Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (October 2020)
19 slides from Alpine Income Property Trust's investor presentation, Oct 22, 2020
Slide 1: Investor Presentation October 2020
Investor Presentation ∙ October 2020 NYSE:PINE
Slide 2: Forward-Looking Statements
2 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,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and s
Slide 3: Reasons to Invest in PINE
3 Diverse and Growing Portfolio Reliable Execution During COVID-19 72% Retail and 28% Office (1) 76% of Annualized Base Rents from larger MSAs (2) Opportunity for Impactful Growth Attractive Valuation Attractive Cash Yield Trading at compelling discount to NAV Implied cap rate on NOI of 8.7% 100% of
Slide 4: Overview of Our Portfolio
4 Overview of Our Portfolio As of September 30, 2020, unless otherwise noted. Credit rated or investment grade rated tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable. (2) Based on a percentage of the
Slide 5: COVID-19 Collections Update
5 COVID-19 Collections Update PINE deferred or abated an average of 5% of Pre-COVID-19 Contractual Base Rents PINE has experienced a 100% Contractual Base Rent collection rate since the COVID-19-related deferrals and abatements were implemented As of October 20, 2020. 94% 95% 95% 98% July August Sep
Slide 6: 2020 Year-to-Date Acquisitions
6 (1) At date of acquisition. (2) Rent commencement expected upon complete of certain tenant improvements. (3) Month-to-month lease. (2) 2020 Year-to-Date Acquisitions Tenant Rating Purchase Price Lease Term (1) Rent Bumps BBB $1.8 14.8 Flat (10% in Option) BBB $1.7 11.0 Flat (10% in Option) BBB $1.
Slide 7: Investment Focus
7 Investment Focus Targeted investment strategy of investing in income producing properties that exhibit strong real estate fundamentals, leased to high-quality, industry-leading tenants.
Slide 8: Geographically Diversified Portfolio
8 45 Properties in 17 States Geographically Diversified Portfolio As of October 20, 2020. 1 1 1 1 1 1 2 6 1 4 7 4 1 7 3 1 3 Number of Income Producing Properties PINE Headquarters in Daytona Beach, Florida
Slide 9: Portfolio with Strong Credit Quality
9 Portfolio with Strong Credit Quality No Material Leases Expiring Until 2024 (1) 47% with Contractual Rent Bumps(1) Flat Annual Other 82% Credit Rated Tenants(1) Credit Rated Investment Grade Not Rated $ in millions Any differences a result of rounding. As of October 20, 2020. (1) Based on a percen
Slide 10: Diversified Portfolio
Industry(1) General Merchandise Financial Services (2) All Other Pharmacy Convenience Store Entertainment Fitness Grocery Hospitality (2) 10 State(1) Florida Oregon All Other Oklahoma Massachusetts Texas Georgia North Carolina Michigan Arizona New York MSA(1) Portland Orlando All Other Tulsa Jackson
Slide 11: Primary Investment Focus on Top U.S. Real Estate Markets
11 Rank Market 1 Raleigh 2 Austin 3 Nashville 4 Dallas/Fort Worth 5 Charlotte 6 Tampa 7 Salt Lake City 8 DC – Northern VA 9 Boston 10 Long Island 11 Atlanta 12 San Antonio 13 Denver 14 Northern New Jersey 15 Phoenix 16 Cape Coral/Fort Myers/Naples 17 Inland Empire 18 Orange County 19 Boise 20 DC – M
Slide 12: Portfolio Summary
12 Portfolio Summary As of September 30, 2020, unless otherwise noted. (1) Credit rated or investment grade rated tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable. (2) The Alpine Valley Music Theatre,
Slide 13: Portfolio Summary
13 Portfolio Summary As of September 30, 2020, unless otherwise noted. (1) Credit rated or investment grade rated tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable. Tenant Type MSA Credit Rating Square
Slide 14: Portfolio Summary
14 Portfolio Summary As of September 30, 2020, unless otherwise noted. (1) Credit rated or investment grade rated tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable. Tenant Type MSA Credit Rating Square
Slide 15: Comparison with our Peers
2021E FFO Multiple(1) Dividend Yield (1) Top Tenants(2) 10.5x 6.1% A+ BB Not Rated BBB AA 15.0x 5.0% Not Rated Not Rated CCC+ CCC+ BBB 19.0x 3.7% AA BBB- BBB BBB A 14.2x 5.4% Not Rated Not Rated Not Rated Not Rated B- 12.2x 6.2% AA- CCC+ B- CCC+ Not Rated 10.7x 4.7% CCC+ BBB- BBB BBB BBB 16.9x 4.8%
Slide 16: Balance Sheet and Liquidity
16 Balance Sheet and Liquidity Debt Maturities ($ in millions) Valuation: Equity Market Capitalization(1): $125.4 million Cash(1): $1.9 million Debt(1): $88.3 million Enterprise Value: $211.8 million Net Leverage: 41% Implied Cap Rate: 8.7% The Company’s credit facility has a 1-year extension option
Slide 17: 2020 Guidance
17 2020 Guidance Actual YTD Q3 2020 Increased FY 2020 Guidance Net Income per Diluted Share Attributable to PINE $0.09 $0.12 - $0.17 Acquisition of Income Producing Assets $99.3 million $110.0 million Target Investment Yield (Initial Yield – Unlevered)(1) 6.89% 6.50% - 7.00% Disposition of Income Pr
Slide 18: PINE Snapshot
18 PINE Snapshot 2020 Operational Highlights: Acquired $99.3 million of income producing properties at 6.89% going in yield Sold one property for $5.1 million at a 5.75% exit yield on in-place net operating income Collected 100% of Contractual Base Rents in Q3 2020 and October 2020 Increased dividen
Slide 19: INCOME PROPERTY TRUST D
INCOME PROPERTY TRUST D open = SEEING ES
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