Alpine Income Property Trust agrees to buy 13 industrial properties for $117.3 million

Alpine Income Property Trust, Inc. (PINE) has entered into a definitive agreement to purchase a portfolio of 13 industrial properties for an aggregate price of $117.3 million. The Maryland corporation signed the Purchase and Sale Agreement on October 5, 2026, through a wholly owned subsidiary of its operating partnership. The target assets are located across 11 states and are being acquired from an institutional owner.

The company stated that its $1.0 million earnest money deposit became non-refundable on October 9, 2026. As a result, Alpine Income Property Trust now deems the closing of the acquisition probable. The company expects to close the purchase in the fourth quarter of 2026, provided certain closing conditions are met before or at the closing. These conditions are not currently satisfied, and the company noted that there can be no assurance it will acquire the portfolio.

To fund the transaction, Alpine Income Property Trust may use available cash, proceeds from its revolving credit facility, other borrowings, securities offerings, or proceeds from future property dispositions structured as a reverse like-kind exchange. For the unaudited pro forma consolidated financial statements, the company assumed the acquisition would be funded entirely with proceeds from its revolving credit facility.

The pro forma financial statements reflect the acquisition as if it occurred on January 1, 2025. This adjustment allows investors to see the potential impact on the company's balance sheet and operating results.