Alpine Income Adds $10M Aspen Property, Q4 Acquisitions Total $39.8M
Alpine Income Property Trust acquired eight properties in Q4 for $39.8 million, boosting its portfolio to 128 assets with 99% occupancy and a $250 million market cap. It also purchased a 6,529 sq ft Aspen retail property for $10 million at an 8.5% cap rate under a 50-year triple net lease with 1.25% annual escalators.
1. Alpine Income Property Trust Acquires Aspen Retail Asset
Alpine Income Property Trust (PINEpA) completed the acquisition of a 6,529-square-foot retail property in downtown Aspen, Colorado, for $10.0 million. The deal was structured as an absolute triple net master lease with a 50-year term and 1.25 percent annual rent escalators, securing a strong initial cap rate of 8.5 percent. The property sits in a high-density retail corridor where the average household income within five miles exceeds $187,000, enhancing the long-term credit profile of the tenant and stability of cash flows.
2. Portfolio Expansion and Yield Profile
With this acquisition, PINEpA’s portfolio now comprises 129 properties, maintaining a 99 percent occupancy rate driven by investment-grade tenants. The company’s $250 million market capitalization positions it to pursue additional free-standing single-tenant deals that can drive high returns on invested capital. Alpine Income currently offers a 6.5 percent dividend yield, paid monthly, and management forecasts that recent and planned acquisitions will boost annualized AFFO (adjusted funds from operations) growth by approximately 10 percent over the next 12 months.