Alpine Income Property Trust (PINE) to Offer 2.5M Shares

Alpine Income Property Trust, Inc. (NYSE: PINE) announced that it has commenced an underwritten public offering of 2,500,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 375,000 shares of its common stock.

The Company intends to contribute the net proceeds from this offering to Alpine Income Property OP, LP, its operating partnership (the “Operating Partnership”), in exchange for common units of limited partnership interest of the Operating Partnership. The Operating Partnership may use the net proceeds contributed by the Company to repay amounts outstanding under the Company’s credit facility and for general corporate and working capital purposes, which may include funding property acquisitions.

Raymond James, Baird and Stifel are acting as joint book-running managers for the offering.

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