WINTER PARK, Fla., Oct. 03, 2022 (GLOBE NEWSWIRE) — Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”) today announced that it has successfully amended and restated its senior unsecured credit. The credit facility has been increased to $350 million and consists of a $250 million unsecured revolving credit facility (the “Revolving Facility”) and the existing $100 million unsecured term loan of Company (the “2027 Term Loan”) (together, the “Credit Facility”). The credit facility includes an accordion option that allows the company to request additional revolving loan and 2027 term loan commitments up to a total of $750 million. The Company’s existing $100 million senior unsecured term loan in 2026 will remain outstanding until its maturity in January 2026.

“We value and appreciate the strong support from our expanded banking group. With the closing of the credit facility and our recent interest rate hedging activities, we have no debt maturing before 2026, minimal exposure to floating interest rates and ample liquidity to execute accretive to our strategy of net investment in commercial leases,” said Matthew Partridge, Chief Financial Officer of Alpine Income Property Trust.

The credit facility has made structural changes to certain financial covenants and includes a sustainability-related pricing component that reduces the applicable interest rate margin if the company meets certain sustainability performance targets. Revolver refinanced and increased the Company’s existing $150 million senior unsecured revolving credit facility, which was scheduled to mature in November 2023. New Revolver will mature in January 2027, with extension options available to extend the maturity date for an additional year to January of 2028. Based on the Company’s current leverage ratio, the initial interest rate for the Revolver will be SOFR plus 165 basis points and an adjustment of the SOFR index by 10 basis points.

KeyBank Capital Markets Inc., Raymond James Bank, Regions Capital Markets and The Huntington National Bank acted as co-lead arrangers for the Revolver. KeyBank National Association will act as administrative agent and Raymond James Bank, Regions Bank and The Huntington National Bank will act as co-syndication agents for the Revolver. Bank of Montreal, Truist Bank, PNC Bank, National Association and Synovus Bank also participated in Revolver.

The KeyBank National Association will act as an advisor and sole structuring agent for sustainability.

About Alpine Income Property Trust, Inc.

Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality, single-tenant commercial income properties.

We encourage you to review our latest investor presentation, available on our website at http://www.alpinereit.com.

Safe Harbor

This press release may contain “forward-looking statements”. Forward-looking statements include statements that can be identified by words such as “could”, “could”, “could”, “will”, “probable”, “anticipate”, “intend”, “expect”. , “seeks”, “believes”, “estimates”, “expects”, “continues”, “projects” and other similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Accordingly, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental issues, illiquidity of real estate investments and potential damage from natural disasters, the impact of the COVID-19 pandemic and its variants on the business of the Company and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the business of the Company or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set out under “Risk Factors” in ns the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and other risks and uncertainties discussed from time to time in the Company’s filings with the United States Securities and Exchange Commission . Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Contact: Matthew M. Partridge
Senior Vice President, Chief Financial Officer and Treasurer
(407) 904-3324
[email protected]