04:44 PM EST, 01/02/2025 (MT Newswires) -- Alpine Income Property Trust ( PINE ) said late Thursday it has purchased a property leased to Lowe's Home Improvement and provided updates on its full-year 2024 investment and disposition activities.

The real estate investment trust said it acquired the Knoxville, Tennessee-based property in December for $22.5 million, with about 13 years left on the lease.

Alpine said its 2024 investments totaled $134.7 million, with an average initial yield of 8.7%, while its dispositions totaled $75.6 million at a 6.6% average exit cash cap rate.