Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (February 2020)
39 slides from Alpine Income Property Trust's investor presentation, Feb 4, 2020
Slide 1: Starting the Climb: Year End 2019 Investor Presentation
CLIMB STARTING THE YEAR END 2019 INVESTOR PRESENTATION FEBRUARY 2020 (NYSE: PINE)
Slide 2: Snap Shot of PINE
Snap Shot of PINE 2 Attractive Valuation with Significant Growth Potential STOCK PRICE (@ IPO) $19.00 Q4 2019 DIVIDEND per diluted SHARE TOTAL DEBT SHARES OUTSTANDING (rounded) (1) ≈$0.06 $10.5mm ≈9,127,000 As of February 3, 2020 unless otherwise noted ESTIMATED FFO/SHARE – FY 2020 $1.20 - $1.30 EST
Slide 3: Initial Alpine Portfolio Overview
Initial Alpine Portfolio Overview 3 (1) 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 58% Contractual Rent Growth » 58% of ABR (B) from leases that have contractual increases in base
Slide 4: Attractive Portfolio: No Leases Expiring until 2024
Attractive Portfolio 4 No Leases Expiring until 2024 58% with Contractual Rent Bumps (1) Flat Other Escalation Annual 42% 32% 26% High Quality Portfolio with Diverse Long - Term Cash Flows and No Near - Term Maturities $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 As of February 3, 2020 unless otherwis
Slide 5: Portfolio Diversity
Portfolio Diversity (1) Based on ABR (B) 5 Portfolio Diversified Across 18 Markets, 12 States and Tenants in 14 Industries 21% 17% 8% 7% 5% 5% 5% 5% 4% 4% 4% 3% 3% 2% 2% 5% Portland Orlando Tampa Reno Austin Boston Whitewater Winston Salem Dallas/Ft. Worth 3 Others Jacksonville Birmingham Atlanta Ph
Slide 6: Primary Focus on Top U.S. Real Estate Markets
Primary Focus on Top U.S. Real Estate Markets 6 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 Coun
Slide 7: Comparison with our Peers
Comparison with our Peers 7 Single - Tenant Net Leased Portfolio that Compares Favorably to Peers 2020 AFFO Multiple 23.4x 22.0x 19.1x 19.5x 15.0x 22.4x 14.8x (1) A+ BB+ BBB B+ B NR B - NR B B BBB BBB BBB A+ NR B+ NR NR NR B+ AA - B - B+ B+ B B - BBB BBB BBB BBB BBB AA - BBB BBB B+ (1) Estimate base
Slide 8: 2020 Guidance
2020 Guidance 8 FY2020 Guidance FFO per diluted share $1.20 - $1.30 AFFO per diluted share $1.15 - $1.25 Acquisition of Income - Producing Assets (A) $12 0mm Target Investment Yield (Initial Yield – Unlevered) 6.5% - 7.5% Earnings per diluted share $0.10 - $0.20 Positioned for Growth – Starting The
Slide 9: Our Board of Directors
Our Board of Directors 9 John P. Albright President & Chief Executive Officer Consolidated - Tomoka Land Co. Good Capital Group Andrew C. Richardson Chief Operating Officer Waypoint Real Estate Investments Mark O. Decker, Jr. President & Chief Executive Officer Investors Real Estate Trust M. Carson
Slide 10: Our Management Team
Our Management Team 10 Years of Experience Public Company Experience Real Estate Operations / Finance Previous Companies John P. Albright President & Chief Executive Officer 32 19 32 Mark E. Patten SVP & Chief Financial Officer 33 28 18 Daniel E. Smith SVP, General Counsel, Corp. Secretary 27 22 27
Slide 11: Appendix
11 APPENDIX
Slide 12: Summary of our Portfolio
