Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (February 2024)
26 slides from Alpine Income Property Trust's investor presentation, Feb 8, 2024
Slide 1: Investor Presentation February 2024
Alpine Valley Music Theatre East Troy, WI February 2024 Investor Presentation
Slide 2: Don’t Over Think It
2 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Don’t Over Think It Ticker Symbol (NYSE) PINE Implied Cap Rate1 8.2% Annualized Dividend Yield1 7.2% Equity Market Capitalization1 $225M Total Enterprise Value (TEV) $488M TEV Per Square Foot1 $127 % of ABR from Investment Grade Rated Tena
Slide 3: Alpine’s Value Proposition
3 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Alpine’s Value Proposition Meaningful Upside from In-Place Yield and Relative Valuation High-Quality Portfolio Pure play, 100% retail portfolio with 65% of ABR coming from Investment Grade-Rated Tenants occupying high-quality assets with s
Slide 4: Components of Valuation
4 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Components of Valuation $ in million, unless otherwise noted.. Note: 14,841,962 shares outstanding as of February 1, 2024. 1. Calculated using the trailing 24-month average management fee paid to CTO by PINE as of December 31, 2024, annual
Slide 5: Attractive Entry Point Given Recent Stock Performance
5 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Attractive Entry Point Given Recent Stock Performance (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 J
Slide 6: Margin of Safety Through Below Market Valuation
6 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Margin of Safety Through Below Market Valuation High-Quality Portfolio with Valuation Upside PINE’s total enterprise value (TEV) is $127 per square foot, allowing shareholders to invest below estimated replacement cost in a portfolio roote
Slide 7: Significant Implied Valuation Upside
7 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Significant Implied Valuation Upside 15.2x 14.5x 14.3x 12.6x 12.1x 12.0x 9.9x NTST FCPT ADC O EPRT NNN PINE 2023E FFO Multiple 1 PINE trades at a 4.8x multiple discount to the investment grade-focused peer group average, implying significa
Slide 8: Relative Outsized In-Place Dividend Yield
8 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Relative Outsized In-Place Dividend Yield 1. All dividend yields and payout ratios are based on the closing stock price on February 6, 2024, using current annualized dividends and 2024E FFO per share estimates for the peer net lease compan
Slide 9: Opportunistic Investment Strategy
9 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Opportunistic Investment Strategy National Focus, Emphasizing Attractive Supply/Demand Dynamics National focus, with an emphasis on major metropolitan statistical areas that exhibit attractive population trends, business-friendly policies
Slide 10: Improved Portfolio Size, Diversity and Quality
10 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Improved Portfolio Size, Diversity and Quality 2019 (IPO) Number of Net Lease Properties 20 138 Number of States with a Property 12 35 Total Portfolio Square Feet 0.9M 3.8M Annualized Base Rent (ABR) $13.3M $38.8M Top Tenant as a % of ABR
Slide 11: Investment Grade-Focused Portfolio
11 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade-Focused Portfolio Credit Rating BBB- / Ba2 12% BBB+ / Baa1 9% BBB / Baa3 9% BBB / Baa2 9% BBB / Baa2 5% AA / Aa2 5% BBB+ / A3 4% CCC / Caa3 4% NR / NR 3% A / A2 3% 37% 100% ABR % Other 3% 1% 4% 10% 9% 13% 8% 11% 41% Lease
Slide 12: High-Quality Top Tenant Base
12 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants3 RATED IG 69% 69% 59% 18% 1. Due to the merger between O and SRC, we do not have a disclosed top 10 tenants list of the combined company. The top 10 ten
Slide 13: Excellent Tenant Credit and Operational Transparency
13 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 65% Not Rated 11% Non-Investment Grade 24% Dollar Stores 14% Pharmacy 13% Home Improvement 13% Sporting Goods 12% Home Furnishings 8% General Merchandise 6% Consumer El
Slide 14: Major Market, Demographic-Driven Net Lease Portfolio
14 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Major Market, Demographic-Driven Net Lease Portfolio ▪ Geographically diversified portfolio focused on major markets and areas benefitting from demographic shifts and attractive supply/demand dynamics ▪ 50% of ABR comes from metropolitan
Slide 15: Consistent Dividend Growth
15 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Consistent Dividend Growth Stable, Well-Covered Dividend ▪ Current midpoint of 2024 guidance1 implies a 72% 2024E FFO per share dividend payout ratio ▪ 37.5% increase in the quarterly cash dividend since the beginning of 2020 Annualized P
Slide 16: Research Coverage
16 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Research Coverage Near Unanimous Buy or Outperform rated by Independent Analysts Baird Wes Golladay Outperform $19.00 B. Riley John Massocca Buy $19.50 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $18.00 Janney Rob Stevenson Buy
Slide 17: Financial Strength
17 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Financial Strength PINE has a demonstrated access to capital, is focused on maintaining reasonable leverage, and has completely fixed its attractive cost of debt through 2026. Equity Market Capitalization1 $225M Net Debt Outstanding2 $263
Slide 18: 2024 Guidance
18 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 2024 Guidance Range Acquisitions $50 million - $80 million Dispositions $50 million - $80 million FFO Per Diluted Share $1.51 - $1.56 AFFO Per Diluted Share $1.53 - $1.58 Weighted Average Diluted Shares Outstanding 14.9 million - 14.9 mil
Slide 19: Corporate Responsibility
19 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Committed Focus Committed to mainta
Slide 20: External Management Alignment
20 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of February 8, 2024. 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 ind
Slide 21: Disclaimer
21 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Disclaimer This press 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
Slide 22: Non-GAAP Financial Information
22 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Information 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 Ope
Slide 23: Statement of Operations
23 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Statement of Operations Alpine Income Property Trust, Inc. Consolidated Statements of Operations (In thousands, except share, per share and dividend data) 1. Includes the weighted average of 1,432,393 shares during the three months ended
Slide 24: Non-GAAP Financial Measures Reconciliation
24 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Funds From Operations and Adjusted Funds From Operations (Unaudited) (In thousands, except per share data) Three Months Ended Twelve
Slide 25: Net Debt-to-EBITDA Pro Forma Reconciliation
25 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Net Debt-to-EBITDA Pro Forma Reconciliation Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited) (In thousands) Three Months Ended December 31, 2023 Net Income $ 370 Adj
Slide 26: Investor Inquiries
Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (407) 904-3324, mpartridge@alpinereit.com
Alpine Income Property Trust — Investor Presentation (February 2024) on 6ix