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 46 properties located in 33 markets and 17 states across 18 industries, with a weighted average remaining lease term of 8.5 years. The Company has acquired $101.2 million of single tenant net leased properties year-to-date, with a weighted average going-in cap rate of 6.9%.
| Tenant | Type | Industry | MSA | Credit Rating (1) | Rentable Square Feet(2) | ABR% (3) | Remaining Lease Term (4) |
|---|---|---|---|---|---|---|---|
| Wells Fargo | Office | Financial Services | Portland-Vancouver-Hillsboro, OR-WA | A+ | 211,863 | 16% | 5.1 |
| Hilton-MetroWest | Office | Hospitality | Orlando-Kissimmee-Sanford, FL | BB+ | 102,019 | 9% | 6.1 |
| Wal-Mart | Retail | Leisure Retail | Detroit-Warren-Dearborn, MI | AA | 214,172 | 7% | 6.2 |
| LA Fitness | Retail | Fitness | Tampa-St. Petersburg-Clearwater, FL | CCC+ | 45,000 | 5% | 11.5 |
| Hobby Lobby | Retail | Leisure Retail | Tulsa, OK | N/A | 84,180 | 4% | 10.1 |
| At Home | Retail | Home Goods | Raleigh, NC | CCC+ | 116,334 | 4% | 11.9 |
| Container Store | Retail | Home Improvement | Phoenix-Mesa-Scottsdale, AZ | B- | 23,329 | 4% | 9.3 |
| Hilton-Cambridge | Office | Hospitality | Orlando-Kissimmee-Sanford, FL | BB+ | 31,895 | 3% | 6.1 |
| Century Theater | Retail | Entertainment | Reno, NV | BB- | 52,474 | 3% | 4.1 |
| Alpine Valley | Retail | Entertainment | Whitewater-Elkhorn, WI | BB- | - | 3% | 12.4 |
| Hobby Lobby | Retail | Leisure Retail | Winston-Salem, NC | N/A | 55,000 | 3% | 9.4 |
| Hobby Lobby | Retail | Leisure Retail | Asheville, NC | N/A | 55,000 | 3% | 10.8 |
| AMC | Retail | Entertainment | Boston-Cambridge-Newton, MA-NH | CCC- | 39,474 | 3% | 12.4 |
| Jo-Ann Stores | Retail | Leisure Retail | Boston-Cambridge-Newton, MA-NH | CCC | 22,500 | 2% | 8.2 |
| Dicks Sporting Goods | Retail | Leisure Retail | Atlanta-Sandy Springs-Roswell, GA | N/A | 46,315 | 2% | 3.2 |
| Conn's | Retail | Consumer Electronics | Dallas-Fort Worth-Arlington, TX | B | 37,957 | 2% | 10.8 |
| Old Time Pottery | Retail | Home Goods | Jacksonville, FL | N/A | 84,180 | 2% | 9.7 |
| 7-Eleven | Retail | Convenience Store | Austin-Round Rock, TX | AA- | 6,400 | 2% | 14.6 |
| Walgreens | Retail | Pharmacy | Birmingham-Hoover, AL | BBB | 14,516 | 2% | 8.4 |
| Walgreens | Retail | Pharmacy | Atlanta-Sandy Springs-Roswell, GA | BBB | 15,120 | 2% | 5.0 |
| Best Buy | Retail | Consumer Electronics | Atlanta-Sandy Springs-Roswell, GA | BBB | 30,038 | 2% | 5.4 |
| Cross America (BP) | Retail | Convenience Store | Cincinnati, OH-KY-IN | N/A | 2,578 | 2% | 10.1 |
| 7-Eleven | Retail | Convenience Store | Austin-Round Rock, TX | AA- | 7,726 | 1% | 14.4 |
| Walgreens | Retail | Pharmacy | Albany, GA | BBB | 14,770 | 1% | 12.2 |
| Outback | Retail | Casual Dine | Charlotte-Concord-Gastonia, NC-SC | BB- | 6,297 | 1% | 10.9 |
| Scrubbles (Goo-Goo) | Retail | Car Wash | Jacksonville, FL | N/A | 4,512 | 1% | 17.0 |
| Cheddars | Retail | Casual Dine | Jacksonville, FL | BBB- | 8,146 | 1% | 6.9 |
| Family Dollar | Retail | Discount | Boston-Cambridge-Newton, MA-NH | BBB- | 9,228 | 1% | 3.4 |
| Advance Auto Parts | Retail | Automotive | Baltimore-Columbia-Towson, MD | BBB- | 6,876 | 1% | 14.5 |
| Dollar General | Retail | Dollar Stores | Plattsburgh, NY | BBB | 9,277 | 1% | 10.9 |
| Dollar General | Retail | Dollar Stores | Ogdensburg-Messena, NY | BBB | 9,167 | 1% | 10.9 |
| Dollar General | Retail | Dollar Stores | Willis, TX | BBB | 9,138 | 1% | 14.8 |
| Dollar General | Retail | Dollar Stores | Milford, ME | BBB | 9,128 | 1% | 13.0 |
| Dollar General | Retail | Dollar Stores | Buffalo-Cheektowaga-Niagara Falls, NY | BBB | 9,199 | 1% | 12.9 |
| Dollar General | Retail | Dollar Stores | Lewis County, NY | BBB | 9,309 | 1% | 13.2 |
| Dollar General | Retail | Dollar Stores | Ogdensburg-Messena, NY | BBB | 9,342 | 1% | 12.0 |
| Dollar General | Retail | Dollar Stores | Binghamton, NY | BBB | 9,275 | 1% | 13.1 |
| Dollar General | Retail | Dollar Stores | Bingham, ME | BBB | 9,345 | 1% | 13.0 |
| Freddy's Frozen Custard | Retail | QSR | Jacksonville, FL | N/A | 3,200 | 1% | 6.1 |
| Dollar General | Retail | Dollar Stores | Ogdensburg-Messena, NY | BBB | 9,219 | 1% | 12.2 |
| Dollar General | Retail | Dollar Stores | Limestone, ME | BBB | 9,167 | 1% | 13.0 |
| Dollar General | Retail | Dollar Stores | Odessa, TX | BBB | 9,127 | 1% | 14.7 |
| Dollar General | Retail | Dollar Stores | Kermit, TX | BBB | 10,640 | 1% | 14.8 |
| Dollar General | Retail | Dollar Stores | Somerville, TX | BBB | 9,252 | 0% | 14.7 |
| Dollar General | Retail | Dollar Stores | Cincinnati, OH-KY-IN | BBB | 9,290 | 0% | 9.6 |
| Long John Silvers | Retail | QSR | Tulsa, OK | N/A | 3,000 | 0% | 0.0 |
| Total/Weighted Average | 1,493,974 | 100% | 8.5 |
(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 November 10, 2020.
(4) Remaining Lease Term as of November 10, 2020