Investor Presentation

Alpine's Value Proposition

Meaningful Valuation Upside with In-Place Yield and Long-Term Growth

Accretive Asset Recycling Driving Attractive Portfolio Metrics

Pure play, 100% retail portfolio growing through accretive asset recycling of predominantly non-investment grade assets at attractive pricing, with reinvestment focused on investment grade-rated tenants and high-quality assets with strong real estate fundamentals.

Opportunity to Invest Below Replacement Cost

PINE's total enterprise value (TEV) is $125 per square foot and book value is $19.12 per share, allowing shareholders to invest meaningfully below replacement cost in a portfolio rooted in higher credit quality tenants in major markets throughout the United States.

Significant Discount to Peer Group

PINE trades at a significant discount compared to its investment grade-focused peers, implying considerable valuation upside.

Stable & Attractive Dividend

PINE has grown its quarterly dividend by 37.5% since the beginning of 2020 and now

provides one of the highest dividend yields of its net lease peer group.

PINE's top 10 tenants now include investment grade-rated industry leaders such as:

• Total Enterprise Value of $124 per square foot
• $100,120 Total Portfolio Weighted Average 5-Mile Average Household Income2
• 114,475 Total Portfolio Weighted Average
  5-Mile Total Population2

Value1 Per Square Foot2

$500

$400

$300

$200

FCPT

NNN

EPRT

Peer Average $241

O

ADC

NTST

High-Quality Portfolio with Valuation Upside

PINE's total enterprise value (TEV) is $125 per square foot, allowing shareholders to invest below estimated replacement cost in a portfolio rooted in higher growth, major markets throughout the United States with comparable tenants to the investment grade- focused net lease peers.

Better Margin of Safety with Stickier Tenants

With an average cash rent per square foot of $10.05, occupancy costs for PINE's portfolio tenants are meaningfully below market rents given the inflationary pressure on building and land costs, suggesting tenants will be more likely to exercise their renewal options at expiration.

Significant Valuation Discount to Peer Group

$100

$0

PINE

SRC

Similar tenant exposures in comparable or better markets, with an underlying real estate valuation per square foot 48% below the peer average.

Creating Value Through Capital Recycling

PINE has maintained its disposition guidance, implying it will

Portfolio Size (Square Feet) 2

continue to monetize assets at attractive private market valuations, resulting in accretive net investment spreads once disposition proceeds are reinvested.

2023E FFO Multiple1

13.9x

11.3x

11.0x

9.2x