12 Summary of our Portfolio (1) Tenant, or tenant parent, rated entity (C) (2) Ground Leases; rentable SF for both assets is RSF for vertical building - Rentable SF Total and annualized base rent per SF exc lude Alpine Valley Music Theatre (3) Annualized Base Rent as of February 3, 2020 (B) (4) Rema
Slide 13: Portfolio Highlight: Hillsboro, Oregon (Wells Fargo)
SINGLE - TENANT OFFICE 13 Hillsboro, Oregon MSA: Portland, OR Asset Type: Office Tenant: Wells Fargo S&P Rating: A+ % of Portfolio Rent: ≈21% Square Feet: 211,863 Remaining Lease Term: 5.9 years Year Built: 1978/2009 Escalations: Flat MSA Population: 2,478,810 Investment Highlights: Wells has made $
Slide 14: Portfolio Highlight: Orlando, Florida (MCC Building)
SINGLE - TENANT OFFICE 14 Portfolio Highlight Orlando, Florida MSA: Orlando, FL Asset Type: Office Tenant: Hilton Grand Vacations S&P Rating: BB+ % of Portfolio Rent: ≈12% Square Feet: 102,019 Remaining Lease Term: 6.8 years Year Built: 1988/2000 Escalations: Annual MSA Population: 2,572,962 Investm
Slide 15: Portfolio Highlight: Brandon, Florida (LA Fitness)
SINGLE - TENANT RETAIL 15 Portfolio Highlight Brandon, Florida MSA: Tampa, FL Asset Type: Retail Tenant: LA Fitness S&P Rating: B+ % of Portfolio Rent: ≈7% Square Feet: 45,000 Remaining Lease Term: 12.2 years Year Built: 2006 Escalations: Every 5 yrs. MSA Population: 3,142,663 Investment Highlights:
Slide 16: Portfolio Highlight: Glendale, Arizona (Container Store)
SINGLE - TENANT RETAIL 16 Portfolio Highlight Glendale, Arizona MSA: Phoenix, AZ Asset Type: Retail Tenant: Container Store S&P Rating: B % of Portfolio Rent: ≈5% Square Feet: 23,329 Remaining Lease Term: 10.1 years Year Built: 2015 Escalations: Every 5 yrs. MSA Population: 4,857,962 Investment High
Slide 17: Portfolio Highlight: Raleigh, North Carolina (At Home)
SINGLE - TENANT RETAIL 17 Portfolio Highlight Raleigh, North Carolina MSA: Raleigh, NC Asset Type: Retail Tenant: At Home S&P Rating: B+ % of Portfolio Rent: ≈5% Square Feet: 116,334 Remaining Lease Term: 9.6 years Year Built: 1995/2014 Escalations: Annual MSA Population: 1,362,540 Investment Highli
Slide 18: Portfolio Highlight: Reno, Nevada (Century Theatres)
SINGLE - TENANT RETAIL 18 Portfolio Highlight Reno, Nevada MSA: Reno, NV Asset Type: Retail Tenant: Century Theatres S&P Rating: BB % of Portfolio Rent: ≈5% Square Feet: 52,474 Remaining Lease Term: 4.8 years Year Built: 2000 Escalations: Flat MSA Population: 469,764 Investment Highlights: Located o
Slide 19: Portfolio Highlight: Orlando, Florida (Cambridge Building)
SINGLE - TENANT OFFICE 19 Portfolio Highlight Orlando, Florida MSA: Orlando, FL Asset Type: Office Tenant: Hilton Grand Vacations S&P Rating: BB+ % of Portfolio Rent: ≈5% Square Feet: 31,895 Remaining Lease Term: 6.8 years Year Built: 1988/2000 Escalations: Annual MSA Population: 2,572,962 Investmen
Slide 20: Portfolio Highlight: East Troy, Wisconsin (Live Nation)
SINGLE - TENANT RETAIL 20 Portfolio Highlight East Troy, Wisconsin MSA: Whitewater - Elkhorn, WI Asset Type: Retail Tenant: Live Nation Entertainment S&P Rating: BB - % of Portfolio Rent: ≈4% Square Feet: (NA) 158 Acres Remaining Lease Term: 10.2 years Year Built: 1977 Escalations: Annual MSA Popula
Slide 21: Portfolio Highlight: Winston-Salem, North Carolina (Hobby Lobby)
