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Alpine Income on Buyout Spree, Adds Another Retail Property

Zacks Equity Research
·3 mins read

Alpine Income Property Trust, Inc. PINE has been focusing on the expansion of its portfolio of single-tenant net leased properties on the back of acquisitions. In line with such efforts, the company recently announced the purchase of a single-tenant, net-leased retail income property for $1.8 million.

The property is situated in Odessa, TX, and leased to Dollar General DG. Also, Dollar General is Alpine Income’s one of the top five largest tenants, based on the percentage of the annual base rent.

The transaction represents a weighted average going-in cap rate of 6.5%. The property has 14.8 years remaining on the initial lease term. This, along with the investment-grade rating of the tenants’ parent entity, suggests that the company will enjoy a steady stream of rental revenues over the long term.

Moreover, the purchase was funded with the company’s line of credit.

Recently, the company also acquired two properties in Texas leased to Dollar General. The two single-tenant net-leased retail income properties were purchased for an aggregate price of $3.2 million.

Moreover, earlier this month, the company acquired 12 single-tenant retail properties, across two transactions, for $18.85 million. Specifically, three such acquired properties were located in Maine and leased for the long term to an affiliate of Dollar General. These leases have 13.1 years remaining on the initial lease term.

Other recent acquisitions include eight single-tenant net-leased retail income properties situated in New York and Ohio, and another in Maryland. The properties in New York and Ohio are also leased to Dollar General. Further, the Maryland-based properties, which were purchased as a portfolio, are leased to Advance Auto Parts AAP. Notably, this portfolio has a weighted average remaining lease term of 12.4 years.

Through such buyouts, the company expanded its portfolio and geographic footprint to 45 properties across 32 markets and 17 states. It has shelled $99.3 million for the purchase of single-tenant net leased properties, year to date.

Such moves are a strategic fit and will drive revenues over the long haul.

Shares of Alpine Income have gained 34.8% compared with the industry's rise of 20.7% over the past six months.

The company carries a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

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Duke Realty Corporation’s DRE Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has been revised 2.8% upward to $1.49 over the past two months. The company currently carries a Zacks Rank of 2.

Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

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Duke Realty Corporation (DRE) : Free Stock Analysis Report
 
Advance Auto Parts, Inc. (AAP) : Free Stock Analysis Report
 
Dollar General Corporation (DG) : Free Stock Analysis Report
 
Alpine Income Property Trust, Inc. (PINE) : Free Stock Analysis Report
 
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Zacks Investment Research