Alpine Income Property Trust Announces Year-To-Date 2024 Transaction Activity

Investment Activity - In Q2 2024, the company acquired a two-tenant net leased retail property for $14.6 million, fully leased to investment-grade tenants Best Buy and Golf Galaxy, with a weighted average remaining lease term of 4.6 years [2] - The property spans approximately 101,000 square feet on 7.38 acres [2] - The company originated a 15-month first mortgage structured investment totaling $6.1 million at an initial yield of 11.5%, funding approximately $4.6 million at loan origination [2] - Year-to-date total investment activity as of June 24, 2024, reached $28.9 million with a weighted average initial investment yield of 9.85% [2] Disposition Activity - In Q2 2024, the company sold two net lease properties leased to Hobby Lobby and Festival Foods for a total of $6.6 million, achieving a weighted average exit cap rate of 7.04% [3] - The sales generated aggregate gains of $0.9 million [3] - Including a previously disclosed sale of a $13.6 million A-1 participation of its $24.0 million portfolio loan, total investment sales amounted to $20.2 million at a yield of 7.69% [3] Company Overview - Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust focused on delivering attractive risk-adjusted returns and dependable cash dividends by investing in, owning, and operating a portfolio of single-tenant net leased properties predominantly leased to high-quality publicly traded and credit-rated tenants [4]