NTST - Neutral View On Alpine Income Property Trust As There Are Better Alternatives

2024-06-10 02:06:24 ET

Summary

• Alpine Income Property Trust's ability to grow through property acquisitions has been limited by current market conditions.
• PINE has some weaknesses such as an unfavorable debt maturity schedule, high tenant concentration, turbulence in the AFFO per share growth, and modest dividend growth.
• The above factors seem to be reflected in its seemingly low valuation multiple.
• There are better alternatives to PINE, even within the same property segment.
• However, the Company pays an attractive dividend with a reasonable payout ratio, which may be attractive to income-oriented investors.

Investment Thesis

The ongoing market conditions significantly limited Alpine Income Property Trust's ( PINE ) ability to grow acquisition-wise during the 2023 - 2024 YTD period. The management presented a coherent investment strategy reflected in PINE's business decisions that the Company intends to follow until the market conditions improve or the gap between buyers' and sellers' expectations narrows....

For further details see: