Alpine acquires two net-lease property portfolios from CTO for $56M total, assumes $30M debt

Alpine Income Property Trust, Inc.

On June 30, 2021, completed CMBS Portfolio acquisition of six properties for $44.5M.
On April 23, 2021, completed single property acquisition in North Richland Hills, TX for $11.5M.
Assumed $30M loan at 4.33% fixed rate, maturing Oct 2034; prepayable without penalty from Oct 2024.
Issued 424,951 OP units as partial consideration; CTO owned ~15.8% of PINE at filing.
Pro forma net income for 2020 would have been $1.88M vs. actual $0.99M (basic EPS $0.25 vs. $0.13).

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