Fourth Quarter 2024 Investor Presentation Company Snapshot 134 Properties $564M Enterprise Value $144 TEV / SF 3.9M Total Portfolio Square Feet 8.1% Implied Cap Rate 100% Retail Net Lease Portfolio 51% of ABR From Investment Grade-Rated Tenants 6.7% Annualized Dividend Yield $267M Equity Market Capitalization Portfolio1 Value + Income 8.7 Years W.A. Lease Term2 As of December 31, 2024, unless otherwise noted. PINE stock price on 12/31/2024 was $16.79. 1. Three properties, which were acquired in the third qu ...

Core Viewpoint - Alpine Income (PINE) reported quarterly funds from operations (FFO) of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.42 per share, and showing an increase from $0.37 per share a year ago [1][2] Group 1: Financial Performance - The company achieved an FFO surprise of 4.76% for the recent quarter, following a previous surprise of 12.50% when it reported $0.45 instead of the expected $0.40 [1] - Revenues for the quarter ended December 2024 were $13.79 million, surpassing the Zacks Consensus Estimate by 1.99%, and up from $11.58 million year-over-year [2] - Over the last four quarters, Alpine Income has consistently surpassed consensus FFO and revenue estimates [2] Group 2: Stock Performance and Outlook - Since the beginning of the year, Alpine Income shares have increased by approximately 3.2%, slightly outperforming the S&P 500's gain of 3.1% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.44 on revenues of $13.93 million, and for the current fiscal year, it is $1.78 on revenues of $56.44 million [7] Group 3: Industry Context - The REIT and Equity Trust - Other industry, to which Alpine Income belongs, is currently ranked in the bottom 34% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Alpine Income may also be influenced by the overall outlook for the industry [8]

Financial Performance - Total revenues for the year ended December 31, 2024, increased to $52.2 million, up 14% from $45.6 million in 2023[320] - Net income attributable to Alpine Income Property Trust, Inc. for 2024 was $2.1 million, a decrease of 29% compared to $2.9 million in 2023[320] - Funds From Operations (FFO) for 2024 were reported at $26.1 million, an increase of 14% from $22.9 million in 2023[331] - Adjusted Funds From Operations (AFFO) for 2024 reached $26.2 million, up from $23.2 million in 2023, reflecting a growth of 13%[331] - Total revenues for the year ended December 31, 2024, increased by 14.4% to $52.2 million compared to $45.6 million in 2023[332] - Lease income rose to $46.0 million in 2024, a 2.3% increase from $45.0 million in 2023, driven by acquisitions despite some tenant credit losses[333] - Interest income from commercial loans and investments surged to $5.8 million in 2024, up 804.4% from $0.6 million in 2023, due to an expanded portfolio[334] - Other revenue increased significantly to $0.5 million in 2024 from less than $0.1 million in 2023, attributed to a new revenue sharing agreement[335] - Total operating expenses decreased slightly by 0.5% to $41.7 million in 2024 from $41.9 million in 2023, despite a rise in real estate expenses[332] Asset Management - The company acquired 12 properties for a total purchase price of $103.6 million during 2024, while selling 15 properties for $62.0 million, resulting in gains of $3.4 million[316] - As of December 31, 2024, the company owned 134 properties with a total gross leasable area of 3.9 million square feet and a portfolio occupancy rate of 98%[317] - The company sold 15 properties in 2024 for $62.0 million, generating gains of $3.4 million, compared to 24 properties sold for $108.3 million in 2023[340] - The company acquired 12 properties for a total of $103.6 million in 2024, including a $31.4 million sale-leaseback transaction[364] Debt and Liquidity - Long-term debt increased to $301.5 million in 2024, up from $275.7 million in 2023, representing a rise of 9%[321] - Interest expense increased by 18.1% to $12.0 million in 2024, driven by a higher average outstanding debt balance[342] - The company has a long-term debt obligation of $302.0 million, with no payments due within one year[370] - The company believes it has sufficient liquidity to fund operations and capital requirements, with $90.4 million available under the 2022 ATM Program and $89.5 million available under the existing Credit Facility[371] - Net cash provided by financing activities increased to $26.4 million in 2024 from a cash outflow of $11.4 million in 2023, reflecting a $17.3 million increase in net proceeds from long-term debt[362] Impairments and Expenses - The company recorded a $1.7 million impairment charge in 2024, down from $3.2 million in 2023, reflecting improved credit loss reserves[338] - General and administrative expenses rose by 4.3% to $6.6 million in 2024, influenced by increased corporate legal and consulting fees[337] - Interest expense increased to $10.1 million in 2023 from $9.5 million in 2022, attributed to higher average interest rates[357] Cash Flow - Cash and cash equivalents totaled $8.0 million as of December 31, 2024, including $6.4 million in restricted cash[359] - Net cash used in investing activities rose to $57.8 million in 2024 from $13.6 million in 2023, driven by a $36.2 million increase in acquisitions[361] Dividends - The company declared and paid dividends of $1.110 per share in 2024, slightly up from $1.100 in 2023[320]

