Alpine Income Property Trust, Inc. · NYSE:PINE

Alpine Income Property Trust — Q2 2020 Earnings Presentation

22 slides from Alpine Income Property Trust's earnings presentation, Jul 23, 2020

  1. Slide 1: Investor Presentation Second Quarter 2020

    INVESTOR PRESENTATION SECOND QUARTER 2020 JULY 2020 (NYSE:PINE) ​ ​

  2. Slide 2: Why Invest in PINE

    2 Diverse Portfolio : Property Types & Markets Tenant quality : COVID-19 Performance 70% Retail and 30% Office 79% of ABR (B) in large MSAs (1) Opportunity for Impactful growth Attractive Valuation Attractive Yield Trading at compelling discount to NAV Implied cap rate on NOI of 8.7% 94% of July 202

  3. Slide 3: PINE Snapshot

    3 TOTAL SHARES OUTSTANDING (rounded) (1) ≈8,679,000 CLOSING PRICE PER SHARE IMPLIED CAP RATE CASH (3) $14.72 8.7% $1.2mm EQUITY MARKET CAPITALIZATION $127.8mm PORTFOLIO NOI ANNUALIZED $17.1mm TOTAL DEBT $70.0mm TOTAL ENTERPRISE VALUE (NET) $196.6mm LEVERAGE (NET) ≈35% Q2 2020 FFO/Share (2) $0.29 Q2

  4. Slide 4: Overview of Our Portfolio

    4 Overview of Our Portfolio Tenant or Tenant’s Parent Company 8.5 Years 100% Occupied with Long Duration Leases 8.5 year weighted average remaining lease term with no maturities until 2024 52% Contractual Rent Growth 52% of ABR(B) from leases that have contractual increases in base rent 35% Leverage

  5. Slide 5: COVID-19 Collections Update

    5 As of July 17, 2020 unless otherwise noted Paid Deferred Abated Based on CBR (F) Collections Update: COVID 19 July Rent Collections (1) June Rent Collections (1) May Rent Collections (1) April Rent Collections (1) Paid Paid Paid Unresolved Deferred Abated Unresolved Deferred Abated Unresolved Defe

  6. Slide 6: 2020 Acquisitions

    Tenant Purchase Price Lease Term (1) Rent Bumps $20.6mm 6.6 Flat $12.5mm 10.8 Flat $8.0mm 11.2 5% in Yr. 10 $7.1mm 10.1 Flat (8% in Options) $6.3mm 10.4 10% Every 5 yrs. $6.1mm 11.6 Flat (8% in Options) $5.8mm 15 10% in Yr. 10 $4.3mm 15 10% in Yr. 10 $4.3mm 10.8 2% Annual $0.3mm 6.8 10% Every 5 yrs.

  7. Slide 7: Q2 2020 Acquisition: Howell, Michigan

    7 Q2 2020 Acquisition Retail Flat Rent 3-Mile Population: >20k Avg. HH Income: >$91k 6.6 Year NNN Lease 214,172 Square Feet 23 Acres Investment $20.6 Million Detroit-Warren-Dearborn, MI MSA Howell, Michigan ​ ​

  8. Slide 8: Q2 2020 Acquisition: Arden, North Carolina

    8 Q2 2020 Acquisition Retail Rent Escalations Every 5 yrs. 3-Mile Population: >27k Avg. HH Income: >$71k 11.2 Year NNN Lease 55,000 Square Feet 4.3 Acres Investment $8 Million Asheville, NC MSA Arden, North Carolina ​ ​

  9. Slide 9: Investment Focus

    Investment Focus "Lowe's hed on Sas eg © Q2 2020 Investor Presentation

  10. Slide 10: Attractive Portfolio Top States

    10 31 Properties in 14 States Attractive Portfolio As of July 17, 2020 unless otherwise noted Top 3 States (1) Florida 24% Oregon 17% North Carolina 11% Based on ABR (B) ​ ​

