Alpine Replaces ATM Programs With $150M Common and $35M Preferred Capacity

summarizeSummary

Alpine set up new at-the-market programs for up to $150 million of common stock and $35 million of 8.00% Series A preferred, replacing its prior programs. No shares have been sold; the capacity is a dilution overhang and likely funds the pending $117.3 million industrial acquisition.

check_boxKey Events · Financing and Capital Events · PINE

• New $150M Common ATM

  The company may sell up to $150,000,000 of common stock from time to time through 16 sales agents, replacing the October 2022 program that had about $19.1 million unsold.

• New $35M Preferred ATM

  A separate program allows sales of up to $35,000,000 of 8.00% Series A preferred, replacing the December 2025 program with roughly $22.7 million unsold.

• Forward-Sale Capability Added

  Forward equity distribution agreements with 13 dealers, including contingent forward transactions with B. Riley, Jefferies and Truist Bank, let Alpine lock in prices and receive proceeds at settlement.

• Manager Fee Waived on Preferred

  The external manager will charge 0.75% instead of 1.50% on the incremental equity base created by preferred proceeds, cutting the cost of that capital.

auto_awesomeAnalysis · PINE · Real Estate & Construction

Alpine has torn up its old shelf-distribution agreements and replaced them with larger ones: up to $150 million of common stock and $35 million of 8.00% Series A preferred, both sold at-the-market. The common program adds forward-sale agreements, letting the company lock in a price and receive cash later, and the manager agreed to halve its fee on the preferred proceeds. No shares have been sold yet — this is authorized capacity, not a completed raise — but it represents a standing dilution overhang on a roughly $290 million market cap company. The timing, coming right after a $117.3 million industrial portfolio acquisition, suggests the capital is earmarked for that deal and future growth.