Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q2 2024 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Jul 18, 2024
Slide 1: Lowes Katy TX July 2024 Investor Presentation
Lowes Katy TX July 2024 Investor Presentation
Slide 2: Company Profile
2 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Company Profile Ticker Symbol (NYSE) PINE Stock Price (as of 6/30/2024) $15.56 Equity Market Capitalization $231M Total Enterprise Value (TEV) $494M TEV Per Square Foot $129 Implied Cap Rate 8.5% Net Debt to TEV1 53% Annualized Dividend Yi
Slide 3: Strategy and 2nd Quarter 2024 Activity
3 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Strategy and 2nd Quarter 2024 Activity Successfully executing on accretive asset recycling strategy, selling smaller investment grade properties at lower cap rates and acquiring at higher yields Sold two properties for a total disposition
Slide 4: Strong Growth and Low Multiple
4 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Strong Growth and Low Multiple 1. 2024E AFFO per share growth and 2024E AFFO multiples are based on the KeyBank Weekly Leaderboard report dated 6/28/2024. 2024E AFFO per share for PINE reflects the midpoint of guidance provided on July 18,
Slide 5: Margin of Safety: Portfolio TEV Basis at Sharp Discount to Peer Average
5 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Margin of Safety: Portfolio TEV Basis at Sharp Discount to Peer Average and Large Discount to Replacement Cost High-Quality Portfolio with Valuation Upside PINE’s total enterprise value (TEV) is $129 per square foot, allowing shareholders
Slide 6: Large Earnings Multiple Discount with Strong IG Profile
6 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Large Earnings Multiple Discount with Strong IG Profile 15.2x 14.8x 14.4x 13.4x 12.8x 12.4x 9.7x ADC FCPT EPRT NTST NNN O PINE 2024E FFO Multiple 1 PINE trades at a 4.8x multiple discount to the investment grade-focused peer group average,
Slide 7: High Yield from In-Place Dividend
7 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com High Yield from In-Place Dividend 1. All dividend yields and payout ratios are based on the closing stock price on June 30, 2024, using current annualized dividends and 2024E FFO per share estimates for the peer net lease companies from th
Slide 8: Improved Portfolio Size, Diversity and Quality
8 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Improved Portfolio Size, Diversity and Quality 2019 (IPO) Number of Net Lease Properties 20 137 Number of States with a Property 12 34 Total Portfolio Square Feet 0.9M 3.8M Annualized Base Rent (ABR) $13.3M $39.8M Top Tenant as a % of ABR
Slide 9: Investment Grade-Focused Portfolio
9 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade-Focused Portfolio Credit Rating BBB- / Ba1 12% BBB / Baa3 10% BBB+ / Baa1 9% BBB / Baa2 8% BBB+ / A3 6% BBB / Baa2 5% AA / Aa2 5% CCC / Caa3 4% A / A2 3% B / B2 2% 36% 100% ABR % Other 2% 4% 9% 11% 12% 9% 11% 42% Lease Rol
Slide 10: High-Quality Top Tenant Base – Only REIT with Lowe’s in Top Five
10 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com High-Quality Top Tenant Base – Only REIT with Lowe’s in Top Five Credits Disclosed % of Rents from Investment Grade-Rated Tenants3 RATED IG 71% 69% 59% 17% 1. Due to the merger between O and SRC, we do not have a disclosed top 10 tenants
Slide 11: Excellent Tenant Credit and Operational Transparency
11 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 67% Not Rated 10% Non-Investment Grade 23% Dollar Stores 14% Sporting Goods 13% Pharmacy 13% Home Improvement 13% Home Furnishings 7% Consumer Electronics 7% General Me
Slide 12: Major Market, Demographic-Driven Net Lease Portfolio
12 © 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 13: Consistent Dividend Growth, Stable, Well-Covered Dividend
13 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Consistent Dividend Growth Stable, Well-Covered Dividend ▪ Current midpoint of 2024 guidance1 implies a 69% 2024E FFO per share dividend payout ratio ▪ 37.5% increase in the quarterly cash dividend since the beginning of 2020 Annualized P
Slide 14: Research Coverage Near Unanimous Buy or Outperform
14 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Research Coverage Near Unanimous Buy or Outperform rated by Independent Analysts Alliance Global Partners Gaurav Mehta Buy $19.00 Baird Wes Golladay Outperform $19.00 B. Riley John Massocca Buy $19.50 BTIG Mike Gorman Buy $23.00 Colliers
Slide 15: Financial Strength
15 © 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 $231M Net Debt Outstanding2 $263
Slide 16: 2024 Guidance Range
16 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 2024 Guidance Range The Company’s FFO and AFFO guidance per diluted share for 2024 is as follows: 2024 guidance was provided in the Company’s Second Quarter 2024 Operating Results press release filed on July 18, 2024. Investments $50 - $8
Slide 17: Corporate Responsibility
17 © 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 18: External Management Alignment
18 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of June 30, 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 indepe
Slide 19: Disclaimer
19 © 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 20: Non-GAAP Financial Information
20 © 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 21: Statement of Operations
21 © 2024 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 of 1,223,854 shares during the three
Slide 22: Non-GAAP Financial Measures Reconciliation
22 © 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 Six Mo
Slide 23: Net Debt-to-EBITDA Pro Forma Reconciliation
23 © 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) 1. Reflects the pro forma annualized impact on Annualized
Slide 24: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer and Treasurer, (407) 904-3324, pmays@alpinereit.com
Alpine Income Property Trust — Q2 2024 Earnings Presentation on 6ix