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Alpine (PINE) Grows Portfolio With $8M Retail Property Buyout
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Alpine Income Property Trust, Inc. (PINE - Free Report) recently announced the acquisition of a retail property net leased to Hobby Lobby in Asheville, NC MSA. The company has shelled out $8 million for this purchase.
The building comprises 55,000 square feet of space. Developed in 2016, it is situated on more than four acres of land. With the single-tenant property having about 11 years left on the lease term with contractual rent escalations every five years and a going-in cap rate of 6.68%, the buyout seems to be a strategic fit.
The company has been on an acquisition spree and has made acquisitions worth $55 million of single tenant net-leased properties in the year so far, with a weighted average going-in cap rate of 7.03%.
Notable among these acquisitions are a property leased to Hobby Lobby in Tulsa, OK, for $12.8 million, and two corporate operated 7-Eleven convenience stores in Austin, TX for $10.1 million. With these expansion efforts, Alpine company’s total portfolio now comprises 30 properties, spanning across 13 states, 14 industries and 20 markets.
The company’s decent acquisition volume has been aided by its solid balance sheet and efficient liquidity management. In March 2020, the company drew $20 million of available capacity on its $100-million credit facility to enhance its liquidity position. The total borrowing capacity on the credit facility is $87 million, with the company having the ability to draw an additional $30 million. Additionally, as of Mar 31, 2020, the company had about $22 million as cash on hand.
Currently, Alpine carries a Zacks Rank #3 (Hold). Its shares have lost 13.5% compared with the industry's decline of 6.7% over the past 12 months.
Stocks to Consider
Alexander & Baldwin, Inc.’s (ALEX - Free Report) funds from operations (FFO) per share estimate for 2020 moved up from 22 cents to 83 cents over the past two months. The stock currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share moved 13.3% north to $1.11 over the past two months. The stock currently flaunts a Zacks Rank of 1.
Gladstone Land Corporation’s (LAND - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 9.7% north to 68 cents over the past two months. The stock currently carries a Zacks Rank of 2 (Buy).
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Alpine (PINE) Grows Portfolio With $8M Retail Property Buyout
Alpine Income Property Trust, Inc. (PINE - Free Report) recently announced the acquisition of a retail property net leased to Hobby Lobby in Asheville, NC MSA. The company has shelled out $8 million for this purchase.
The building comprises 55,000 square feet of space. Developed in 2016, it is situated on more than four acres of land. With the single-tenant property having about 11 years left on the lease term with contractual rent escalations every five years and a going-in cap rate of 6.68%, the buyout seems to be a strategic fit.
The company has been on an acquisition spree and has made acquisitions worth $55 million of single tenant net-leased properties in the year so far, with a weighted average going-in cap rate of 7.03%.
Notable among these acquisitions are a property leased to Hobby Lobby in Tulsa, OK, for $12.8 million, and two corporate operated 7-Eleven convenience stores in Austin, TX for $10.1 million. With these expansion efforts, Alpine company’s total portfolio now comprises 30 properties, spanning across 13 states, 14 industries and 20 markets.
The company’s decent acquisition volume has been aided by its solid balance sheet and efficient liquidity management. In March 2020, the company drew $20 million of available capacity on its $100-million credit facility to enhance its liquidity position. The total borrowing capacity on the credit facility is $87 million, with the company having the ability to draw an additional $30 million. Additionally, as of Mar 31, 2020, the company had about $22 million as cash on hand.
Currently, Alpine carries a Zacks Rank #3 (Hold). Its shares have lost 13.5% compared with the industry's decline of 6.7% over the past 12 months.
Stocks to Consider
Alexander & Baldwin, Inc.’s (ALEX - Free Report) funds from operations (FFO) per share estimate for 2020 moved up from 22 cents to 83 cents over the past two months. The stock currently sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
City Office REIT, Inc.’s (CIO - Free Report) Zacks Consensus Estimate for the ongoing-year FFO per share moved 13.3% north to $1.11 over the past two months. The stock currently flaunts a Zacks Rank of 1.
Gladstone Land Corporation’s (LAND - Free Report) Zacks Consensus Estimate for the current year’s FFO per share moved 9.7% north to 68 cents over the past two months. The stock currently carries a Zacks Rank of 2 (Buy).
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>