Alpine Income (PINE) Provides Year-to-Date Transaction Updates

Core Viewpoint - Alpine Income Property Trust, Inc. (PINE) has reported significant investment and disposition activities year-to-date, highlighting its strategic focus on net leased properties and structured investments to enhance rental revenues and overall financial performance [1][10]. Investment Activities - Year-to-date total investment activity reached $28.9 million as of June 24, 2024, with a weighted average initial investment yield of 9.85% [10]. - The company originated a 15-month first mortgage structured investment totaling $6.1 million, with an initial yield of 11.5%, funding approximately $4.6 million at the loan's start [2]. - A two-tenant net leased retail property was purchased for $14.6 million, fully leased to investment-grade-rated tenants Best Buy and Golf Galaxy, with a weighted average remaining lease term of 4.6 years [9]. Disposition Activities - Total investment sales amounted to $20.2 million at a yield of 7.69%, including the sale of a $13.6 million participation in a $24 million portfolio loan [3]. - The company completed the sale of two net lease properties leased to Hobby Lobby and Festival Foods for a total of $6.6 million, generating aggregate gains of $0.9 million with a weighted average exit cap rate of 7.04% [5]. Market Performance - Shares of Alpine Income, currently holding a Zacks Rank 3 (Hold), have gained 0.9% over the past three months, contrasting with a 1.6% decline in the industry [6]. - The company is expected to maintain a robust investment strategy, with management projecting 2024 investments and dispositions to be within the range of $50-$80 million [11].