- Alpine has an attractive portfolio with a slightly lower quality compared to other net lease REITs.
- Alpine's small asset base, unique relationship with CTO Realty, and potential to make their operations more efficient should drive earnings growth.
- Alpine's current multiple is discounted relative to its peers, and its implied cap rate is higher than the rates at which it is acquiring properties.
- Key macro risks include rising interest rates and the repeal of 1031 exchanges. Lack of lease escalators and current debt structure are company-specific risks.
For further details see:
Forget Realty Income, Alpine Income Property Trust Is The Best Value Among Net Lease REITs