$PINE
Alpine Income Property Trust, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023006332 Filed on April 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $11.44M $11.17M
YoY Change 1.41% 3.4%
Cost Of Revenue $1.575M $1.434M
YoY Change 22.57% 31.32%
Gross Profit $9.864M $9.732M
YoY Change -1.31% 0.26%
Gross Profit Margin 86.23% 87.16%
Selling, General & Admin $1.656M $1.515M
YoY Change 11.97% 5.87%
% of Gross Profit 16.79% 15.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.423M $6.335M
YoY Change 12.8% 11.69%
% of Gross Profit 65.12% 65.09%
Operating Expenses $8.079M $9.284M
YoY Change -4.48% 13.29%
Operating Profit $1.785M $6.358M
YoY Change -90.33% 144.16%
Interest Expense -$2.438M -$2.613M
YoY Change 14.84% 55.54%
% of Operating Profit -136.58% -41.1%
Other Income/Expense, Net
YoY Change
Pretax Income $90.00K $3.745M
YoY Change -99.45% 305.3%
Income Tax
% Of Pretax Income
Net Earnings $80.00K $3.339M
YoY Change -99.44% 314.27%
Net Earnings / Revenue 0.7% 29.9%
Basic Earnings Per Share $0.01 $0.24
Diluted Earnings Per Share $0.01 $0.21
COMMON SHARES
Basic Shares Outstanding 14.07M 14.06M
Diluted Shares Outstanding 15.76M 15.70M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.755M $4.290M
YoY Change 219.53% 91.18%
Cash & Equivalents $7.755M $4.290M
Short-Term Investments
Other Short-Term Assets $2.601M $3.027M
YoY Change 25.83% 38.28%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.44M $8.192M
YoY Change 92.08% 55.89%
LONG-TERM ASSETS
Property, Plant & Equipment $456.9M $426.3M
YoY Change -2.2% -12.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.94M $60.72M
YoY Change 50.41% 5435.0%
Total Long-Term Assets $555.2M $557.3M
YoY Change -1.1% -1.1%
TOTAL ASSETS
Total Short-Term Assets $11.44M $8.192M
Total Long-Term Assets $555.2M $557.3M
Total Assets $566.7M $565.4M
YoY Change -0.12% -0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.0K $154.0K
YoY Change 513.79% -14.92%
Accrued Expenses $4.097M $3.872M
YoY Change 11.97% 34.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.547M $5.065M
YoY Change 41.59% 27.23%
LONG-TERM LIABILITIES
Long-Term Debt $249.0M $249.0M
YoY Change -17.26% -21.91%
Other Long-Term Liabilities $6.838M $6.953M
YoY Change -0.01% -10.47%
Total Long-Term Liabilities $255.9M $255.9M
YoY Change -16.88% -21.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.547M $5.065M
Total Long-Term Liabilities $255.9M $255.9M
Total Liabilities $295.6M $261.0M
YoY Change -5.42% -21.05%
SHAREHOLDERS EQUITY
Retained Earnings $5.731M $9.514M
YoY Change 149.07% -208.37%
Common Stock $249.1M $249.4M
YoY Change 19.29% 20.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $271.0M $270.8M
YoY Change
Total Liabilities & Shareholders Equity $566.7M $565.4M
YoY Change -0.12% -0.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $80.00K $3.339M
YoY Change -99.44% 314.27%
Depreciation, Depletion And Amortization $6.423M $6.335M
YoY Change 12.8% 11.69%
Cash From Operating Activities $8.299M $5.377M
YoY Change 16.4% -12.17%
INVESTING ACTIVITIES
Capital Expenditures $61.57M $102.0K
YoY Change -240.02% -100.15%
Acquisitions
YoY Change
Other Investing Activities $22.32M $55.45M
YoY Change -68.76%
Cash From Investing Activities -$39.25M $55.35M
YoY Change -242.86% -183.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $19.50M
YoY Change 77.27%
Cash From Financing Activities -4.756M -10.21M
YoY Change -76.2% -119.12%
NET CHANGE
Cash From Operating Activities 8.299M 5.377M
Cash From Investing Activities -39.25M 55.35M
Cash From Financing Activities -4.756M -10.21M
Net Change In Cash -35.70M 50.52M
YoY Change -344.16% -869.81%
FREE CASH FLOW
Cash From Operating Activities $8.299M $5.377M
Capital Expenditures $61.57M $102.0K
Free Cash Flow -$53.27M $5.275M
YoY Change -204.24% -92.7%

Facts In Submission

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CY2023Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
102000
CY2022Q1 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
66089000
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
55452000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
55350000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-66089000
CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1250000
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
62000000
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
19500000
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
11000000
CY2023Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
14000
CY2022Q1 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
23000
CY2023Q1 pine Proceeds From Issuance Of Common Stock Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfStockIssuanceCosts
12388000
CY2022Q1 pine Proceeds From Issuance Of Common Stock Net Of Stock Issuance Costs
ProceedsFromIssuanceOfCommonStockNetOfStockIssuanceCosts
6054000
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4336000
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
3626000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10212000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53405000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
50515000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-6562000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13044000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9497000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63559000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2935000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4290000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2244000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
59269000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
691000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63559000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2935000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2544000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1512000
CY2023Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-2766000
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
6832000
CY2022Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
1831000
CY2023Q1 pine Number Of Markets In Which Entity Operates
NumberOfMarketsInWhichEntityOperates
106
CY2023Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
34
CY2023Q1 dei Entity Number Of Employees
EntityNumberOfEmployees
0
CY2023Q1 pine Percentage Of Ownership Interest In Limited Liability Company Llc Directly Or Indirectly Attributable To Non Controlling Interest
PercentageOfOwnershipInterestInLimitedLiabilityCompanyLlcDirectlyOrIndirectlyAttributableToNonControllingInterest
0.030
CY2023Q1 pine Reit Eligibility Distributable Minimum Percentage Of Taxable Income Excluding Net Capital Gains
ReitEligibilityDistributableMinimumPercentageOfTaxableIncomeExcludingNetCapitalGains
0.90
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
59300000
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
11166000
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
