PINE - Alpine Income Property posts more dispositions than acquisitions in 2023
2023-06-05 08:31:00 ET
Alpine Income Property Trust ( NYSE: PINE ) logged more dispositions of net lease properties than acquisitions so far in 2023, it said Monday.
The REIT purchased nine net lease retail properties for total acquisition volume of $60.5M at a weighted average going-in cash cap rate of 6.8%. For the full year, PINE sees acquisitions of $100M-$150M.
It noted that 85% of the acquired annualized base rents are derived from investment grade-rated tenants. And 62% of total in-place annualized base rent for the company’s portfolio is attributable to investment grade-rated tenants.
Meantime, it sold 13 net lease properties for $68.8M at a weighted average exit cap rate of 6.2%, generating gains on sale of $5.0M. Dispositions for the full year are expected to be $75M-$125M.
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Alpine Income Property posts more dispositions than acquisitions in 2023