Alpine Income Property Trust, Inc. Announces a Portfolio Acquisition of Nine Single-Tenant Retail Properties Leased to Investment-Grade Rated Tenants Dollar General and Advance Auto Parts For $14.25 Million

DAYTONA BEACH, Fla., Sept. 14, 2020 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) announced the acquisition of eight single-tenant net-leased retail income properties located in New York and Ohio and leased to Dollar General, as well as the acquisition of one net-leased retail property located in Maryland and leased to Advance Auto Parts. All the properties are leased to or guaranteed by an investment grade rated entity. The properties were purchased as a portfolio for a combined purchase price of $14.25 million, representing a weighted average going-in cap rate of 6.85%. The portfolio has a weighted average remaining lease term of approximately 12.4 years. The Company funded the acquisition with cash on hand and a draw of approximately $14 million from its line of credit.

Including these newly acquired properties, the Company’s portfolio now consists of 40 properties located in 27 markets and 17 states across 16 industries, with a weighted average remaining lease term of 8.5 years. The Company has acquired $89.7 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 6.92%.

About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

We encourage you to visit our website at www.alpinereit.com.

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