Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q3 2024 Earnings Presentation
24 slides from Alpine Income Property Trust's earnings presentation, Oct 17, 2024
Slide 1: Third Quarter 2024 Investor Presentation
Lowes Katy TX Third Quarter 2024 Investor Presentation
Slide 2: Company Profile
2 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Company Profile Ticker Symbol (NYSE) PINE Stock Price (as of 9/30/2024) $18.20 Equity Market Capitalization $277M Total Enterprise Value (TEV) $531M TEV Per Square Foot $150 Implied Cap Rate 8% Net Debt to TEV1 48% Annualized Dividend Yiel
Slide 3: Third Quarter 2024 Highlights
3 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 3 4 2 Active Asset Management ▪ Successfully reducing Walgreens exposure ▪ Sold two Walgreens, decreasing Walgreens to second largest tenant at 9% of total ABR and expect Walgreens to soon decrease further Increased portfolio weighted-aver
Slide 4: Strong Earnings Growth at Lowest Price Multiple
4 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 14.1% 7.4% 3.9% 3.9% 3.3% 2.9% 2.7% 10.3x 18.5x 12.3x 17.9x 14.8x 16.5x 14.3x PINE EPRT NTST ADC O FCPT NNN 2024E AFFO Growth 2024E AFFO Growth 2024E AFFO Multiple Strong Earnings Growth at Lowest Price Multiple 1. 2024E AFFO per share gro
Slide 5: Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost
5 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Margin of Safety: Portfolio TEV Basis at Discount to Replacement Cost, and Closer to Land Value than Peers High-Quality Portfolio with Valuation Upside ▪ Total enterprise value (TEV) is $150 per square foot, allowing shareholders to invest
Slide 6: Large Valuation Discount with Strong Investment Grade Credit Profile
6 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com 18.1x 17.0x 17.2x 14.6x 14.4x 12.8x 10.8x ADC EPRT FCPT O NNN NTST PINE Large Valuation Discount with Strong Investment Grade Credit Profile 2024E FFO Multiple 1 Company’s multiple at a meaningful discount to the investment grade-focused p
Slide 7: High Yield from In-Place Dividend
7 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com High Yield from In-Place Dividend 1. All dividend yields and payout ratios are based on the closing stock price on September 30, 2024, using current annualized dividends and 2024E FFO per share estimates for the peer net lease companies fr
Slide 8: Record of Growth, Diversification and Higher Quality Portfolio
8 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Record of Growth, Diversification and Higher Quality Portfolio 2019 (IPO) Number of Net Lease Properties 20 133 Number of States with a Property 12 34 Total Portfolio Square Feet 0.9M 3.6M Annualized Base Rent (ABR) $13.3M $41.5M Top Tenan
Slide 9: Strong Investment Grade-Representation at 52% of ABR
9 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Strong Investment Grade-Representation at 52% of ABR Credit Rating BBB 11% BB 9% NR 9% BBB 8% BBB+ 7% BBB+ 5% BBB 5% AA 4% CCC 3% BB 3% 36% 100% ABR % Other 2% 4% 9% 10% 14% 6% 10% 14% 8% 23% Lease Rollover Schedule % of ABR Expiring 8.8 Y
Slide 10: High-Quality Top Tenant Base
10 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com High-Quality Top Tenant Base – Only REIT with Lowe’s in Top Five Credits Disclosed % of Rents from Investment Grade-Rated Tenants RATED IG 83% 68% 57% 17% 1. Due to the merger between O and SRC, we do not have a disclosed top 10 tenants l
Slide 11: Excellent Tenant Credit and Operational Transparency
11 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Excellent Tenant Credit and Operational Transparency Investment Grade 52% Not Rated 17% Non-Investment Grade 31% Sporting Goods 17% Dollar Stores 13% Home Improvement 11% Pharmacy 10% Casual Dining 10% Home Furnishings 7% Consumer Electro
Slide 12: Major Market, Strong Demographic-Driven Portfolio
12 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Major Market, Strong Demographic-Driven Portfolio ▪ Geographically diversified portfolio focused on major markets and areas benefitting from demographic shifts and attractive supply/demand dynamics ▪ 53% of ABR comes from metropolitan sta
Slide 13: Consistent Dividend Growth
13 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com $0.82 $1.02 $1.09 $1.10 $1.11 (1) 2020 2021 2022 2023 2024 Consistent Dividend Growth Stable, Well-Covered Dividend Current Annualized Dividend Annualized Per Share Cash Dividend Yield 6.2% As of September 30, 2024, unless otherwise noted
Slide 14: Research Coverage Near Unanimous Buy or Outperform
14 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Alliance Global Partners Gaurav Mehta Buy $20.00 Baird Wes Golladay Outperform $18.00 B. Riley John Massocca Buy $20.00 BTIG Mike Gorman Buy $19.00 Colliers Barry Oxford Buy $19.00 Janney Rob Stevenson Buy $20.00 Jones Matthew Erdner Buy
Slide 15: Financial Strength Provides Solid Platform for Growth
15 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Financial Strength Provides Solid Platform for Growth PINE has a demonstrated access to capital, is focused on maintaining reasonable leverage, and has completely fixed its attractive cost of debt through 2026. Equity Market Capitalizatio
Slide 16: Outlook Raised for 2024
16 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Outlook Raised for 2024 FFO and AFFO guidance per diluted share for 2024 is as follows: 2024 revised guidance was provided in the Company’s Third Quarter 2024 Operating Results press release filed on October 17, 2024. Investments ($84.2m
Slide 17: Corporate Responsibility
17 © 2024 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 mainta
Slide 18: External Management Alignment
18 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com External Management Alignment As of September 30, 2024. 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 i
Slide 19: Disclaimer
19 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Disclaimer This press 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
Slide 20: Non-GAAP Financial Information
20 © 2024 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 Ope
Slide 21: Statement of Operations
21 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Statement of Operations Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) (1) Includes the weighted average of 1,223,854 shares during the three
Slide 22: Non-GAAP Financial Measures Reconciliation
22 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Non-GAAP Financial Measures Reconciliation Three Months Ended Nine Months Ended September 30, 2024 September 30, 2024 September 30, 2024 September 30, 2024 Net Income (Loss) $ 3,354 $ (939) $ 3,293 $ 2,896 Depreciation and Amortization 6,
Slide 23: Net Debt-to-EBITDA Pro Forma Reconciliation
23 © 2024 Alpine Income Property Trust, Inc. | alpinereit.com Net Debt-to-EBITDA Pro Forma Reconciliation Alpine Income Property Trust, Inc. Non-GAAP Financial Measures Reconciliation of Net Debt to Pro Forma Adjusted EBITDA (Unaudited) (In thousands) 1. Reflects the pro forma annualized impact on A
Slide 24: Investor Inquiries
Investor Inquiries: Philip R. Mays, Chief Financial Officer and Treasurer, (407) 904-3324, pmays@alpinereit.com
Alpine Income Property Trust — Q3 2024 Earnings Presentation on 6ix