- EF Hutton analyst Gaurav Mehta initiated coverage on Alpine Income Property Trust Inc PINE with a Buy rating and announced a price target of $22.
- Alpine is a REIT (Real Estate Investment Trust) that owns net-leased retail properties.
- The analyst has a positive view of PINE’s operating performance because of stable occupancy, below-market rents, and minimal lease expiration of 1% in 2023.
- Year-to-date, the company has acquired properties for $181.3M at a 7.1% average cap rate.
- The company expected cap rate expansion as a result of higher interest rates and highlighted a change in the transaction market reflecting higher cap rates in September.
- The analyst believes that the 2023 acquisition volume could depend on the spread between cap rate and cost of capital, and disposition opportunities.
- Since 2019, the company has recycled out-of-office properties and increased exposure to investment-grade tenants, which Mehta views as a positive.
- Also, the company has access to multiple sources of capital and a credit facility to fund external growth.
- There is no debt maturing until 2026, and the analyst marks this as a positive.
- Mehta thinks a more internal management model than the external one would do good for Alpine.
- Overall, the analyst said the Buy rating was driven by stable operating performance, a growing base of investment-grade tenants, an active asset recycling strategy, a balance sheet with liquidity and a focus on lowering leverage, and a discounted relative valuation.
- Price Action: PINE shares are trading higher by 1.62% at $18.79 on the last check Wednesday.
PINEAlpine Income Property Trust Inc
$16.08-%
Edge Rankings
Momentum35.49
Growth93.17
Quality32.32
Value8.23
Price Trend
Short
Medium
Long
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