Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — FY2021 Earnings Presentation
29 slides from Alpine Income Property Trust's earnings presentation, Feb 10, 2022
Slide 1: February 2022 Investor Presentation
February 2022 INVESTOR PRESENTATION
Slide 2: Company Profile
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com COMPANY PROFILE 2 Ticker Symbol (NYSE) PINE Equity Market Capitalization 1 $254M Total Enterprise Value (TEV) $514M TEV Per Square Foot $157/foot Net Debt to TEV 2 50% Annualized Dividend Yield 5.6% % of Covering Analysts with a Buy or Outpe
Slide 3: Investment Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Payout Ratio % INVESTMENT HIGHLIGHTS 3 Meaningful Valuation Upside with In - Place Yield and Long - Term Growth As of 2/10/2022. $ in millions. 1. All dividend yields, payout ratios and 2022E FFO multiples are based on the closing stock pric
Slide 4: Full Year 2021 Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com FULL YEAR 2021 HIGHLIGHTS 4 2021 FFO Per Share 1 $1.58 Year - Over - Year FFO Growth 28% 2021 AFFO Per Share 1 $1.59 Year - Over - Year AFFO Growth 53% Q4 Quarterly Dividend Per Share $0.270 Q3 Quarterly Dividend Per Share $0.255 Q2 Quarterl
Slide 5: Significant Implied Valuation Upside
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 20.0x 17.4x 16.0x 15.8x 15.7x 14.4x 14.2x 12.5x 12.4x NTST O ADC EPRT FCPT STOR NNN SRC PINE SIGNIFICANT IMPLIED VALUATION UPSIDE 5 As of 2/10/2022. 1. All 2022E FFO multiples are based on the closing stock price on February 8, 2022, using c
Slide 6: Relative Outsized In-Place Dividend Yield
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 69% 5.2% 4.4% 3.7% 5.1% 4.9% 5.6% 5.6% 4.3% 4.1% FCPT O NTST STOR NNN SRC PINE ADC EPRT 2022E FFO Payout Ratio Dividend Yield RELATIVE OUTSIZED IN - PLACE DIVIDEND YIELD 6 As of 2/10/2022. 1. All dividend yields and payout ratios are based o
Slide 7: Disciplined Investment Strategy
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com DISCIPLINED INVESTMENT STRATEGY 7 Emphasizing Attractive Supply/Demand Market Dynamics National focus, with an emphasis on major metropolitan statistical areas that exhibit attractive population trends, business - friendly policies and stron
Slide 8: Accelerating Investment Execution
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com ACCELERATING INVESTMENT EXECUTION 8 $ in millions. 1. Portfolio Growth represents the aggregate gross purchase price of the assets in the portfolio as of December 31, 2021, compar ed to the aggregate gross purchase price of the assets in the
Slide 9: Improving Portfolio Size & Diversity
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com IMPROVING PORTFOLIO SIZE & DIVERSITY 9 2019 (IPO) As of 12/31/2021. 1. A credit rated, or investment grade rated tenant (rating of BBB - , Baa3 or NAIC - 2 or higher) is a tenant or the parent of a tenan t with a credit rating from S&P Globa
Slide 10: Major Market Net Lease Portfolio
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com MAJOR MARKET NET LEASE PORTFOLIO 10 As of 12/31/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communiti es that are linked by social and economic factors, as esta
Slide 11: Excellent Portfolio Demographics
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXCELLENT PORTFOLIO DEMOGRAPHICS 11 As of 12/31/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communiti es that are linked by social and economic factors, as esta
Slide 12: Houston Ground Lease Portfolio
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com HOUSTON GROUND LEASE PORTFOLIO 12 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communiti es that are linked by social and economic factors, as established by the U.S.
Slide 13: Excellent Tenant Credit Transparency
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Home Furnishings 12% General Merchandise 12% Sporting Goods 9% Financial Services 9% Dollar Stores 8% Grocery 6% Pharmacy 6% Convenience Stores 5% Entertainment 5% Home Improvement 4% Other 24% 100% EXCELLENT TENANT CREDIT TRANSPARENCY 13 As
Slide 14: Strong and Stable Top Tenant Base
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com STRONG AND STABLE TOP TENANT BASE 14 Credit Rating 1 As of 12/31/2021. 1. A credit rated, or investment grade rated tenant (rating of BBB - , Baa3 or NAIC - 2 or higher) is a tenant or the parent of a tenan t with a credit rating from S&P Gl
Slide 15: High-Quality Top Tenant Base
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com HIGH - QUALITY TOP TENANT BASE 15 As of 2/8/2022, unless otherwise noted. Top six tenants based on published information available through each company’s website as of February 8, 2022. Comparably high - quality top six tenant base at a disc
Slide 16: Financial Strength
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com FINANCIAL STRENGTH 16 Equity Market Capitalization 1 $254M Net Debt Outstanding 2 $260M Total Enterprise Value (TEV) $514M Well - Capitalized Balance Sheet As of 12/31/2021, unless otherwise noted. $ in millions. 1. As of 2/8/2022. 2. Net De
Slide 17: Consistent Dividend Growth
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com CONSISTENT DIVIDEND GROWTH 17 $0.060 $0.200 $0.200 $0.200 $0.220 $0.240 $0.250 $0.255 $0.270 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 IPO Q4 2019 Dividend Per Share Paid 2020 2021 Growing, Well - Covered Divide
Slide 18: 2022 Guidance
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 2022 GUIDANCE 18 2022 guidance was provided in the Company’s Fourth Quarter and Full Year 2021 Operating Results press release filed on Februa ry 10, 2022. The Company’s 2022 guidance assumes stable or improving economic activity, strong und
Slide 19: Research Coverage
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com RESEARCH COVERAGE 19 Baird Wes Golladay Outperform $22.00 B. Riley Craig Kucera Buy $23.00 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $22.00 Janney Rob Stevenson Buy $22.00 Jones Research Jason Stewart Buy $23.00 Raymond James RJ
Slide 20: Benefits of Relationship with CTO
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 20 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 independent Board of Directors and realizes significant e
Slide 21: Experienced Management Team
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXPERIENCED MANAGEMENT TEAM 21 John P. Albright , President & Chief Executive Officer Former Co - Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan
Slide 22: Corporate Responsibility
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 22 Committed Focus Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices Tenant Alignment Alignment with environme
Slide 23: Key Takeaways
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com KEY TAKEAWAYS 23 As of 12/31/2021, unless otherwise noted. 1. 2022E FFO per share for PINE is the midpoint of guidance, as provided on February 10, 2022. Significant Discount to Peer Group Meaningful potential upside in valuation as PINE has
Slide 24: Disclaimer
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com DISCLAIMER 24 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,” “plan
Slide 25: Non-GAAP Financial Information
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL INFORMATION 25 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 Fro
Slide 26: Non-GAAP Financial Measures Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL MEASURES RECONCILIATION 26 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended Year Ended December 31, 2021 De
Slide 27: Non-GAAP Financial Measures Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL MEASURES RECONCILIATION 27 Three Months Ended Year Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net Income $ 9,549 $ 216 $ 11,462 $ 1,146 Depreciation and Amortization 5,025 2,946 15,939
Slide 28: Net Debt to Pro Forma EBITDA Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NET DEBT TO PRO FORMA EBITDA RECONCILIATION 28 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 Annualiz
Slide 29: Investor Inquiries
INVESTOR PRESENTATION Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (386) 944 - 5643, mpartridge@alpinereit.com
Alpine Income Property Trust — FY2021 Earnings Presentation on 6ix