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Income Property Portfolio

Alpine Income Property Trust, Inc. (NYSE: PINE) is a newly organized real estate company that owns and operates a high-quality portfolio of single-tenant commercial properties, all of which are leased on a long-term basis and located primarily in or in close proximity to major metropolitan statistical areas. Properties representing approximately 87% of PINE’s initial portfolio’s annualized base rent as of September 14, 2020 are leased on a triple-net basis.  PINE intends to elect to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes. The Company’s portfolio consists of 45 properties located in 32 markets and 17 states across 16 industries, with a weighted average remaining lease term of 8.6 years. The Company has acquired $99.3 million of single-tenant net leased properties year-to-date with a weighted average going-in cap rate of 6.9%

TenantTypeIndustryMSACredit Rating (1)Rentable Square Feet(2)ABR% (3)Remaining Lease Term (4)
Wells FargoOfficeFinancial ServicesPortland-Vancouver-Hillsboro, OR-WAA+211,86316%5.3
Hilton-MetroWestOfficeHospitalityOrlando-Kissimmee-Sanford, FLBB+102,0199%6.2
Wal-MartRetailLeisure RetailDetroit-Warren-Dearborn, MIAA214,1727%6.4
LA FitnessRetailFitnessTampa-St. Petersburg-Clearwater, FLCCC+45,0005%11.6
Hobby LobbyRetailLeisure RetailTulsa, OKN/A84,1804%10.3
At HomeRetailHome GoodsRaleigh, NCCCC+116,3344%12.0
Container StoreRetailHome ImprovementPhoenix-Mesa-Scottsdale, AZB-23,3294%9.5
Hilton-CambridgeOfficeHospitalityOrlando-Kissimmee-Sanford, FLBB+31,8953%6.2
Century TheaterRetailEntertainmentReno, NVBB-52,4743%4.0
Alpine ValleyRetailEntertainmentWhitewater-Elkhorn, WIBB--3%12.6
Hobby LobbyRetailLeisure RetailWinston-Salem, NCN/A55,0003%9.6
Hobby LobbyRetailLeisure RetailAsheville, NCN/A55,0003%11.0
AMCRetailEntertainmentBoston-Cambridge-Newton, MA-NHCCC-39,4743%12.6
Jo-Ann StoresRetailLeisure RetailBoston-Cambridge-Newton, MA-NHCCC22,5002%8.4
Dicks Sporting GoodsRetailLeisure RetailAtlanta-Sandy Springs-Roswell, GAN/A46,3152%3.5
Conn'sRetailConsumer ElectronicsDallas-Fort Worth-Arlington, TXB37,9572%11.0
Old Time PotteryRetailHome GoodsJacksonville, FLN/A84,1802%10.0
7-ElevenRetailConvenience StoreAustin-Round Rock, TXAA-6,4002%14.6
WalgreensRetailPharmacyBirmingham-Hoover, ALBBB14,5162%8.6
WalgreensRetailPharmacyAtlanta-Sandy Springs-Roswell, GABBB15,1202%5.1
Best BuyRetailConsumer ElectronicsAtlanta-Sandy Springs-Roswell, GABBB30,0382%5.7
Cross America (BP)RetailConvenience StoreCincinnati, OH-KY-INN/A2,5782%10.2
7-ElevenRetailConvenience StoreAustin-Round Rock, TXAA-7,7261%14.9
WalgreensRetailPharmacyAlbany, GABBB14,7701%12.4
OutbackRetailCasual DineCharlotte-Concord-Gastonia, NC-SCBB-6,2971%11.0
Scrubbles (Goo-Goo)RetailCar WashJacksonville, FLN/A4,5121%17.1
CheddarsRetailCasual DineJacksonville, FLBBB-8,1461%7.0
Family DollarRetailDiscountBoston-Cambridge-Newton, MA-NHBBB-9,2281%3.6
Advance Auto PartsRetailAutomotiveBaltimore-Columbia-Towson, MDBBB-6,8761%14.5
Dollar GeneralRetailDollar StoresPlattsburgh, NYBBB9,2771%11.0
Dollar GeneralRetailDollar StoresOgdensburg-Messena, NYBBB9,1671%11.0
Dollar GeneralRetailDollar StoresWillis, TXBBB9,1381%14.9
Dollar GeneralRetailDollar StoresMilford, MEBBB9,1281%13.1
Dollar GeneralRetailDollar StoresBuffalo-Cheektowaga-Niagara Falls, NYBBB9,1991%13.0
Dollar GeneralRetailDollar StoresLewis County, NYBBB9,3091%13.3
Dollar GeneralRetailDollar StoresOgdensburg-Messena, NYBBB9,3421%12.1
Dollar GeneralRetailDollar StoresBinghamton, NYBBB9,2751%13.2
Dollar GeneralRetailDollar StoresBingham, MEBBB9,3451%13.1
Freddy's Frozen CustardRetailQSRJacksonville, FLN/A3,2001%6.2
Dollar GeneralRetailDollar StoresOgdensburg-Messena, NYBBB9,2191%12.3
Dollar GeneralRetailDollar StoresLimestone, MEBBB9,1671%13.1
Dollar GeneralRetailDollar StoresSomerville, TXBBB9,2520%14.8
Dollar GeneralRetailDollar StoresCincinnati, OH-KY-INBBB9,2900%9.7
Long John SilversRetailQSRTulsa, OKN/A3,0000%0.0
Total/Weighted Average1,474,207100%8.60

(1) Tenant, or tenant parent, credit rating.
(2) The Alpine Valley Music Theatre, leased to Live Nation Entertainment, Inc., is an entertainment venue consisting of a two-sided, open-air, 7,500-seat pavilion; an outdoor amphitheater with a capacity for 37,000; and over 150 acres of green space.
(3) Annualized straight-line Base Rental (“ABR”) is calculated based on our current portfolio as of September 28, 2020.
(4) Remaining Lease Term as of September 28, 2020