DAYTONA BEACH, Fla., Nov. 10, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) announced today it has acquired a single tenant net leased income property located in Kermit, Texas and leased to Dollar General. The lease is guaranteed by the investment grade rated Dollar General parent entity. The property was purchased for approximately $1.9 million, representing a going-in cap rate consistent with the Company’s guidance and past transactions, and has approximately 14.8 years remaining on the initial lease term.

Including the new Acquisition, the Company’s portfolio now consists of 46 properties located in 33 markets and 17 states across 18 industries, with a weighted average remaining lease term of 8.5 years. The Company has acquired $101.2 million of single tenant net leased properties year-to-date, with a weighted average going-in cap rate of 6.9%.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.