During the third quarter, Alpine Income Property Trust ( NYSE: PINE ) liquidated six net lease properties for disposition volume of $50.5M at a weighted average exit cap rate of 5.5%, generating proceeds of $11.6M, it said Tuesday in a corporate update .
On the flip side, the REIT purchased nine net lease retail properties for acquisition volume of $36.7M, reflecting a weighted average going-in cash cap rate of 7.1%.
Overall, it collected 100% of contractual base rents due.
"We made great progress during the third quarter to de-risk our balance sheet with our recent credit facility expansion and hedging activities, and with an average disposition cap rate of 5.5%, we continue to accretively recycle assets and further improve our high-quality, retail net lease portfolio while organically growing asset-level cash flow," said Alpine Income Property CEO and President John P. Albright.
The company, which acquires, owns and operates a portfolio of single-tenant net leased commercial income properties, reported no material damage o its properties from Hurricane Ian. It's scheduled to release its Q3 earnings on October 20.
PINE relocated its corporate headquarters to downtown Winter Park, Florida from Daytona Beach, Florida.
Previously, (Oct. 3) Alpine Income Property expands $350M credit facility .
For further details see:
Alpine Income Property sells six net lease properties in Q3 for $11.6M