Alpine Income Property Trust acquires 9 properties for $48.1M

Alpine Income Property Trust, Inc.

Nine net-lease properties in six states acquired from private family office for $48.1M; funded via credit facility.
Portfolio generated $3.565M lease income and $3.308M net income in 2021 (audited).
CVS and Walgreens account for 10.1% and 89.9% of portfolio revenue, respectively.
Pro forma: acquisition would add $0.06 diluted EPS to 2021 results; incremental interest expense of $0.9M.

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