Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2022 Earnings Conference Call April 22, 2022 9:00 AM ET

Company Participants

John Albright - President and Chief Executive Officer

Matt Partridge - Chief Financial Officer

Conference Call Participants

Rob Stevenson - Janney

Wes Golladay - Baird

Anthony Hau - Truist Securities

Michael Gorman - BTIG

Jason Stewart - Jonestrading

Craig Kucera - B. Riley Securities

Operator

Good day and thank you for standing by. Welcome to the Alpine Income Property Trust First Quarter 2022 Earnings Call. [Operator Instructions] Please be advised today’s conference maybe recorded. I'd now like to hand the conference over to your host today, Matt Partridge, Senior Vice President, Chief Financial Officer and Treasurer. Please go ahead.

Matt Partridge

Good morning, everyone. And thank you for joining us today for the Alpine Income Property Trust first quarter 2022 operating results conference call. With me today is our CEO and President, John Thanks, John Albright. Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements and we undertake no duty to update these statements. Factors and risks that could cause actual results to differ materially from expectations are disclosed from time-to-time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports in our earnings release which contain reconciliations of non-GAAP financial measures we use on our website at alpinereit.com.

With that, I will now turn the call back over to John.

John Albright

Thanks, Matt. And good morning, everyone. We have had an eventful start to the year acquiring 16 properties during the first quarter of 2022 for just over $65 million, and weighted average cap rate of 6.9%. And most recently selling our last remaining office property in Hillsboro, Oregon. The office sell completes our strategic shift to 100% retail portfolio, and now positions Walgreens as our largest tenant. The bulk of our acquisition volume was concentrated in a nine property, Walgreens and CVS occupied pharmacy portfolio, which we purchased via a reverse 1031 exchange in anticipation of the office property sale. This portfolio allowed us to maintain the investment grade credit exposure, we were losing with the Wells Fargo sale, while also improving the geographic diversity and more than doubling the remaining lease term of the sole property.