tiprankstipranks
Alpine Income Property acquired 51 net lease retail properties in 2022
The Fly

Alpine Income Property acquired 51 net lease retail properties in 2022

Alpine Income Property Trust announced its 2022 acquisition and disposition activities and provided a corporate update. 2022 Acquisition Highlights: During the year ended December 31, 2022, the Company acquired 51 net lease retail properties for a total acquisition volume of $187.4M, representing a weighted-average going-in cash cap rate of 7.1%. Acquisitions completed during the year had a weighted-average remaining lease term of 8.7 years and approximately 76% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating. During the fourth quarter of 2022, the Company acquired seven net lease retail properties for total acquisition volume of $41.7M, representing a weighted-average going-in cash cap rate of 7.4%. Acquisitions completed during the fourth quarter had a weighted-average remaining lease term of 8.2 years and 100% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating. The fourth quarter 2022 acquisitions are located in six states, net leased to tenants operating in four different retail sectors, including the home improvement, grocery, sporting goods, and dollar store sectors. 2022 Disposition Highlights: During the year ended December 31, 2022, the Company sold 16 net lease properties for total disposition volume of $154.6M, at a weighted average exit cap rate of 6.5%. The sale of the properties generated aggregate gains of $33.8M. During the fourth quarter of 2022, the Company sold five net lease properties for a total disposition volume of $31.4M, representing an exit cap rate of 6.5%. Notable Capital Markets Highlights: On December 1, 2022, the Company completed the defeasance of its $30M secured mortgage, unencumbering six properties of which the company subsequently sold four of the properties during the fourth quarter. The Company has no debt maturities until 2026. During the fourth quarter of 2022, the Company issued 1,479,241 common shares under its ATM offering program at a weighted average gross price of $18.81 per share, for total net proceeds of $27.4M. During the year ended December 31, 2022, the Company issued 1,925,408 common shares under its ATM offering program at a weighted average gross price of $18.96 per share, for total net proceeds of $36M. As of December 31, 2022, there were 15,098,171 shares of common stock and operating partnership units outstanding. Year-End 2022 Portfolio Update: As of December 31, 2022, the Company owned 148 net lease properties representing $40.4M of annualized base rent. The Company’s portfolio at year-end 2022 had a weighted-average remaining lease term of 7.6 years and approximately 54% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating. The Company’s top five tenants based on total annualized base rent are Walgreens, Dick’s Sporting Goods, Dollar Tree/Family Dollar, Lowe’s and Dollar General. All top five tenants maintain investment grade credit ratings.

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on PINE:

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles