Alpine Income Snaps Up Seven Properties From CTO Realty For $56 Million

Real estate investment trust Alpine Income Property Trust has agreed to acquire seven retail properties from CTO Realty for a total consideration of $56 million.

Alpine Income Property (PINE) President and Chief Executive officer, John P. Albright said, “Since Alpine’s IPO in 2019, we have highlighted the remaining single tenants net lease properties within CTO’s portfolio as a potential source of future acquisitions for Alpine.”

Albright added, “We are excited to announce these first two agreements with CTO, which we believe represent great opportunities for Alpine to efficiently acquire a number of properties that provide an attractive yield and excellent tenant, sector and geographic diversity to our already high-quality net lease portfolio.” (See Alpine Income Property stock analysis on TipRanks)

This acquisition involves an agreement for a six property portfolio and a separate agreement for a single property. The six property portfolio includes properties leased to national retailers like Lowe’s, Walgreens, Harris Teeter and Big Lots and more than 60% of its base rent will be coming from investment grade-rated entities.

The single property under the 2nd agreement is located at Dallas-Fort Worth-Arlington and its acquisition is expected to close in 2Q.

Last month, Raymond James analyst RJ Milligan reiterated a Buy rating on the stock but did not assign a price target.

After meeting with Alpine’s management, Milligan commented, “PINE continues to execute on its external growth strategy and the acquisition pipeline remains robust. With collections at 100%, the company is focused on offense vs. Chasing down rents. PINE is expected to deliver the highest earnings growth in the net-lease in 2021, reinforcing our theses (and the consensus view) that being small in net-lease is a good thing.”

The other analyst covering the stock, Robert W. Baird’s Wes Golladay also has a Buy rating on the stock. The two ratings cobine to a Moderate Buy consensus rating for the stock. Shares have gained about 70.8% over the past year.

Alpine scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to outperform the broader market.

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