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INVESTMENT SECURITIES

12 Months Ended

Dec. 31, 2022

INVESTMENT SECURITIES

INVESTMENT SECURITIES

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NOTE 8.       INVESTMENT SECURITIES

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As of December 31, 2022, the Company owns, in the aggregate and on a fully diluted basis, 2.2 million shares of PINE, or 14.6% of PINE’s total shares outstanding for an investment value of $42.0 million, which total includes 1.2 million OP Units, or 8.1%, which the Company received in exchange for the contribution of certain income properties to the PINE Operating Partnership, in addition to 979,543 shares of common stock owned by the Company, or 6.5%. The Company has elected the fair value option related to the aggregate investment in securities of PINE pursuant to ASC 825, otherwise such investments would have been accounted for under the equity method. For detailed financial information regarding PINE, please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov under the ticker symbol “PINE.”

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The Company calculates the unrealized gain or loss based on the closing stock price of PINE at each respective balance sheet date. The unrealized, non-cash gains and losses resulting from the changes in the closing stock price of PINE are included in investment and other income (loss) in the consolidated statements of operations for years ended December 31, 2022, 2021, and 2020.

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The Company’s available-for-sale securities as of December 31, 2022 and 2021 are summarized below (in thousands):

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Cost

Unrealized Gains in Investment Income

Unrealized Losses in Investment Income

Estimated Fair Value (Level 1 Inputs)

December 31, 2022

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Common Stock

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$

18,382

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$

308

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$

—

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$

18,690

Operating Units

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23,253

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98

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—

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23,351

Total Equity Securities

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41,635

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406

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—

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42,041

Total Available-for-Sale Securities

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$

41,635

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$

406

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$

—

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$

42,041

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December 31, 2021

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Common Stock

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$

15,643

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$

868

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$

—

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$

16,511

Operating Units

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23,253

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1,273

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—

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24,526

Total Equity Securities

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38,896

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2,141

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—

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41,037

Total Available-for-Sale Securities

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$

38,896

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$

2,141

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$

—

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$

41,037

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The entire disclosure for investments in certain debt and equity securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2209399

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2324412

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI https://asc.fasb.org/topic&trid=2196928

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 320
-URI https://asc.fasb.org/subtopic&trid=2176304

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1403
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