Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q3 2022 Earnings Presentation
30 slides from Alpine Income Property Trust's earnings presentation, Oct 20, 2022
Slide 1: October 2022 Investor Presentation
October 2022 INVESTOR PRESENTATION
Slide 2: Company Profile
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com COMPANY PROFILE 2 Ticker Symbol (NYSE) PINE Equity Market Capitalization $221M Total Enterprise Value (TEV) $493M TEV Per Square Foot $143 Implied Cap Rate 7.5% Net Debt to TEV 1 55% Annualized Dividend Yield 6.8% Common Shares & OP Units Ou
Slide 3: Investment Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Payout Ratio % INVESTMENT HIGHLIGHTS 3 As of September 30, 2022, unless otherwise noted. $ in millions. 1. All dividend yields, payout ratios and 2022E FFO multiples are based on the closing stock price on September 30, 2022, using cur rent
Slide 4: Accretive Retail Asset Recycling
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 5.8% 5.5% 5.8% 5.5% Q3 2020 Q3 2021 Q2 2022 Q3 2022 ACCRETIVE RETAIL ASSET RECYCLING 4 As of September 30, 2022. Retail Disposition Cap Rates PINE has demonstrated a consistent ability to sell retail properties at attractive valuations, rega
Slide 5: Opportunity to Invest Below Replacement Cost
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com OPPORTUNITY TO INVEST BELOW REPLACEMENT COST 5 As of September 30, 2022, unless otherwise noted. 1. Value is based on Total Enterprise Value for each peer net lease company is from the Stifel Triple - Net REITs Comp Sheets 10/2/20 22 report.
Slide 6: Significant Implied Valuation Upside
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 16.7x 15.1x 14.3x 14.2x 13.6x 12.3x 11.2x 10.5x 9.7x ADC NTST FCPT O STOR NNN EPRT PINE SRC SIGNIFICANT IMPLIED VALUATION UPSIDE 6 As of September 30, 2022. 1. All 2023E FFO multiples are based on the closing stock price on September 30, 202
Slide 7: Relative Outsized In-Place Dividend Yield
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 71% 5.6% 4.5% 5.5% 4.2% 6.8% 7.3% 5.2% 5.1% 5.5% EPRT NTST NNN ADC PINE SRC STOR O FCPT 2023E FFO Payout Ratio Dividend Yield RELATIVE OUTSIZED IN - PLACE DIVIDEND YIELD 7 As of September 30, 2022. 1. All dividend yields and payout ratios ar
Slide 8: Disciplined Investment Strategy
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com DISCIPLINED INVESTMENT STRATEGY 8 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 stron
Slide 9: Accelerating Investment Execution
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com ACCELERATING INVESTMENT EXECUTION 9 $ in millions. 1. Portfolio Growth represents the aggregate gross book value of the assets in the portfolio as of September 30, 2022, compared to the gross book value of the assets in the portfolio as of D
Slide 10: Improving Portfolio Size & Diversity
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com IMPROVING PORTFOLIO SIZE & DIVERSITY 10 2019 (IPO) As of September 30, 2022. 1. A credit rated, or investment grade (“IG”) rated tenant (rating of BBB - , Baa3 or NAIC - 2 or higher) is a tenant or the parent of a tenant with a credit rating
Slide 11: Major Market Net Lease Portfolio
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com MAJOR MARKET NET LEASE PORTFOLIO 11 As of September 30, 2022. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communiti es that are linked by social and economic factors,
Slide 12: Excellent Portfolio Demographics
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXCELLENT PORTFOLIO DEMOGRAPHICS 12 As of September 30, 2022. 1. MSA, or metropolitan statistical area, is the formal definition of a region that consists of a city and surrounding communiti es that are linked by social and economic factors,
Slide 13: Excellent Tenant Credit Transparency
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Pharmacy 14% Dollar Stores 12% Home Furnishings 10% Sporting Goods 9% Home Improvement 7% Grocery 7% General Merchandise 6% Consumer Electronics 5% Health & Fitness 5% Entertainment 5% Other 20% 100% EXCELLENT TENANT CREDIT TRANSPARENCY 13 A
Slide 14: Strong and Stable Top Tenant Base
