Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Investor Presentation (April 2020)
25 slides from Alpine Income Property Trust's investor presentation, Apr 28, 2020
Slide 1: Investor Presentation First Quarter 2020
INVESTOR PRESENTATION FIRST QUARTER 2020 APRIL 2020 (NYSE: PINE)
Slide 2: PINE Snap Shot
PINE Snap Shot 2 As of April 24, 2020 unless otherwise noted TOTAL SHARES OUTSTANDING (rounded)(1) ≈8,780,000 SHARE PRICE PER SHARE IMPLIED CAP RATE CASH(2) $10.90 10.0% $22.4mm EQUITY MARKET CAPITALIZATION $95.7mm PORTFOLIO NOI ANNUALIZED (2) $15.3mm TOTAL DEBT (2) $57.0mm TOTAL ENTERPRISE VALUE $1
Slide 3: Strategic Focus due to COVID-19
Strategic Focus due to COVID-19 3 Strong Liquidity – Low Leverage – Positioned for Recovery from COVID-19 Investment Focus Emphasis toward higher grade credit tenants Measured investment approach as market settles post COVID-19 Balance Sheet Strength/Liquidity $22.4mm in Cash (at March 31, 2020) Onl
Slide 4: COVID-19 Impact
COVID-19 Impact 4 As of April 24, 2020 unless otherwise noted Industry % of ABR % Open % Limited Open % Closed Financial Services (2) 19% 19% 0% 0% Hospitality (2) 15% 15% 0% 0% Leisure Retailer 14% 0% 6% 8% Entertainment 11% 4% 0% 7% Home Goods 7% 0% 7% 0% Convenience Store 6% 6% 0% 0% Pharmacy 6%
Slide 5: Overview of our Portfolio
Overview of our Portfolio 5 Tenant or Tenant’s Parent Company 8.4 Years 100% Occupied with Long Duration Leases 8.4 year weighted average remaining lease term with no maturities until 2024 54% Contractual Rent Growth 54% of ABR(B) from leases that have contractual increases in base rent Low Leverage
Slide 6: Geographically Diverse Portfolio – 29 Properties in 13 States
Attractive Portfolio 6 Geographically Diverse Portfolio – Strong Markets As of April 24, 2020 unless otherwise noted 29 Properties in 13 States
Slide 7: No Leases Expiring until 2024
Attractive Portfolio 7 No Leases Expiring until 2024 (1) 54% with Contractual Rent Bumps (1) Credit Quality Portfolio - Diverse Long-Term Cash Flows - No Near-Term Maturities As of April 24, 2020 unless otherwise noted Based on ABR (B) Flat Annual Other Escalation 82% Credit Rated Tenants (1) Credit
Slide 8: Portfolio Diversity
Portfolio Diversity Based on ABR (B) Office Tenant 8 Portfolio Diversified Across 19 Markets, 13 States and Tenants in 14 Industries As of April 24, 2020 unless otherwise noted STATE(1) Florida Oregon All Other Oklahoma Massachusetts Texas Georgia North Carolina MSA(1) Portland Orlando All Other Tul
Slide 9: Exposure to Tenants with Social Gathering
Exposure to Tenants with Social Gathering (1) Derived from published data on base rent PINE has a property leased to Hilton Grand Vacations but utilization is for office space 9 Lowest Exposure to Social Gathering Risk As of April 24, 2020 unless otherwise noted EPR EPRT NNN STOR SRC VER O PINE Fitn
Slide 10: Q1 Acquisitions: Dallas/Ft. Worth
Q1 Acquisitions 10 Dallas/Ft. Worth TX MSA Retail Flat Rent/ 8% in Options 2.76 Acres Investment $6.1 Million 11.6 Year NNN Lease 37,957 Square Feet Acquired January 2020
Slide 11: Q1 Acquisitions: Austin
Q1 Acquisitions 11 Austin, TX MSA Retail Rent Escalation: 10% Yr. 10 1.50 Acres Investment $5.8 Million 15 Year NNN Lease 6,400 Square Feet Acquired January 2020 Representative Rendering
Slide 12: Q1 Acquisitions: Austin
Q1 Acquisitions 12 Austin, TX MSA Retail Rent Escalation: 10% Yr. 10 1.60 Acres Investment $4.3 Million 15 Year NNN Lease 7,726 Square Feet Acquired January 2020 Representative Rendering
