Alpine Income Property Trust, Inc. (NYSE:PINE) (the “Company”) today announced its 2023 investment and disposition activities and provided a corporate update.
2023 Investment Activity
- During the year ended December 31, 2023, the Company acquired 14 net lease retail properties for total acquisition volume of $82.9 million, representing a weighted average going-in cash cap rate of 7.4%. Acquisitions completed during the year had a weighted average remaining lease term of 8.7 years and approximately 66% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating.
- During the year ended December 31, 2023, the Company originated three first mortgage structured investments totaling $38.6 million at a weighted average initial yield of 9.1%.
- The Company’s total investment activity for the year ended December 31, 2023, which includes its acquisition and structured investment activities, totaled $121.5 million at a weighted average initial investment yield of 7.9%.
- During the fourth quarter of 2023, the Company acquired two net lease retail properties for total acquisition volume of $3.0 million, representing a weighted average going-in cash cap rate of 7.3%. Acquisitions completed during the fourth quarter had a weighted average remaining lease term of 9.6 years and 100% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating.
- During the quarter ended December 31, 2023, the Company originated two first mortgage structured investments totaling $30.8 million at a weighted average initial yield of 9.2%.
- The Company’s total investment activity during the fourth quarter of 2023 totaled $33.8 million, representing a weighted average initial investment yield of 7.9%.
2023 Disposition Activity
- During the year ended December 31, 2023, the Company sold 24 net lease properties for total disposition volume of $108.3 million, at a weighted average exit cap rate of 6.3%. The sale of the properties generated aggregate gains of $9.3 million.
- During the fourth quarter of 2023, the Company sold two net lease properties for a total disposition volume of $8.7 million, representing an exit cap rate of 7.3%.
2023 Capital Markets and Balance Sheet Highlights
- During the year ended December 31, 2023, the Company repurchased 899,011 common shares at a weighted average gross price of $16.23 per share, for a total cost of $14.6 million. As of December 31, 2023, the Company had approximately $0.8 million remaining on its current common stock buyback program.
- During the fourth quarter of 2023, the Company repurchased 594,790 common shares at a weighted average gross price of $16.01 per share, for a total cost of $9.5 million.
- During the year ended December 31, 2023, the Company issued 665,929 common shares under its ATM offering program at a weighted average gross price of $18.96 per share, for total net proceeds of $12.4 million.
- As of December 31, 2023, there were 14,883,061 shares of common stock and operating partnership units outstanding.
- The Company currently has no debt maturities until 2026.
Year-End 2023 Portfolio Update
- As of December 31, 2023, the Company owned 138 net lease properties representing $38.7 million of annualized base rent.
- The Company’s portfolio at year-end 2023 had a weighted average remaining lease term of 7.0 years and approximately 65% 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, Lowe’s, Dick’s Sporting Goods, Dollar Tree/Family Dollar, and Dollar General. All top five tenants maintain investment grade credit ratings.
- The Company’s top five tenants based on total annualized base rent are Walgreens, Lowe’s, Dick’s Sporting Goods, Dollar Tree/Family Dollar, and Dollar General. All top five tenants maintain investment grade credit ratings.
