Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (April 2024)
25 slides from Alpine Income Property Trust's investor presentation, Apr 18, 2024
Slide 1: April 2024 Investor Presentation
Alpine Valley Music Theatre East Troy, WI April 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 3/31/2024) $15.28 Equity Market Capitalization $227M Total Enterprise Value (TEV) $492M TEV Per Square Foot $128 Implied Cap Rate 8.3% Net Debt to TEV1 54% Annualized Dividend Yi
Slide 3: Small Cap Discount
3 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Small Cap Discount (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% Dec 2022 Jan 2023 Feb 2023 Mar 2023 Apr 2023 May 2023 Jun 2023 Jul 2023 Aug 2023 Sep 2023 Oct 2023 Nov 2023 Dec 2023 Jan 2024 Feb 2024 2023 & YTD 2024 To
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 3/28/2024. 2024E AFFO per share for PINE reflects the midpoint of guidance provided on April 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 $128 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 15.4x 14.8x 14.0x 13.9x 13.1x 12.9x 9.8x NTST FCPT ADC EPRT O NNN PINE 2024E FFO Multiple 1 PINE trades at a 5.0x 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 March 31, 2024, using current annualized dividends and 2024E FFO per share estimates for the peer net lease companies from t
Slide 8: Attractive Loan Investments
8 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Attractive Loan Investments Description (Total Loan Amount) Anchor Tenant Outstanding Balance1 Coupon Rate Maturity Date First Mortgage ($24.0) - Micromont Portfolio (41 Properties) Diversified $23.4 8.75% 11/26 First Mortgage ($7.8) – Sit
Slide 9: Improved Portfolio Size, Diversity and Quality
9 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Improved Portfolio Size, Diversity and Quality 2019 (IPO) Number of Net Lease Properties 20 138 Number of States with a Property 12 35 Total Portfolio Square Feet 0.9M 3.8M Annualized Base Rent (ABR) $13.3M $38.9M Top Tenant as a % of ABR
Slide 10: Investment Grade-Focused Portfolio
10 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade-Focused Portfolio Credit Rating BBB- / Ba2 12% BBB+ / Baa1 9% BBB / Baa3 9% BBB / Baa2 9% BBB / Baa2 5% AA / Aa2 5% BBB+ / A3 4% CCC / Caa3 4% NR / NR 3% A / A2 3% 37% 100% ABR % Other 3% 4% 10% 9% 13% 8% 11% 42% Lease Ro
Slide 11: High-Quality Top Tenant Base
11 © 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 12: Excellent Tenant Credit and Operational Transparency
12 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 65% Not Rated 11% Non-Investment Grade 24% Dollar Stores 14% Pharmacy 13% Home Improvement 13% Sporting Goods 12% Home Furnishings 8% General Merchandise 6% Consumer El
Slide 13: Major Market, Demographic-Driven Net Lease Portfolio
13 © 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 14: Consistent Dividend Growth, Stable Well-Covered Dividend
14 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Consistent Dividend Growth Stable, Well-Covered Dividend ▪ Current midpoint of 2024 guidance1 implies a 72% 2024E FFO per share dividend payout ratio ▪ 37.5% increase in the quarterly cash dividend since the beginning of 2020 Annualized P
Slide 15: Research Coverage
15 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Research Coverage Near Unanimous Buy or Outperform rated by Independent Analysts Baird Wes Golladay Outperform $19.00 B. Riley John Massocca Buy $19.50 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $18.00 Janney Rob Stevenson Buy
Slide 16: Financial Strength
16 © 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 $227M Net Debt Outstanding2 $265
Slide 17: 2024 Guidance
17 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 2024 Guidance Range Investments $50 million - $80 million Dispositions $50 million - $80 million FFO Per Diluted Share $1.51 - $1.56 AFFO Per Diluted Share $1.53 - $1.58 Weighted Average Diluted Shares Outstanding 14.9 million - 14.9 mill
Slide 18: Corporate Responsibility
18 © 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 19: External Management Alignment
19 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of March 31, 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 indep
Slide 20: Disclaimer
20 © 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 21: Non-GAAP Financial Information
21 © 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 22: Statement of Operations
22 © 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 and 1,703,494 shares duri
Slide 23: Non-GAAP Financial Measures Reconciliation
23 © 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 March
Slide 24: Net Debt-to-EBITDA Pro Forma Reconciliation
24 © 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) Three Months Ended March 31, 2024 Net Loss $ (283) Adjust
Slide 25: Investor Inquiries
Investor Inquiries: Lisa M. Vorakoun, Chief Accounting Officer and Interim Chief Financial Officer and Treasurer, (386) 944-5641, lvorakoun@alpinereit.com
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