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.
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
Phone: (386) 944-5641