Slide 13: Q1 Acquisitions: Tulsa
Q1 Acquisitions 13 Tulsa, OK MSA Retail Flat 9.20 Acres Investment $12.5 Million 10.8 Year NNN Lease 84,180 Square Feet Acquired February 2020 Outparcel leased to Long John Silver’s Month-to-month lease Redevelopment opportunity 3,000 SF $260,000 Investment
Slide 14: Q1 Acquisitions: Cincinnati
Q1 Acquisitions 14 Cincinnati OH, MSA Retail Rent Escalation: 2% Annual 1.02 Acres Investment $4.3 Million 10.8 Year NNN Lease 2,578 Square Feet Acquired February 2020
Slide 15: Q1 Acquisitions: Boston
Q1 Acquisitions 15 Boston, MA MSA Retail Flat Rent/ 8% in Options 8.74 Acres Investment $7.1 Million 10.1 Year NNN Lease 39,474 Square Feet Acquired February 2020
Slide 16: Q1 Acquisitions: Jacksonville
Q1 Acquisitions 16 Jacksonville, FL MSA Retail Rent Escalations: 10% Every 5 Yrs. 8.60 Acres Investment $6.3 Million 10.4 Year NNN Lease 84,180 Square Feet Acquired February 2020
Slide 17: Q1 Acquisitions: Jacksonville
Q1 Acquisitions 17 Jacksonville, FL MSA Retail Rent Escalations: 10% Every 5 Yrs. 0.80 Acres Investment $0.3 Million 6.8 Year NNN Lease 3,200 Square Feet Acquired February 2020
Slide 18: Primary Focus on Top U.S. Real Estate Markets
Primary Focus on Top U.S. Real Estate Markets 18 Rank Market 1 Austin 2 Raleigh 3 Nashville 4 Charlotte 5 Boston 6 Dallas / Fort Worth 7 Orlando 8 Atlanta 9 Los Angeles 10 Seattle 11 Tampa 12 San Francisco 13 San Jose 14 DC - Northern VA 15 New York - Brooklyn 16 Indianapolis 17 Denver 18 Orange Cou
Slide 19: Summary of our Portfolio
19 Summary of our Portfolio Tenant, or tenant parent, rated entity (D) Ground Leases; rentable SF for both assets is RSF for vertical building - Rentable SF Total and annualized base rent per SF exclude Alpine Valley Music Theatre Annualized Base Rent as of April 24, 2020 (B) Remaining Lease Term ca
Slide 20: Comparison with our Peers
Comparison with our Peers 20 Single-Tenant Net Leased Portfolio that Compares Favorably to Peers 2020E AFFO Multiple 21.0x 10.8x 7.9x 12.0x 15.0x 15.5x 13.6x A+ BB+ NR CCC+ NR B- NR B B BBB BBB A+ B+ NR NR NR B+ AA- B- B+ CCC+ B B- BBB BBB BBB BBB AA- BBB BBB CCC+ Peer info as of most recent publish
Slide 21: Appendix
LPINE APPENDIX
Slide 22: End Notes
End Notes 22 End Notes references utilized in this presentation There can be no assurances regarding the likelihood of acquisitions occurring or the timing or final terms thereof. Annualized straight-line Base Rent (“ABR”) is calculated based on our current portfolio as of April 24, 2020. Dividends,
Slide 23: Non-GAAP Information
Non-GAAP Information 23 Use of Non-GAAP Financial Information Our reported results are presented in accordance with GAAP. We also disclose Funds From Operations (‘FFO’) and Adjusted Funds From Operations (‘AFFO’) both of which are non-GAAP financial measures. We believe these two non-GAAP financial
Slide 24: Disclaimer
24 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,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “pro
Slide 25: Contact Us
INVESTOR PRESENTATION FIRST QUARTER 2020 APRIL 2020 (NYSE: PINE) 1140 N. Williamson Boulevard, Suite 140 Daytona Beach, FL 32114 P: 386.274.2202 Info@alpinereit.com For additional information, please see our website www.AlpineREIT.com. Contact Us Investor Relations: Mark E. Patten P: 386.944.5643 mp
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