CORRECTION - Alpine Income Property Trust Announces 2023 Transaction Activity and Provides Corporate Update

WINTER PARK, Fla., Jan. 04, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline earlier today by Alpine Income Property Trust, Inc. (NYSE: PINE), please note that in the last bullet of the "2023 Investment Activity" list, the weighted average initial investment yield should be 9.1%, not 7.9% as previously stated. The corrected release follows:

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 9.1%.

2023 Disposition Activity