Financial Performance - Fourth Quarter net loss of $0.06 per diluted share, with FFO and AFFO both at $0.44 per diluted share[1] - Total revenues for the fourth quarter increased to $13.8 million, up 19% from $11.6 million in Q4 2023; full year revenues reached $52.2 million, a 14% increase from $45.6 million in 2023[3] - AFFO per share grew by 17% year-over-year, allowing for a dividend increase while maintaining a payout ratio of 63.6%[2][14] - Lease income rose to $11,493,000 for the three months ended December 31, 2024, compared to $11,016,000 in 2023, reflecting a growth of 4.3%[35] - Funds from operations (FFO) for the year ended December 31, 2024, reached $26,098,000, a 13.5% increase from $22,910,000 in 2023[37] - Adjusted funds from operations (AFFO) per diluted share for the three months ended December 31, 2024, was $0.44, compared to $0.38 in the same period of 2023, marking a 15.8% increase[37] - The company anticipates a $0.08 per diluted share impact in 2025 due to vacancies expected to remain unoccupied for the full year[15] Investments and Portfolio - Closed investments totaled $134.7 million in 2024 at an 8.7% cash yield, with over $75 million in dispositions at a 7.1% cap rate[2][4] - The property portfolio consisted of 134 properties with an occupancy rate of 98.0% and an annualized base rent (ABR) of $44.3 million[6] - The weighted average remaining lease term increased to 8.7 years, with 51% of ABR attributable to investment-grade rated tenants[6][7] - The company reduced its exposure to Walgreens while diversifying its tenant base across 27 industries[2][6] - The company’s 2025 outlook includes investments ranging from $50 million to $80 million and dispositions between $20 million and $30 million[15] Debt and Equity - As of December 31, 2024, net debt to total enterprise value was 52.6%, with a fixed charge coverage ratio of 3.5x[9] - Long-term debt increased to $301.466 million as of December 31, 2024, compared to $275.677 million in 2023[33] - The company reported a total equity of $276.495 million as of December 31, 2024, slightly up from $275.613 million in 2023[33] - Total long-term debt as of December 31, 2024, was $301,466,000, with a net debt to pro forma adjusted EBITDA ratio of 7.4x[39] Shareholder Returns - The company declared a quarterly cash dividend of $0.285 per share for Q1 2025, representing a 1.8% increase from the previous dividend[13] - The company declared and paid dividends of $0.280 per share for the three months ended December 31, 2024, compared to $0.275 in the same period of 2023[35] - The weighted average diluted shares outstanding is estimated to be between 16.0 million and 16.5 million[15] - The weighted average number of diluted shares for the year ended December 31, 2024, was 15,082,111, compared to 15,560,524 in 2023[35] Future Outlook - FFO per diluted share is projected to be between $1.70 and $1.73, with AFFO per diluted share also expected in the same range[15] - The estimated net income per diluted share for 2025 is projected to be between $0.04 and $0.07[16] - The company will host a conference call on February 7, 2025, to present its operating results for the quarter and year ended December 31, 2024[17] Operating Expenses - Operating expenses for the year ended December 31, 2024, totaled $41,655,000, slightly down from $41,859,000 in 2023[35] - The annualized adjusted EBITDA for the three months ended December 31, 2024, was $38,084,000, with a pro forma adjusted EBITDA of $40,082,000[39] Miscellaneous - The company operates a portfolio of single tenant net leased commercial income properties predominantly leased to high-quality publicly traded and credit-rated tenants[19] - Net loss attributable to Alpine Income Property Trust, Inc. for the three months ended December 31, 2024, was $(958,000), compared to a net income of $335,000 in 2023[35]

