INVESTOR PRESENTATION JULY 2020 (NYSE:PINE) SECOND QUARTER 2020 Q2 2020 Investor Presentation Why Invest in PINE As of July 17, 2020 unless otherwise noted | --- | --- | |---------|-------------------------------------------------| | | | | | Diverse Portfolio : Property Types & Markets | | | Tenant quality : COVID-19 Performance | | | Opportunity for Impactful growth | | | Low Leverage & Strong Liquidity | | | | | | Attractive Valuation | | | Attractive Yield | | | | | | Strong Sponsorship | | | | | 1) 2) | ...

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, 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 (State o ...

Alpine Income Property Trust, Inc. (NYSE:PINE) Q1 2020 Earnings Conference Call April 28, 2020 9:00 AM ET Company Participants John Albright - President & Chief Executive Officer Mark Patten - Chief Financial Officer Conference Call Participants Barry Oxford - D.A. Davidson Calvin Sullivan - Raymond James RJ Milligan - Baird Operator Good day, and welcome to the Alpine Income Property Trust Quarter One 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Aft ...

INVESTOR PRESENTATION APRIL 2020 (NYSE: PINE) FIRST QUARTER 2020 PINE Snap Shot As of April 24, 2020 unless otherwise noted | --- | |------------------------------------| | | | TOTAL SHARES OUTSTANDING (rounded) | | SHARE PRICE PER SHARE | | EQUITY MARKET CAPITALIZATION | | CASH (2) | | TOTAL DEBT (2) | | TOTAL ENTERPRISE VALUE | | LEVERAGE (NET) (2) | | DIVIDEND per SHARE (Q1 2020) | | PORTFOLIO NOI ANNUALIZED (2) | | IMPLIED CAP RATE | | Q1 2020 FFO/Share (3) | | Q1 2020 AFFO/Share (3) | 1) Includes appro ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 ¨ 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 or other jurisdiction of i ...

Financial Snapshot - Q4 2019 Dividend per diluted share was approximately $0.06[4] - The stock price at IPO was $19.00[4] - Estimated FFO/Share for FY 2020 is projected to be between $1.20 and $1.30[4] - Estimated AFFO/Share for FY 2020 is projected to be between $1.15 and $1.25[4] - Total debt amounts to $10.5 million[5] - Shares outstanding are approximately 9,127,000[5] - Equity market capitalization stands at $173 million[5] Portfolio Overview - The initial Alpine portfolio consists of 24 assets[7] - The portfolio is 100% occupied with an 8.5-year weighted average remaining lease term[7] - The company has only utilized $10.5 million of its $100 million line of credit[7] - 89% of Annualized Base Rent (ABR) is derived from publicly-traded tenants[8] - 37% of ABR is from investment-grade tenants[8] - 83% of ABR comes from tenants located in MSAs with greater than 1 million people[8] - 58% of ABR is from leases with contractual increases in base rent[8] Portfolio Diversification - The portfolio is diversified across 18 markets, 12 states, and tenants in 14 industries[14] - 74% of ABR is located in the top 25 real estate markets[17] FY2020 Guidance - The company anticipates acquiring $120 million in income-producing assets[23] - The target investment yield (initial yield – unlevered) is projected to be between 6.5% and 7.5%[23]