Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q2 2021 Earnings Presentation
30 slides from Alpine Income Property Trust's earnings presentation, Jul 22, 2021
Slide 1: July 2021 Investor Presentation
July 2021 INVESTOR PRESENTION
Slide 2: Company Profile
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com COMPANY PROFILE 2 Ticker Symbol (NYSE) PINE Equity Market Capitalization $246M Total Enterprise Value (TEV) $379M Net Debt to TEV1 35% Annualized Dividend Yield 5.3% % of Covering Analysts with a Buy or Outperform Rating 100% Common Shares &
Slide 3: Investment Highlights
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com INVESTMENT HIGHLIGHTS 3 Meaningful Valuation Upside with In-Place Yield and Long-Term Growth As of 6/30/2021. $ in millions. 1. All dividend yields, payout ratios and 2021E FFO multiples are based on the closing stock price on June 30, 2021,
Slide 4: Key Takeaways
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com KEY TAKEAWAYS 4 As of 6/30/2021, unless otherwise noted. 1. 2021E FFO per share is based on the midpoint of the Company’s guidance as provided by the Company on July 22, 2021. 2. The Company’s $1.6 million mortgage assumed in connection with
Slide 5: YTD Q2 2021 Highlights
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com YTD Q2 2021 HIGHLIGHTS 5 YTD Q2 FFO Per Share1 $0.79 Year-Over-Year YTD FFO Growth 55% YTD Q2 AFFO Per Share1 $0.82 Year-Over-Year YTD AFFO Growth 134% Q2 Quarterly Dividend Per Share $0.25 Quarter-Over-Quarter Growth 4% Q1 Quarterly Dividen
Slide 6: Disciplined Investment Strategy
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com DISCIPLINED INVESTMENT STRATEGY 6 Emphasizing Attractive Supply/Demand Market Dynamics National focus, with an emphasis on major metropolitan statistical areas that exhibit attractive population trends, business-friendly policies and strong
Slide 7: Accelerating Investment Execution
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ACCELERATING INVESTMENT EXECUTION 7 $ in millions. 1. Portfolio Growth represents the aggregate gross purchase price of the assets in the portfolio as of June 30, 2021, compared to the aggregate gross purchase price of the assets in the port
Slide 8: Improving Portfolio Size & Diversity
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com IMPROVING PORTFOLIO SIZE & DIVERSITY 8 2019 (IPO) As of 6/30/2021. 1. The remaining ABR within the Company’s portfolio as of the end of the referenced period comes from tenants occupying office properties. 2. A credit rated, or investment gr
Slide 9: Major Market Net Lease Portfolio
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com MAJOR MARKET NET LEASE PORTFOLIO 9 As of 6/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as establi
Slide 10: Excellent Tenant Credit Transparency
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com General Merchandise 14% Financial Services (Office) 11% Home Furnishings 10% Hospitality (Office) 9% Dollar Stores 7% Grocery 7% Pharmacy 7% Entertainment 6% Sporting Goods 6% Convenience Stores 4% Other 19% 100% EXCELLENT TENANT CREDIT TRAN
Slide 11: Strong and Stable Top Tenant Base
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com STRONG AND STABLE TOP TENANT BASE 11 Credit Rating1 As of 6/30/2021. 1. A credit rated, or investment grade rated tenant (rating of BBB-, Baa3 or NAIC-2 or higher) is a tenant or the parent of a tenant with a credit rating from S&P Global Ra
Slide 12: High-Quality Top Tenant Base
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com HIGH-QUALITY TOP TENANT BASE 12 As of 6/30/2021. Top five tenant information based on published investor presentations available through each company’s website as of July 17, 2021. Comparably high-quality top five tenant base at a discounted
Slide 13: Significant Implied Valuation Upside
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 25.3x 20.6x 19.7x 19.7x 18.9x 17.9x 16.7x 16.6x 13.6x NTST EPRT O ADC STOR FCPT NNN SRC PINE SIGNIFICANT IMPLIED VALUATION UPSIDE 13 As of 6/30/2021. 1. All 2021E FFO multiples are based on the closing stock price on June 30, 2021, using ann
Slide 14: Relative Outsized In-Place Dividend Yield
