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

Alpine Income Property Trust (PINE) reported Q3 2020 earnings, achieving a net income per diluted share of $0.06 and 100% collection of contractual base rent. The company acquired 15 properties for approximately $23.9 million, with a weighted average cap rate of 6.8%. A cash dividend of $0.20 per share was paid, and a 10% increase to $0.22 was declared for Q4 2020. Full year acquisition guidance was raised to $110 million. Notably, total revenues reached $5.1 million for Q3 2020, while FFO per diluted share stood at $0.35. The portfolio remained fully occupied with a strong tenant credit profile.

Alpine Income Property Trust (NYSE: PINE) announced a quarterly cash dividend increase to $0.22 per share for Q4 2020, up from $0.20. This reflects a 10.0% increase and provides an annualized yield of approximately 6.1% based on the stock's closing price on October 20, 2020. The dividend will be paid on December 31, 2020 to stockholders of record as of December 15, 2020.

Alpine Income Property Trust (NYSE: PINE) has successfully amended its unsecured revolving credit facility, increasing its total capacity from $100 million to $150 million, with an accordion option that allows up to $200 million. The new facility includes participation from The Huntington National Bank and Truist Bank, and it matures in November 2023, with a possible extension to November 2024. This increase will provide the company with additional capital and operational flexibility to support its growth strategy and acquisition plans.

Alpine Income Property Trust, Inc. (NYSE: PINE) has acquired two retail income properties in Texas, leased to Dollar General, for approximately $3.2 million. The leases are backed by the investment-grade parent entity and have an average remaining term of 14.8 years with a cap rate of 6.48%. This acquisition brings the company's total portfolio to 45 properties across 32 markets and 18 states, with a weighted average lease term of 8.6 years. Year-to-date, the company has acquired $97.5 million in properties at a 6.90% cap rate.

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.