Alpine Income Property Trust Finalizes $5 Million Sale of Theater
Alpine Income Property Trust Completes Significant Sale
Alpine Income Property Trust, Inc. (NASDAQ: PINE) has successfully finalized the sale of its former Century Theater Center for an impressive $5 million. This strategic move reflects the company's ongoing commitment to enhancing its financial performance and portfolio.
Transaction Details and Terms
The sale transaction involved seller financing, with Alpine providing $4 million at an annual interest rate of 8.00% over a two-year term. This financing arrangement allows the company to optimize its cash flow post-sale and continue its investment strategy in quality real estate.
Property Description and Requirements
The former theater center covers a substantial 52,474 square feet on a 1.4-acre site. Following the closure of the theater in November, the property remained primarily vacant until the recent sale, representing a strategic divestment that will reduce the carrying costs associated with maintaining the property.
Impact on Earnings and Portfolio
John P. Albright, President and CEO of Alpine Income Property Trust, commented, "This transaction is significantly accretive to our earnings by eliminating the previously associated carrying costs. We anticipate that the benefits will be partially reflected in our results this year, with full realization expected next year." This sale has furthermore increased the portfolio's occupancy rate to an impressive 99.4%, which is a testament to the company's strong performance in real estate management.
About Alpine Income Property Trust, Inc.
Alpine Income Property Trust, Inc. is a publicly traded real estate investment trust that focuses on delivering attractive risk-adjusted returns and reliable cash dividends. It operates a portfolio of single-tenant net-leased commercial properties, and its tenants are primarily high-quality, publicly traded, and credit-rated entities.
Future Outlook and Investor Relations
This recent sale underlines Alpine's proactive management approach and its readiness to capitalize on market opportunities. As the company continues to streamline its portfolio, shareholders can expect increased financial benefits and an overall enhanced investment profile. Interested parties are encouraged to connect through investor relations for additional insights into future strategies.
Frequently Asked Questions
What was the selling price of the former Century Theater Center?
The former Century Theater Center was sold for $5 million.
What financing did Alpine Income Property Trust provide for the transaction?
Alpine Income Property Trust provided seller financing of $4 million at an annual interest rate of 8.00%, with a two-year term.
How large is the former theater center?
The property encompasses 52,474 square feet on a 1.4-acre site.
How does this sale impact the company's earnings?
The sale is expected to be accretive to earnings by eliminating the previous carrying costs associated with the property.
What is the current occupancy rate of Alpine's portfolio?
Following the sale, the portfolio's occupancy rate has increased to 99.4%.
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