Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q2 2025 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Jul 25, 2025
Slide 1: Investor Presentation Second Quarter 2025
Investor Presentation Second Quarter 2025 Beach House – Bradenton Beach, FL
Slide 2: Company Snapshot
Company Snapshot 129 3.9M 51% of ABR 96% 8.9 Years Portfolio1 Properties Total Portfolio From Investment Retail Net Lease W.A. Lease Term2 Square Feet Grade-Rated Tenants Portfolio Value + Income $226 $570M 8.8% 7.7% Equity Market Enterprise Value Implied Cap Rate Annualized Capitalization $145 TEV
Slide 3: Highlights
Highlights ▪ Meaningful Common Stock Repurchase: year to date, repurchased 546,390 common shares for net cost of $8.8 million ▪ Low Basis: $145 basis per square foot is less than half of the peer average ▪ Undervalued: lowest AFFO multiple in the net lease industry Dick’s Sporting Goods – McDonough,
Slide 4: High-Quality, Retail Net Lease Portfolio
High-Quality, Retail Net Lease Portfolio Basis Below Replacement Cost with Attractive Tenant Credit Profile 1 Key Portfolio Stats Top Tenants by ABR4 Number of Net Lease Properties 129 BBB 10% BBB+ 10% Number of States with a Property 34 N/A 8% Total Portfolio Square Feet 3.9M BBB 7% Current Occupan
Slide 5: Diversified Portfolio
Diversified Portfolio Located in Strong & Growing Markets Top Sectors by ABR Top States by ABR Sector ABR % State Properties $ ABR % ABR Sporting Goods 17% Florida 5 $5,923 13% Home Improvement 13% New Jersey 9 4,283 9% Dollar Stores 12% New York 13 3,021 7% Casual Dining 10% North Carolina 7 2,989
Slide 6: Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers
Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers Basis per Square Foot is Less Than Half of Peer Average’s $474 High-Quality Portfolio with Valuation $388 Upside $366 ▪ Total enterprise value (TEV) is $145 per square foot, allowing shareholders t
Slide 7: High-Yielding and Growing Dividend
High-Yielding and Growing Dividend PINE Dividend Per Share Paid $1.02 $1.09 $1.10 $1.11 $1.14 42.5% $0.82 Increase in quarterly cash dividend since Q1 2020 2020 2021 2022 2023 2024 Q2 2025 65% Annualized Q2 2025 AFFO payout ratio High In-Place Dividend Yield1 7.7% 7.2% 5.6% 5.4% Peer Average: 5.2% 7
Slide 8: Valuation Upside Created by Discount Relative to Peers
Valuation Upside Created by Discount Relative to Peers 2025E AFFO Payout Ratio1 79% 76% Peer Average: 70% 72% 70% 68% 65% 64% 64% FCPT O ADC FVR NNN NTST PINE EPRT 2025E AFFO Multiples1 17.0x 17.0x 15.0x Peer Average: 14.0x 13.5x 13.1x 12.6x 9.8x 8.3x ADC EPRT FCPT O NTST NNN FVR PINE As of June 30,
Slide 9: Tenant Credit and Operational Transparency
Tenant Credit and Operational Transparency Credit-Rated and/or Publicly Traded Tenants with Operational Transparency ▪ 81% of ABR comes from tenants or the parent of a tenant that are credit rated or publicly traded, suggesting relatively better tenant financial and operational transparency PINE Por
Slide 10: High-Quality Top Tenant Base
High-Quality Top Tenant Base Only PINE Amongst Peers has or in Top Ten Credits 1 2 3 4 5 6 7 8 9 10 IG 68% 55% 55% 51% 34% 33% 14% Not RATED Disclosed Disclosed % of Rents from Investment Grade-Rated Tenants 10 PINE information as of June 30, 2025. Peer information pulled on July 10, 2025 based on p
Slide 11: Minimal Lease Expirations through 2026
Minimal Lease Expirations through 2026 8.9 Years of Weighted Average Lease Term Remaining 1 Mar Vista – Longboat Key, FL Lease Rollover Schedule 21% Sandbar – Anna Maria, FL 11% 11% 10% 10% 9% 7% 5% 3% 3% 3% 3% 3% 1% 0% As of June 30, 2025, unless otherwise noted. 11 1. Calculation of weighted avera
Slide 12: Record of Growth, Diversification and Higher Quality Portfolio
Record of Growth, Diversification and Higher Quality Portfolio Track Record of Successful Business Plan Execution 2019 (IPO) 2025 Boot Barn – Concord, NC Number of Net Lease Properties 20 129 Number of States with a Property 12 34 Total Portfolio Square Feet 0.9M 3.9M Annualized Base Rent (ABR) $13.