Core Insights - The company reported a fourth quarter net loss of $0.06 per diluted share, with FFO and AFFO of $0.44 per diluted share [1][3] - Closed investments totaled $134.7 million at an 8.7% cash yield in 2024 [1][4] - The company increased its dividend for Q1 2025 [1][16] - A 2025 outlook was provided, indicating expected investments and dispositions [1][18] Financial Performance - Total revenues for Q4 2024 were $13.791 million, up from $11.581 million in Q4 2023 [3] - Net income attributable to the company for the year was $2.066 million, down from $2.917 million in 2023 [3] - FFO for the year was $26.098 million, an increase from $22.910 million in 2023 [3] - AFFO for the year was $26.185 million, compared to $23.211 million in 2023 [3] Investment Activity - The company completed 12 investments totaling $103.6 million for the year, with a weighted average initial cash cap rate of 8.2% [4] - Dispositions for the year amounted to $75.589 million, with a weighted average exit cash cap rate of 7.1% [6] - The company reduced its exposure to Walgreens and increased the weighted average remaining lease term to 8.7 years [2] Property Portfolio - As of December 31, 2024, the company owned 134 properties with a total of 3.9 million square feet and an annualized base rent of $44.3 million [7] - The occupancy rate of the portfolio was 98.0%, with 51% of ABR attributable to investment-grade rated tenants [7] - The top industries represented in the portfolio included Sporting Goods (16%), Home Improvement (13%), and Dollar Stores (12%) [9] Balance Sheet and Capital Markets - As of December 31, 2024, the company's net debt to total enterprise value was 52.6% [11] - Total liquidity was reported at $95.109 million, with $89.545 million available under the revolving credit facility [11] - The company had total long-term debt of $302 million with a weighted average interest rate of 4.10% [12] Dividend Information - The company declared a quarterly cash dividend of $0.285 per share for Q1 2025, representing a 1.8% increase from the previous quarter [16][17] - The FFO payout ratio for the year was 64.2% [17] 2025 Outlook - The company anticipates investments between $50 million and $80 million and dispositions between $20 million and $30 million in 2025 [18] - Expected FFO and AFFO per diluted share for 2025 are projected to be between $1.70 and $1.73 [18][19]

Core Insights - Investors are evaluating the value opportunities presented by Alpine Income (PINE) and SL Green (SLG) in the REIT and Equity Trust - Other sector [1] Valuation Metrics - Both PINE and SLG have a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and improving earnings outlooks [3] - PINE has a forward P/E ratio of 9.57, while SLG has a forward P/E of 11.95 [5] - PINE's PEG ratio is 1.60, compared to SLG's PEG ratio of 5.33, suggesting PINE is more favorably valued in terms of expected EPS growth [5] - PINE has a P/B ratio of 0.89, indicating a lower market value relative to its book value, while SLG has a P/B of 1.18 [6] - Based on these valuation metrics, PINE earns a Value grade of B, whereas SLG receives a Value grade of D [6] Investment Conclusion - Despite both stocks having solid earnings outlooks, PINE is identified as the superior value option based on the discussed valuation figures [7]

Core Insights - The article emphasizes the importance of a long-term investment strategy focused on compounding wealth over generations through careful asset management and selection [1]. Investment Strategy - The investment approach combines a business education background with diverse industry experience to identify opportunities in sectors such as Media, Marketing, Public Relations, Travel, Tourism, Hospitality, Corporate Events, and Software as a Service [1]. - The strategy includes reinvesting dividends from well-managed organizations, balancing current income with sustainable growth, and seeking investments with a substantial margin of safety and a wide economic moat [1]. Asset Management - The focus is on holding dividend growth stocks in taxable brokerage accounts while utilizing Roth IRAs for investments in Real Estate Investment Trusts (REITs) and Business Development Companies (BDCs) [1]. - The investment philosophy is not aimed at quick wealth accumulation but rather at building lasting wealth through disciplined investment practices [1].

Core Viewpoint - Alpine Income Property Trust, Inc. will report its financial and operating results for Q4 and full year 2024 on February 6, 2025, with a conference call scheduled for February 7, 2025 [1]. Group 1 - The company is a publicly traded real estate investment trust (REIT) focused on delivering attractive risk-adjusted returns and dependable cash dividends [3]. - The investment strategy involves investing in, owning, and operating a portfolio of single-tenant net leased commercial income properties, primarily leased to high-quality publicly traded and credit-rated tenants [3]. Group 2 - A live webcast of the conference call will be available on the company's Investor Relations page [2]. - Participants are encouraged to register and dial in at least fifteen minutes before the scheduled start time [2].

A downtrend has been apparent in Alpine Income (PINE) lately. While the stock has lost 5.4% over the past four weeks, it could witness a trend reversal as a hammer chart pattern was formed in its last trading session. This could mean that the bulls have been able to counteract the bears to help the stock find support.While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future ...

Alpine Income Property Trust (PINE) announced the acquisition of a property leased to Lowe’s Home Improvement (LOW) in Knoxville, TN, alongside a strong year-end summary of its investment and disposition activities.PINE’s $22.5 million purchase of the Lowe’s property in December 2024 reflects the company’s focus on acquiring properties with long lease terms and strong tenant creditworthiness. The lease, which extends for approximately 13 years, ensures stable cash flow from an investment-grade tenant with a ...