2020 SHAREHOLDER MEETING (NYSE: PINE) June 2020 Why Invest in PINE - PowerPoint PPT Presentation

2020 SHAREHOLDER MEETING (NYSE: PINE) June 2020

Why Invest in PINE As of June 19, 2020 unless otherwise noted 66% Retail and 34% Office Strong Portfolio : Tenant Mix & Markets 80% of ABR (B) in large MSAs (1) 78%+ of June CBR (F) collected – 100% Resolved (E) (2) Tenant quality : COVID-19 Performance & Essential ≈80% of ABR (B) Essential Business (3) Q1 2020 acquisitions grew ABR (B) 20% Opportunity for Impactful growth Available liquidity for acquisitions Debt to TEV ≈22% (net of cash o/s) Low Leverage & Strong Liquidity >$17.7mm in cash and $43mm borrowing capacity Trading at compelling discount to NAV Attractive Valuation Implied cap rate on NOI of 8.5% Dividend Yield ≈4.9% (based on annualized dividend (C) ) Attractive Yield Q1 2020 AFFO pay- out ratio of ≈100% (C) 1) Population > than 1 million 2) Collections for April, May and June 2020 rent 3) Essential defined as permitted to remain open or open with modified hours by federal/state authorities 2

PINE Snap Shot As of June 19, 2020 unless otherwise noted Highlights TOTAL SHARES OUTSTANDING (rounded) (1) ≈8,676,000 CLOSING PRICE PER SHARE $16.27 ➢ April, May and June contractual rent (F) 100% resolved (paid, EQUITY MARKET CAPITALIZATION $141.2mm deferred, abated w/lease CASH $17.7mm extensions (E) ) TOTAL DEBT $57.0mm ➢ Abatement arrangements (E) for April and May rent resulted in TOTAL ENTERPRISE VALUE (NET) $180.5mm weighted average remaining LEVERAGE (NET) ≈22% lease term increasing to 8.7 years DIVIDEND per SHARE (YTD 2020 Annualized) (C) $0.80 ➢ Completed $5mm buyback DIVIDEND YIELD (YTD 2020 Annualized) (C) 4.9% program – acquiring 456,237 PORTFOLIO NOI ANNUALIZED (2) $15.3mm shares , weighted average price of $11.02 IMPLIED CAP RATE 8.5% ➢ Locked in interest rate range on Q1 2020 FFO/Share (2) $0.22 50% of $100mm credit facility at 1.83% to 2.43% for 5 years Q1 2020 AFFO/Share (2) $0.20 1) Includes approximately 1.224 million OP Units owned by CTO which are convertible into PINE shares on 1-for-1 basis 2) See Page 18 for reconciliation of FFO and AFFO to net income 3

Overview of our Portfolio As of June 19, 2020 unless otherwise noted Diversified across Geography, Tenant & Asset Type 29 assets ≈1.1mm SF, occupied by 23 tenants across 19 markets in 14 ➢ industries and 13 states 100% Occupied with Long Duration Leases 8.6 Years 8.6 year weighted average remaining lease term with ➢ no maturities until 2024 Low Low Leverage / Strong Growth Runway Leverage Only $57mm drawn on our $100mm line of credit capacity, with ➢ $20mm drawn in response to with the COVID-19 Pandemic 82% Credit Strong Tenants Tenants (D) 78% of ABR (B) is from publicly-traded tenants (1) ➢ 37% of ABR (B) is from investment grade tenants (1) Attractive Locations 80% 80% of ABR (B) from tenants located in MSAs with greater than ➢ 1 million people Contractual Rent Growth 54% 54% of ABR (B) from leases that have contractual increases in ➢ base rent (1) Tenant or Tenant’s Parent Company High Quality Single-Tenant Net Leased Portfolio – Low Leverage 4

COVID-19 Update As of June 19, 2020 unless otherwise noted Status of May Rent Status of June Rent Status of April Rent (1) (1) Collection Collection Collection (1) 78% Paid Paid Paid 76% 72% Deferred Deferred Deferred 15% 19% 13% Abated Abated Abated 9% 9% 9% Deferral arrangements (E) generally defer 2 nd quarter rent (1) with payment into the latter part of 2020 or the first half of 2021 ➢ Abatements (E) provided in exchange for extended lease term, imposition of percentage rent, and other lease modifications ➢ Based on CBR (F) (1) Abatement Arrangements Increased WALT to 8.7 years from 8.4 years 5

