Alpine Income Property Trust Provides Portfolio Update and Announces Record 2021 Transaction Activity
2021 Acquisition Highlights
- During the year ended
December 31, 2021, the Company acquired 68 net lease retail properties for a total acquisition volume of $260.3 million, representing a weighted-average going-in cash cap rate of 6.8%. Acquisitions completed during the year had a weighted-average remaining lease term of 8.2 years and approximately 37% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating.
- During the fourth quarter of 2021, the Company acquired 26 net lease retail properties for total acquisition volume of
$101.6 million, representing a weighted-average going-in cash cap rate of 6.2%. Acquisitions completed during the fourth quarter had a weighted-average remaining lease term of 8.1 years and approximately 32% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating.
- The fourth quarter 2021 acquisitions are located in 11 states, net leased to tenants operating in 10 different retail sectors, including the home improvement, sporting goods, home furnishings, casual dining, dollar store, convenience store and farm & rural supply sectors, and approximately 34% of annualized base rents are from ground leased properties.
2021 Disposition Highlights
- During the year ended
December 31, 2021, the Company sold 3 net lease properties for total disposition volume of $28.3 million, at a weighted average exit cap rate of 7.2%. The sale of the properties generated aggregate gains of $9.7 million.
- During the fourth quarter of 2021, the Company sold its single tenant office properties located in
Orlando, Floridanet leased to Hilton Grand Vacations for $24.5 million, representing an exit cap rate of 7.5%.
Year-End 2021 Portfolio Update
- As of
December 31, 2021, the Company owned 113 net lease properties that were 100% occupied and generated $36.9 millionof annualized based rent.
- The Company’s portfolio at year-end 2021 had a weighted-average remaining lease term of 7.8 years, approximately 9% of annualized base rents are from ground leased properties and approximately 45% of annualized base rents are from a tenant or the parent of a tenant with an investment grade credit rating.
“I’m very pleased with our strong finish to a very productive year,” said
This press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “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 capital 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. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters, the impact of the COVID-19 Pandemic and its variants on the Company’s business and the business of its tenants and the impact on the
The Company defines “annualized base rent” as the annualized straight-line in-place base rent required by the tenant’s lease as of
Senior Vice President, Chief Financial Officer & Treasurer
Source: Alpine Income Property Trust