Alpine Global Premier Properties Fund Announces a New Share Repurchase Plan

Published on Wednesday, 08 February 2012 09:20 Written by TradersHuddle Staff

PURCHASE, N.Y.-( Business Wire )-

Alpine Global Premier Properties Fund (NYSE: AWP) (the “Fund”) today announced that its Board of Trustees (the “Board”), as part of an ongoing evaluation of strategic options to seek to enhance shareholder value, has authorized a new Share repurchase plan (the “Repurchase Plan”). Under the Repurchase Plan the Fund may purchase, in the open market, up to 10% of its outstanding common shares effective immediately and going through October 31, 2012. The amount and timing of repurchases will be at the discretion of the Fund’s investment adviser, Alpine Woods Capital Investors, LLC (the “Adviser”), and subject to market conditions and investment considerations.

The decision to authorize the Repurchase Plan reflects the Board’s belief that, although the Fund’s market price and underlying net asset value (“NAV”) have increased since the end of 2011, the market continues to undervalue the Fund’s shares relative to its NAV (which was $7.27 as of February 7, 2012). In reaching its decision, the Board considered that the discount to NAV at which Fund shares have recently traded and the Fund’s approximate 9.4% market price yield (on a market price of $6.37 as of February 7, 2012), in combination with what the Adviser believes to be prospective global growth potential and diminished excess pessimism, make acquiring Fund shares under the Repurchase Plan an attractive opportunity for the Fund. There can be no guarantee that the recent increases in the Fund’s market price and NAV will continue.

The Repurchase Plan allows the Fund to acquire shares in the open market at a discount to NAV, which benefits remaining shareholders by increasing the NAV per share. The Repurchase Plan is the most recent in a series of actions the Fund has taken to seek to enhance shareholder value. Prior actions have included open market share repurchases, increases in the monthly distribution level and changes in the Fund’s distribution policy. The decision to authorize the Repurchase Plan was the result of careful analysis of available options, and consideration of a number of factors, including the views of certain shareholders who expressed concern regarding the discount to NAV at which the Fund’s shares were trading. The Board remains focused on actions that may increase value for long-term Fund shareholders.

The Fund’s repurchase activity will be disclosed in its shareholder report for the relevant fiscal period. There is no assurance that the Fund will repurchase shares at any specific discount levels or in any specific amounts. There is also no assurance that the market price of the Fund’s shares, either absolute or relative to NAV, will increase as a result of any share repurchases, or that the Repurchase Plan will enhance shareholder value over the long-term. The Board will continue to monitor the Repurchase Plan (which can be terminated at any time) and to continue to analyze options to seek to enhance shareholder value over the long-term, including extending the Repurchase Plan beyond October 31, 2012.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements that describe our strategies and goals and our beliefs concerning future conditions and the outlook for The Alpine Global Premier Properties Fund based on currently available information. The Fund’s actual results could differ materially from those anticipated in the forward-looking statements because of various risks and uncertainties, including the factors set forth in the Fund’s filings with the SEC. You should carefully consider those risks and the other information in the Fund’s SEC filings before investing.

About Alpine Global Premier Properties Fund

Alpine Global Premier Properties Fund is a diversified, closed-end management investment company that seeks total return, consisting of capital appreciation and income. The Fund’s investment adviser is Alpine Woods Capital Investors, LLC with its principal executive offices located at 2500 Westchester Avenue, Suite 215, Purchase, New York 10577. The Fund is a closed-end fund and does not continuously offer or redeem shares.

Alpine Woods Capital Investors, LLCMarc Rappaport, 914-251-0880