Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q1 2025 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Apr 24, 2025
Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation
Slide 2: Company Snapshot
2 © Alpine Income Property Trust, Inc. | alpinereit.com As of March 31, 2025, unless otherwise noted. PINE stock price on March 31, 2025 was $16.72. 1. Three properties, which were acquired in the third quarter of 2024, all located in the greater Tampa Bay, Florida area, (the “Tampa Properties”) wer
Slide 3: Q1 2025 Highlights
3 © Alpine Income Property Trust, Inc. | alpinereit.com Q1 2025 Highlights ▪ Closed 7 investments for a total of $79.2 million at a weighted average initial cash yield of 9.0% ▪ Sold 3 properties for a total of $11.7 million at a weighted average cash yield of 9.1% Active asset management ▪ Originat
Slide 4: High-Quality, Retail Net Lease Portfolio
4 © Alpine Income Property Trust, Inc. | alpinereit.com 10% 9% 8% 7% 7% 5% 5% 4% 4% 3% BBB BBB+ N/A BB-BBB BBB+ BBB N/A AA CCC High-Quality, Retail Net Lease Portfolio Number of Net Lease Properties 134 Number of States with a Property 35 Total Portfolio Square Feet 4.1M Current Occupancy 99% % Inve
Slide 5: Diversified Portfolio
5 © Alpine Income Property Trust, Inc. | alpinereit.com Sector ABR % Sporting Goods 16% Home Improvement 12% Dollar Stores 12% Casual Dining 9% Pharmacy 8% Home Furnishings 7% Consumer Electronics 6% Entertainment 5% Technology, Media & Life Sciences 4% Grocery 4% Other 17% Total 100% Diversified Po
Slide 6: High-Quality Portfolio with Valuation Upside
6 © Alpine Income Property Trust, Inc. | alpinereit.com $501 $405 $339 $235 $228 $213 $173 $150 Peer Average: $299 FCPT EPRT NNN O ADC FVR NTST PINE Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, Closer to Land Value than Peers High-Quality Portfolio with Valuation Upside ▪ T
Slide 7: Tenant Credit and Operational Transparency
7 © Alpine Income Property Trust, Inc. | alpinereit.com 14% 33% 32% 50% 56% 56% 68% ADC FCPT NTST PINE FVR O NNN Tenant Credit and 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 financia
Slide 8: Minimal Lease Expirations through 2026
8 © Alpine Income Property Trust, Inc. | alpinereit.com 1% 3% 10% 9% 10% 6% 11% 11% 7% 2% 3% 3% 3% 1% 20% Minimal Lease Expirations through 2026 Lease Rollover Schedule As of March 31, 2025, unless otherwise noted. 1. Calculation of weighted average remaining lease term does not assume exercise of a
Slide 9: Record of Growth, Diversification and Higher Quality Portfolio
9 © Alpine Income Property Trust, Inc. | alpinereit.com Record of Growth, Diversification and Higher Quality Portfolio 2019 (IPO) Number of Net Lease Properties 20 134 Number of States with a Property 12 35 Total Portfolio Square Feet 0.9M 4.1M Annualized Base Rent (ABR) $13.3M $47.1M Top Tenant as
Slide 10: Major Market, Strong Demographic-Driven Portfolio
10 © Alpine Income Property Trust, Inc. | alpinereit.com Major Market, Strong Demographic-Driven Portfolio ▪ 48% of portfolio ABR comes from the Company’s top 10 MSAs1 – properties located in those MSAs have a ▪ $119,9002 weighted average 5-mile average household income ▪ 109,2002 weighted average 5
Slide 11: High-Quality Top Tenant Base
11 © Alpine Income Property Trust, Inc. | alpinereit.com 1 2 3 4 5 6 7 8 9 10 High-Quality Top Tenant Base Disclosed % of Rents from Investment Grade-Rated Tenants IG RATED PINE information as of March 31, 2025. Peer information pulled on April 22, 2025 based on published information available throu
Slide 12: Relatively High-Yielding and Growing Dividend