  11. Slide 11: Portfolio with Strong Credit Quality

    11 Portfolio with Strong Credit Quality No Leases Expiring Until 2024 (1) Based on ABR (B) 52% with Contractual Rent Bumps (1) Flat Annual Other Escalation 81% Credit Rated Tenants (1) Credit Rated Investment Grade Not Rated $millions As of July 17, 2020 unless otherwise noted $- $1.0 $2.0 $3.0 $4.0

  12. Slide 12: Portfolio Diversification by Tenant, State, MSA, Industry

    Based on ABR (B) Office Tenant 12 STATE(1) Florida Oregon All Other Oklahoma Massachusetts Texas Georgia North Carolina Michigan Arizona Nevada MSA(1) Portland Orlando All Other Tulsa Jacksonville Tampa Boston Atlanta Phoenix Raleigh Reno Austin Detroit Asheville Winston-Salem Industry(1) General Me

  13. Slide 13: Primary Investment Focus on Top U.S. Real Estate Markets

    13 Rank Market 1 Austin 2 Raleigh 3 Nashville 4 Charlotte 5 Boston 6 Dallas / Fort Worth 7 Orlando 8 Atlanta 9 Los Angeles 10 Seattle 11 Tampa 12 San Francisco 13 San Jose 14 DC - Northern VA 15 New York - Brooklyn 16 Indianapolis 17 Denver 18 Orange County 19 Charleston 20 Portland 21 Miami 22 Salt

  14. Slide 14: Portfolio Summary

    14 Tenant, or tenant parent, rated entity (D) Portfolio Summary As of July 17, 2020 unless otherwise noted Tenant Type Industry MSA Credit Rating (1) Rentable Square Feet ABR% (B) Remaining Lease Term 1 Wells Fargo Office Financial Services Portland-Vancouver-Hillsboro, OR-WA A+ 211,863 17% 5.4 2 Hi

  15. Slide 15: Comparison with our Peers

    Comparison with our Peers (1) 15 2020E FFO Multiple (2) A+ BB NR NR CCC+ NR AA BBB- NR NR NR B- AA- CCC+ B- CCC+ CCC+ BBB- BBB BBB AA- BBB BBB Peer info as of most recent published information by company and per report by Raymond James as of 7/15/20 PINE FFO Multiple represents annualized YTD FFO pe

  16. Slide 16: Liquidity and Leverage

    16 Liquidity and Leverage Debt Schedule Principal Interest Rate Maturity Date Credit Facility w/swap $50.0 million 1.35%-1.95% + 0.48bps November 2023 Credit Facility $20.0 million 1.35% - 1.95% + LIBOR November 2023 Total Debt/Weighted-Average Rate $70.0 million 1.74% Credit Facility ($000’s) $- $1

  17. Slide 17: 2020 Guidance Reintroduced

    17 2020 Guidance Reintroduced FY 2020 Guidance Actual YTD Q2 2020 Net Income Attributable to PINE per Diluted Share $0.00- $0.10 $0.03 FFO per Diluted Share $1.15 - $1.25 $0.51 AFFO per Diluted Share $0.95 - $1.05 $0.35 Acquisition of Income-Producing Assets (A) $105 million $75.4 million Target Inv

  18. Slide 18: Appendix

    Appendix Pe 18 Q2 2020 Investor Presentation

  19. Slide 19: End Notes

    19 End Notes references utilized in this presentation There can be no assurances regarding the likelihood of acquisitions occurring or the timing or final terms thereof. Annualized straight-line Base Rent (“ABR”) is calculated based on our current portfolio as of July 17, 2020. Dividends, subject to

  20. Slide 20: Use of Non-GAAP Financial Information

    20 Use of Non-GAAP Financial Information Our reported results are presented in accordance with GAAP. We also disclose Funds From Operations (‘FFO’) and Adjusted Funds From Operations (‘AFFO’) both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful t

  21. Slide 21: Forward-Looking Statements

    21 This presentation may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and

  22. Slide 22: Contact Us

    INVESTOR PRESENTATION SECOND QUARTER 2020 (NYSE:PINE) For additional information, please see our website www.AlpineREIT.com. Contact Us Investor Relations: 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202 Info@alpinereit.com ​

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