Alpine Income Property Trust Sells Former Century Theater Center in Reno, NV for $5.0 Million
Alpine Income Property Trust (NYSE: PINE) has announced the sale of its former Century Theater Center in Reno, NV for $5.0 million. The transaction includes seller financing of $4.0 million at an 8.00% annual interest rate for a two-year term.
The 52,474-square-foot property, situated on 1.4 acres, became largely vacant after Century Theater's departure in November 2024. The sale is expected to be accretive to earnings by eliminating property carrying costs and has increased the company's portfolio occupancy to 99.4%.
Alpine Income Property Trust (NYSE: PINE) ha annunciato la vendita del suo ex Century Theater Center a Reno, NV per 5,0 milioni di dollari. L'operazione prevede un finanziamento da parte del venditore di 4,0 milioni di dollari al tasso annuo dell'8,00% con durata biennale.
La proprietà di 52.474 piedi quadrati, situata su 1,4 acri, è rimasta in gran parte vuota dopo la chiusura del Century Theater nel novembre 2024. La vendita dovrebbe incrementare gli utili eliminando i costi di gestione dell'immobile e ha portato l'occupazione del portafoglio aziendale al 99,4%.
Alpine Income Property Trust (NYSE: PINE) ha anunciado la venta de su antiguo Century Theater Center en Reno, NV por 5,0 millones de dólares. La transacción incluye financiación por parte del vendedor de 4,0 millones de dólares con un interés anual del 8,00% a dos años.
La propiedad de 52.474 pies cuadrados, ubicada en 1,4 acres, quedó en gran parte vacía tras la salida de Century Theater en noviembre de 2024. Se espera que la venta sea acreedora de ganancias al eliminar los costos de mantenimiento del inmueble y ha elevado la ocupación de la cartera de la compañía al 99,4%.
Alpine Income Property Trust (NYSE: PINE)는 네바다주 리노(Reno, NV)의 이전 Century Theater Center를 500만 달러에 매각했다고 발표했습니다. 거래에는 판매자 자금조달로 연이자 8.00%의 400만 달러가 2년 기한으로 포함됩니다.
1.4에이커 부지에 위치한 52,474제곱피트 규모의 이 부동산은 2024년 11월 Century Theater가 떠난 후 대부분 공실 상태였습니다. 이번 매각은 부동산 유지비용을 제거해 수익을 개선할 것으로 예상되며, 회사 포트폴리오의 점유율을 99.4%로 끌어올렸습니다.
Alpine Income Property Trust (NYSE: PINE) a annoncé la vente de son ancien Century Theater Center à Reno, NV pour 5,0 millions de dollars. La transaction comprend un financement par le vendeur de 4,0 millions de dollars au taux annuel de 8,00% pour une durée de deux ans.
La propriété de 52 474 pieds carrés, située sur 1,4 acre, est restée en grande partie vacante après le départ du Century Theater en novembre 2024. La vente devrait être créatrice de valeur en éliminant les frais de portage du bien et a porté le taux d'occupation du portefeuille de la société à 99,4%.
Alpine Income Property Trust (NYSE: PINE) hat den Verkauf seines ehemaligen Century Theater Center in Reno, NV für 5,0 Millionen US-Dollar angekündigt. Die Transaktion beinhaltet eine Verkäuferfinanzierung über 4,0 Millionen US-Dollar zu einem jährlichen Zinssatz von 8,00% mit einer Laufzeit von zwei Jahren.
Das 52.474 Quadratfuß große Objekt auf 1,4 Acres stand nach dem Weggang des Century Theater im November 2024 größtenteils leer. Der Verkauf dürfte die Erträge steigern, da die laufenden Kosten der Immobilie entfallen, und hat die Portfoliobelegung des Unternehmens auf 99,4% erhöht.
- Sale price of $5.0 million with favorable 8.00% interest rate on seller financing
- Portfolio occupancy improved to 99.4%
- Transaction eliminates carrying costs of vacant property
- Expected earnings accretion in current and following year
- Only $1.0 million received in immediate cash with $4.0 million in seller financing
- Property was almost entirely vacant at time of sale
- Risk associated with providing seller financing for two years
Insights
PINE's sale of vacant property removes earnings drag, adds 8% interest income, and boosts portfolio occupancy to 99.4%.
Alpine Income Property Trust has executed a $5.0 million sale of its former Century Theater property in Reno, Nevada, which became almost entirely vacant after the theater departed in November 2024. The transaction includes $4.0 million in seller financing at an 8.00% interest rate over two years, creating a new income stream for the REIT.
This deal represents a strategic disposal of an underperforming asset that was creating a financial drag through ongoing carrying costs like property taxes, insurance, and maintenance. By converting this vacant property into an interest-bearing note, the company has effectively transformed a non-income producing asset into one generating a 8.00% yield on $4.0 million of the sale price.
The transaction has two immediate benefits. First, it eliminates negative cash flow from carrying an unoccupied 52,474-square-foot property. Second, it significantly improves the REIT's portfolio occupancy rate, raising it to 99.4%, which strengthens the quality metrics of Alpine's overall portfolio and makes it more attractive to investors seeking stable REITs.
For net lease REITs like Alpine, portfolio occupancy approaching 100% is particularly valuable as it demonstrates the stability of their income stream and the effectiveness of their property management. The combination of eliminating carrying costs and adding interest income should provide a modest boost to near-term financial results, with management indicating the full benefit will be realized next year.
WINTER PARK, Fla., Sept. 04, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced the sale of its former Century Theater Center in Reno, NV (the “Property”) for
The Property comprises 52,474 square feet on 1.4 acres and is almost entirely vacant following the departure of Century Theater in November 2024.
“This transaction is accretive to our earnings, as it eliminates the previous drag from the Property’s carrying costs. We expect a partial benefit to be reflected in this year’s results, with the full annual impact realized next year,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Additionally, this sale increases our portfolio occupancy to
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 predominantly leased to high-quality publicly traded and credit-rated tenants.
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. Statements, among others, relating to the transaction’s expected impact to financial results for both this year and next year 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, volatility and uncertainty in the credit markets and broader financial markets, tariffs and international trade policies, risks inherent in the real estate business, including tenant 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 business of its tenants 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 or 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, 2024 and in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 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 update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Contact: Investor Relations ir@alpinereit.com
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