Q1 Acquisitions Total Acquisitions $47.0 million Total Square Feet 268,695 Weighted-Average Lease Term (1) 11.5 years Tenant Purchase Price Lease Term (1) Rent Bumps $6.1mm 11.6 Flat (8% in Options) (3) $5.8mm 15 10% in Yr. 10 (4) $4.3mm 15 10% in Yr. 10 $12.5mm 10.8 Flat N/A (2) $0.26mm N/A $4.3mm 10.8 2% Annual $7.1mm 10.1 Flat (8% in Options) $6.3mm 10.4 10% Every 5 yrs. $0.3mm 6.8 10% Every 5 yrs. (1) At date of acquisition (2) Month-to-month lease (3) Payment of rent commenced in March of 2020 (4) Rent commencement expected prior to June 2020 Weighted-Average Going-In Cap Rate of 7.1% 6

Attractive Portfolio As of June 19, 2020 unless otherwise noted 29 Properties in 13 States Geographically Diverse Portfolio – Strong Markets 7

Attractive Portfolio As of June 19, 2020 unless otherwise noted 54% with Contractual Rent Bumps (1) 28% No Leases Expiring until 2024 (1) Annual $millions 46% Flat $6.0 Other $5.0 Escalation $4.0 26% $3.0 $2.0 82% Credit Rated Tenants (1)(D) $1.0 $- 37% 45% Investment Grade Credit Rated 78% of ABR Are Publicly-Traded Tenants (1)(D) Not Rated 18% (1) Based on ABR (B) Credit Quality Portfolio - Diverse Long-Term Cash Flows - No Near-Term Maturities 8

Portfolio Diversity As of June 19, 2020 unless otherwise noted All Other Financial All Other Consumer Electronics Services (2) 11% Portland 15% Milwaukee 19% 5% Fitness 19% 4% 6% Austin 4% Pharmacy 6% Industry (1) 4% Reno MSA (1) 15% Hospitality (2) 4% 15% 6% Convenience Raleigh Orlando 4% Store 7% 5% 7% Phoenix 14% Home 6% 11% 7% 6% Goods Tulsa Atlanta Leisure Jacksonville Retailer Boston Entertainment Tampa All Other 18% Florida 26% Oklahoma 5% STATE (1) 7% Massachusetts 7% Texas 19% 9% 9% Oregon Georgia North Carolina (1) Based on ABR (B) (2) Office Tenant Portfolio Diversified Across 19 Markets, 13 States and Tenants in 14 Industries 9

Strategic Focus in light of COVID-19 Balance Sheet Strength/Liquidity ➢ $17.7mm in Cash (at June 19, 2020) ➢ Only $57mm drawn on $100mm Credit Facility ➢ Locked in rate range of 1.83% - 2.43% for 5 yrs. on $50 million of Credit Facility borrowings Investment Focus ➢ Emphasis: higher grade credit tenants, open/operating during COVID, and recession resistance ➢ Measured investment approach as market settles post COVID-19 Tenant Focus ➢ April, May and June 2020 contractual base rent (CBR (F) ) collections totaled 76%, 72% and 78%, respectively ➢ Reached agreement (E) on deferral of approximately 15%, 19% and 13% of April, May and June CBR (F) (generally deferral of 50% of tenant’s rent due), respectively, with deferral payments beginning as early as third quarter 2020 ➢ Reached agreement (E) on abatement of 9% of April, May and June CBR (F) (3 tenants) – in exchange for extended lease term, adding percentage rent, etc. Strong Liquidity – Low Leverage – Positioned for Recovery from COVID-19 10

Acquisition Focus Focus on Higher Credit Tenants & Performance During COVID 11

Primary Focus on Top U.S. Real Estate Markets As of June 19, 2020 unless otherwise noted Rank Market 1 Austin 2 Raleigh 3 Nashville 4 Charlotte 5 Boston 6 Dallas / Fort Worth 7 Orlando 8 Atlanta 9 Los Angeles 10 Seattle 11 Tampa 12 San Francisco 13 San Jose 14 DC - Northern VA 15 New York - Brooklyn 16 Indianapolis 17 Denver 18 Orange County 19 Charleston 20 Portland 21 Miami Alpine Property in Top 25 Real Estate Markets (percent of ABR (B) ) (1) 22 Salt Lake City Location of other Alpine Properties 23 Jacksonville 24 San Antonio (1) As ranked by Urban Land Institute & PWC in the ‘2020 Emerging Trends in Real Estate’ publication 25 Philadelphia 18 of 29 Properties Representing 68% of ABR (B) Located in Top 25 Markets 12