NOTE 5. RELATED PARTY MANAGEMENT SERVICES BUSINESS

PINE. Pursuant to the Company’s management agreement with PINE, we will generate a base management fee equal to 1.5% of PINE’s total equity. The structure of the base fee provides us with an opportunity for our base fee to grow should PINE’s independent board members determine to raise additional equity capital in the future. We also have an opportunity to achieve additional cash flows as Manager of PINE pursuant to the incentive fee provisions of the management agreement.

During the three months ended March 31, 2020, the Company earned management fee revenue from PINE totaling approximately $649,000, which is included in management services in the accompanying consolidated statements of operations. Dividend income for the three months ended March 31, 2020 totaled approximately $408,000 and is included in investment and other income in the accompanying consolidated statements of operations.

The following table represents amounts due from PINE to the Company as of March 31, 2020 and December 31, 2019:


	As of
Description	March 31, 2020		December 31, 2019
Management Services Fee due from PINE	$	649	$	254
Dividend Receivable (1)		395		71
Other		(13)		56
Total	$	1,031	$	381

⁽¹⁾

The dividend receivable totaling approximately $395,000 includes approximately $316,000 related to the dividend on OP Units, while the remaining portion of approximately $79,000 relates to the dividend on common stock.

Land JV. Pursuant to the terms of the operating agreement for the Land JV, the initial amount of the management fee is $20,000 per month. The management fee is evaluated quarterly and as land sales occur in the Land JV, the basis for our management fee will be reduced as the management fee is based on the value of real property that remains in the Land JV. During the three months ended March 31, 2020, the Company earned management fee revenue from the Land JV totaling approximately $53,000, which is included in management services in the accompanying consolidated statements of operations.