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Alpine Income (PINE) Grabs Two Single-Tenant Net Leased Assets
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Alpine Income Property Trust, Inc. (PINE - Free Report) has been eyeing 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 purchase of two single-tenant, net-leased properties for an aggregate purchase price of $15.4 million.
The properties are net leased to Walgreens and Kohl. The transactions were completed with a weighted average going-in cap rate of 7.1%. The properties have 9.3 years remaining on the initial lease term. This along with the investment-grade rating of both tenants suggests that the company will enjoy a steady stream of rental revenues over the long term.
Both properties are located in strategic submarkets, with impressive demographics. Specifically, the property rented out to Kohl’s is situated in Glendale, AZ, and gains from a population of 120,000 people in a 3-mile radius with an average household income of $89,000 and a busy West Bell Road retail corridor that sees more than 45,000 vehicles per day.
Moreover, the space rented to Walgreens is placed at a busy intersection in the Seattle submarket of Tacoma, WA, which witnesses around 40,000 cars per day. The location of the properties in busy neighborhoods indicates that the assets are likely to enjoy strong footfall.
Notably, this year, Alpine Income purchased 29 single-tenant, net-leased properties for $116.6 million, which had a weighted average going-in cash cap rate of 6.9%. Through such aggressive acquisitions, the company surpassed its previous acquisition guidance of $110 million for 2020.
Moreover, such moves have enabled it to expand its portfolio and geographic footprint to 48 properties across 34 markets and 18 states. Such inorganic growth efforts are a strategic fit and will drive the top line over the long haul.
CubeSmart’s (CUBE - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has moved up marginally to $1.66 over the past week. The company currently carries a Zacks Rank of 2.
Rexford Industrial Realty, Inc. (REXR - Free Report) FFO per share estimates for the current year have been revised upward by 1.6% to $1.30 over the past two months. The company carries a Zacks Rank of 2, currently.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for ongoing-year FFO per share has moved 5.3% north to $1.20 in two months’ time. The company has a Zacks Rank of 2 at present.
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.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Alpine Income (PINE) Grabs Two Single-Tenant Net Leased Assets
Alpine Income Property Trust, Inc. (PINE - Free Report) has been eyeing 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 purchase of two single-tenant, net-leased properties for an aggregate purchase price of $15.4 million.
The properties are net leased to Walgreens and Kohl. The transactions were completed with a weighted average going-in cap rate of 7.1%. The properties have 9.3 years remaining on the initial lease term. This along with the investment-grade rating of both tenants suggests that the company will enjoy a steady stream of rental revenues over the long term.
Both properties are located in strategic submarkets, with impressive demographics. Specifically, the property rented out to Kohl’s is situated in Glendale, AZ, and gains from a population of 120,000 people in a 3-mile radius with an average household income of $89,000 and a busy West Bell Road retail corridor that sees more than 45,000 vehicles per day.
Moreover, the space rented to Walgreens is placed at a busy intersection in the Seattle submarket of Tacoma, WA, which witnesses around 40,000 cars per day. The location of the properties in busy neighborhoods indicates that the assets are likely to enjoy strong footfall.
Notably, this year, Alpine Income purchased 29 single-tenant, net-leased properties for $116.6 million, which had a weighted average going-in cash cap rate of 6.9%. Through such aggressive acquisitions, the company surpassed its previous acquisition guidance of $110 million for 2020.
Moreover, such moves have enabled it to expand its portfolio and geographic footprint to 48 properties across 34 markets and 18 states. Such inorganic growth efforts are a strategic fit and will drive the top line over the long haul.
Moreover, shares of this Zacks Rank #2 (Buy) company have lost 23.9% over the past year, wider than the industry’s decline of 4.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Stocks to Consider
CubeSmart’s (CUBE - Free Report) Zacks Consensus Estimate for 2020 funds from operations (FFO) per share has moved up marginally to $1.66 over the past week. The company currently carries a Zacks Rank of 2.
Rexford Industrial Realty, Inc. (REXR - Free Report) FFO per share estimates for the current year have been revised upward by 1.6% to $1.30 over the past two months. The company carries a Zacks Rank of 2, currently.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for ongoing-year FFO per share has moved 5.3% north to $1.20 in two months’ time. The company has a Zacks Rank of 2 at present.
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.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>