10799000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">USE OF ESTIMATES IN THE PREPARATION OF FINANCIAL STATEMENTS</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.25pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period presented. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">Among other factors, fluctuating market conditions that can exist in the national real estate markets and the volatility and uncertainty in the financial and credit markets make it possible that the estimates and assumptions, most notably those related to PINE’s investment in properties, could change materially due to continued volatility in the real estate and financial markets, or as a result of a significant dislocation in those markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">​</span></p>
CY2023Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">PROPERTY LEASE REVENUE</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.25pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The rental arrangements associated with the Company’s property portfolio are classified as operating leases. The Company recognizes lease income on these properties on a straight-line basis over the term of the lease. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between lease income recognized under this method and contractual lease payment terms (i.e., straight-line rent) is recorded as a deferred operating lease receivable and is included in straight-line rent adjustment on the accompanying consolidated balance sheets. The Company’s leases provide for reimbursement from tenants for variable lease payments including common area maintenance, insurance, real estate taxes, and other operating expenses. A portion of our variable lease payment revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The collectability of tenant receivables and straight-line rent adjustments is determined based on, among other things, the aging of the tenant receivable, management’s evaluation of credit risk associated with the tenant and industry of the tenant, and a review of specifically identified accounts using judgment. As of March 31, 2023 and December 31, 2022, the Company’s allowance for doubtful accounts totaled $0.4 million.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1003000
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1068000
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.15;text-align:justify;margin:0pt;"><i style="font-style:italic;">CONCENTRATION OF CREDIT RISK</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 12.2pt;"><i style="font-style:italic;"> </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">During the three months ended March 31, 2023, Walgreens accounted for 12% of total revenues. There were no tenants who accounted for more than 10% of total revenues during the three months ended March 31, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">As of March 31, 2023 and December 31, 2022, 14% and 19%, respectively, of the Company’s real estate portfolio, based on square footage, was located in the state of Texas. </p>
CY2023Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
138
CY2023Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
3500000
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
10163000
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
9731000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
27557000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
35802000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
34167000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
33475000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
30405000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
26556000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
83960000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
271922000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
69164000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
74450000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15242000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
14018000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
53922000
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
60432000
CY2022Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
6130000
CY2023Q1 pine Intangible Lease Liabilities Gross
IntangibleLeaseLiabilitiesGross
6065000
CY2022Q4 pine Intangible Lease Liabilities Gross
IntangibleLeaseLiabilitiesGross
6130000
CY2023Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1261000
CY2022Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
1080000
CY2023Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
4804000
CY2022Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
5050000
CY2023Q1 pine Intangible Assets Liabilities Net Excluding Goodwill
IntangibleAssetsLiabilitiesNetExcludingGoodwill
49118000
CY2022Q4 pine Intangible Assets Liabilities Net Excluding Goodwill
IntangibleAssetsLiabilitiesNetExcludingGoodwill
55382000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2290000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2126000
CY2023Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
87000
CY2022Q1 us-gaap Amortization Of Below Market Lease
AmortizationOfBelowMarketLease
101000
CY2023Q1 pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
2203000
CY2022Q1 pine Amortization Of Intangible Assets And Liabilities
AmortizationOfIntangibleAssetsAndLiabilities
2025000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationRemainderOfFiscalYear
5962000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year One
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearOne
7689000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Two
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearTwo
7073000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Three
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearThree
6693000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Four
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearFour
5342000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization Year Five
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationYearFive
4440000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization After Year Five
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortizationAfterYearFive
11919000
CY2023Q1 pine Finite Lived Intangible Assets Liabilities Net Future Amortization
FiniteLivedIntangibleAssetsLiabilitiesNetFutureAmortization
49118000
CY2023Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P9Y1M6D
CY2023Q1 pine Income Property Tenant Receivables Net Of Allowance For Doubtful Accounts
IncomePropertyTenantReceivablesNetOfAllowanceForDoubtfulAccounts
875000
CY2022Q4 pine Income Property Tenant Receivables Net Of Allowance For Doubtful Accounts
IncomePropertyTenantReceivablesNetOfAllowanceForDoubtfulAccounts
1172000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
561000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
740000
CY2023Q1 pine Deposits On Acquisitions
DepositsOnAcquisitions
530000
CY2022Q4 pine Deposits On Acquisitions
DepositsOnAcquisitions
30000
CY2023Q1 pine Prepaid Expense Deposits Assets And Miscellaneous Other Assets
PrepaidExpenseDepositsAssetsAndMiscellaneousOtherAssets
