Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — REITweek 2020
18 slides from Alpine Income Property Trust's conference presentation, Jun 3, 2020
Slide 1: REITweek Presentation June 2020
REITweek PRESENTATION June 2020 (NYSE: PINE)
Slide 2: Why Invest in PINE
Why Invest in PINE 2 As of May 27, 2020 unless otherwise noted Strong Portfolio : Tenant Mix & Markets Tenant quality : COVID-19 Performance & Essential 66% Retail and 34% Office 80% of ABR (B) in large MSAs (1) Opportunity for Impactful growth Compelling Valuation Attractive Yield Trading at substa
Slide 3: PINE Snap Shot
PINE Snap Shot 3 As of May 27, 2020 unless otherwise noted TOTAL SHARES OUTSTANDING (rounded) (1) ≈8,676,000 CLOSING PRICE PER SHARE IMPLIED CAP RATE CASH $11.83 10.8% $17.4mm EQUITY MARKET CAPITALIZATION $102.6mm PORTFOLIO NOI ANNUALIZED (2) $15.3mm TOTAL DEBT (2) $57.0mm TOTAL ENTERPRISE VALUE (NE
Slide 4: Overview of our Portfolio
Overview of our Portfolio 4 Tenant or Tenant’s Parent Company 8.8 Years 100% Occupied with Long Duration Leases 8.8 year weighted average remaining lease term with no maturities until 2024 54% Contractual Rent Growth 54% of ABR(B) from leases that have contractual increases in base rent Low Leverage
Slide 5: Strategic Focus in light of COVID-19
Strategic Focus in light of COVID-19 5 Strong Liquidity – Low Leverage – Positioned for Recovery from COVID-19 Investment Focus Emphasis toward higher grade credit tenants Measured investment approach as market settles post COVID-19 Balance Sheet Strength/Liquidity $17.4mm in Cash (at May 27, 2020)
Slide 6: COVID-19 Update
COVID-19 Update 6 Increased WALT to 8.8 years from 8.4 years As of May 27, 2020 unless otherwise noted Paid Deferred Abated Deferral arrangements (E) generally defer 2nd quarter rent (1) with payment into the latter part of 2020 or the first half of 2021 Abatements (E) provided in exchange for exten
Slide 7: Q1 Acquisitions
Tenant Purchase Price Lease Term (1) Rent Bumps $6.1mm 11.6 Flat (8% in Options) $5.8mm 15 10% in Yr. 10 $4.3mm 15 10% in Yr. 10 $12.5mm 10.8 Flat $0.26mm N/A(2) N/A $4.3mm 10.8 2% Annual $7.1mm 10.1 Flat (8% in Options) $6.3mm 10.4 10% Every 5 yrs. $0.3mm 6.8 10% Every 5 yrs. Q1 Acquisitions 7 Weig
Slide 8: Attractive Portfolio: Geographically Diverse Portfolio
Attractive Portfolio 8 Geographically Diverse Portfolio – Strong Markets As of May 27, 2020 unless otherwise noted 29 Properties in 13 States
Slide 9: Attractive Portfolio: No Leases Expiring until 2024
Attractive Portfolio 9 No Leases Expiring until 2024 (1) 54% with Contractual Rent Bumps (1) Credit Quality Portfolio - Diverse Long-Term Cash Flows - No Near-Term Maturities As of May 27, 2020 unless otherwise noted Based on ABR (B) Flat Annual Other Escalation 82% Credit Rated Tenants (1)(D) Credi
Slide 10: Primary Focus on Top U.S. Real Estate Markets
Primary Focus on Top U.S. Real Estate Markets 11 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 Cou
Slide 11: Top 10-Year Employment Growth Markets
Top 10-Year Employment Growth Markets 12 20 of 29 Properties Representing 76% of ABR (B) Located in Top Job Growth Markets As of May 27, 2020 unless otherwise noted
Slide 12: Summary of our Portfolio
13 Summary of our Portfolio Tenant, or tenant parent, credit rated entity (D) Ground Leases; rentable SF for both assets is RSF for vertical building - Rentable SF Total and annualized base rent per SF exclude Alpine Valley Music Theatre Annualized Base Rent as of May 27, 2020 (B) Remaining Lease Te
Slide 13: Comparison with our Peers
Comparison with our Peers (1) 14 Single-Tenant Net Leased Portfolio that Compares Favorably to Peers 2020E AFFO Multiple 21.2x 13.4x 12.5x 13.5x 9.7x 17.7x A+ BB+ NR NR B- NR B BBB BBB A+ B+ NR NR B+ AA- B- B+ CCC+ B- BBB BBB BBB AA- BBB BBB Peer info as of most recent published information by compa
Slide 14: Appendix
LPINE APPENDIX
Slide 15: End Notes
End Notes 16 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 May 27, 2020. Dividends, s
Slide 16: Non-GAAP Information
Non-GAAP Information 17 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
Slide 17: Disclaimer
18 Disclaimer 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,” “pro
Slide 18: Contact Us
REITweek PRESENTATION June 2020 (NYSE: PINE) For additional information, please see our website www.AlpineREIT.com. Contact Us Investor Relations: Mark E. Patten P: 386.944.5643 mpatten@alpinereit.com 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202