Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (July 2023)
29 slides from Alpine Income Property Trust's investor presentation, Jul 20, 2023
Slide 1: July 2023 Investor Presentation
July 2023 Investor Presentation
Slide 2: National, Investment Grade Tenant-Focused Net Lease Portfolio
2 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com National, Investment Grade Tenant-Focused Net Lease Portfolio Ticker Symbol (NYSE) PINE Equity Market Capitalization $256M Total Enterprise Value (TEV) $478M TEV Per Square Foot $124 Implied Cap Rate 8.1% Annualized Dividend Yield 6.8% Com
Slide 3: Alpine's Value Proposition
3 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Alpine’s Value Proposition Meaningful Valuation Upside with In-Place Yield and Long-Term Growth Accretive Asset Recycling Driving Attractive Portfolio Metrics Pure play, 100% retail portfolio growing through accretive asset recycling of pr
Slide 4: Accretive Asset Recycling
4 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Accretive Asset Recycling 5.8% 5.5% 5.8% 5.5% 6.5% 6.1% 6.2% Q3 2020 Q3 2021 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Retail Disposition Cap Rates Retail Properties Sold As of June 30, 2023. PINE has demonstrated a consistent ability to sel
Slide 5: Opportunity to Invest Below Replacement Cost
5 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Opportunity to Invest Below Replacement Cost High-Quality Portfolio with Valuation Upside PINE’s total enterprise value (TEV) is $124 per square foot, allowing shareholders to invest below estimated replacement cost in a portfolio rooted i
Slide 6: Significant Implied Valuation Upside
6 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Significant Implied Valuation Upside 16.5x 15.7x 15.4x 14.4x 13.5x 13.2x 10.8x 10.7x ADC FCPT NTST O EPRT NNN SRC PINE 2023E FFO Multiple 1 PINE trades at a 5.2x multiple discount to the investment grade-focused peer group average, implyin
Slide 7: Relative Outsized In-Place Dividend Yield
7 © 2023 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 June 30, 2023, using current annualized dividends and 2023E FFO per share estimates for the peer net lease companies
Slide 8: Attractive Entry Point Given Recent Stock Performance
8 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Attractive Entry Point Given Recent Stock Performance As of June 30, 2023, unless otherwise noted. Total Return data provided by Citadel Securities’ “REIT Sectors” report. (20.0%) (16.0%) (12.0%) (8.0%) (4.0%) 0.0% 4.0% 8.0% 12.0% Dec 2022
Slide 9: Disciplined Investment Strategy
9 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Disciplined 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 an
Slide 10: Thoughtful Investment Execution
10 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Thoughtful Investment Execution $47 $75 $99 $117 $139 $220 $275 $377 $442 $486 $523 $564 $564 $625 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 IPO 2021 Q4 2019 Cumulative
Slide 11: Improving Portfolio Size, Diversity and Quality
11 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Improving Portfolio Size, Diversity and Quality As of June 30, 2023. 1. A credit rated, or investment grade (“IG”) 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
Slide 12: Investment Grade-Focused Portfolio
12 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade-Focused Portfolio Credit Rating1 BBB 12% BBB+ 9% BBB 9% BBB 8% BBB 5% AA 5% N/A 4% BBB+ 4% N/A 4% A 3% 37% 100% ABR % Other 1% 5% 2% 4% 10% 10% 10% 8% 50% Lease Rollover Schedule % of ABR Expiring 7.3 Years of Weighted Av
Slide 13: High-Quality Top Tenant Base
13 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants1,2 RATED IG 68% 67% 61% 20% 18% As of June 30, 2023, unless otherwise noted. 1. A credit rated, or investment grade (“IG”) rated tenant (rating of BBB-,
Slide 14: Excellent Tenant Credit and Operational Transparency
14 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 63% Not Rated 18% Non-Investment Grade 19% Dollar Stores 13% Pharmacy 13% Home Improvement 13% Sporting Goods 12% Home Furnishings 7% Consumer Electronics 6% Grocery 5%
Slide 15: Major Market, Demographic-Driven Net Lease Portfolio
15 © 2023 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 ▪ 47% of ABR comes from metropolitan
Slide 16: Consistent Dividend Growth
16 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Consistent Dividend Growth Stable, Well-Covered Dividend ▪ Current midpoint of 2023 guidance1 implies a 73% 2022E FFO per share dividend payout ratio ▪ 37.5% increase in the quarterly cash dividend since the beginning of 2020 Annualized P
Slide 17: Research Coverage
17 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Research Coverage Near Unanimous Buy or Outperform rated by Independent Analysts Baird Wes Golladay Outperform $22.00 B. Riley Craig Kucera Buy $20.00 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $20.00 Janney Rob Stevenson Buy $
Slide 18: Financial Strength
18 © 2023 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 $256M Net Debt Outstanding1,2 $2
Slide 19: 2023 Guidance
19 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com 2023 Guidance Range Acquisitions $100 million - $150 million $100 million - $125 million — - ($25) million Dispositions $75 million - $125 million $100 million - $125 million $25 million - — FFO Per Diluted Share $1.50 - $1.55 $1.50 - $1.
Slide 20: Corporate Responsibility
20 © 2023 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 21: External Management Alignment
21 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of July 20, 2023. Aligned Ownership CTO currently owns an approximate 15% interest in PINE, meaningfully aligning its interests with PINE shareholders Independent Board of Directors PINE has its own indepe
Slide 22: Board of Directors
22 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Board of Directors Our Board has a well-balanced mix of perspectives and experiences and maintains relevant policies to ensure shareholder alignment, risk management, corporate oversight and the highest ethical standards. Andrew C. Richar
Slide 23: Key Takeaways
23 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Key Takeaways Significant Discount to Peer Group Meaningful upside opportunity as PINE has the lowest 2023E FFO multiples of its net lease peer group. Stable & Growing Dividend PINE has grown its quarterly dividend by 37.5% since the begi
Slide 24: Disclaimer
24 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com 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,” “se
Slide 25: Non-GAAP Financial Information
25 © 2023 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 Op
Slide 26: Statement of Operations
26 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Statement of Operations Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) 1. Includes the weighted average impact of 1,703,494 shares underlying
Slide 27: Non-GAAP Financial Measures Reconciliation
27 © 2023 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 Six Mo
Slide 28: Net Debt-to-EBITDA Pro Forma Reconciliation
28 © 2023 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 June 30, 2023 Net Income $ 90 Adjustme
Slide 29: Investor Inquiries
Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (407) 904-3324, mpartridge@alpinereit.com
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