Alpine Income Property Trust Sells Former Century Theater Center in Reno, NV for $5.0 Million
Rhea-AI Summary
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%.
Positive
- 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
Negative
- 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
News Market Reaction – PINE
On the day this news was published, PINE gained 1.78%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
FAQ
What is the sale price of Alpine Income Property Trust's former Century Theater in Reno?
How will the Century Theater property sale affect PINE's earnings?
What is Alpine Income Property Trust's portfolio occupancy after the Reno property sale?
What are the terms of the seller financing provided by PINE for the Reno property sale?
How large is the former Century Theater property sold by PINE in Reno?
