Alpine Income Property Trust provides audited financials for $43.5M Houston ground lease portfolio acquisition

Alpine Income Property Trust, Inc.

Acquired nine ground-leased retail parcels in Houston for $43.5M from private family office; funded with cash and credit facility.
Historical lease income $2.313M (2020), $1.863M (9mo 2021); net income $2.021M, $1.652M.
Tenant concentration: Lowe's 30-32%, Rooms to Go 22-23%, Charles Schwab 12-13% of total revenue.
Pro forma net income attributable to Alpine: $2.984M (2020), $2.779M (9mo 2021) after adjusting for all 2021 acquisitions.
Minimum future rental receipts under non-cancelable leases total $18.155M as of Sep 30, 2021.

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