Alpine Income Property Trust, Inc. Announces Sale of Income Property Leased to Outback Steakhouse for Approximately $5.1

Alpine Income Property Trust, Inc. Announces Sale of Income Property Leased to
Outback Steakhouse for Approximately $5.1 Million

DAYTONA BEACH, Fla., Sept. 28, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property
Trust, Inc. (NYSE: PINE) (the “Company”) announced the disposition of a
single-tenant net-leased casual dining retail income property (the “Property”)
located in Charlottesville, Virginia and leased to Outback Steakhouse. The
Property was sold for approximately $5.1 million, representing an in-place cap
rate of 5.75% and generating a gain of approximately $291,000 or $0.03 per
diluted share. The Company anticipates utilizing the proceeds from the sale of
the Property as part of a like-kind 1031 exchange.

Adjusting for the sale of the Property, the Company’s portfolio now consists
of 44 properties located in 31 markets and 17 states across 16 industries,
with a weighted average remaining lease term of 8.6 years.

John P. Albright, President & CEO commented, “We are pleased to have sold this
casual dining restaurant at an attractive cap rate to reinvest in higher
yielding assets in more Covid-19 resistant industries.”

About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. is a publicly traded real estate investment
trust that acquires, owns and operates a portfolio of high-quality
single-tenant net leased commercial income properties.

We encourage you to visit our website at www.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 “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,  illiquidity  of  real  estate
investments and potential damages  from natural disasters,  the impact of  the
COVID-19 Pandemic on the  Company’s business and the  business of its  tenants
and the impact  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,  2019 and its  Quarterly Report on  Form 10-Q for  the
quarter ended June 30, 2020. 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.

Contact: Lisa M. Vorakoun, Vice President & Chief Accounting Officer
         [email protected]
Phone:   (386) 944-5641

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