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 3.5% 5.2% 4.2% 4.6% 4.2% 3.7% 4.4% 3.7% 5.3% NTST SRC O FCPT STOR EPRT NNN ADC PINE 2021E FFO Payout Ratio Dividend Yield RELATIVE OUTSIZED IN-PLACE DIVIDEND YIELD 14 As of 6/30/2021. 1. All dividend yields and payout ratios are based on the
Slide 15: Financial Strength
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com FINANCIAL STRENGTH 15 Equity Market Capitalization $246M Net Debt Outstanding1 $133M Total Enterprise Value (TEV) $379M Well-Capitalized Balance Sheet As of 6/30/2021, unless otherwise noted. $ in millions. 1. Net Debt Outstanding is the Com
Slide 16: Consistent Dividend Growth
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com CONSISTENT DIVIDEND GROWTH 16 $0.06 $0.20 $0.20 $0.20 $0.22 $0.24 $0.25 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 IPO Q4 2019 Dividend Per Share Paid 2020 2021 2021E FFO per share guidance was provided in the Company’s Second Q
Slide 17: 2021 Guidance
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 2021 GUIDANCE 17 FFO and AFFO guidance was provided in the Company’s Second Quarter 2021 Operating Results press release filed on July 22, 2021. The Company’s revised outlook for 2021 takes into account the Company’s second quarter performan
Slide 18: Analyst Coverage and Price Targets
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 2021 GUIDANCE 18 Baird Wes Golladay Outperform $21.00 B. Riley Craig Kucera Buy $22.00 BTIG Mike Gorman Buy $21.00 Janney Rob Stevenson Buy $21.00 Raymond James RJ Milligan Outperform $23.00 Total / Average 100% $21.60 100% Buy or Outperform
Slide 19: Relationship with CTO
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com 19 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 independent Board of Directors and realizes significant e
Slide 20: Experienced Management Team
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com EXPERIENCED MANAGEMENT TEAM 20 John P. Albright, President & Chief Executive Officer Former Co-Head and Managing Director of Archon Capital, a Goldman Sachs Company; Executive Director of Merchant Banking – Investment Management at Morgan St
Slide 21: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 21 As of 6/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 22: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 22 As of 6/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 23: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 23 As of 6/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 24: Asset List
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com ASSET LIST 24 As of 6/30/2021. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communities that are linked by social and economic factors, as established by the U.S. Offi
Slide 25: Disclaimer
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com DISCLAIMER 25 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 26: Non-GAAP Financial Information
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL INFORMATION 26 Our reported results are presented in accordance with GAAP. We also disclose Funds from Operations (“FFO”), Adjusted Funds From Operations (“AFFO”) and Pro Forma Earnings Before Interest, Taxes, Depreciation
Slide 27: Non-GAAP Financial Measures Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL MEASURES RECONCILIATION 27 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended Six Months Ended June 30, 2021 Ju
Slide 28: Non-GAAP Financial Measures Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NON-GAAP FINANCIAL MEASURES RECONCILIATION 28 Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net Income $ 346 $ 279 $ 857 $ 294 Depreciation and Amortization 3,463 2,286 6,606 4,309 Funds from Ope
Slide 29: Net Debt to Pro Forma EBITDA Reconciliation
© 2021 Alpine Income Property Trust, Inc. | alpinereit.com NET DEBT TO PRO FORMA EBITDA RECONCILIATION 29 Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma EBITDA (Unaudited) (In thousands) 1. Reflects the pro forma annualized impact on Annualized
Slide 30: Investor Inquiries
Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (386) 944-5643, mpartridge@alpinereit.com INVESTOR PRESENTION
Alpine Income Property Trust — Q2 2021 Earnings Presentation on 6ix