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Alpine Income on Acquisition Spree, Adds 2 Retail Properties
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Alpine Income Property Trust, Inc. (PINE - Free Report) has been focusing on the expansion of its portfolio of single-tenant net leased properties on the back of acquisitions. In line with such efforts, the company recently announced the buyout of two single-tenant, net-leased retail income properties for an aggregate price of $3.2 million.
The properties are situated in Texas and leased to Dollar General. Also, Dollar General is one of the company’s top five largest tenants, based on the percentage of the annualized base rent.
The transaction indicates a weighted average going-in cap rate of 6.48%. Each asset has 14.8 years remaining on the initial lease term. This along with the investment-grade rating of the tenants’ parent entity suggests that the company will enjoy a steady stream of rental revenues in the long term.
Moreover, the purchase was funded with the company’s line of credit.
Earlier this month, the company acquired 12 single-tenant retail properties across two transactions for $18.85 million. Specifically, three such acquired properties were located in Maine and leased for the long term to an affiliate of Dollar General. The leases have 13.1 years remaining on the initial lease term.
Other acquisitions include eight single-tenant net-leased retail income properties situated in New York and Ohio, and another in Maryland. The properties in New York and Ohio are also leased to Dollar General. Further, while the Maryland-based property is leased to Advance Auto Parts (AAP - Free Report) , this portfolio has a weighted average remaining lease term of 12.4 years.
Through such buyouts, the company expanded its portfolio and geographic footprint to 45 properties across 32 markets and 18 states. In fact, it shelled $97.5 million for the purchase of single-tenant net leased properties year to date.
Such moves are a strategic fit and will drive revenues in the long term.
Shares of Alpine Income have lost 17.9% compared with the industry’s decline of 11.5% over the past year.
Duke Realty Corporation’s Zacks Consensus Estimate for 2020 FFO per share has been revised 3.5% upward to $1.49 over the past two months. The company currently carries a Zacks Rank of 2.
Sabra Healthcare REIT, Inc.’s (SBRA - Free Report) FFO per share estimates for the ongoing year have been revised 1.2% upward to $1.74 over the past month. The company currently carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Image: Bigstock
Alpine Income on Acquisition Spree, Adds 2 Retail Properties
Alpine Income Property Trust, Inc. (PINE - Free Report) has been focusing on the expansion of its portfolio of single-tenant net leased properties on the back of acquisitions. In line with such efforts, the company recently announced the buyout of two single-tenant, net-leased retail income properties for an aggregate price of $3.2 million.
The properties are situated in Texas and leased to Dollar General. Also, Dollar General is one of the company’s top five largest tenants, based on the percentage of the annualized base rent.
The transaction indicates a weighted average going-in cap rate of 6.48%. Each asset has 14.8 years remaining on the initial lease term. This along with the investment-grade rating of the tenants’ parent entity suggests that the company will enjoy a steady stream of rental revenues in the long term.
Moreover, the purchase was funded with the company’s line of credit.
Earlier this month, the company acquired 12 single-tenant retail properties across two transactions for $18.85 million. Specifically, three such acquired properties were located in Maine and leased for the long term to an affiliate of Dollar General. The leases have 13.1 years remaining on the initial lease term.
Other acquisitions include eight single-tenant net-leased retail income properties situated in New York and Ohio, and another in Maryland. The properties in New York and Ohio are also leased to Dollar General. Further, while the Maryland-based property is leased to Advance Auto Parts (AAP - Free Report) , this portfolio has a weighted average remaining lease term of 12.4 years.
Through such buyouts, the company expanded its portfolio and geographic footprint to 45 properties across 32 markets and 18 states. In fact, it shelled $97.5 million for the purchase of single-tenant net leased properties year to date.
Such moves are a strategic fit and will drive revenues in the long term.
Shares of Alpine Income have lost 17.9% compared with the industry’s decline of 11.5% over the past year.
The company carries a Zacks Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stocks to Consider
Duke Realty Corporation’s Zacks Consensus Estimate for 2020 FFO per share has been revised 3.5% upward to $1.49 over the past two months. The company currently carries a Zacks Rank of 2.
Sabra Healthcare REIT, Inc.’s (SBRA - Free Report) FFO per share estimates for the ongoing year have been revised 1.2% upward to $1.74 over the past month. The company currently carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>