SINGLE - TENANT RETAIL 21 Portfolio Highlight Winston - Salem, North Carolina MSA: Winston - Salem, NC Asset Type: Retail Tenant: Hobby Lobby S&P Rating: N/A % of Portfolio Rent: ≈4% Square Feet: 55,000 Remaining Lease Term: 10.2 years Year Built: 2015 Escalations: Every 5 years MSA Population: 671,
Slide 22: Portfolio Highlight: McDonough, Georgia (Dick's Sporting Goods)
SINGLE - TENANT RETAIL 22 Portfolio Highlight McDonough, Georgia MSA: Atlanta, GA Asset Type: Retail Tenant: Dick's Sporting Goods S&P Rating: N/A % of Portfolio Rent: ≈3% Square Feet: 46,315 Remaining Lease Term: 4.0 years Year Built: 2006 Escalations: Flat MSA Population: 5,949,951 Investment High
Slide 23: Portfolio Highlight: Saugus, Massachusetts (Jo-Ann Fabric)
SINGLE - TENANT RETAIL 23 Portfolio Highlight Saugus, Massachusetts MSA: Boston, MA Asset Type: Retail Tenant: Jo - Ann Fabric S&P Rating: B - % of Portfolio Rent: ≈3% Square Feet: 22,500 Remaining Lease Term: 9.0 years Year Built: 2009 Escalations: Every 5 years MSA Population: 4,875,390 Investment
Slide 24: Portfolio Highlight: Hurst, Texas (Conn's)
SINGLE - TENANT RETAIL 24 Portfolio Highlight Hurst, Texas MSA: Dallas/Ft. Worth, TX Asset Type: Retail Tenant: Conn’s Credit Rating: B % of Portfolio Rent: ≈3% Square Feet: 37,957 Remaining Lease Term: 11.3 Year Built: 1982/2019 Escalations: Flat MSA Population: 7,539,711 Investment Highlights: Str
Slide 25: Portfolio Highlight: Austin, Texas (7-Eleven)
SINGLE - TENANT RETAIL 25 Portfolio Highlight Austin, Texas MSA: Austin, TX Asset Type: Retail Tenant: 7 - Eleven S&P Rating: AA - % of Portfolio Rent: ≈3% Square Feet: 6,400 Remaining Lease Term: 15.0 years Year Built: 2019 Escalations: In Year 10 MSA Population: 2,168,316 Investment Highlights: Lo
Slide 26: Portfolio Highlight: Birmingham, Alabama (Walgreens)
SINGLE - TENANT RETAIL 26 Portfolio Highlight Birmingham, Alabama MSA: Birmingham, AL Asset Type: Retail Tenant: Walgreens S&P Rating: BBB % of Portfolio Rent: ≈3% Square Feet: 14,516 Remaining Lease Term: 9.2 years Year Built: 2003 Escalations: Flat MSA Population: 1,151,801 Investment Highlights:
Slide 27: Portfolio Highlight: Alpharetta, Georgia (Walgreens)
SINGLE - TENANT RETAIL 27 Portfolio Highlight Alpharetta, Georgia MSA: Atlanta, GA Asset Type: Retail Tenant: Walgreens S&P Rating: BBB % of Portfolio Rent: ≈2% Square Feet: 15,120 Remaining Lease Term: 5.7 years Year Built: 2000 Escalations: Flat MSA Population: 5,949,951 Investment Highlights: Aff
Slide 28: Portfolio Highlight: McDonough, Georgia (Best Buy)
SINGLE - TENANT RETAIL 28 Portfolio Highlight McDonough, Georgia MSA: Atlanta, GA Asset Type: Retail Tenant: Best Buy S&P Rating: BBB % of Portfolio Rent: ≈2% Square Feet: 30,038 Remaining Lease Term: 6.2 years Year Built: 2006 Escalations: Flat MSA Population: 5,949,951 Investment Highlights: Subur
Slide 29: Portfolio Highlight: Highland Heights, Kentucky (BP)
SINGLE - TENANT RETAIL 29 Portfolio Highlight Highland Heights, Kentucky MSA: Cincinnati, OH Asset Type: Retail Tenant: BP S&P Rating: NA % of Portfolio Rent: ≈2% Square Feet: 2,578 Remaining Lease Term: 10.8 years Year Built: 1991 Escalations: Annual MSA Population: 2,190,209 Investment Highlights:
Slide 30: Portfolio Highlight: Charlottesville, Virginia (Outback)
