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%.