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com STRONG AND STABLE TOP TENANT BASE 14 Credit Rating 1 As of September 30, 2022. 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 tenan t with a credit rating fro
Slide 15: High-Quality Top Tenant Base
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com HIGH - QUALITY TOP TENANT BASE 15 As of September 30, 2022, unless otherwise noted. 1. A credit rated, or investment grade (“IG”) rated tenant (rating of BBB - , Baa3 or NAIC - 2 or higher) is a tenant or the parent of a tenant with a credit
Slide 16: Consistent Dividend Growth
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com CONSISTENT DIVIDEND GROWTH 16 $0.060 $0.200 $0.200 $0.200 $0.220 $0.240 $0.250 $0.255 $0.270 $0.270 $0.270 $0.275 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 IPO Q4 2019 Dividend Per Share
Slide 17: Research Coverage
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com RESEARCH COVERAGE 17 Baird Wes Golladay Outperform $21.00 B. Riley Craig Kucera Buy $23.00 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $21.00 Janney Rob Stevenson Buy $20.00 Jones Jason Stewart Buy $23.00 Raymond James RJ Milligan
Slide 18: Financial Strength
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com FINANCIAL STRENGTH 18 Equity Market Capitalization 1 $221M Net Debt Outstanding 1,2 $272M Total Enterprise Value (TEV) 1 $493M Well - Capitalized Balance Sheet As of September 30, 2022, unless otherwise noted. $ in millions. 1. As of Septemb
Slide 19: 2022 Guidance
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 2022 GUIDANCE 19 2022 revised guidance was provided in the Company’s Third Quarter 2022 Operating Results press release filed on October 20, 2 022 .. The Company’s 2022 increased guidance takes into account the Company’s year - to - date per
Slide 20: Q3 2022 Year-to-Date Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Q3 2022 YEAR - TO - DATE HIGHLIGHTS 20 Q3 2022 YTD FFO Per Share 1 $1.36 Year - Over - Year FFO Growth 18% Q3 2022 YTD AFFO Per Share 1 $1.37 Year - Over - Year AFFO Growth 16% Q3 2022 YTD Annualized Dividend $1.100 Year - Over - Year YTD 20
Slide 21: Corporate Responsibility
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 21 Committed Focus Committed to maintaining an environmentally conscious culture, the utilization of environmentally friendly & renewable products, and the promotion of sustainable business practices Tenant Alignment Alignment with environme
Slide 22: Experienced Management Team
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXPERIENCED MANAGEMENT TEAM 22 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
Slide 23: Benefits of CTO Relationship
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 23 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 24: Key Takeaways
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com KEY TAKEAWAYS 24 As of September 30, 2022, unless otherwise noted. 1. 2022E FFO per share for PINE is the midpoint of guidance, as provided on October 20, 2022. Significant Discount to Peer Group Meaningful upside opportunity as PINE has one
Slide 25: Disclaimer
© 2022 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,” “plan
Slide 26: Non-GAAP Financial Information
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL INFORMATION 26 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 Fro
Slide 27: Statements of Operations
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com STATEMENTS OF OPERATIONS 27 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended Nine Months Ended September 30, 2022 September 30,
Slide 28: Non-GAAP Financial Measures Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL MEASURES RECONCILIATION 28 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net Income $ 11,170 $ 1,056 $ 28,430 $ 1,913 Depreciation and Amortization 5,866
Slide 29: Net Debt to Pro Forma EBITDA Reconciliation
© 2022 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 Annualiz
Slide 30: Investor Inquiries
INVESTOR PRESENTATION Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (407) 904 - 3324, mpartridge@alpinereit.com
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