Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (October 2021)
33 slides from Alpine Income Property Trust's investor presentation, Oct 21, 2021
Slide 1: October 2021 Investor Presentation
October 2021 INVESTOR PRESENTION
Slide 2: Company Profile
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com COMPANY PROFILE 2 Ticker Symbol (NYSE) PINE Equity Market Capitalization1 $243M Total Enterprise Value (TEV)1 $428M Net Debt to TEV1,2 43% Annualized Dividend Yield1 5.5% % of Covering Analysts with a Buy or Outperform Rating1 100% Common Sh
Slide 3: Investment Highlights
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com Payout Ratio % INVESTMENT HIGHLIGHTS 3 Meaningful Valuation Upside with In-Place Yield and Long-Term Growth As of 9/30/2021. $ in millions. 1. All dividend yields, payout ratios and 2022E FFO multiples are based on the closing stock price on
Slide 4: YTD Q3 2021 Highlights
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com YTD Q3 2021 HIGHLIGHTS 4 YTD Q3 FFO Per Share1 $1.15 Year-Over-Year YTD FFO Growth 34% YTD Q3 AFFO Per Share1 $1.18 Year-Over-Year YTD AFFO Growth 71% Q3 Quarterly Dividend Per Share $0.255 Q2 Quarterly Dividend Per Share $0.250 Q1 Quarterly
Slide 5: Significant Implied Valuation Upside
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 21.3x 19.1x 18.5x 17.9x 17.8x 16.4x 15.5x 13.7x 12.9x NTST EPRT O ADC FCPT STOR NNN SRC PINE SIGNIFICANT IMPLIED VALUATION UPSIDE 5 As of 10/15/2021. 1. All 2022E FFO multiples are based on the closing stock price on October 15, 2021, using
Slide 6: Relative Outsized In-Place Dividend Yield
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 70% 4.4% 4.1% 4.5% 5.3% 4.6% 3.3% 5.5% 3.9% 3.4% FCPT O STOR SRC NNN NTST PINE ADC EPRT 2022E FFO Payout Ratio Dividend Yield RELATIVE OUTSIZED IN-PLACE DIVIDEND YIELD 6 As of 10/15/2021. 1. All dividend yields and payout ratios are based on
Slide 7: Disciplined Investment Strategy
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com DISCIPLINED INVESTMENT STRATEGY 7 Emphasizing Attractive Supply/Demand Market Dynamics National focus, with an emphasis on major metropolitan statistical areas that exhibit attractive population trends, business-friendly policies and strong
Slide 8: Accelerating Investment Execution
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ACCELERATING INVESTMENT EXECUTION 8 $ in millions. 1. Portfolio Growth represents the aggregate gross purchase price of the assets in the portfolio as of September 30, 2021, compared to the aggregate gross purchase price of the assets in the
Slide 9: Improving Portfolio Size & Diversity
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com IMPROVING PORTFOLIO SIZE & DIVERSITY 9 2019 (IPO) As of 9/30/2021. 1. The remaining ABR within the Company’s portfolio as of the end of the referenced period comes from tenants occupying office properties. 2. A credit rated, or investment gr
Slide 10: Major Market Net Lease Portfolio
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com MAJOR MARKET NET LEASE PORTFOLIO 10 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as establ
Slide 11: Excellent Tenant Credit Transparency
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com General Merchandise 13% Home Furnishings 11% Financial Services (Office) 10% Hospitality (Office) 8% Dollar Stores 8% Grocery 7% Pharmacy 7% Entertainment 5% Sporting Goods 5% Convenience Stores 5% Other 21% 100% EXCELLENT TENANT CREDIT TRAN
Slide 12: Strong and Stable Top Tenant Base
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com STRONG AND STABLE TOP TENANT BASE 12 Credit Rating1 As of 9/30/2021. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ra
Slide 13: High-Quality Top Tenant Base
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com HIGH-QUALITY TOP TENANT BASE 13 As of 9/30/2021, unless otherwise noted. Top six tenant information based on published investor presentations available through each company’s website as of October 16, 2021. Comparably high-quality top six te
Slide 14: Financial Strength
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com FINANCIAL STRENGTH 14 Equity Market Capitalization1 $243M Net Debt Outstanding2 $185M Total Enterprise Value (TEV) $428M Well-Capitalized Balance Sheet As of 9/30/2021, unless otherwise noted. $ in millions. 1. As of 10/15/2021. 2. Net Debt
Slide 15: Consistent Dividend Growth
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com CONSISTENT DIVIDEND GROWTH 15 $0.060 $0.200 $0.200 $0.200 $0.220 $0.240 $0.250 $0.255 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 IPO Q4 2019 Dividend Per Share Paid 2020 2021 Growing, Well-Covered Dividend ▪ Current anal
Slide 16: 2021 Guidance
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 2021 GUIDANCE 16 FFO and AFFO guidance was provided in the Company’s Second Quarter 2021 Operating Results press release filed on October 21, 2021. The Company’s increased outlook for 2021 takes into account the Company’s third quarter perfo
Slide 17: Research Coverage
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com RESEARCH COVERAGE 17 Baird Wes Golladay Outperform $22.00 B. Riley Craig Kucera Buy $23.00 BTIG Mike Gorman Buy $23.00 Janney Rob Stevenson Buy $22.00 Raymond James RJ Milligan Outperform $23.00 Stifel Simon Yarmak Buy $21.00 Total / Average
Slide 18: External Management Benefits
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 18 Aligned Ownership CTO currently owns an approximate 16% interest in PINE, meaningfully aligning its interests with PINE shareholders Independent Board of Directors PINE has its own independent Board of Directors and realizes significant e
Slide 19: External Management Alignment
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 19 As PINE’s external manager, CTO Realty Growth has significant shareholder alignment as the largest share and unit holder of Alpine Income Property Trust. EXTERNAL MANAGEMENT ALIGNMENT Share or Unit Holder Shares and/or Units Owned % Owned
Slide 20: Experienced Management Team
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com EXPERIENCED MANAGEMENT TEAM 20 John P. Albright, President & Chief Executive Officer Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan St
Slide 21: Corporate Responsibility
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 21 Committed Focus Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices Tenant Alignment Alignment with environme
Slide 22: Key Takeaways
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com KEY TAKEAWAYS 22 As of 10/15/2021, unless otherwise noted. 1. 2022E FFO per share estimate from the Stifel Triple-Net REITs Comp Sheets 10/17/2021 report. Significant Discount to Peer Group Meaningful potential upside in valuation as PINE ha
Slide 23: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 23 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 24: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 24 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 25: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 25 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 26: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 26 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 27: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 27 As of 9/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 28: Disclaimer
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com DISCLAIMER 28 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,” “se
Slide 29: Non-GAAP Financial Information
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL INFORMATION 29 Our reported results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also disclose Funds From Operations (“FFO”), Adjusted Funds From Op
Slide 30: Non-GAAP Financial Measures Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL MEASURES RECONCILIATION 30 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended Nine Months Ended September 30, 2
Slide 31: Non-GAAP Financial Measures Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL MEASURES RECONCILIATION 31 Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Net Income $ 1,056 $ 636 $ 1,913 $ 930 Depreciation and Amortization 4,308 2,694 1
Slide 32: Net Debt to Pro Forma EBITDA Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NET DEBT TO PRO FORMA EBITDA RECONCILIATION 32 Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited) (In thousands) 1. Reflects the pro forma annualized impact on Annualized
Slide 33: Investor Inquiries
INVESTOR PRESENTION Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (386) 944-5643, mpartridge@alpinereit.com
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