SINGLE - TENANT RETAIL 30 Portfolio Highlight Charlottesville, Virginia MSA: Charlottesville, VA Asset Type: Retail Tenant: Outback S&P Rating: BB % of Portfolio Rent: ≈2% Square Feet: 7,216 Remaining Lease Term: 11.7 years Year Built: 1984 Escalations: Annual MSA Population: 235,232 Investment High
Slide 31: Portfolio Highlight: Georgetown, Texas (7-Eleven)
SINGLE - TENANT RETAIL 31 Portfolio Highlight Georgetown, Texas MSA: Austin, TX Asset Type: Retail Tenant: 7 - Eleven S&P Rating: AA - % of Portfolio Rent: ≈2% Square Feet: 7,726 Remaining Lease Term: 15.0 years Year Built: 2019 Escalations: In Year 10 MSA Population: 2,168,316 Investment Highlights
Slide 32: Portfolio Highlight: Albany, Georgia (Walgreens)
SINGLE - TENANT RETAIL 32 Portfolio Highlight Albany, Georgia MSA: Albany, GA Asset Type: Retail Tenant: Walgreens S&P Rating: BBB % of Portfolio Rent: ≈2% Square Feet: 14,770 Remaining Lease Term: 13.0 years Year Built: 2007 Escalations: Flat MSA Population: 153,009 Investment Highlights: Tenant cl
Slide 33: Portfolio Highlight: Charlotte, North Carolina (Outback)
SINGLE - TENANT RETAIL 33 Portfolio Highlight Charlotte, North Carolina MSA: Charlotte, NC Asset Type: Retail Tenant: Outback S&P Rating: BB % of Portfolio Rent: ≈2% Square Feet: 6,297 Remaining Lease Term: 11.7 years Year Built: 1997 Escalations: Annual MSA Population: 2,569,213 Investment Highligh
Slide 34: Portfolio Highlight: Jacksonville, Florida (Scrubbles)
SINGLE - TENANT RETAIL 34 Portfolio Highlight Jacksonville, Florida MSA: Jacksonville, FL Asset Type: Ground Lease Tenant: Scrubbles S&P Rating: N/A % of Portfolio Rent: ≈1% Square Feet: 4,512 Remaining Lease Term: 17.7 years Year Built: 2017 Escalations: Every 5 years MSA Population: 1,534,701 Inve
Slide 35: Portfolio Highlight: Jacksonville, Florida (Cheddars)
SINGLE - TENANT RETAIL 35 Portfolio Highlight Jacksonville, Florida MSA: Jacksonville, FL Asset Type: Ground Lease Tenant: Cheddars S&P Rating: BBB % of Portfolio Rent: ≈1% Square Feet: 8,146 Remaining Lease Term: 7.7 years Year Built: 2017 Escalations: Every 5 years MSA Population: 1,534,701 Invest
Slide 36: Portfolio Highlight: Lynn, Massachusetts (Family Dollar)
SINGLE - TENANT RETAIL 36 Portfolio Highlight Lynn, Massachusetts MSA: Boston, MA Asset Type: Retail Tenant: Family Dollar S&P Rating: BBB - % of Portfolio Rent: ≈1% Square Feet: 9,228 Remaining Lease Term: 4.2 years Year Built: 2014 Escalations: Flat MSA Population: 4,875,390 Investment Highlights:
Slide 37: End Notes
End Notes 37 End Notes references utilized in this presentation A. There can be no assurances regarding the likelihood of acquisitions occurring or the timing or final terms thereof . B. Annualized Base Rent (“ABR”) is calculated based on our current portfolio as of February 3 , 2020 reflecting : (i
Slide 38: Forward-looking statements
38 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”
Slide 39: Contact Us
CLIMB STARTING THE YEAR END 2019 INVESTOR PRESENTATION FEBRUARY 2020 (NYSE: PINE) 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202 Info@alpinereit.com For additional information, please see our website www.AlpineREIT.com. Contact Us Investor Relations: Mark E. Patten P
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