Alpine Income Property Trust completes its portfolio

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DAYTONA BEACH, Fla., July 01, 2021 (GLOBE NEWSWIRE) – Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced that it has completed the previously announced acquisition of six businesses high quality net rental retail. properties for a combined purchase price of $ 44.5 million from CTO Realty Growth, Inc. (NYSE: CTO) on June 30, 2021 (the “CTO Portfolio”).

The CTO portfolio consists of net properties leased to leading national retailers such as Lowe’s, Walgreens, Harris Teeter and Big Lots, with over 60% of the annualized base rent coming from properties leased to, or with leases guaranteed by top quality entities.

The six properties in the CTO portfolio are located in metropolitan statistical areas with more than one million residents, including locations near Charlotte, NC; Seattle, WA; Washington DC; Houston, TX; Phoenix, Arizona; and Orlando, Florida.

In connection with the acquisition of the CTO portfolio, the Company assumed an existing secured mortgage of $ 30.0 million, which bears a fixed interest rate of 4.33% (the “Loan”). The loan matures in October 2034 and is prepayable without penalty from October 2024.

With the closing of the CTO portfolio, the Company has now completed the acquisition of the seven commercial net rental properties from CTO Realty Growth, Inc., which were previously announced on April 6, 2021.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. (NYSE: CTO) is a publicly traded real estate investment trust that owns and operates a portfolio of high quality, primarily retail-based properties located in higher growth markets in the States -United. CTO also owns an approximate 16% interest in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded net lease REIT.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high quality single-tenant net leased properties.

We encourage you to review our most recent Investor Presentation, available on our website at http://www.alpinereit.com.

Safe harbor

This press release may contain “forward-looking statements”. Forward-looking statements include statements that can be identified by words such as “could”, “could”, “could”, “could”, “will”, “probably”, “anticipate”, “intend”, “Plan”, “seek”, “believe”, “estimate”, “expect”, “continue”, “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 financial 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. Accordingly, the actual results of the Company may differ materially from those contemplated by forward-looking statements. Important factors that could cause actual results to differ materially from those of forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit and broader financial markets, inherent risks real estate activities, including potential liability defaults related to environmental issues, illiquidity of real estate investments and potential damage due to natural disasters, the impact of the COVID-19 pandemic on the Company’s activities and on those of its tenants and the impact on the US economy and market conditions in general, other factors affecting the activities of the Company or the activities of its tenants which are beyond the control of the Company or its tenants, and the factors set out under “Risk factors” in the Company’s annual report on formulair e 10-K for the year ended December 31, 2020 or Form 10-Q for the quarter ended March 31, 2021, as filed with the United States Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact: Matthew M. Partridge
Senior Vice-President, Chief Financial Officer and Treasurer
(386) 944-5643
[email protected]


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