Alpine Income Property Trust, Inc. · NYSE:PINE
Alpine Income Property Trust — Q1 2022 Earnings Presentation
29 slides from Alpine Income Property Trust's earnings presentation, Apr 21, 2022
Slide 1: April 2022 Investor Presentation
April 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 $252M Total Enterprise Value (TEV) $529M TEV Per Square Foot $161/foot Implied Cap Rate 6.9% Net Debt to TEV 1 52% Annualized Dividend Yield 5.8% Common Shares & OP Uni
Slide 3: Investment Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Payout Ratio % INVESTMENT HIGHLIGHTS 3 As of 4/15/2022 unless otherwise noted. $ in millions. 1. All dividend yields, payout ratios and 2022E FFO multiples are based on the closing stock price on April 14, 2022, using curr ent annualized div
Slide 4: Q1 2022 Highlights
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Q1 2022 HIGHLIGHTS 4 Q1 2022 FFO Per Share 1 $0.49 Year - Over - Year FFO Growth 17% Q1 2022 AFFO Per Share 1 $0.48 Year - Over - Year AFFO Growth 9% Q1 2022 Annualized Dividend $1.080 Year - Over - Year Q1 2022 Growth 13% 2021 Dividends Per
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 4/15/2022, 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 4/17/20 22 report. 2. Portf
Slide 6: Significant Implied Valuation Upside
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 21.2x 18.2x 17.8x 17.7x 15.8x 15.3x 13.9x 12.6x 11.9x NTST O ADC FCPT EPRT NNN STOR SRC PINE SIGNIFICANT IMPLIED VALUATION UPSIDE 6 As of 4/15/2022. 1. All 2022E FFO multiples are based on the closing stock price on April 14, 2022, using cur
Slide 7: Relative Outsized In-Place Dividend Yield
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 69% 4.6% 4.1% 3.5% 5.2% 4.0% 4.6% 5.5% 5.8% 4.1% FCPT O NTST STOR ADC NNN SRC PINE EPRT 2022E FFO Payout Ratio Dividend Yield RELATIVE OUTSIZED IN - PLACE DIVIDEND YIELD 7 As of 4/15/2022. 1. All dividend yields and payout ratios are based o
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 purchase price of the assets in the portfolio as of March 31, 2022, compared to the aggregate gross purchase price of the assets in the por
Slide 10: Improving Portfolio Size & Diversity
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com IMPROVING PORTFOLIO SIZE & DIVERSITY 10 2019 (IPO) As of 4/15/2022. 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 from S&P Globa
Slide 11: Major Market Net Lease Portfolio
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com MAJOR MARKET NET LEASE PORTFOLIO 11 As of 4/15/2022. 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, as estab
Slide 12: Excellent Portfolio Demographics
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXCELLENT PORTFOLIO DEMOGRAPHICS 12 As of 4/15/2022. 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, as estab
Slide 13: Excellent Tenant Credit Transparency
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com Pharmacy 14% Home Furnishings 12% General Merchandise 11% Sporting Goods 9% Dollar Stores 8% Grocery 7% Convenience Stores 5% Entertainment 5% Home Improvement 4% Consumer Electronics 4% Other 21% 100% EXCELLENT TENANT CREDIT TRANSPARENCY 13
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 4/15/2022. 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 from S&P Glo
Slide 15: High-Quality Top Tenant Base
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com HIGH - QUALITY TOP TENANT BASE 15 As of 4/15/2022, unless otherwise noted. Top six tenants based on published information available through each company’s website as of April 15, 2022. Comparably high - quality top six tenant base at a disco
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 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 IPO Q4 2019 Dividend Per Share Paid 2020 2021 Growing, Well -
Slide 17: 2022 Guidance
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 2022 GUIDANCE 17 2022 revised guidance was provided in the Company’s First Quarter 2022 Operating Results press release filed on April 21, 202 2. The Company’s 2022 increased guidance assumes stable or improving economic activity, strong und
Slide 18: Research Coverage
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com RESEARCH COVERAGE 18 Baird Wes Golladay Outperform $22.00 B. Riley Craig Kucera Buy $23.00 BTIG Mike Gorman Buy $23.00 Colliers Barry Oxford Buy $23.00 Janney Rob Stevenson Buy $22.00 Jones Research Jason Stewart Buy $23.00 Raymond James RJ
Slide 19: Financial Strength
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com FINANCIAL STRENGTH 19 Equity Market Capitalization 1 $252M Net Debt Outstanding 1,2 $277M Total Enterprise Value (TEV) 1 $529M Well - Capitalized Balance Sheet As of 3/31/2022, unless otherwise noted. $ in millions. 1. As of 4/15/2022. 2. Ne
Slide 20: Corporate Responsibility
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 20 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 21: Experienced Management Team
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com EXPERIENCED MANAGEMENT TEAM 21 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 22: Relationship with CTO / External Manager
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com 22 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 independent Board of Directors and realizes significant e
Slide 23: Key Takeaways
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com KEY TAKEAWAYS 23 As of 3/31/2022, unless otherwise noted. 1. 2022E FFO per share for PINE is the midpoint of guidance, as provided on April 21, 2022. Significant Discount to Peer Group Meaningful potential upside in valuation as PINE has the
Slide 24: Disclaimer
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com DISCLAIMER 24 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 25: Non-GAAP Financial Information
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL INFORMATION 25 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 26: Non-GAAP Financial Measures Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL MEASURES RECONCILIATION 26 Alpine Income Property Trust, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share, per share and dividend data) Three Months Ended March 31, 2022 March 31, 2021 R
Slide 27: Non-GAAP Financial Measures Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NON - GAAP FINANCIAL MEASURES RECONCILIATION 27 Three Months Ended March 31, 2022 March 31, 2021 Net Income $ 924 $ 511 Depreciation and Amortization 5,672 3,143 Funds from Operations $ 6,596 $ 3,654 Adjustments: Straight - Line Rent Adjustm
Slide 28: Net Debt to Pro Forma EBITDA Reconciliation
© 2022 Alpine Income Property Trust, Inc. | alpinereit.com NET DEBT TO PRO FORMA EBITDA RECONCILIATION 28 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 29: Investor Inquiries
INVESTOR PRESENTATION Investor Inquiries: Matthew M. Partridge, Chief Financial Officer, (407) 904 - 3324, mpartridge@alpinereit.com
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