INVESTOR PRESENTION DOLLAR GENERAL C ELIEVET FAMILY DOLLAR (AW) PINE July 2021 NYSE | --- | --- | --- | --- | |---------------------------------------------------------------------|-------|------------------------------------------------------------------------------|--------| | COMPANY PROFILE Well-Positioned for Growth \nTicker Symbol (NYSE) | PINE | High-Quality, Resilient Net Lease Portfolio \nNumber of Net Lease Properties | 71 | | Equity Market Capitalization | $246M | Number of States with a Property ...

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for Alpine Income Property Trust, Inc. for Q2 and H1 2021 [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Real Estate, at cost** | $314,689 | $225,889 | | **Total Assets** | $367,497 | $262,240 | | **Long-Term Debt** | $140,806 | $106,809 | | **Total Liabilities** | $149,057 | $113,147 | | **Total Equity** | $218,440 | $149,093 | - Total assets increased significantly to **$367.5 million** as of June 30, 2021, from **$262.2 million** at year-end 2020, primarily driven by acquisitions of real estate properties[9](index=9&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $6,597 | $4,591 | $12,487 | $8,762 | | **Net Income** | $346 | $279 | $857 | $294 | | **Net Income Attributable to PINE** | $304 | $240 | $744 | $253 | | **Diluted EPS** | $0.03 | $0.03 | $0.08 | $0.03 | | **Dividends Declared and Paid** | $0.25 | $0.20 | $0.49 | $0.40 | - Total revenues grew **43.7%** YoY for the three months ended June 30, 2021, driven by income from property acquisitions. Net income attributable to the company increased to **$304,000** in Q2 2021 from **$240,000** in Q2 2020[10](index=10&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary - Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | **Net Cash Provided By Operating Activities** | $8,866 | $3,547 | | **Net Cash Used In Investing Activities** | ($65,930) | ($76,087) | | **Net Cash Provided By Financing Activities** | $63,654 | $61,425 | - For the first six months of 2021, the company generated **$8.9 million** in cash from operations, used **$65.9 million** for real estate acquisitions, and raised a net **$63.7 million** from financing activities, including stock issuance and debt proceeds[16](index=16&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - The company owns a portfolio of **71 net leased retail and office properties**. It is externally managed by a subsidiary of CTO Realty Growth, Inc. (CTO)[21](index=21&type=chunk)[22](index=22&type=chunk) - During the six months ended June 30, 2021, the company acquired **23 income properties** for a combined purchase price of **$103.2 million**[53](index=53&type=chunk) - As of June 30, 2021, total outstanding debt was **$141.6 million**, consisting of a credit facility, a term loan, and mortgage notes[66](index=66&type=chunk) - In June 2021, the company completed a follow-on public offering of **3,220,000 shares**, receiving net proceeds of **$54.3 million**[85](index=85&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operations, liquidity, and non-GAAP measures, highlighting portfolio growth and acquisition-driven revenue [Overview](index=45&type=section&id=Overview) - The company owns and operates a portfolio of **71 high-quality commercial net lease properties**, which are **100% occupied**[133](index=133&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk) - As of June 30, 2021, the portfolio's leases have a weighted-average remaining lease term of **8.0 years**[137](index=137&type=chunk) - The company is externally managed by a wholly owned subsidiary of CTO Realty Growth, Inc[139](index=139&type=chunk) [Results of Operations](index=51&type=section&id=Results%20of%20Operations) Comparison of Three Months Ended June 30, 2021 and 2020 (in thousands) | Account | Q2 2021 | Q2 2020 | $ Variance | % Variance | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $6,597 | $4,591 | $2,006 | 43.7% | | **Total Operating Expenses** | $5,573 | $3,968 | $1,605 | 40.4% | | **Net Income** | $346 | $279 | $67 | 24.0% | - The **$2.0 million (43.7%) increase** in Q2 2021 revenue was driven by the expanded income property portfolio, which included the acquisition of **23 properties** in H1 2021 and **18 properties** in H2 2020[148](index=148&type=chunk) Comparison of Six Months Ended June 30, 2021 and 2020 (in thousands) | Account | YTD 2021 | YTD 2020 | $ Variance | % Variance | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $12,487 | $8,762 | $3,725 | 42.5% | | **Total Operating Expenses** | $10,397 | $7,875 | $2,522 | 32.0% | | **Net Income** | $857 | $294 | $563 | 191.5% | [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2021, the company had total cash of **$8.5 million**, including **$2.2 million** in restricted cash[161](index=161&type=chunk) - The company had **$100.0 million** available for borrowing under its Credit Facility as of June 30, 2021[161](index=161&type=chunk)[166](index=166&type=chunk) - During the first six months of 2021, the company acquired **23 income properties** for an aggregate purchase price of **$103.2 million**[162](index=162&type=chunk) [Non-GAAP Financial Measures](index=57&type=section&id=Non-GAAP%20Financial%20Measures) FFO and AFFO Reconciliation (in thousands) | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $346 | $279 | $857 | $294 | | **Funds from Operations (FFO)** | $3,809 | $2,565 | $7,463 | $4,603 | | **Adjusted Funds from Operations (AFFO)** | $3,892 | $1,368 | $7,742 | $3,176 | FFO and AFFO Per Diluted Share | Metric | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | | :--- | :--- | :--- | :--- | :--- | | **FFO per diluted share** | $0.38 | $0.29 | $0.79 | $0.51 | | **AFFO per diluted share** | $0.39 | $0.16 | $0.82 | $0.35 | [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing quantitative and qualitative market risk disclosures - As a smaller reporting company, PINE is exempt from providing disclosures about market risk under Item 305(e) of Regulation S-K[182](index=182&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures, with no material changes in internal control during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[183](index=183&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[183](index=183&type=chunk) [PART II—OTHER INFORMATION](index=37&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material pending or threatened legal proceedings - The company is not currently a party to any material legal proceedings[184](index=184&type=chunk) [Risk Factors](index=37&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from the Annual Report on Form 10-K for December 31, 2020 - There have been no material changes in risk factors from those set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2020[186](index=186&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable for the reporting period - Not applicable[187](index=187&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) This item is not applicable for the reporting period - Not applicable[189](index=189&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including agreements, amendments, and Sarbanes-Oxley certifications - Exhibits filed include amendments to credit agreements, loan assumption agreements, and Sarbanes-Oxley certifications[190](index=190&type=chunk)