2466000
CY2022Q4 pine Prepaid Expense Deposits Assets And Miscellaneous Other Assets
PrepaidExpenseDepositsAssetsAndMiscellaneousOtherAssets
1494000
CY2023Q1 pine Deferred Finance Costs Net Line Of Credit
DeferredFinanceCostsNetLineOfCredit
1450000
CY2022Q4 pine Deferred Finance Costs Net Line Of Credit
DeferredFinanceCostsNetLineOfCredit
1518000
CY2023Q1 us-gaap Derivative Assets
DerivativeAssets
12477000
CY2022Q4 us-gaap Derivative Assets
DerivativeAssets
14632000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1603000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1647000
CY2023Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
19962000
CY2022Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
21233000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
400000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1600000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1600000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
64000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10.00
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y8M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.020
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.020
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
192000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
251000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
192000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
202000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
202000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
202000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
490000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1731000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
116000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1615000
CY2023Q1 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
28000
CY2022Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
17000
CY2023Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
2257000
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
1609000
CY2023Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
126000
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
165000
CY2023Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1039000
CY2022Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
932000
CY2023Q1 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
642000
CY2022Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
31000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1615000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1657000
CY2023Q1 pine Accounts Payable Accrued Expenses And Other Liabilities
AccountsPayableAccruedExpensesAndOtherLiabilities
5707000
CY2022Q4 pine Accounts Payable Accrued Expenses And Other Liabilities
AccountsPayableAccruedExpensesAndOtherLiabilities
4411000
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
250000000
CY2023Q1 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0351
CY2023Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.0351
CY2023Q1 pine Deferred Finance Costs Net Excluding Line Of Credit
DeferredFinanceCostsNetExcludingLineOfCredit
1043000
CY2022Q4 pine Deferred Finance Costs Net Excluding Line Of Credit
DeferredFinanceCostsNetExcludingLineOfCredit
1134000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
248957000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
267116000
CY2023Q1 pine Percentage Of Ownership Interest In Limited Liability Company Llc Directly Or Indirectly Attributable To Noncontrolling Interests
PercentageOfOwnershipInterestInLimitedLiabilityCompanyLlcDirectlyOrIndirectlyAttributableToNoncontrollingInterests
0.030
CY2021 pine Partners Capital Account Units Issued
PartnersCapitalAccountUnitsIssued
479640
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
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CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
100000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
150000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
0
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
250000000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
250000000
CY2023Q1 pine Deferred Finance Costs Net Excluding Line Of Credit
DeferredFinanceCostsNetExcludingLineOfCredit
1043000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
248957000
CY2023Q1 pine Deferred Finance Costs Net Excluding Line Of Credit
DeferredFinanceCostsNetExcludingLineOfCredit
1000000.0
CY2023Q1 pine Deferred Finance Costs Net Line Of Credit
DeferredFinanceCostsNetLineOfCredit
1500000
CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2439000
CY2022Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1555000
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
174000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
125000
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
2613000
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1680000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2544000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1512000
CY2023Q1 pine Interest Rate Swap Effective Percentage
InterestRateSwapEffectivePercentage
1
CY2023Q1 pine Reit Eligibility Distributable Minimum Percentage Of Taxable Income Excluding Net Capital Gains
ReitEligibilityDistributableMinimumPercentageOfTaxableIncomeExcludingNetCapitalGains
0.90
CY2023Q1 pine Reit Eligibility Distributable Minimum Percentage Of Taxable Income Including Net Capital Gains
ReitEligibilityDistributableMinimumPercentageOfTaxableIncomeIncludingNetCapitalGains
1
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.275
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.270
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3339000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
806000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14000553
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11662697
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1703494
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1703494
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15704047
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13366191
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2022 pine Partners Capital Account Units Issued
PartnersCapitalAccountUnitsIssued
479640
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0
CY2023Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
80000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
79000
CY2022 pine Related Party Transaction Incentive Fee
RelatedPartyTransactionIncentiveFee
0
CY2023Q1 pine Related Party Transaction Management Fee
RelatedPartyTransactionManagementFee
1098000
CY2022Q4 pine Related Party Transaction Management Fee
RelatedPartyTransactionManagementFee
993000
CY2023Q1 pine Due To Due From Other Related Parties
DueToDueFromOtherRelatedParties
-59000
CY2022Q4 pine Due To Due From Other Related Parties
DueToDueFromOtherRelatedParties
-61000
CY2023Q1 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1039000
CY2022Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
932000

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