Alpine Income Property Trust, Inc. Stock Price, News & Analysis

Alpine Income Property Trust, Inc. (NYSE: PINE) announced the acquisition of a portfolio of three retail properties leased to Dollar General in Maine for approximately $4.6 million, reflecting a 6.85% cap rate. The leases, backed by Dollar General's investment-grade parent entity, have about 13.1 years remaining. This acquisition raises the Company's portfolio total to 43 properties across 30 markets. Year-to-date, Alpine has acquired $94.2 million in properties at an average cap rate of 6.9%.

Alpine Income Property Trust (NYSE: PINE) announced the acquisition of nine retail properties for $14.25 million, enhancing their portfolio to 40 properties across 27 markets. The acquired properties include eight net-leased locations to Dollar General and one to Advance Auto Parts, all guaranteed by investment-grade entities. This acquisition reflects a cap rate of 6.85% and a robust average lease term of 12.4 years. Year-to-date, PINE has invested $89.7 million in similar assets at a 6.92% cap rate, demonstrating strategic growth in their portfolio.

Alpine Income Property Trust (NYSE: PINE) announced the collection of 100% of its contractual base rents for September 2020. Previously, PINE agreed to defer or abate 4.9% of these rents in exchange for additional lease terms or enhancements. The company also reported that its portfolio remains fully occupied, ensuring stable income from its properties.

Alpine Income Property Trust, Inc. (NYSE: PINE) has announced the appointment of Matthew M. Partridge as Senior Vice President, Chief Financial Officer, and Treasurer, effective October 1, 2020. Partridge has significant experience in the finance sector, previously serving in leadership roles at Hutton, Agree Realty Corporation, and Pebblebrook Hotel Trust. CEO John P. Albright expressed excitement about Partridge's addition, emphasizing his public REIT CFO experience. In addition to his role at PINE, Partridge will also serve as CFO of CTO Realty Growth, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) announced the collection of 100% of its contractual base rents for August 2020. This follows a prior agreement allowing specific deferrals or abatements equating to 4.9% of these rents in exchange for lease enhancements. The company also reported that its property portfolio remains entirely occupied, indicating strong occupancy levels amidst ongoing market challenges.

Alpine Income Property Trust (NYSE: PINE) reported Q2 2020 earnings, net income of $0.03 per diluted share, FFO of $0.29, and AFFO of $0.16. The company collected 94% of July rent and reintroduced its 2020 guidance. It acquired two properties totaling $28.6 million, with a 6.7% cap rate. Share buybacks totaled 398,000 shares for $4.4 million. Total revenues reached $4.59 million for Q2. Despite challenges from COVID-19, the company has engaged tenants regarding rent relief options, resulting in an 81% collection rate for Q2 2020.

Alpine Income Property Trust, Inc. (NYSE: PINE) plans to announce its second quarter 2020 operating results on July 22, 2020, after market close. An Earnings Call is scheduled for July 23, 2020, at 9:00 a.m. ET. Investors can access the call through teleconference or via a webcast. Details include a toll-free number for U.S. callers and a link to the webcast. The company operates a portfolio of single-tenant net leased commercial properties. For more information, visit their website.

Alpine Income Property Trust (NYSE: PINE) announced the acquisition of a net-leased retail property in Howell, Michigan, for approximately $20.6 million. The property, leased to Wal-Mart Real Estate Business Trust, has a going-in cap rate of 6.65% and a lease term of around 6.6 years. The acquisition was funded through cash on hand and a draw of about $13 million from a line of credit. This purchase expands the Company’s portfolio to 31 properties across 21 markets and strengthens its position with a weighted average lease term of 8.5 years.

On June 25, 2020, Alpine Income Property Trust (NYSE: PINE) announced the results of its 2020 Annual Meeting held on June 24, 2020. Shareholders re-elected five board members, including John P. Albright and Mark O. Decker, Jr. The meeting also saw the ratification of Grant Thornton LLP as the independent accounting firm for 2020. Post-meeting, Andrew C. Richardson was re-elected Chairman of the Board, and key officers, including John P. Albright as CEO, were confirmed for continued leadership. The company focuses on acquiring and operating single-tenant net leased commercial properties.