Sep. 24 at 8:19 PM
$PINE Alpine Income Property says Q3 total investment activity
$55.3M at 9.2% yield
Alpine Income Property Trust announced updated third quarter and year-to-date 2024 investment and disposition activities. In September 2024, the Company purchased and amended a first mortgage construction loan secured by a Publix-anchored shopping center and three outparcels located in Charlotte, NC. The current loan commitment is for
$17.8M, of which
$10M was funded at closing at an initial interest rate of 10.25%. The rate of the loan increases by 0.25% every 30 days to a maximum rate of 11.00%. However, upon certain leasing criteria being met, the rate will be lowered to 9.50%.
The Company's third quarter total investment activity, including acquisitions and structured investments activity, now totals
$55.3M at a weighted average initial investment yield of 9.2%.The Company's year-to-date total investment activity, including acquisitions and structured investment activity, now totals
$84.2M at a weighted average initial investment yield of 9.4%. Since the last announced update, the Company sold an additional five net leased retail properties, leased to Hobby Lobby, Long John Silvers, Chick-fil-A, Tractor Supply and LA Fitness, for a total disposition volume of
$28.5 million.
"We are pleased at our ability to continue investing into better located, higher yielding and higher quality properties utilizing the proceeds from lower yielding dispositions" said John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. "Our accretive recycling efforts will provide further growth in our earnings and portfolio diversification."
