ALPINE INCOME PROPERTY TRUST, INC. (NYSE:PINE) Q2 2020 Earnings Conference Call - Final Transcript
Jul 23, 2020 • 09:00 am ET
Good morning, and welcome to the Alpine Income Property Trust Second Quarter 2020 Conference Call. [Operator Instructions]. Please note this event is being recorded.
I would now like to turn the conference over to John Albright, President and CEO. Please go ahead.
John P. Albright
Thank you, operator. Good morning and welcome to today's conference call to review the operating results of Alpine Income Property Trust for the quarter ended June 30, 2020. My name is John Albright, President and CEO of the company. On the call with me is, Mark Patten, our Chief Financial Officer and Dan Smith, our General Counsel and Corporate Secretary. Mark and I will review the details of our second quarter and six months financial results in a moment.
First, I'll turn it over to Mark to provide you with the customary disclosures regarding our comments on this call today and a few points regarding the format of our call.
Mark E. Patten
Thanks, John. Good morning, everyone. During our call today, we may make certain statements that may be considered to be forward-looking statements under Federal Securities Law. Company's actual future results may differ significantly from the matters discussed in these forward looking statements. And we may not release provisions to these forward-looking statements to reflect changes after the statements were made. 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 filings with the SEC in our earnings release issued last night.
Let me note that we filed our Q2 2020 investor presentation last night, which is now available on our website. Our investor presentation provides additional information you may find useful and that we may reference during this
With that, I'll turn it back over to John.
John P. Albright
Thanks Mark. Much like all of our rate peers, the latter part of Q1 2020 and much of Q2 were spent focused on working with our tenants to navigate the impact of COVID-19 pandemic. While we certainly believe, we've addressed these issues that we needed to as evidenced by our collection of 89% of July rent and the resolution of all, but one tenant issue. We recognize that the uncertainty surrounding the recent developments associated with the pandemic and the potential for future dislocation still remains.
As we discussed in our first quarter call, our acquisition activity during the quarter was ahead of our expectations, but we suspended those efforts at the onset of the COVID-19 pandemic. We're pleased to have been able to restart our investment activities in the latter part of the second quarter with a focus towards credit and quality.
We completed the purchase of two single-tenant retail properties in June, one property that is leased to Walmart outside of Lansing, Michigan, which we acquired for approximately $20.6 million and that has 6.6 years remaining on the lease. And the other property which is leased to Hobby Lobby in Asheville, North Carolina, which were acquired for approximately $8 million and has 11.2 years remaining