Investor Presentation June 2021 NYSE: PINE Forward-Looking Statements & Disclaimers 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," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2021 Results Earnings Conference Call April 23, 2021 9:00 AM ET Company Participants John Albright - President and CEO Matt Partridge - CFO Conference Call Participants Michael Gorman - BTIG Rob Stevenson - Janney Wes Golladay - Baird RJ Milligan - Raymond James Craig Kucera - B. Riley. Operator Good day, and welcome to the Alpine Income Property Trust First Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instru ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (State o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF For the transition period from to Commission File Number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (State or other juri ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q4 2020 Earnings Conference Call February 12, 2020 9:00 AM ET Company Participants John Albright - President and CEO Matt Partridge - CFO Conference Call Participants Barry Oxford - D.A. Davidson Rob Stevenson - Janney Michael Gorman - BTIG Wes Golladay - Robert W. Baird Craig Kucera - B. Riley Securities RJ Milligan - Raymond James Operator Good morning, and welcome to the Alpine Income Property Trust Fourth Quarter and Full Year Earnings Conference Call. All ...

INCOME PROPERTY TRUST di NYSE: PINE November 2020 DISCLAIMER & REFERENCED TERMS 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," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. Forwardlooking statements are based on the Compa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39143 ALPINE INCOME PROPERTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 84-2769895 (Sta ...

INCOME PROPERTY TRUST NYSE:PINE Investor Presentation ∙ October 2020 Q3 2020 Investor Presentation Disclaimer & Referenced Terms 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," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. ...