Alpine Income Property Trust Announces Agreement to Acquire 13-Property Industrial Portfolio for $117.3 Million

The portfolio is fully leased, with a 10.2-year weighted average remaining lease term and no lease expiration before late 2031.

Rhea-AI Summary

Alpine Income Property Trust (NYSE: PINE) has agreed to acquire a 13-property industrial portfolio for $117.3 million. The price is $63 per square foot for approximately 1.9 million square feet on approximately 209 acres across 11 states.

The properties are 100% leased to nine tenants under absolute triple-net leases, which place property expenses on tenants. The weighted average remaining lease term is 10.2 years, with no expiration before late 2031. Approximately 19% of in-place cash rent comes from investment-grade tenants or subsidiaries of investment-grade parents. Annual rent escalators are built into the leases.

The company expects closing in the fourth quarter of 2026, subject to customary closing conditions, and plans to fund the purchase with revolving credit facility borrowings, proceeds from select dispositions and commercial loan repayments.

5 points · 1 major

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1 major · 1 point

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Acquisition agreement adds 13 industrial properties for $117.3 million, or $63 per square foot, if completed. 37% of market cap
• Minor pointPortfolio occupancy is 100%, with nine tenants under absolute triple-net leases.
• Minor pointRemaining lease term averages 10.2 years, with no lease expiration before late 2031.
• Minor pointInvestment-grade tenants or subsidiaries of investment-grade parents account for approximately 19% of in-place cash rent.
• Minor point. Forward-looking: it has not happened yet and may not happen.Lease terms include annual rent escalators, which the company believes will support future cash flow growth.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Planned funding includes revolving credit facility borrowings, adding debt to finance the acquisition.

Key Figures

Acquisition price: $117.3 million Properties: 13 properties Price per square foot: $63 per square foot +5 more

Acquisition price

$117.3 million

Industrial portfolio

Properties

13 properties

Acquisition portfolio

Price per square foot

$63 per square foot

Acquisition portfolio

Portfolio area

Approximately 1.9 million square feet

Acquisition portfolio

Leased

100%

At announcement

Weighted average remaining lease term

10.2 years

Portfolio leases

Investment-grade rent

Approximately 19% of in-place cash rent

Tenants rated investment grade or subsidiaries of investment-grade parents

Expected closing

Fourth quarter of 2026

Subject to customary closing conditions

Key Terms

absolute triple-net leases, weighted average remaining lease term, investment grade, revolving credit facility

4 terms

absolute triple-net leases financial

"under absolute triple-net leases with a weighted average remaining lease term"

An absolute triple-net lease is a long-term lease in which the tenant is contractually obliged to pay not only base rent but also all property-related expenses—property taxes, insurance, maintenance, repairs (including structural), and utilities—and to continue paying rent even if the property is damaged, destroyed, or condemned. The arrangement leaves the landlord with virtually no responsibility for operating costs or capital expenditures and is commonly structured as non-recourse to the landlord, shifting almost all ownership risks and routine expenses to the tenant.

weighted average remaining lease term financial

"a weighted average remaining lease term of 10.2 years"

Weighted average remaining lease term is the average length of time until current leases expire, where each lease’s remaining time is counted in proportion to its contribution to the property’s income (usually rent). Investors use it as a measure of how long rental income is likely to be stable and how soon properties will need new tenants or rent resets; think of it as the average remaining commitment in a group of contracts, weighted by their economic importance.

investment grade financial

"tenants that are rated investment grade or are subsidiaries"

A credit rating label assigned to bonds or borrowers that signals relatively low risk of default; think of it as a strong health check for a company's or government's ability to repay debt. It matters to investors because investment-grade status typically means lower interest costs for the borrower, greater eligibility for conservative funds and pension portfolios, and generally more stable returns compared with higher-risk, non-investment-grade debt.

View in glossary

revolving credit facility financial

"borrowings under its revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

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WINTER PARK, Fla., Oct. 09, 2026 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the "Company"), an owner and operator of single-tenant net leased commercial income properties, today announced that it has entered into an agreement to acquire a 13-property industrial portfolio for $117.3 million, or $63 per square foot.

The portfolio totals approximately 1.9 million square feet on approximately 209 acres across 11 states. The properties are 100% leased to nine tenants under absolute triple-net leases with a weighted average remaining lease term of 10.2 years, and no lease expires before late 2031. The tenants have operated at their respective sites for an average of approximately 40 years, and many have made significant investments in their facilities. Approximately 19% of in-place cash rent is attributable to tenants that are rated investment grade or are subsidiaries of investment grade rated parents.

"This acquisition will add a portfolio of mission-critical manufacturing and distribution facilities, at a low basis with 10 years of weighted average lease term remaining," said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "We believe that the investment will deliver an attractive initial yield, and that the annual rent escalators built into the leases will support future cash flow growth."

The acquisition is expected to close in the fourth quarter of 2026, subject to the satisfaction of customary closing conditions. The Company expects to fund the acquisition with borrowings under its revolving credit facility, proceeds from select dispositions, and commercial loan repayments.

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. The Company also complements its income property portfolio by strategically investing in a select portfolio of commercial loan investments intended to deliver an attractive risk-adjusted return.

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 “outlook,” “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. Statements, among others, relating to the expected closing of the Company’s acquisition of the industrial portfolio and future cash flow growth are forward-looking statements. 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, geopolitical conflicts, tariffs and international trade policies, risks inherent in the real estate business, including tenant or borrower defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in commercial loans and investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics on the Company’s business and the businesses of its tenants and borrowers and the impact of such epidemics or pandemics on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the businesses of its tenants and borrowers that are beyond the control of the Company or its tenants or borrowers, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 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:
Investor Relations
ir@alpinereit.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is Alpine Income Property Trust paying for the industrial portfolio?

Alpine Income Property Trust agreed to pay $117.3 million, or $63 per square foot, for 13 industrial properties. The portfolio totals approximately 1.9 million square feet on approximately 209 acres across 11 states.

When is Alpine Income Property Trust expected to close the industrial portfolio acquisition?

The company expects the acquisition to close in the fourth quarter of 2026, subject to satisfaction of customary closing conditions.

How long have tenants operated at Alpine Income Property Trust's proposed acquisition sites?

The tenants have operated at their respective sites for an average of approximately 40 years. Many have made investments in their facilities.