years from 7.0 years at the beginning of 2024.”
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 commercial income properties that are predominately leased to high-quality publicly traded and credit-rated tenants.