Slide 13: Major Market, Strong Demographic-Driven Portfolio
Major Market, Strong Demographic-Driven Portfolio Focused on MSAs Benefitting from Demographic Shifts and Attractive Supply/Demand Dynamics ▪ 49% of portfolio ABR comes from the Company’s top $109,100 10 MSAs1 – properties located in those MSAs have a Total Portfolio Weighted Average ▪ $119,9002 wei
Slide 14: 100% Unsecured Capital Structure
100% Unsecured Capital Structure Wtd. Avg. Rate as of Maturity Date Debt Interest Rate Type Face Value Debt Stated Interest Rate June 30, 2025 (Excl. Options) SOFR + 0.10% + Revolving Credit Facility Floating $53,000 6.20% January 2027 [1.25%-2.20%] SOFR + 0.10% + Revolving Credit Facility 1 Fixed $
Slide 15: Loan Investment Portfolio Breakdown
Loan Investment Portfolio Breakdown Opportunistically Originate Loans with High Yields Q2 2025 As of June 30, 2025 Principal Draws Current Face Description Loan Type Location Maturity / (Repayments) Coupon Rate Amount Publix Land Development 1 Construction Loan Charlotte, NC September 2025 $2,554 $2
Slide 16: Investment Strategy
Investment Strategy Balanced Investment Strategy that Delivers Results Barbell Property Focus Investment Grade Focus High Yield Focus ▪ Tenants often provide a combination of certain key ▪ Tenants often provide a different combination of key benefits: benefits: ▪ Financial stability and reliability
Slide 17: Corporate Responsibility
Corporate Responsibility Alpine Income Property Trust, through its external manager, is committed to sustainability, strong corporate governance, and meaningful corporate social responsibility programs. Environmental Responsibility Corporate Governance Committed Focus ▪ Independent Chairman of the B
Slide 18: External Management Alignment
External Management Alignment Alpine Income Property Trust is externally managed by CTO Realty Growth (NYSE: CTO) under an agreement that, combined with CTO’s ownership in PINE, provides economies of scale, significant shareholder alignment and a flexible/collapsible structure. Notable Management Ag
Slide 19: Disclaimer
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,” “projec
Slide 20: Non-GAAP Financial Information
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 Operations (“AFFO”), and Pro Forma Earnings Before Interest, Taxe
Slide 21: Consolidated Statement of Operations
Consolidated Statement of Operations Three Months Ended Six Months Ended (Unaudited) (Unaudited) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Revenues: Lease Income $ 12,022 $ 11,330 $ 23,848 $ 22,794 Interest Income from Commercial Loans and Investments 2,737 986 5,038 1,889 Other Revenu
Slide 22: Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations
Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations Three Months Ended (Unaudited) Six Months Ended (Unaudited) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Income (Loss) $ (1,782) $ 222 $ (3,060) $ (61) Depreciation and Amortization 6,
Slide 23: Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
Non-GAAP Financial Measures Reconciliation: Net Debt to Pro Forma Adjusted EBITDA (Unaudited) Three Months Ended June 30, 2025 Net Loss $ (1,782) Adjustments: Depreciation and Amortization 6,705 Provision for Impairment 2,803 Gain on Disposition of Assets (938) Amortization of Intangible Assets and
Slide 24: Investor Inquiries: ir@alpinereit.com
Investor Inquiries: ir@alpinereit.com
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