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Alpine Income Property Trust Announces Acquisition of Lowe's Home Improvement
Thursday, 2nd January at 4:05 pm
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%.
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