12 © Alpine Income Property Trust, Inc. | alpinereit.com $0.82 $1.02 $1.09 $1.10 $1.11 $1.14 2020 2021 2022 2023 2024 Q1 2025 Annualized 6.8% 6.7% 5.4% 5.4% 5.3% 4.9% 3.9% 3.6% Peer Average: 5.1% PINE FVR O NNN NTST FCPT ADC EPRT Annualized Per Share Cash Dividend Yield 6.8% As of March 31, 2025, un
Slide 13: Valuation Upside Created by Earnings Multiple Discount
13 © Alpine Income Property Trust, Inc. | alpinereit.com 80% 73% 71% 68% 68% 66% 66% 63% Peer Average: 70% FCPT O ADC FVR NNN PINE NTST EPRT 18.0x 17.4x 16.1x 13.5x 12.5x 12.4x 10.2x 9.7x Peer Average: 13.9x ADC EPRT FCPT O NNN NTST FVR PINE Low Payout Ratio Valuation Upside Created by Earnings Mult
Slide 14: No Near-Term Maturities and $65 Million of Liquidity
14 © Alpine Income Property Trust, Inc. | alpinereit.com No Near-Term Maturities and $65 Million of Liquidity Financial Strength Provides Solid Platform for Growth Staggered Debt Maturity Schedule 6 As of March 31, 2025. $ in thousands; any differences a result of rounding. 1. As of March 31, 2025,
Slide 15: Loan Investment Portfolio Breakdown
15 © Alpine Income Property Trust, Inc. | alpinereit.com Loan Investment Portfolio Breakdown $ in thousands; any differences a result of rounding. 1. In June 2024, the Company sold a $13.6 million A-1 participation interest in this portfolio loan. After adjusting for the Loan Participation Sale, PIN
Slide 16: Investment Strategy
16 © Alpine Income Property Trust, Inc. | alpinereit.com Investment Grade Focus High Yield Focus Investment Strategy ▪ Tenants often provide a combination of certain key benefits: ▪ Financial stability and reliability ▪ Risk and default mitigation ▪ Consistent occupancy ▪ Enhanced property value ▪ T
Slide 17: Corporate Responsibility
17 © 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 maintaining
Slide 18: External Management Alignment
18 © Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of March 31, 2025. Aligned Ownership CTO currently owns an approximate 15% interest in PINE, meaningfully aligning its interests with PINE shareholders Independent Board of Directors PINE has its own independen
Slide 19: Disclaimer
19 © Alpine Income Property Trust, Inc. | alpinereit.com 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,”
Slide 20: Non-GAAP Financial Information
20 © 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 Operatio
Slide 21: Consolidated Statement of Operations
21 © Alpine Income Property Trust, Inc. | alpinereit.com Consolidated Statement of Operations $ in thousands, except share and per share date 1. Includes 1,223,854 shares during the three months ended March 31, 2025 and 2024, underlying 1,223,854 OP Units issued to CTO Realty Growth, Inc. For the th
Slide 22: Reconciliation: Funds From Operations and Adjusted Funds From Operations
22 © Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation: Funds From Operations and Adjusted Funds From Operations $ in thousands, except share and per share date Net Loss $ (1,278) $ (283) Depreciation and Amortization 7,307 6,382 Provision for Impairment
Slide 23: Reconciliation: Net Debt to Pro Forma Adjusted EBITDA
23 © Alpine Income Property Trust, Inc. | alpinereit.com 1. Reflects the pro forma annualized impact on Annualized Adjusted EBITDA of the Company’s investment and disposition activity during the three months ended March 31, 2025. 2. Includes only restricted cash held in escrow accounts to be reinves
Slide 24: Investor Inquiries
Investor Inquiries: ir@alpinereit.com
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