Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q4 2024 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Feb 6, 2025
Slide 1: Fourth Quarter 2024 Investor Presentation
Fourth Quarter 2024 Investor Presentation
Slide 2: Company Snapshot
2 © Alpine Income Property Trust, Inc. | alpinereit.com Company Snapshot As of December 31, 2024, unless otherwise noted. PINE stock price on 12/31/2024 was $16.79. 1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the “Tampa
Slide 3: FY 2024 Highlights
3 © Alpine Income Property Trust, Inc. | alpinereit.com FY 2024 Highlights ▪ Acquired 15 investments (including 3 loans) for a total of $134.7 million at a weighted cap rate of 8.7% ▪ Sold 16 properties (including 1 loan) for a total of $75.6 million at a weighted-average cap rate of 7.1% Active ass
Slide 4: High-Quality, 100% Retail Net Lease Portfolio
4 © Alpine Income Property Trust, Inc. | alpinereit.com 10.3% 10.1% 8.6% 7.9% 7.6% 5.4% 5.0% 4.8% 4.2% 3.1% BBB BBB+ N/A BB BBB CCC BBB+ BBB AA BB-High-Quality, 100% Retail Net Lease Portfolio Number of Net Lease Properties 134 Number of States with a Property 35 Total Portfolio Square Feet 3.9M Cur
Slide 5: Diversified Portfolio
5 © Alpine Income Property Trust, Inc. | alpinereit.com Sector ABR % Sporting Goods 16% Home Improvement 13% Dollar Stores 12% Casual Dining 10% Home Furnishings 9% Pharmacy 9% Consumer Electronics 7% Grocery 4% Off-Price Retail 3% Wholesale Club 3% Other 14% Total 100% Diversified Portfolio Top Sta
Slide 6: High-Quality Portfolio with Valuation Upside
6 © Alpine Income Property Trust, Inc. | alpinereit.com $477 $365 $324 $314 $219 $209 $159 $144 Peer Average: $295 FCPT EPRT NNN FVR O ADC NTST PINE Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers High-Quality Portfolio with Valuation Upside ▪ T
Slide 7: Focused on Credit-Rated and/or Publicly-Traded Tenants with Operational Transparency
7 © Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade 51% Non-Investment Grade 33% Not Rated 16% Tenant Credit and Operational Transparency ▪ 84% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better tenant finan
Slide 8: Minimal Lease Expirations through 2026
8 © Alpine Income Property Trust, Inc. | alpinereit.com Minimal Lease Expirations through 2026 Lease Rollover Schedule As of December 31, 2024, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise of any tenant purchase options. 0.1% 3.2% 10.6% 10.
Slide 9: Record of Growth, Diversification and Higher Quality Portfolio
9 © Alpine Income Property Trust, Inc. | alpinereit.com Record of Growth, Diversification and Higher Quality Portfolio 2019 (IPO) Number of Net Lease Properties 20 134 Number of States with a Property 12 35 Total Portfolio Square Feet 0.9M 3.9M Annualized Base Rent (ABR) $13.3M $44.3M Top Tenant as
Slide 10: Major Market, Strong Demographic-Driven Portfolio
10 © Alpine Income Property Trust, Inc. | alpinereit.com © GeoNames, Microsoft, TomTom Powered by Bing Major Market, Strong Demographic-Driven Portfolio ▪ Geographically diversified portfolio focused on major markets and areas benefitting from demographic shifts and attractive supply/demand dynamics
Slide 11: High-Quality Top Tenant Base
11 © Alpine Income Property Trust, Inc. | alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants 1 IG RATED PINE tenants as of 12/31/2024. Top ten tenants for peers based on published information available through each company’s inve
Slide 12: Relatively High-Yielding and Growing Dividend
12 © Alpine Income Property Trust, Inc. | alpinereit.com 6.7% 5.9% 5.9% 5.7% 5.2% 4.7% 4.3% 3.8% Peer Average: 5.1% PINE NTST O NNN FCPT FVR ADC EPRT $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 2020 2021 2022 2023 2024 Q1 2025 Annualized High-Yielding and Growing Dividend Annualized Per Share Cash Dividend
Slide 13: Valuation Upside from Earnings Multiple Discount and Well-Covered Dividend
13 © Alpine Income Property Trust, Inc. | alpinereit.com 80% 74% 71% 68% 65% 65% 65% 62% Peer Average: 69% FCPT O ADC NNN PINE FVR NTST EPRT 16.6x 16.3x 15.2x 13.6x 12.4x 12.0x 10.9x 9.8x Peer Average: 13.9x EPRT ADC FCPT FVR O NNN NTST PINE Low Payout Ratio Valuation Upside Created by Earnings Mult
Slide 14: Decreased Leverage, No Near-Term Maturities, $95M of Liquidity
14 © Alpine Income Property Trust, Inc. | alpinereit.com Decreased Leverage & Grew Equity in 2024, No Near-Term Maturities, $95M of Liquidity $100 $100 $102 2024 2025 2026 2027 2028 2029 2030 Revolving Credit Facility Unsecured Term Loans Financial Strength Provides Solid Platform for Growth Stagger
Slide 15: Loan Investment Portfolio Breakdown
15 © Alpine Income Property Trust, Inc. | alpinereit.com Loan Investment Portfolio Breakdown $ in millions; any differences a result of rounding. 1. In June 2024, the Company sold a $13.6 million A-1 participation interest in this portfolio loan. After adjusting for the Loan Participation Sale, PINE
Slide 16: Investment Strategy
16 © Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade Focus High Yield Focus Investment Strategy ▪ Tenants often provide a combination of certain key benefits: ▪ Financial stability and reliability ▪ Risk and default mitigation ▪ Consistent occupancy ▪ Enhanced property value ▪ T
Slide 17: Corporate Responsibility
17 © 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 maintaining
Slide 18: External Management Alignment
18 © Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of December 31, 2024. 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 indepen
Slide 19: Disclaimer
19 © 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,” “s
Slide 20: Non-GAAP Financial Information
20 © 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 Operatio
Slide 21: Consolidated Statement of Operations
21 © Alpine Income Property Trust, Inc. | alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share date 1. Includes the weighted average of 1,223,854 shares during the quarter and year ended December 31, 2024, 1,432,393 shares during the quarter ended December 3
Slide 22: Non-GAAP Financial Measures Reconciliation: FFO and AFFO
22 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share date Net Income (Loss) $ (1,039) $ 370 $ 2,254 $ 3,266 Depreciation and Amortization 6,520 6,472 25
Slide 23: Pro Forma Adjusted EBITDA Reconciliation
23 © Alpine Income Property Trust, Inc. | alpinereit.com 1. Reflects the pro forma annualized impact on Annualized EBITDA of the Company’s investments and disposition activity during the three months ended December 31, 2024. Net Loss $ (1,039) Adjustments: Depreciation and Amortization 6,520 Provisi
Slide 24: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer and Treasurer, (407) 904-3324, pmays@alpinereit.com
Alpine Income Property Trust — Q4 2024 Earnings Presentation on 6ix