Winter PARK, Fla., Jan. 05, 2022 (World NEWSWIRE) — Alpine Income Residence Have faith in, Inc. (NYSE: PINE) (the “Company”) now furnished a portfolio update and announced its record 2021 acquisition and disposition things to do.
2021 Acquisition Highlights
All through the yr ended December 31, 2021, the Corporation obtained 68 web lease retail attributes for a full acquisition quantity of $260.3 million, symbolizing a weighted-regular heading-in cash cap fee of 6.8%. Acquisitions concluded for the duration of the calendar year experienced a weighted-ordinary remaining lease phrase of 8.2 decades and roughly 37% of annualized base rents are from a tenant or the guardian of a tenant with an investment decision grade credit history rating.
All through the fourth quarter of 2021, the Company obtained 26 internet lease retail qualities for whole acquisition quantity of $101.6 million, symbolizing a weighted-ordinary going-in cash cap charge of 6.2%. Acquisitions concluded in the course of the fourth quarter experienced a weighted-common remaining lease expression of 8.1 decades and roughly 32% of annualized base rents are from a tenant or the parent of a tenant with an investment decision grade credit rating ranking.
The fourth quarter 2021 acquisitions are located in 11 states, net leased to tenants operating in 10 various retail sectors, which include the home improvement, sporting merchandise, property furnishings, informal eating, greenback store, ease retail outlet and farm & rural supply sectors, and around 34% of annualized foundation rents are from floor leased homes.
2021 Disposition Highlights
In the course of the yr ended December 31, 2021, the Business marketed 3 web lease properties for complete disposition volume of $28.3 million, at a weighted common exit cap amount of 7.2%. The sale of the houses created aggregate gains of $9.7 million.
For the duration of the fourth quarter of 2021, the Firm offered its one tenant office homes positioned in Orlando, Florida internet leased to Hilton Grand Vacations for $24.5 million, representing an exit cap amount of 7.5%.
Yr-Stop 2021 Portfolio Update
As of December 31, 2021, the Company owned 113 net lease attributes that ended up 100% occupied and produced $36.9 million of annualized based hire.
The Company’s portfolio at yr-close 2021 had a weighted-ordinary remaining lease time period of 7.8 yrs, somewhere around 9% of annualized foundation rents are from floor leased attributes and about 45% of annualized foundation rents are from a tenant or the mum or dad of a tenant with an investment decision grade credit score.
“I’m very pleased with our robust end to a very productive year,” explained John P. Albright, President and Main Executive Officer of Alpine Profits Property Believe in. “The fourth quarter signifies our major quarter of acquisition quantity to-date and associated a selection of beautiful prospects, such as a floor lease portfolio that created up more than just one 3rd of our overall volume. We’re encouraged by the power of our pipeline and confident our portfolio’s solid demographics, very well-executing and defensive retail sectors and interesting actual estate fundamentals placement us for balance and growth as we head into 2022.”
About Alpine Income Property Belief, Inc.
Alpine Profits Assets Have faith in, Inc. (NYSE: PINE) is a publicly traded authentic estate financial commitment belief that acquires, owns and operates a portfolio of higher-excellent net leased homes. For extra data on the Enterprise, be sure to check out www.alpinereit.com.
This press launch could consist of “forward-on the lookout statements.” Forward-seeking statements contain statements that may well be determined by text these types of as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and identical references to long run periods, or by the inclusion of forecasts or projections. Ahead-hunting statements are based mostly on the Company’s recent anticipations and assumptions pertaining to capital industry conditions, the Company’s enterprise, the economic system and other upcoming circumstances. Since ahead-seeking statements relate to the long term, by their mother nature, they are subject to inherent uncertainties, threats and improvements in circumstances that are difficult to predict. As a result, the Company’s genuine outcomes may well vary materially from individuals contemplated by the forward-searching statements. Significant factors that could induce real success to differ materially from those people in the forward-hunting statements consist of typical enterprise and economic conditions, continued volatility and uncertainty in the credit rating markets and broader economical markets, challenges inherent in the true estate small business, such as tenant defaults, possible liability relating to environmental matters, illiquidity of serious estate investments and opportunity damages from all-natural disasters, the impact of the COVID-19 Pandemic and its variants on the Company’s enterprise and the business enterprise of its tenants and the influence on the U.S. financial state and market place disorders commonly, other things impacting the Company’s business enterprise or the company of its tenants that are outside of the manage of the Firm or its tenants, and the elements established forth underneath “Risk Factors” in the Company’s Once-a-year Report on Sort 10-K for the yr ended December 31, 2020 and other risks and uncertainties discussed from time to time in the Company’s filings with the U.S. Securities and Exchange Fee. Any forward-looking assertion made in this press launch speaks only as of the date on which it is designed. The Business undertakes no obligation to publicly update or revise any forward-on the lookout assertion, no matter if as a consequence of new info, future developments or normally.
The Company defines “annualized base rent” as the annualized straight-line in-area base hire demanded by the tenant’s lease as of December 31, 2021. ABR is a non-GAAP fiscal measure. We imagine this non-GAAP financial measure is practical to traders since it is a extensively accepted field measure utilised by analysts and investors to compare the real estate portfolios and running general performance of serious estate investment trusts.
Matthew M. Partridge