Winter PARK, Fla., April 14, 2022 (Globe NEWSWIRE) — Alpine Cash flow Home Belief, Inc. (NYSE: PINE) (the “Company”) now introduced the disposition of its one tenant office environment property located in Hillsboro, Oregon and net leased to Wells Fargo (the “Property”). The Home has 3.7 years of remaining lease expression and was marketed for $38.8 million, producing a achieve on sale of $7. million. The Business used the proceeds from the sale of the House as part of like-variety reverse 1031 exchanges. The Company’s exit of its business office home segment has generated put together gains on sale of $16.1 million.
“The sale of our sole remaining business office property leased to Wells Fargo was the last stage in our initiative to position our large-high-quality net lease portfolio as 100% retail,” claimed John P. Albright, President and Chief Govt Officer of Alpine Revenue Residence Have faith in. “The redeployment of the proceeds, which was accomplished in advance of this sale via our order of our not long ago disclosed pharmacy portfolio, establishes Walgreens as our new top rated tenant and meaningfully increases our portfolio’s total weighted typical lease time period and geographic diversity, whilst keeping our sturdy publicity to investment quality tenants.”
About Alpine Revenue Assets Believe in, Inc.
Alpine Revenue Assets Have faith in, Inc. (NYSE: PINE) is a publicly traded real estate financial commitment rely on that acquires, owns and operates a portfolio of high-excellent internet leased industrial cash flow houses.
We really encourage you to overview our most new investor presentation which is accessible on our site at http://www.alpinereit.com.
This press launch may well have “forward-looking statements.” Forward-seeking statements include things like statements that might be determined by words these kinds of as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and related references to potential intervals, or by the inclusion of forecasts or projections. Forward-searching statements are centered on the Company’s recent expectations and assumptions concerning capital marketplace ailments, the Company’s business, the overall economy and other foreseeable future problems. For the reason that ahead-on the lookout statements relate to the foreseeable future, by their nature, they are issue to inherent uncertainties, hazards and variations in instances that are challenging to forecast. As a end result, the Company’s true effects may possibly differ materially from those people contemplated by the ahead-wanting statements. Important components that could trigger true effects to differ materially from those people in the ahead-looking statements incorporate common business and economic circumstances, continued volatility and uncertainty in the credit history markets and broader economical markets, dangers inherent in the serious estate company, which include tenant defaults, likely legal responsibility relating to environmental matters, illiquidity of serious estate investments and probable damages from all-natural disasters, the effects of the COVID-19 Pandemic and its variants on the Company’s business and the company of its tenants and the impact on the U.S. economy and current market conditions frequently, other things affecting the Company’s company or the organization of its tenants that are over and above the command of the Firm or its tenants, and the elements established forth under “Risk Factors” in the Company’s Once-a-year Report on Kind 10-K for the 12 months finished December 31, 2021 and other challenges and uncertainties talked over from time to time in the Company’s filings with the U.S. Securities and Trade Commission. Any forward-hunting statement manufactured in this push release speaks only as of the date on which it is made. The Business undertakes no obligation to publicly update or revise any ahead-looking assertion, whether or not as a consequence of new data, foreseeable future developments or or else.
|Call:||Matthew M. Partridge
Senior Vice President, Main Financial Officer & Treasurer