Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (October 2023)
28 slides from Alpine Income Property Trust's investor presentation, Oct 19, 2023
Slide 1: October 2023 Investor Presentation
October 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 $253M Total Enterprise Value (TEV) $486M TEV Per Square Foot $125 Implied Cap Rate 7.9% Annualized Dividend Yield 6.7% 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% 6.3% Q3 2020 Q3 2021 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Retail Disposition Cap Rates Retail Properties Sold As of September 30, 2023. PINE has demonstrated a consist
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 $125 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 13.9x 13.6x 13.5x 12.3x 12.1x 11.3x 11.0x 9.2x ADC FCPT NTST EPRT O PINE NNN SRC 2023E FFO Multiple 1 PINE trades at a 2.4x multiple discount to the investment grade-focused peer group average, implying
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 September 30, 2023, using current annualized dividends and 2023E FFO per share estimates for the peer net lease comp
Slide 8: Disciplined Investment Strategy
8 © 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 9: Thoughtful Investment Execution
9 © 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 $644 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 Q3 2023 IPO 2021 Q4 201
Slide 10: Improving Portfolio Size, Diversity and Quality
10 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Improving Portfolio Size, Diversity and Quality As of September 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 fro
Slide 11: Investment Grade-Focused Portfolio
11 © 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% BBB+ 4% CCC 4% N/A 3% A 3% 38% 100% ABR % Other 5% 1% 4% 11% 9% 12% 9% 49% Lease Rollover Schedule % of ABR Expiring 7.1 Years of Weighted Averag
Slide 12: High-Quality Top Tenant Base
12 © 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% 68% 59% 19% 18% As of September 30, 2023, unless otherwise noted. 1. A credit rated, or investment grade (“IG”) rated tenant (rating of
Slide 13: Excellent Tenant Credit and Operational Transparency
13 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 64% Not Rated 13% Non-Investment Grade 23% Dollar Stores 13% Pharmacy 13% Home Improvement 13% Sporting Goods 12% Home Furnishings 8% General Merchandise 6% Consumer El
Slide 14: Major Market, Demographic-Driven Net Lease Portfolio
14 © 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 ▪ 51% of ABR comes from metropolitan
Slide 15: Consistent Dividend Growth
15 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Consistent Dividend Growth Stable, Well-Covered Dividend ▪ Current midpoint of 2023 guidance1 implies a 75% 2023E FFO per share dividend payout ratio ▪ 37.5% increase in the quarterly cash dividend since the beginning of 2020 Annualized P
Slide 16: Research Coverage
16 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com Research Coverage Near Unanimous Buy or Outperform rated by Independent Analysts Baird Wes Golladay Outperform $20.00 B. Riley John Massocca Buy $20.00 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $20.00 Janney Rob Stevenson Buy
Slide 17: Financial Strength
17 © 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 $253M Net Debt Outstanding1,2 $2
Slide 18: 2023 Guidance
18 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com 2023 Guidance Range Acquisitions $100 million - $125 million $100 million - $125 million — - — Dispositions $100 million - $125 million $100 million - $125 million — - — FFO Per Diluted Share $1.50 - $1.53 $1.45 - $1.47 ($0.05) - ($0.06)
Slide 19: Corporate Responsibility
19 © 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 20: External Management Alignment
20 © 2023 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of October 19, 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 ind
Slide 21: Board of Directors
21 © 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 22: Key Takeaways
22 © 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 investment grade-focused net lease peer group. Stable & Growing Dividend PINE has grown its quarterly dividen
Slide 23: Disclaimer
23 © 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 24: Non-GAAP Financial Information
24 © 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 25: Statement of Operations
25 © 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 26: Non-GAAP Financial Measures Reconciliation
26 © 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 Nine M
Slide 27: Net Debt-to-EBITDA Pro Forma Reconciliation
27 © 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 September 30, 2023 Net Income (Loss) $
Slide 28: Investor Inquiries
Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (407) 904-3324, mpartridge@alpinereit.com
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