Alpine Income Property Trust acquired a Lowe’s property for $22.5 million and reported 2024 investment and disposition activity updates.
Quiver AI Summary
Alpine Income Property Trust, Inc. announced the acquisition of a $22.5 million single-tenant property leased to Lowe's Home Improvement in Knoxville, TN, which has 13 years remaining on its lease, making Lowe's the company's second-largest tenant by annual base rent. In total, the company invested $134.7 million in acquisitions and structured investments in 2024, with 51% of annual base rent coming from investment-grade rated tenants. During the same period, it sold properties including a former Mountain Express convenience store and an AutoZone for a total of $5.4 million, lowering its exposure to Walgreens, which dropped to the fourth-largest tenant. CEO John P. Albright highlighted the company's strategy of focusing on strong tenants and improving portfolio management.
Potential Positives
- Completed a strategic acquisition of a $22.5 million property leased to Lowe’s Home Improvement, enhancing portfolio diversity and tenant quality.
- Lowe’s is now the Company’s second largest tenant, contributing to a stronger revenue base with an investment-grade rating.
- Achieved a significant total investment volume of $134.7 million in 2024 at a robust initial investment yield of 8.7%, indicating successful capital deployment.
- Improved portfolio management by decreasing reliance on Walgreens, effectively diversifying tenant exposure and increasing the weighted average remaining lease term.
Potential Negatives
- Decrease in tenant diversification as Walgreens drops from the largest tenant to the fourth largest based on annual base rent.
- Significant exposure to market volatility and tenant defaults noted as risks in the forward-looking statements.
- High concentration of investments in just 51% of investment grade rated tenants may pose a risk if any of those tenants face financial difficulties.
FAQ
What recent acquisition did Alpine Income Property Trust announce?
Alpine Income Property Trust announced the acquisition of a property leased to Lowe’s Home Improvement for $22.5 million in Knoxville, TN.
How much did Alpine Income Property Trust invest in 2024?
In 2024, Alpine Income Property Trust's total investments, including acquisitions, amounted to $134.7 million at an average yield of 8.7%.
Who is Alpine Income Property Trust's second largest tenant?
Lowe’s Home Improvement has become Alpine Income Property Trust's second largest tenant based on annual base rent after Dick’s Sporting Goods.
What was Alpine's disposition activity in 2024?
Alpine Income Property Trust sold properties including a former Mountain Express and a Walgreen’s for a total of $5.4 million in December 2024.
What is the focus of Alpine Income Property Trust's investments?
The company focuses on investing in single tenant net leased properties predominantly leased to high-quality publicly traded and credit-rated tenants.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PINE Insider Trading Activity
$PINE insiders have traded $PINE stock on the open market 7 times in the past 6 months. Of those trades, 2 have been purchases and 5 have been sales.
Here’s a breakdown of recent trading of $PINE stock by insiders over the last 6 months:
- WEIN RACHEL ELIAS sold 2,000 shares.
- ANDREW C RICHARDSON has traded it 4 times. They made 0 purchases and 4 sales, selling 3,000 shares.
- REALTY GROWTH, INC. CTO has traded it 2 times. They made 2 purchases, buying 12,824 shares and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PINE Hedge Fund Activity
We have seen 59 institutional investors add shares of $PINE stock to their portfolio, and 33 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 172,601 shares (+inf%) to their portfolio in Q3 2024
- FOUNDRY PARTNERS, LLC removed 132,515 shares (-74.5%) from their portfolio in Q3 2024
- MILLENNIUM MANAGEMENT LLC added 78,350 shares (+405.1%) to their portfolio in Q3 2024
- CARLSON CAPITAL, L.P. removed 77,774 shares (-100.0%) from their portfolio in Q3 2024
- SOUND INCOME STRATEGIES, LLC added 60,659 shares (+8.3%) to their portfolio in Q3 2024
- RENAISSANCE TECHNOLOGIES LLC added 54,741 shares (+131.7%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 45,492 shares (+86.0%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
WINTER PARK, Fla., Jan. 02, 2025 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”), an owner and operator of single tenant net leased commercial income properties, today announced the acquisition of a property leased to Lowe’s Home Improvement, and updated fourth quarter and full year 2024 investment and disposition activity.
2024 Investment Activity
Completed a $22.5 million purchase of a single-tenant property leased to Lowe’s Home Improvement located in Knoxville, TN in December 2024. The lease has approximately 13 years of remaining term.
Lowe’s (S&P rating: BBB+) is now the Company’s second largest tenant based on annual base rent (“ABR”) after Dick’s Sporting Goods (S&P rating: BBB).
Full year 2024 investments, including acquisitions and structured investment activity, totaled $134.7 million at a weighted average initial investment yield of 8.7%.
Approximately 51% of ABR is from investment grade rated tenants at year end 2024.
2024 Disposition Activity
Sold one former Mountain Express convenience store, a single-tenant Walgreen’s and a single-tenant AutoZone property for $5.4 million in December 2024.
After accounting for the recently sold properties, Walgreens has decreased to the Company’s fourth largest tenant based on ABR, from its largest tenant at the beginning of 2024.
2024 disposition volume, inclusive of property and structured investment sales, totaled $75.6 million at a weighted average exit cash cap rate of 6.6%.
CEO Comments
“We continued to execute on our strategy to grow with strong tenants, investing over half of our market capitalization in high-quality properties and investments located in strong markets at compelling investment yields during 2024,” said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “Furthermore, our active portfolio management achieved significant progress, including decreasing the Company’s exposure to Walgreens and increasing the weighted average remaining lease term to 8.8 years from 7.0 years at the beginning of 2024.”
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.
Contact: | Philip R. Mays Senior Vice President, Chief Financial Officer and Treasurer (407) 904-3324 pmays@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 “continued,” “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. 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, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, credit risk associated with the Company investing in first mortgage investments, illiquidity of real estate investments and potential damages from natural disasters, the impact of epidemics or pandemics (such as the COVID-19 Pandemic and its variants) 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 business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 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.
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