Alpine Income Property Trust, a single-tenant commercial net lease REIT formed by Consolidated-Tomoka, announced terms for its IPO on Wednesday. The company submitted an initial filing last week, and is eligible to launch its roadshow starting November 7.
The Daytona Beach, FL-based company plans to raise $150 million by offering 7.5 million shares at $20, the midpoint of an undisclosed price range. At $20, Alpine Income Property Trust would command a market value of $182 million. The company plans to issue a quarterly dividend of $0.20 per share (annualized yield of 4% at the midpoint).
It is a carve-out of Florida REIT Consolidated-Tomoka Land Co. (NYSE: CTO, $308 million market cap), which will manage it. Consolidated-Tomoka (17.6% post-IPO stake) also plans to invest $7.5 million in a concurrent private placement.
Alpine Income Property Trust was founded in 2019 and booked $12 million in revenue for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol PINE. Raymond James, Baird, B. Riley FBR, BMO Capital Markets, Janney Montgomery Scott and D.A. Davidson are the joint bookrunners on the deal.
